Business / Middle East Business

Kuwait to spend $3.5bn less this fiscal year 19 Jul 2013 - 03:35 am

KUWAIT: Kuwait expects to spend around 1bn dinars ($3.5bn) less in the 2013/14 fiscal year, according to the state budget published by the...

Bahrain sovereign fund loss narrows 18 Jul 2013 - 04:22 am

DUBAI: Bahrain sovereign fund Mumtalakat said yesterday its net loss for 2012 narrowed by 32.9 percent as improved performance by its financial services...

Bahrain Petroleum shuts unit after leak: Report 18 Jul 2013 - 04:19 am

Manama: State-run Bahrain Petroleum Co (Bapco) has unexpectedly shut a secondary unit at its 267,000 barrels per day (bpd) Sitra refinery after a...

Bank Dhofar aims for merger talks with smaller peer 17 Jul 2013 - 06:56 am

DUBAI: Oman’s Bank Dhofar has approached smaller peer Bank Sohar with a view to merging to create Oman’s second-largest bank, Dhofar said yesterday,...

Saudi falls from 15-month high on weak earnings; Gulf mixed 16 Jul 2013 - 05:02 am

DUBAI: Saudi Arabia’s bourse slipped off a 15-month high yesterday as earnings misses from petrochemical firms spurred profit-taking, while other regional markets were...

Kuwait sends $200m worth of oil to Egypt 15 Jul 2013 - 12:46 am

KUWAIT: Kuwait has sent two oil tankers carrying crude and diesel worth $200m to Egypt, a Kuwaiti newspaper said yesterday, part of a...

Egypt upheaval mars hopes of end to economic woes 14 Jul 2013 - 01:42 am

CAIRO: Egypt’s shattered economy was boosted this week by Gulf allies pledging billions of dollars in aid, but analysts say this simply buys...

Turkey faces interest rate dilemma as lira tumbles 12 Jul 2013 - 05:21 am

Turkish lira banknotes. ISTANBUL: Turkey’s central bank faced calls yesterday to raise interest rates to steady the embattled lira despite political pressure from...

ADIA to invest $200m in Indian real estate 12 Jul 2013 - 05:20 am

MUMBAI/DUBAI: Abu Dhabi Investment Authority (ADIA), one of the world’s biggest sovereign wealth funds, plans to invest about $200m in Indian real estate,...

Binladin completes SR1bn sukuk sale 12 Jul 2013 - 05:19 am

DUBAI: Saudi Arabia’s Binladin Group, one of the largest construction firms in the kingdom, has completed a SR1bn ($266.7m) Islamic bond sale, two...

Most Gulf bourses gain 12 Jul 2013 - 05:18 am

DUBAI: Saudi Arabia’s Al Rajhi Bank fell yesterday, souring bourse sentiment after the kingdom’s largest listed lender posted a near-flat quarterly profit, while...

Billions of Gulf aid push Egypt’s bourse up 11 Jul 2013 - 05:45 am

Traders at Egypt’s stock market in Cairo. DUBAI: Egypt’s bourse rose yesterday after Gulf countries pledged billions of dollars in aid but gains...

Nakheel profit rise signals confidence in Dubai property 10 Jul 2013 - 09:20 am

DUBAI: Dubai property developer Nakheel , one of the biggest casualties of the emirate’s real estate market crash in 2009, posted a 57...

Etihad passenger revenue up 8pc 09 Jul 2013 - 12:08 am

ABU DHABI: Abu Dhabi airline Etihad raised passenger revenues by eight percent in the second-quarter, helped by higher turnover from its code-sharing and...

Dubai could raise $1bn from telecoms stake sales: J P Morgan 09 Jul 2013 - 12:06 am

DUBAI: Dubai Holding could raise almost $1bn from the sale of its minority stakes in two telecoms firms, J P Morgan said in...

Abu Dhabi Islamic Bank arranges $360m facility for Gulf Marine 07 Jul 2013 - 11:52 pm

ABU DHABI: Abu Dhabi Islamic Bank (ADIB) has closed a Dh1.32bn ($360m) syndicated Islamic facility for one of the largest operator’s and owner...

France to turn Tunisia debt into development projects 07 Jul 2013 - 01:08 am

TUNIS: France’s president proposed taking at least some of Tunisia’s ¤1bn ($1.3bn) in debt to his country and using it for development projects. ...

Iran devalues official rial rate by more than half 07 Jul 2013 - 01:07 am

TEHRAN: Iran’s central bank yesterday drastically devalued the national currency’s fixed subsidised rate against the dollar, as the Islamic republic struggles to shore...