Business / Middle East Business

Egypt could tap bond market after poll 16 May 2014 - 11:49 pm

LONDON: Egypt could tap global bond markets after presidential elections due on May 26 and 27, but should the country be in dire...

TAQA Q1 profit jumps 158pc on oil revenues 15 May 2014 - 06:41 am

ABU DHABI: Abu Dhabi National Energy Company (TAQA), the state-owned oil explorer and power supplier, posted a 158-percent jump in first-quarter net profit...

Egypt pound hits new low as central bank sells forex for food 15 May 2014 - 06:36 am

CAIRO: The Egyptian pound weakened yesterday at an exceptional central bank sale of $1.1bn aimed at supplying dollars to importers of essential foodstuffs,...

Natixis plans Middle East hiring spree 14 May 2014 - 04:50 am

DUBAI: Natixis plans to increase staffing levels in the Middle East by 50 percent in 2014, a top executive of the French investment...

Dubai fund plans benchmark sukuk 14 May 2014 - 04:48 am

DUBAI: Investment Corporation of Dubai (ICD), the state-owned fund which holds stakes in some of the emirate’s top companies, plans to sell a...

Emirates not looking for stake in Qantas 13 May 2014 - 08:45 am

SYDNEY: Emirates is not planning to buy a stake in Australian airline Qantas, a report said yesterday, despite the government moving to loosen...

Saudi, Opec would cover for Ukraine-related oil shortage 13 May 2014 - 08:43 am

SEOUL: Top global oil exporter Saudi Arabia will step in to cover any potential shortage arising from the Ukraine crisis, its oil minister...

Aldar sees project completions driving revenue growth 13 May 2014 - 08:42 am

ABU DHABI: Payments for completing projects should drive revenue growth at Aldar Properties in the next two quarters, as the largest property developer...

Bahrain set to grow in non-oil sectors in 2014 13 May 2014 - 08:41 am

Manama: The Economic Development Board (EDB) recently said that the Kingdom’s non-oil sector is well positioned for growth in 2014 following a sharp...

Drake & Scull Q1 profit comes down 13 May 2014 - 08:40 am

DUBAI: Dubai’s Drake & Scull said yesterday that unforeseen delays to two major projects in Saudi Arabia were responsible for the contractor missing...

Yemen inflation slips to lowest since Dec 2012 12 May 2014 - 01:16 am

DUBAI: Yemen’s annual inflation rate eased to 6.7 percent in February, its lowest level since December 2012, mainly due to reduced pressure from...

Kuwait signs $12bn LNG deal with Shell 12 May 2014 - 01:15 am

KUWAIT: Kuwait’s state oil group said it signed a six-year liquefied natural gas (LNG) supply deal with Royal Dutch Shell yesterday, worth an...

Omani power firms set to double profits after initial share offerings 12 May 2014 - 01:15 am

DUBAI: Oman’s Al Batinah Power Co and Al Suwadi Power Co, which launched twin initial public share offers yesterday and are owned by...

Omnicom, Publicis call off proposed $35bn merger 10 May 2014 - 12:06 am

LONDON/NEW YORK: The $35bn merger of US-based Omnicom and France’s Publicis collapsed yesterday after a battle for control destroyed plans to create the...

Turkish Airlines posts deeper first quarter loss 10 May 2014 - 12:03 am

ISTANBUL: Turkish Airlines posted a much deeper first quarter loss than expected yesterday despite rising sales, as it battles tough competition from low-cost...

Emirates profit up 43pc to $887m 09 May 2014 - 05:06 am

Emirates Chairman Sheikh Ahmed bin Saeed Al Maktoum arrives for a conference to announce the results of the Group in Dubai yesterday. DUBAI:...

Saudi crude output rises to 9.66m b/d 09 May 2014 - 05:02 am

KHOBAR: Saudi Arabia produced 9.66 million barrels per day (m b/d) of crude oil in April, up from 9.566m b/d in March, an...

Gulf states inch closer to implementing customs union 08 May 2014 - 12:39 am

KUWAIT CITY: The energy-rich Gulf states agreed yesterday to resolve hurdles obstructing implementation of a long-delayed customs union, particularly revenue sharing, Kuwait’s finance...