Business / Middle East Business

Saudi earned SR62bn from pilgrims in 2012 06 Jan 2013 - 01:08 am

Riyadh: Economists in Saudi Arabia have estimated the kingdom’s revenues from Haj and Umrah services in 2012 at more than SR62bn ($16.5bn), 10...

Egypt fights to prop up pound 04 Jan 2013 - 05:33 am

CAIRO/LONDON: Egypt dipped deeper into its rapidly shrinking currency reserves yesterday, fighting to slow a sliding pound which is likely to push up...

Turkey signs $12bn energy investment deal with UAE firm 04 Jan 2013 - 05:32 am

ANKARA: Turkey tied up a giant agreement with the UAE yesterday for the development of coal fields in southern Turkey to generate electricity...

Gulf markets stay strong; Egypt at nine-week high 04 Jan 2013 - 05:30 am

DUBAI: Egypt’s stock market rose to a nine-week high yesterday as investors continued to bet that authorities would succeed in managing depreciation of...

Egyptian pound falls to new low against dollar 03 Jan 2013 - 01:29 am

CAIRO: The Egyptian pound fell to record lows and debt insurance costs soared yesterday despite assurances by the country’s Islamist leaders they would...

Oman banking on higher oil price this year 03 Jan 2013 - 01:24 am

MUSCAT: Oman is banking on oil prices staying high this year to fund heavy spending on job creation and social welfare, according to...

Damac Properties launches Audi promotion at DSF 03 Jan 2013 - 01:23 am

Dubai: Damac Properties, the largest luxury private developer in the Middle East, is giving away luxury Audi’s with properties bought during the Dubai...

Emirates begins flights from Dubai superjumbo concourse 03 Jan 2013 - 01:21 am

DUBAI: Emirates Airlines began operations yesterday from the world’s first concourse dedicated to Airbus’ A380 super jumbos at Dubai’s rapidly expanding airport. Concourse...

PetroRabigh refinery halted for 20 days 02 Jan 2013 - 01:01 am

JEDDAH: Saudi Arabia’s PetroRabigh refining and petrochemicals complex will carry out maintenance for 20 days after a power cut on Saturday forced it...

Plan B for business in Beirut to avoid bust 02 Jan 2013 - 12:59 am

A Lebanese man looks at a shop window in ‘Souqs’ shopping district in Beirut. BEIRUT: As civil war rages in neighbouring Syria and...

Oman budget raises spending by 30pc 02 Jan 2013 - 12:52 am

MUSCAT: Oman’s 2013 budget raised spending nearly 30 percent over its 2012 plan to 12.9bn rials ($33.5bn) yesterday as state boosts outlay on...

Dubai aims to shrink budget deficit by 18pc 01 Jan 2013 - 01:08 am

DUBAI: Dubai has released a 2013 budget plan that would raise spending moderately while cutting the size of its deficit by 18 percent,...

Yemen resumes oil flows after pipeline repairs 01 Jan 2013 - 01:08 am

SANAA: Yemen’s main oil pipeline, damaged in repeated bombings by armed men, resumed pumping crude yeterday after repairs, sources at state-run Safer oil...

UAE risks slowing property recovery 01 Jan 2013 - 01:06 am

DUBAI: Last September, people lined up for hours in a square outside the headquarters of leading Dubai real estate developer Emaar Properties, waiting...

Tabreed to issue convertible bonds in recap plan 30 Dec 2012 - 11:35 pm

DUBAI: District cooling firm Tabreed has agreed to issue Dh1.13bn ($308m) in convertible bonds to Abu Dhabi fund Mubadala on December 31, the...

New currency regime pushes Egypt pound low 30 Dec 2012 - 11:34 pm

CAIRO: The Egyptian pound hit a record low against the dollar yesterday as worried Egyptians shifted their money out of local currency after...

Nakheel awards $136m contract for villa project 30 Dec 2012 - 11:34 pm

DUBAI: Property developer Nakheel yesterday awarded contracts worth $136m to two local construction firms for a luxury villa project stalled after Dubai’s property...

Oil output hike elsewhere may dent 2013 income: Saudi 30 Dec 2012 - 11:32 pm

RIYADH: Production hikes by other oil producers will weigh on energy prices in 2013, potentially cutting into Saudi Arabia’s fiscal surplus, Finance Minister...