Business / Middle East Business

IMF commences talks on $4.8bn loan to Egypt 04 Apr 2013 - 01:41 am

CAIRO: An International Monetary Fund (IMF) team resumed long delayed negotiations with Egypt yesterday on a $4.8bn loan to ease an economic crisis...

UAE marine firm signs $2.4bn deals 04 Apr 2013 - 01:41 am

Abu Dhabi: Abu Dhabi Marine Operating Company (ADMA-OPCO) has signed two Engineering, Procurement and Construction (EPC) contracts valued at around $2.4bn for the...

Tunisia inflation at 5-year high 04 Apr 2013 - 01:39 am

TUNIS: Tunisia’s consumer price inflation jumped to 6.5 percent in March, the highest rate in at least five years, from 5.8 percent in...

Dubai’s bourse recovers after 2-month slump 02 Apr 2013 - 11:59 pm

DUBAI: Dubai’s index rebounded from a two-month low yesterday, although thin trading left investors unsure whether these gains marked the end of a...

Damac plans share listing 02 Apr 2013 - 11:56 pm

DUBAI: Damac Properties, a privately-held Dubai developer, is considering listing its shares on the stock market and has approached banks with proposals for...

Egypt’s foreign reserves slightly lower in March 02 Apr 2013 - 11:56 pm

DUBAI: Egypt’s Central Bank governor yesterday said that foreign exchange reserves had fallen slightly in March from February’s level of $13.5bn. Governor Hisham...

Cypriot finance minister steps down 02 Apr 2013 - 11:54 pm

NICOSIA: Finance Minister Michalis Sarris resigned yesterday, hours after a judicial probe was launched into how Cyprus was pushed to the verge of...

Orascom bid fails to buoy Cairo bourse 02 Apr 2013 - 06:15 am

Traders work at the Egyptian Exchange in Cairo, yesterday. DUBAI: A buyout offer for Orascom Telecom, Egypt’s second-largest listed company, failed to buoy...

17 firms suspended in Kuwait 02 Apr 2013 - 06:14 am

KUWAIT CITY: The Kuwait Stock Exchange yesterday suspended trading in the shares of 17 listed firms for failing to report their annual financial...

Tunisia expects $1.7bn IMF deal in May 02 Apr 2013 - 06:14 am

TUNIS: Tunisia expects to sign a $1.7bn loan deal with the International Monetary Fund next month after a delay due to the crisis...

Emirates, Qantas seek more tie-ups 02 Apr 2013 - 06:13 am

Emirates aircraft taxi at the Dubai International Airport yesterday. DUBAI: Dubai’s flagship carrier Emirates and Australia’s Qantas Airways Ltd will look to extend...

Bahrain’s growth slows as energy output stalls 02 Apr 2013 - 06:11 am

DUBAI: Bahrain’s economic growth slowed sharply in the final quarter of 2012 as growth in hydrocarbon output stalled and two years of social...

Profits surge at Dubai ruler’s flagship firm 02 Apr 2013 - 06:11 am

DUBAI: The flagship company in the ruler of Dubai’s personal business empire increased profits sixfold in 2012, benefiting from cost cuts and a...

Egypt lifts gas price ahead of IMF visit 02 Apr 2013 - 06:11 am

CAIRO: Egypt raised the price of state-subsidised cooking gas for the first time in two decades yesterday, a government official said, trimming an...

Cyprus leader says nobody immune to inquiry 02 Apr 2013 - 06:09 am

NICOSIA: The Cypriot president pledged yesterday that not even his own family will be immune from a commission of inquiry into allegations of...

Egyptian pound slips on the black market 01 Apr 2013 - 06:31 am

CAIRO: The Egyptian pound has fallen sharply against the dollar on the black market in the last few days, market participants said yesterday,...

Dana Gas collects $73.7m from Egypt and Kurdistan 01 Apr 2013 - 06:30 am

DUBAI: Dana Gas has collected a total of $73.7m in receivables from its operations in Egypt and the Kurdistan region of Iraq in...