Business / Middle East Business

Iran lures oil majors with new contracts 24 Jan 2014 - 10:56 am

DAVOS, Switzerland: Iran will have a new, attractive investment model for oil contracts by September, its president and oil minister told some of...

Turkish central bank intervenes after lira hits all-time low 24 Jan 2014 - 10:52 am

ANKARA: The beleaguered Turkish lira recovered from all-time lows yesterday after the central bank intervened directly in foreign exchange markets for the first...

MAF to invest $2.3bn in Egypt retail 23 Jan 2014 - 08:12 am

DAVOS, Switzerland: Dubai retailer Majid Al Futtaim, which holds the Carrefour franchise in the Middle East, plans to invest about $2.3bn in Egypt...

NBK posts $844m net profit 23 Jan 2014 - 08:10 am

Doha: National Bank of Kuwait (NBK), the largest Kuwaiti bank, reported net profits of $844m (KD238.1m) for the year 2013 compared with $1,082m...

Emirates Steel seeks $1.3bn loan to help refinance debt 23 Jan 2014 - 08:04 am

DUBAI/ABU DHABI: Abu Dhabi’s Emirates Steel is in talks with banks for a $1.3bn loan to help refinance an existing facility and raise...

Bank Sohar Q4 net profit climbs 20.5pc 21 Jan 2014 - 11:35 pm

DUBAI: Oman’s Bank Sohar, currently in talks with rival lender Bank Dhofar over a possible merger, posted a 20.5 percent increase in fourth-quarter...

Oman’s first takaful firm takes shape 21 Jan 2014 - 11:29 pm

Muscat: Oman has seen the birth of its first Islamic insurance (takaful) firm as two others prepare to enter the market, hoping to...

Turkish lira at new low; rate hike ruled out 21 Jan 2014 - 10:22 am

ANKARA: Turkey’s currency sank to new record lows yesterday, pummelled by continuing political problems for the government of Prime Minister Recep Tayyip Erdogan....

Bahrain air show 20 Jan 2014 - 12:18 am

A female security officer looks at an automatic machine gun made by Caracal, a United Arab Emirates weapon manufacturing company, displayed at the...

Empower buys cooling firm for $500m in Dubai asset shuffle 20 Jan 2014 - 12:10 am

DUBAI: Dubai district cooling firm Empower bought Palm Utilities from a unit of Dubai World for $500m yesterday, part of a shuffle of...

Saudi ‘welcomes’ US shale oil boom: Minister 20 Jan 2014 - 12:10 am

RIYADH: Saudi Arabia, an Organisation of Petroleum Exporting Countries kingpin, is unconcerned by the US shale oil boom, Oil Minister Ali bin Ibrahim...

Nakheel records 27.2pc profit growth 20 Jan 2014 - 12:09 am

DUBAI: Dubai’s Nakheel reported a 27.2 percent rise in full-year profit yesterday as the property developer benefitted from the emirate’s resurgent real estate...

Iraq needs Kurdish oil income to avert budget collapse 20 Jan 2014 - 12:09 am

BAGHDAD: Iraq cannot finance its projected 2014 budget deficit unless the northern Kurdistan region pays its oil export revenue into the national treasury...

Almarai posts marginal Q4 net profit gain 20 Jan 2014 - 12:08 am

DUBAI: Saudi Arabia’s Almarai, the Gulf’s biggest dairy company, reported a marginal rise in fourth-quarter net profit yesterday, in line with analyst forecasts,...

Algeria to double gas production in 10 years: Minister 19 Jan 2014 - 07:32 am

ALGIERS: Algeria plans to double natural gas production and hike oil output by 50 percent within 10 years helped by major exploration success...

Masraf Al Rayan buys Islamic Bank of Britain 17 Jan 2014 - 07:30 am

DUBAI: Masraf Al Rayan, Qatar’s largest Shariah-compliant bank by market value, said yesterday that it had completed its acquisition of Islamic Bank of...

Dubai Group signs $10bn debt restructuring deal 17 Jan 2014 - 07:27 am

DUBAI: Dubai Group has signed a $10bn debt restructuring deal, two sources with knowledge of the matter told Reuters, marking the end of...

Mena to see firm IPO activity in 2014 16 Jan 2014 - 12:04 pm

DUBAI: Mena IPO activity is expected to remain on firm footing in 2014 following a strong uptick in listings in the last quarter...