Business / Middle East Business

Bank Muscat looking at options to recover money 13 May 2013 - 01:10 am

DUBAI: Bank Muscat, the main victim of a $45m global cyber heist, is examining all options to recover the money it lost in...

Kuwait Airways to buy 25 Airbus aeroplanes 13 May 2013 - 01:09 am

KUWAIT CITY: Kuwait’s national carrier is due to sign a multi-billion-dollar deal with Airbus to purchase 25 new aircraft valued at $3bn with...

Sudan inflation eases 13 May 2013 - 01:08 am

KHARTOUM: Sudan’s annual inflation rate eased to 41.4 percent in April from 47.9 percent in March as food price inflation fell, official data...

Bahrain’s Al Baraka Q1 net profit up 15pc 13 May 2013 - 01:08 am

DUBAI: Bahrain-based Islamic lender Al Baraka Banking Group posted a 15 percent increase in first-quarter net income, the bank said yesterday. Al Baraka,...

Banks lift Abu Dhabi to 54-month high 13 May 2013 - 01:06 am

An investor monitors stock information on an electronic board at the Stock Exchange in Tunis. DUBAI: Abu Dhabi’s bourse rose to a fresh...

Egypt confident on IMF deal, timing of next visit unsure: Minister 12 May 2013 - 02:39 am

ISTANBUL: Egypt’s new planning minister said yesterday he was confident the country would reach a deal with the International Monetary Fund (IMF) on...

Lebanon has 30trn cubic feet of gas 12 May 2013 - 02:39 am

BEIRUT: Preliminary surveys of Lebanese offshore fields show reserves of 30 trillion cubic feet of natural gas and 660 million barrels of oil,...

UAE bank says clients did not lose money in cyber fraud 12 May 2013 - 02:39 am

DUBAI: A Middle Eastern bank that fell victim to a major cyber fraud said that none of its customers had lost any money...

Saudi Arabia’s Yanbu refinery back online 12 May 2013 - 02:37 am

KHOBAR, Saudi Arabia: Saudi Aramco’s 400,000 barrels per day (bpd) Yanbu refinery has come back online after nearly two-month long maintenance, trading sources...

Report: Kuwait exported $111.39bn oil last year 12 May 2013 - 02:35 am

Kuwait: An economic report has revealed that the value of Kuwait oil exports hit a new record in 2012 driven by a remarkable...

Oman to host Gulf Industries Fair 12 May 2013 - 02:34 am

Muscat: The Sultanate of Oman will host the Gulf Industries Fair on June 16th. The three-day event aims at promoting Gulf industrial products...

Seychelles to see more Asian tourists this year 12 May 2013 - 02:29 am

DUBAI: The number of tourists visiting the Seychelles rose a better than expected 15 percent in the first four months of 2013, the...

Abu Dhabi tourism company’s loss widens amid property weakness 11 May 2013 - 04:19 am

ABU DHABI: The Abu Dhabi tourism development company which is building local branches of the Louvre and Guggenheim museums posted a widening loss...

Dubai nears last big debt restructuring 10 May 2013 - 12:40 am

The Emirates Towers, which house the headquarters of Dubai Group, are pictured on Sheikh Zayed road in Dubai, yesterday. DUBAI: The Dubai Group...

Iran woos Indian firms with sweeter contracts on oil 10 May 2013 - 12:38 am

DUBAI/DELHI: Iran has offered new, more alluring terms to reluctant Indian companies to win the investment it craves for its decaying energy sector...

Syria pushing neighbours into slump 10 May 2013 - 12:38 am

BEIRUT: The economic devastation of Syria’s war could drive the economies of neighbouring Lebanon and Jordan into reverse, Syria’s former deputy prime minister...

Emirates’ profit surges amid expansion push 10 May 2013 - 12:14 am

An Emirates Airline’s Airbus A380 superjumbo plane at Dubai World Central or Al Maktoum International Airport. DUBAI: Dubai’s Emirates airline defied aviation gloom...

Oman sets minimum SME lending target 10 May 2013 - 12:13 am

DUBAI: Oman’s central bank has stipulated that commercial banks’ loans to small and medium-sized firms must account for at least 5 percent of...