Business / Middle East Business

Qatari bourse index climbs 0.9 percent 27 Jun 2013 - 03:31 am

DUBAI: Qatar’s benchmark rose yesterday as trading resumed after a one-day holiday during which the Emir handed over power to his son, calming...

Higher costs trouble Saudi telecom giant 27 Jun 2013 - 03:26 am

DUBAI: Saudi Telecom Co (STC) is a company with a market capitalisation of $21bn but no permanent chief executive. It has spent billions...

Oman sukuk gets regulatory approval 27 Jun 2013 - 03:26 am

DUBAI: Oman’s first corporate sukuk has received regulatory approval and the five-year, RO50m ($130m) private placement aims to close next month, its lead...

Nakheel in talks to refinance $2.2bn loans 27 Jun 2013 - 03:22 am

DUBAI: Dubai’s state-owned property firm Nakheel, is in talks with banks to refinance loans worth Dh8bn ($2.2bn) that are due in 2015, the...

China Mobile, Etisalat weighing bids for Pakistan telecom 26 Jun 2013 - 01:54 am

DUBAI: Pakistan mobile operator Warid Telecom has been put up for sale by its Abu Dhabi owners and is likely to draw interest...

Cyprus not seeking re-work of debt bailout, but tweaks 26 Jun 2013 - 01:50 am

NICOSIA: Cyprus said yesterday it was not trying to wriggle out of terms of an EU/IMF bailout imposed on the island, but said...

Bahrain to raise spending by 11 percent 26 Jun 2013 - 01:20 am

DUBAI: Bahrain’s state spending is expected to jump 11 percent this year, by more than originally planned, after its parliament approved BD174.2m ($462m)...

Middle East bourses claw back early-week losses; trading thin 26 Jun 2013 - 01:20 am

DUBAI: Some Middle East bourses rose yesterday, clawing back part of their early-week losses as bargain hunters bought back bluechip stocks, although trading...

Abu Dhabi power plant picks banks for bond meetings 26 Jun 2013 - 01:16 am

DUBAI: Abu Dhabi’s Shuweihat 2 (S2) power and water plant has mandated six banks to help arrange a potential bond issue, lead arrangers...

Dubai Group sells credit card firm to FGB 24 Jun 2013 - 01:44 am

ABU DHABI: Investment firm Dubai Group has sold its credit card business to Abu Dhabi lender First Gulf Bank (FGB) for $164m, the...

Dubai Holding unit hires Citi for Axiom stake sale 24 Jun 2013 - 01:43 am

DUBAI: Dubai Holding, the conglomerate owned by the ruler of Dubai, has hired Citigroup to advise on a potential sale of its remaining...

ACWA expects to keep Saudi power project 24 Jun 2013 - 01:42 am

RIYADH/Al KHOBAR: Saudi-based developer ACWA Power expects to retain a commission to build a 1,800 megawatt power plant for Saudi Electricity Co despite...

Virgin Mobile wins Saudi virtual telecom licence 24 Jun 2013 - 01:42 am

DUBAI: Virgin Mobile Middle East & Africa (VMMEA) is one of three companies to win a virtual telecom licence in Saudi Arabia, the...

Arabtec extends $650m share offer period 24 Jun 2013 - 01:23 am

DUBAI: Dubai builder Arabtec, part-owned by Abu Dhabi state fund Aabar, has extended the subscription period for its $650m rights share issue, the...

Iran currency appreciates on change in presidency 24 Jun 2013 - 01:21 am

TEHRAN: The Iranian rial has strengthened by more than 15 percent against the dollar since the victory of moderate Hassan Rowhani who was...

Lockheed targeting Mideast, India and Japan 22 Jun 2013 - 03:08 am

PARIS: Lockheed Martin Corp, already the biggest US weapons maker and largest provider of IT services to the US government, wants to become...

Al Noor Hospitals valued at $1.04bn in London listing 22 Jun 2013 - 03:08 am

LONDON: Abu Dhabi’s Al Noor Hospitals listed in London yesterday, valuing the company at £672m ($1.04bn), as it looks to take advantage of...

Turkish lira trades near record lows 22 Jun 2013 - 03:05 am

ISTANBUL: , The Turkish lira traded near record lows while bonds weakened in thin volumes yesterday, as investors monitored the central bank’s response...