Business / Middle East Business

Emaar’s retail unit spin-off plan won’t affect rating, says S&P 18 Mar 2014 - 07:55 am

DUBAI: Standard & Poor’s plans no rating action relating to Dubai’s Emaar Properties after the emirate’s largest listed developer announced plans to spin...

Pak central bank blocks Meezan stake sale: Noor 18 Mar 2014 - 07:52 am

Kuwait City: Kuwait’s Noor Financial Investment Co said the proposed sale of its stake in Karachi-based Meezan Bank had been blocked by Pakistan’s...

Egypt’s GDP grows 1.2pc 18 Mar 2014 - 07:50 am

CAIRO: Egypt’s economy grew 1.2 percent in the first half of fiscal year 2013-14, the minister of planning said yesterday. Ashraf al-Arabi said...

16.36 million vehicles on GCC roads by 2017 17 Mar 2014 - 05:09 am

Dubai: Countries in the Gulf Cooperation Council are becoming increasingly attractive markets for the automobile industry, with vehicle sales expected to reach nearly...

Saudi Arabia’s GDP up 3.8pc: Central bank 17 Mar 2014 - 05:05 am

RIYADH: Saudi Arabia’s gross domestic product (GDP) grew by 3.8 percent in 2013, media yesterday quoted Saudi Arabian Monetary Authority (central bank) governor...

Abu Dhabi extends period of $20bn loans to Dubai 17 Mar 2014 - 05:05 am

DUBAI: Oil-rich Abu Dhabi and the UAE central bank agreed yesterday to roll over $20bn in loans to neighbouring debt-laden Dubai after it...

Dubai Islamic Bank eyes GCC, Africa, Indonesia for expansion 14 Mar 2014 - 06:36 am

DUBAI: Dubai Islamic Bank plans to expand its operations into Indonesia, Kenya and other African countries as it emerges from a period of...

Gulf bankers meet to boost cooperation 13 Mar 2014 - 12:49 am

KUWAIT CITY: Arab central bank governors of the energy-rich Gulf met yesterday in Kuwait to discuss combating terror funding and boosting cooperation. Central...

Middle East grain buyers avoid Ukraine 13 Mar 2014 - 12:49 am

AMMAN: Turmoil in Ukraine is driving Middle Eastern grain buyers to shy away from striking new deals there and to consider rival suppliers,...

Egypt sees GDP growing slower 13 Mar 2014 - 12:48 am

CAIRO: Egypt’s newly appointed finance minister said yesterday the growth target had slipped and the budget deficit would widen more than official forecasts...

Shurooq signs MoU with US Chamber 12 Mar 2014 - 12:35 am

Doha: The Sharjah Investment and Development Authority (Shurooq) and the US Chamber of Commerce have signed a memorandum of understanding aimed at promoting...

India to slash Iran oil imports 12 Mar 2014 - 12:33 am

NEW DELHI: India has to cut its Iranian oil imports by nearly two-thirds from the first quarter after the United States asked it...

Egyptian pound steady 11 Mar 2014 - 01:50 am

A man walks past an exchange bureau advertisement showing images of the US dollar in Cairo yesterday. The Egyptian pound remained steady against...

Saudi retailer Alhokair eyes US, UK buys; plans debut sukuk 11 Mar 2014 - 01:24 am

DUBAI: Fawaz Abdulaziz Alhokair Co, the Saudi retailer which franchises brands such as Zara and Marks and Spencer in the kingdom, is studying...

Dubai trade growth slows down in 2013 10 Mar 2014 - 01:12 am

DUBAI: Dubai’s non-oil trade expanded 7.6 percent last year, slowing from 13 percent growth in 2012, but the emirate’s trade with Iran stabilised...

Iraq cuts April crude oil prices to US, Asia 10 Mar 2014 - 01:12 am

BAGHDAD: Iraq cut the price of Basra light crude to US buyers for April by 10 cents to 60 cents per barrel below...

Abu Dhabi signs $1bn loan pact with Serbia 07 Mar 2014 - 12:33 am

ABU DHABI: Serbia has signed an agreement for a $1bn loan from Abu Dhabi, the emirate’s Department of Finance said yesterday, boosting the...

Dubai World prepays $284.5m to creditors 06 Mar 2014 - 01:08 am

DUBAI: Dubai World, one of the emirate’s big state-owned conglomerates, has prepaid $284.5m to creditors under its $25bn debt restructuring plan, sources familiar...