Business / Middle East Business

Saudi bourse snaps pre-budget rally; Egypt highest since crisis 19 Dec 2012 - 04:09 am

DUBAI: Saudi Arabia’s bourse snapped a five-session winning streak yesterday as investors booked gains in petrochemical and insurance stocks, while most other regional...

Saudi Aramco, Total to double investment at Jubail site 19 Dec 2012 - 04:08 am

DUBAI/AL KHOBAR: Saudi Aramco said its oil refinery joint venture with France’s Total will double capital investment to SR7.12bn ($1.90bn) at Jubail, the...

Al Habtoor puts off flotation 19 Dec 2012 - 04:06 am

DUBAI: Al Habtoor Group, one of Dubai’s leading family-owned firms, has postponed plans to raise as much as $1.6bn in a move blamed...

Etihad in final talks for Indian carrier stakes 18 Dec 2012 - 06:58 am

NEW DELHI/DUBAI: Gulf carrier Etihad Airways, seeking to widen operations in India and other Asian markets, is in the final stages of talks...

Kuwait budget surplus surges 18 Dec 2012 - 06:57 am

KUWAIT CITY: Kuwait’s provisional budget surplus surged 43 percent to Dh14.7bn ($52.2bn) in the first seven months of the fiscal year, boosted by...

Iraqi Kurdish oil exports fall below 30,000b/d 18 Dec 2012 - 06:57 am

ARBIL: Oil exports from Iraq’s autonomous Kurdistan region have fallen to an average of below 30,000 barrels per day (b/d), industry sources said...

Egypt’s rising fuel bill reflects energy crisis 18 Dec 2012 - 06:56 am

LONDON: Egypt is becoming increasingly dependent on fuel imports as it uses oil to pay off debts instead of refining the crude at...

GCC continues to propel KPMG’s growth 17 Dec 2012 - 04:23 am

DOHA: KPMG International (KPMG) has announced record-high combined revenues of $23.03bn for the fiscal year ending September 30, 2012, representing a 4.4 percent...

UAE central bank delays exposure, liquidity rules 17 Dec 2012 - 04:23 am

ABU DHABI: The central bank of the United Arab Emirates has postponed introducing restrictions on commercial banks’ exposure to state-linked debt and requirements...

Iran oil revenues down by half this year, says reportIran oil revenues down by half this year, says report 17 Dec 2012 - 04:23 am

DUBAI: Iran’s oil revenues have been cut in half this year compared with last year, a newspaper quoted Iran’s economic minister as saying,...

Boeing delivers first new jet to Iraq in decades 16 Dec 2012 - 01:14 am

BAGHDAD: The first new Boeing Co jetliner sold to Iraq in 30 years touched down in Baghdad yesterday, signalling the country’s determination to...

Saxo Bank’s direct API solution records strong growth 15 Dec 2012 - 12:43 am

London: Saxo Bank, the online multi-asset trading and investment specialist, announced an increase in monthly average FX volumes of nearly 600 percent compared...

Strong demand likely to prompt Qtel to rethink $1bn bond cap 13 Dec 2012 - 07:55 am

DUBAI: Strong global demand for Qatar Telecom’s imminent 10-year bond offering could prompt the company to reconsider its decision to cap the issue...

Iran stock rally defies economic slump 13 Dec 2012 - 07:46 am

DUBAI: Iranian share prices have rallied 40 percent in the past four months, at odds with the country’s deteriorating economic fundamentals under the...

Dubai Group in talks to sell Omani stake 13 Dec 2012 - 07:44 am

DUBAI/MUSCAT: Dubai Group, an investment vehicle restructuring $10bn of debt, is in talks to sell its stake in Oman National Investment Corp Holding ...

IMF loan to Egypt delayed amid political turmoil 12 Dec 2012 - 01:17 am

CAIRO: A vital $4.8bn International Monetary Fund loan to Egypt will be delayed until next month, its finance minister said yesterday, intensifying the...

UAE sets royalty rates for telecom firms 11 Dec 2012 - 01:46 am

DUBAI: The United Arab Emirates has set new tax, or royalty, rates for telecom operators in a move seen designed to protect state...

Islamic banking assets to cross $1.8 trillion 11 Dec 2012 - 01:38 am

Dubai: Global Islamic banking assets held by commercial banks are set to cross $1.8 trillion in 2013, up from the $1.3 trillion of...