Business / Middle East Business

Iran grants Syria $3.6bn credit to buy oil products 01 Aug 2013 - 04:44 am

AMMAN: Syria and Iran signed a deal this week to activate a $3.6bn credit facility to buy oil products to shore up President...

IMF warns Dubai on debt, surging property prices 31 Jul 2013 - 01:21 am

DUBAI: The International Monetary Fund (IMF) warned Dubai yesterday that the emirate might need to intervene in its property market to prevent another...

Dubai sets up legal panel to pay investors in scrapped projects 31 Jul 2013 - 01:19 am

DUBAI: Dubai will liquidate scores of cancelled property projects and use the funds to repay investors who lost billions of dollars in the...

Algerian oil and gas exports fall 31 Jul 2013 - 01:17 am

ALGIERS: Algeria’s oil and gas exports fell 7.05 percent in the first half of 2013 from a year ago, official figures showed, hit...

Iraqi Kurds’ oil exports held up at Turkish port 31 Jul 2013 - 01:17 am

LONDON: Iraqi Kurdistan’s drive to independent oil exports has been delayed by customs red tape at a second Turkish port, sources familiar with...

Egyptian exports start to boom 31 Jul 2013 - 01:17 am

CAIRO: Egypt is in the early stages of an export boom, suggesting its economy could begin to recover in the next few months...

Morgan Stanley names Qatari as new head 31 Jul 2013 - 01:00 am

DUBAI: Morgan Stanley has appointed Qatari national Abdulla Al Ansari as the bank’s new head in the country, according to an internal memo...

Egypt plans quick steps to spur economy 30 Jul 2013 - 12:50 am

CAIRO: Egypt’s new cabinet plans quick steps to spur the economy while laying the ground for a broader “Marshall Plan” to present to...

Chinese firm denies interest in Israel’s Clal Insurance 29 Jul 2013 - 01:27 am

JERUSALEM: Chinese investment firm Hang Lung Group denied it was in talks to buy a stake in Israeli insurance company Clal Insurance from...

Iraq economy hit by surging violence 28 Jul 2013 - 01:52 am

A boy inspects the site of a car bomb attack in the town of Muqdadiya, 80 km northeast of Baghdad. BAGHDAD: A spike...

Jordan’s Arab Bank sees profit rise this year 28 Jul 2013 - 01:51 am

AMMAN: Jordan’s Arab Bank, one of the largest Middle East financial institutions, expects double-digit growth in net profit in 2013, bank officials said...

India’s Wipro shows signs of revival with boost in profit 27 Jul 2013 - 01:10 am

MUMBAI: India’s third-largest software firm Wipro said yesterday quarterly net profit jumped 11 percent on the back of a rise in outsourcing orders...

Qatar Luxury Group to launch first boutique 26 Jul 2013 - 02:16 am

DOHA: Qatar Luxury Group will launch the first boutique for its luxury brand Qela in Doha in late September, selling leather goods, shoes,...

Sudan currency falls to record low 25 Jul 2013 - 01:34 am

KHARTOUM: Sudan’s currency has fallen to a record low against the dollar on the black market since South Sudan started reducing cross-border oil...

Kuwait’s NBK Q2 profit up 18.6 pc 24 Jul 2013 - 03:40 am

KUWAIT CITY: National Bank of Kuwait, the emirate’s largest lender, said Tuesday its second quarter to June net profit rose by 18.6 percent...

Oman to invite bids for $3.5bn steam cracker 24 Jul 2013 - 03:40 am

MUSCAT: Oman plans to invite bids to build a steam cracker plant worth $3.5 billion with a production capacity of 1 million tonnes...

Saudi Telecom moves to sell Indonesia unit as profit tumbles 23 Jul 2013 - 01:08 am

DUBAI: Saudi Telecom Co (STC) has begun steps to sell its Indonesian business, banking sources said yesterday, as the state-owned firm posted a...

Iran denies missing World Bank payments 22 Jul 2013 - 12:45 am

DUBAI: Iran denied yesterday it had failed to make payments on its loans to the World Bank for the last six months, blaming...