Business / Middle East Business

Gulf Bank CEO Accad resigns 21 Oct 2013 - 08:28 am

DUBAI: Michel Accad, the chief executive of Kuwait’s Gulf Bank, has resigned from his post for personal reasons, the lender said in a...

Alcoa partly shuts production at Maaden 17 Oct 2013 - 06:53 am

Riyadh: Aluminum producer Alcoa Inc said yesterday that its smelter at Maaden, Saudi Arabia, which is in its startup phase, has temporarily stopped...

Iraq says China seeking more crude in 2014 17 Oct 2013 - 06:51 am

DAEGU, South Korea: Iraq said China is seeking to increase purchases of its crude by more than two-thirds next year, stepping up the...

Sri Lanka cuts lending rates by 50 basis points 16 Oct 2013 - 02:15 am

COLOMBO: Sri Lanka’s central bank yesterday cut benchmark lending rates by 50 basis points, saying the move was aimed at encouraging growth despite...

Opec’s crude output at right level, says UAE 14 Oct 2013 - 12:29 am

DAEGU, South Korea: Opec’s crude oil production is at a suitable level for the market and there is no talk of the cartel...

Egypt’s GASC has no financing woes over wheat buys 13 Oct 2013 - 11:06 pm

CAIRO: Egypt’s main state wheat-buying entity has no financing problems for global wheat purchases and all letters of credit to suppliers have been...

Bank Dhofar third quarter net profit declines 10.8pc 13 Oct 2013 - 11:05 pm

DUBAI: Bank Dhofar, currently in talks to merge with smaller rival Bank Sohar, recorded a 10.8 percent decline in third-quarter net profit, Reuters...

Saudi Aramco to expand oil output 13 Oct 2013 - 10:50 pm

DAEGU, South Korea: The world’s largest oil exporter, Saudi Aramco, will increase light sour crude output from two fields —Shaybah and Khurais —...

Global monetary tightening likely to impact GCC 13 Oct 2013 - 01:04 am

DOHA: Qatar has taken exception to the International Monetary Fund’s (IMF) assessment that the global monetary tightening will have only limited impact on...

Egypt tenders for floating LNG terminal 13 Oct 2013 - 01:03 am

CAIRO: State-owned Egyptian Natural Gas Holding Company (EGAS) has issued a tender for a floating storage and regasification unit (FSRU) which it hopes...

Syria maintains spending in 2014 budget 13 Oct 2013 - 12:56 am

BEIRUT: Syria’s government has agreed a 2014 budget of 1.39 trillion pounds ($8.18bn), state news agency SANA said yesterday, a marginal increase on...

Syria maintains spending in 2014 budget 13 Oct 2013 - 12:56 am

BEIRUT: Syria’s government has agreed a 2014 budget of 1.39 trillion pounds ($8.18bn), state news agency SANA said yesterday, a marginal increase on...

Iraq inks $6bn refinery deal 11 Oct 2013 - 06:53 am

BAGHDAD: Iraq yesterday signed a $6bn deal for the construction and operation of an oil refinery with a capacity of 150,000 barrels per...

Dubai property boom stirs fears of bubble 11 Oct 2013 - 06:53 am

DUBAI: Dubai’s property sector is making a strong comeback five years after prices in the emirate nose dived, but a surge in demand...

Turkey targets credit cards to cut current account gap 10 Oct 2013 - 01:14 am

ISTANBUL: Turkey introduced measures yesterday to try to control rampant consumer loan growth and lift its domestic savings rate from historic lows, another...

GCC Islamic investment banks eye slimmed-down future 10 Oct 2013 - 01:03 am

Dubai: Management changes at some of the Gulf’s best-known Islamic investment banks point to a fresh start for a sector which is emerging...

Mideast oil exploration on downward trend 09 Oct 2013 - 02:31 am

DUBAI: Middle East oil and gas production growth prospects have been dimmed by a slump in exploration licence awards, drilling activity and average...

KOC plans tender for heavy oil facilities 09 Oct 2013 - 02:30 am

KUWAIT: A unit of state-owned Kuwait Oil Company (KOC) will launch a tender later this year to build facilities to extract heavy crude...