Business / Middle East Business

UAE faces risks in property sector: IMF 12 Jun 2014 - 04:44 am

DUBAI: The United Arab Emirates is likely to cut its fiscal spending further in 2014 as the oil and real estate-powered economy is...

Etisalat tightens pricing of debut bond offering 12 Jun 2014 - 04:43 am

DUBAI: Abu Dhabi-based telecoms operator Etisalat has tightened price guidance across all four tranches of its planned debut bond issue, a document from...

Egypt current account deficit narrows to $232.7m 11 Jun 2014 - 10:32 pm

CAIRO: Egypt’s current account was in surplus between January and March, according to Reuters calculations, helping narrow the overall budget deficit three-quarters of...

Turkish economy grows 4.3pc in Q1 11 Jun 2014 - 07:03 am

ISTANBUL: The Turkish economy grew at an annual rate of 4.3 percent in the first quarter of 2014 despite political turmoil and a...

ADGAS likely to raise output 11 Jun 2014 - 07:02 am

ABU DHABI: Abu Dhabi Gas Liquefaction Co (ADGAS) said yesterday it planned to increase gas production to as much as 2.4 billion standard...

Kuwait ends subsidies on diesel over deficit fears 11 Jun 2014 - 07:02 am

KUWAIT CITY: The Kuwaiti government has decided in principle to end subsidies on diesel fuel but will deal with any negative impacts on...

Iraq won’t import wheat from Syria, says minister 11 Jun 2014 - 06:59 am

LONDON/ABU DHABI: Iraq’s trade minister said yesterday the country does not import wheat from neighbouring Syria as the produce was not high enough...

Dubai defends skyrocketing property market 10 Jun 2014 - 12:25 am

DUBAI: Growth in real estate demand in Dubai has been due to an improving economy, not speculation, the emirate’s Land Department said yesterday...

RAKBANK eyes benchmark-sized debut bond issue 10 Jun 2014 - 12:21 am

DUBAI: United Arab Emirates-based lender National Bank of Ras Al Khaimah (RAKBANK) may sell a benchmark-sized debut bond issue after announcing plans to...

Emirates Steel raises $1.3bn in refinancing 10 Jun 2014 - 12:15 am

DUBAI: Abu Dhabi’s Emirates Steel has obtained $1.3bn in credit facilities, becoming one of a string of United Arab Emirates firms to lower...

Beltone plans share split 10 Jun 2014 - 12:15 am

CAIRO: Egyptian investment bank Beltone Financial will discuss the possibility of splitting its shares today, it said in a statement to the Cairo...

Egypt extends five percent supplementary tax to companies 09 Jun 2014 - 11:21 pm

CAIRO: Egypt extended a five percent supplementary tax to include companies as well as wealthy individuals, drawing a mixed response from businesses yesterday...

UAE central bank warns of new property bubble 09 Jun 2014 - 08:41 am

DUBAI: Low residential rental yields in Dubai and Abu Dhabi may indicate growing imbalances and overheating in the real estate sector, the United...

Saudi mulls sovereign wealth fund 09 Jun 2014 - 08:41 am

DUBAI: Saudi Arabia’s Shura Council, an influential advisory body to the government, will discuss a proposal for the country to establish a sovereign...

GCC seeks to support Gulf industrial exports 09 Jun 2014 - 08:40 am

Doha: The Gulf Organisation for Industrial Consulting (GOIC) seeks to support Gulf industrial exports through a series of programmes, especially after the surge...

Food prices zoom in Sudan; inflation hits 41.2pc in May 09 Jun 2014 - 08:38 am

KHARTOUM: Sudan’s annual inflation rate rose to 41.2 percent in May, reflecting a 3.9 percent monthly rise, the Central Statistics Office said yesterday,...

Region’s biggest bond sale in 2014 set for pricing record 06 Jun 2014 - 07:09 am

DUBAI: An impending bond issue by Abu Dhabi-based telecommunications firm Etisalat may not only be the region’s largest deal so far this year,...

IMF urges GCC to diversify for growth 06 Jun 2014 - 07:08 am

Kuwait City: Upgrades in development indicators reaffirm strong growth of GCC economies, but greater economic diversification is needed to absorb oil markets volatility,...