Business / Middle East Business

Dubai Holding unit hires Citi for Axiom stake sale 24 Jun 2013 - 01:43 am

DUBAI: Dubai Holding, the conglomerate owned by the ruler of Dubai, has hired Citigroup to advise on a potential sale of its remaining...

ACWA expects to keep Saudi power project 24 Jun 2013 - 01:42 am

RIYADH/Al KHOBAR: Saudi-based developer ACWA Power expects to retain a commission to build a 1,800 megawatt power plant for Saudi Electricity Co despite...

Virgin Mobile wins Saudi virtual telecom licence 24 Jun 2013 - 01:42 am

DUBAI: Virgin Mobile Middle East & Africa (VMMEA) is one of three companies to win a virtual telecom licence in Saudi Arabia, the...

Arabtec extends $650m share offer period 24 Jun 2013 - 01:23 am

DUBAI: Dubai builder Arabtec, part-owned by Abu Dhabi state fund Aabar, has extended the subscription period for its $650m rights share issue, the...

Iran currency appreciates on change in presidency 24 Jun 2013 - 01:21 am

TEHRAN: The Iranian rial has strengthened by more than 15 percent against the dollar since the victory of moderate Hassan Rowhani who was...

Lockheed targeting Mideast, India and Japan 22 Jun 2013 - 03:08 am

PARIS: Lockheed Martin Corp, already the biggest US weapons maker and largest provider of IT services to the US government, wants to become...

Al Noor Hospitals valued at $1.04bn in London listing 22 Jun 2013 - 03:08 am

LONDON: Abu Dhabi’s Al Noor Hospitals listed in London yesterday, valuing the company at £672m ($1.04bn), as it looks to take advantage of...

Turkish lira trades near record lows 22 Jun 2013 - 03:05 am

ISTANBUL: , The Turkish lira traded near record lows while bonds weakened in thin volumes yesterday, as investors monitored the central bank’s response...

Iranian rial climbs 10pc 21 Jun 2013 - 01:06 am

DUBAI: The Iranian currency, the rial, rose further yesterday on hopes the country’s deep economic crisis could ease under its next president, a...

Bourse merger would have many benefits: UAE regulator 20 Jun 2013 - 05:38 am

ABU DHABI: A potential merger between the two main stock exchanges of Dubai and Abu Dhabi would have “many advantages” for the country’s...

Local, global trends boost Gulf banks as foreign rivals retrench 20 Jun 2013 - 05:38 am

ABU DHABI/DUBAI: When British banker Michael Tomalin took the top job at National Bank of Abu Dhabi in 1999, the lender had about...

Turkish central bank keeps rates on hold 19 Jun 2013 - 05:08 am

ISTANBUL: Turkey’s central bank kept interest rates on hold yesterday but said capital inflows had fallen and hinted it could act again to...

Zain eyes IT acquisitions to boost data services 19 Jun 2013 - 05:01 am

DUBAI: Kuwait mobile operator Zain will make acquisitions and partnerships in computer-based industries this year to exploit rising demand for data and help...

Sipchem picks HSBC as adviser for Sahara merger 19 Jun 2013 - 04:58 am

DUBAI: Saudi International Petrochemical Co (Sipchem) has picked HSBC Holdings to advise on the firm’s proposed merger with Sahara Petrochemical, three banking sources...

Oman central bank or fiscal reforms 19 Jun 2013 - 04:54 am

DUBAI: Oman should consider fiscal reforms as a priority because continued growth in public spending may be unsustainable in the long run, its...

Investment inflow into Arab states rises despite unrest 19 Jun 2013 - 04:49 am

KUWAIT CITY: Foreign direct investment into Arab states rose by 9.8 percent last year despite unrest in some of them but remained well...

UAE revives bourse merger proposal 18 Jun 2013 - 05:42 am

Screens displaying stock information are seen as investors look on at the Dubai Financial Market yesterday. The United Arab Emirates has revived a...

Etihad mulls equity stake in Serbia’s JAT Airways 18 Jun 2013 - 05:41 am

BELGRADE/DUBAI: Etihad Airways has signed a preliminary agreement with the Serbian government over a possible equity investment in the Balkan country’s loss-making JAT...