Business / Middle East Business

Mideast buyers snap up luxury London homes 08 Nov 2012 - 07:33 am

LONDON: Middle Eastern buyers piled into London’s luxury home market in October as they shielded their wealth from political turmoil back home, including...

Iraq expels TPAO from project 08 Nov 2012 - 07:33 am

BAGHDAD: ExxonMobil has informed the Iraqi government it wants to pull out of a $50bn oil project, and Baghdad expelled Turkey’s state oil...

Dubai facing $48bn debt challenge, says StanChart 08 Nov 2012 - 07:31 am

DUBAI: Dubai faces $48bn of debt maturities between 2014 and 2016 but, unlike the crisis in 2009, is better equipped to handle redemptions...

Bahrain aims to cut govt spending by 6pc 08 Nov 2012 - 07:30 am

DUBAI: Bahrain’s government plans to cut its budget spending by almost 6 percent in 2013 as it seeks to curb its deficit, a...

Egypt sees IMF loan deal in Dec 08 Nov 2012 - 07:24 am

Egypt sees IMF loan deal in DecCAIRO: Egypt expects to reach a loan agreement with the IMF by mid-December after talks this month...

ADIB to issue hybrid sukuk this week 07 Nov 2012 - 06:49 am

DUBAI: Abu Dhabi Islamic Bank (ADIB) is set to become the first Gulf Arab company to issue a hybrid Islamic bond this week,...

NetOil shows interest in French refinery 07 Nov 2012 - 06:49 am

PARIS: Dubai-based NetOil, led by Middle Eastern businessman Roger Tamraz, has submitted a new offer to take over France’s oldest refinery, unveiling a...

Sri Lanka to restart refinery with Dubai crude 06 Nov 2012 - 06:22 am

COLOMBO: Ceylon Petroleum Corp (Ceypetco) will resume operation of Sri Lanka’s sole refinery, a 50,000 barrels-per-day facility, after a 10-day closure, because it...

Iraq signs final gas contract with Pakistan Petroleum 06 Nov 2012 - 06:21 am

BAGHDAD: Iraq signed a final gas exploration contract with Pakistan Petroleum yesterday as part of its drive to attract investment in its energy...

Spurt in Iraq oil exports buoys government bonds 04 Nov 2012 - 07:56 am

DUBAI: Iraqi bond yields fell more than three times as much as the average on Middle Eastern debt as Opec’s second-biggest producer pumped...

Guinea, UAE sign bauxite supply deal 04 Nov 2012 - 07:54 am

DUBAI: Compagnie des Bauxites de Guinee (CBG) signed a long-term supply agreement with the United Arab Emirates for bauxite, the main raw material...

Turkey signs $350m Iraq oil drilling deal 03 Nov 2012 - 05:53 am

ANKARA: Turkey has signed a $350m deal on drilling 40 oil wells in the southern Iraqi Basra area and is in talks with...

Iraq opens biggest trade fair in 20 years 02 Nov 2012 - 05:48 am

Baghdad: Iraq opened yesterday its biggest trade fair in more than 20 years, the latest step in Baghdad’s efforts to rebuild an economy...

Dana Gas fails to repay $920m Islamic bond 02 Nov 2012 - 04:30 am

DUBAI: The United Arab Emirates’ Dana Gas failed to repay a $920m Islamic bond on maturity, prompting a source close to holders of...

IFSB releases draft standards on capital adequacy 02 Nov 2012 - 04:29 am

DUBAI: The Islamic Financial Services Board (IFSB) released new draft guidelines on capital adequacy for Islamic banks and the risk management of takaful...

Mena energy capital investment to reach $740bn in five years 01 Nov 2012 - 05:29 am

DOHA: With an objective to meet its fast growing electricity demand, the Middle East and North Africa’s (Mena) total energy capital investment is...

Gulf railway boom to shape economies 01 Nov 2012 - 05:27 am

DUBAI: A century after Lawrence of Arabia cut the Damascus-Medina railway, governments are embarking on plans to restore long-distance rail transport in the...

Opec output up in Oct: Survey 01 Nov 2012 - 05:27 am

LONDON: Opec oil output has risen slightly in October as extra supplies from Iraq, Angola and Libya offset a further decline in Iran...