Business / Middle East Business

Egypt budget deficit soars to $32bn 13 Sep 2013 - 10:45 am

CAIRO: Egypt’s budget deficit soared in the last fiscal year as spending on interest rates and energy subsidies increased. Egypt’s budget deficit rose...

UAE banks’ profit seen rising 20pc 12 Sep 2013 - 01:28 am

DUBAI: Net profit growth at commercial banks in the United Arab Emirates is expected to accelerate to about 20 percent in 2013, while...

Al Hilal Bank eyes sukuk issue in Q4 12 Sep 2013 - 01:16 am

ABU DHABI: Abu Dhabi government-owned Al Hilal Bank expects net profit growth of over 40 percent this year as it prepares to make...

First Gulf Bank of Abu Dhabi to cut 10pc of workforce 11 Sep 2013 - 01:20 am

DUBAI/ABU DHABI: First Gulf Bank (FGB), the United Arab Emirates’ third largest bank, is cutting about 300 jobs, equivalent to nearly 10 percent...

Turkish economy picks up in Q2 11 Sep 2013 - 01:09 am

ISTANBUL: Turkey’s economy expanded more than expected in the second quarter, with strong domestic demand offsetting a huge trade shortfall, but ministers said...

Dubai’s DAE ends tie-up talks with BBA Aviation 09 Sep 2013 - 03:51 am

DUBAI: Dubai Aerospace Enterprise (DAE), owner of US-based engine repair and maintenance business StandardAero, said yesterday it was no longer in talks with...

Qatar currency forwards hit three-year high 06 Sep 2013 - 03:43 am

DUBAI: Qatar’s one-year currency forwards jumped to a three-year high yesterday and yields rose at a weakly-supported debt auction as foreign investors responded...

Turkish lira falls to new low 06 Sep 2013 - 03:42 am

ISTANBUL: Turkey’s lira tumbled to a new low yesterday, under-performing other emerging markets as speculators tested the central bank’s resolve to defend it...

Libya PM warns time running out for oil protests 05 Sep 2013 - 01:02 am

TRIPOLI: Libya’s patience with protesters who have halted its onshore oil output is running out and action against them nearer, Prime Minister Ali...

Saudi retailer plans 250 new stores 05 Sep 2013 - 01:01 am

KHOBAR: Saudi Arabian retailer Fawaz Abdulaziz Alhokair plans to open nearly 250 stores at home and abroad this financial year, a top executive...

Syria cancels tender to buy rice as traders steer clear 05 Sep 2013 - 01:01 am

ABU DHABI: A Syrian purchasing agency has cancelled an urgent tender to buy 135,000 tonnes of white rice, the third state food tender...

Turkish central bank to use gross forex reserves 05 Sep 2013 - 01:01 am

ISTANBUL: Turkey’s central bank suggested yesterday that more surprises lay ahead in its unorthodox efforts to manage a weakening lira, pressured by concerns...

Egyptian pound strengthens 05 Sep 2013 - 12:58 am

CAIRO: The Egyptian pound jumped 1.2 percent yesterday at a $1.3bn foreign currency sale — its biggest ever — as the central bank...

Khartoum, Juba avert oil shutdown 04 Sep 2013 - 12:17 am

Sudanese President Omar Hassan Al Bashir welcomes his South Sudan’s counterpart Salva Kiir on his arrival at Khartoum airport yesterday. KHARTOUM: Sudan and...

Egypt business activity contracts over turmoil 04 Sep 2013 - 12:14 am

CAIRO: Political turmoil pushed Egypt deeper into recession in August, with growth in non-oil private business activity falling for a tenth straight month...

Saudi Q2 annual growth picks up 04 Sep 2013 - 12:14 am

DUBAI: Saudi Arabia’s economy improved in annual terms to grow 2.7 percent in the second quarter of 2013 as non-oil business expanded robustly...

Barclays to sell UAE retail bank 04 Sep 2013 - 12:13 am

DUBAI: Barclays Plc will sell its retail bank in the United Arab Emirates, highlighting the challenges foreign banks face in the Gulf competing...

Turkish lira slips to record lows 04 Sep 2013 - 12:09 am

ISTANBUL: The Turkish lira fell near record lows yesterday as fears of turmoil in the Middle East roiled global markets. The lira weakened...