Business / Middle East Business

BP signs deal to build port terminal in southern Iraq 01 May 2013 - 01:17 am

BASRA: British oil major BP has signed a deal with Iraq to build a new terminal at the southern port of Khor Al...

Iraq oil exports rose to 2.6m b/d in April: Minister 01 May 2013 - 01:15 am

SEOUL: Iraq’s oil exports rose in April to 2.6 million barrels per day (b/d), the country’s oil minister said yesterday, helping to keep...

Oman seeks $4bn loan for Duqm refinery 01 May 2013 - 01:14 am

MUSCAT: State-run Oman Oil Co is talking to bankers about raising a $4bn loan to build an oil refinery in the southern coastal...

MAF moves closer to Egypt deal 30 Apr 2013 - 01:02 am

DUBAI: Dubai retail firm Majid Al Futtaim (MAF) is in advanced discussions to buy Egypt’s largest supermarket chain from family-owned Mansour Group, two...

Egypt parliament halts reading of tax law needed for IMF deal 30 Apr 2013 - 12:55 am

CAIRO: Egypt’s parliament halted its reading of a new income tax law yesterday, saying the government had not shown who would be affected...

Bahrain picks banks for sovereign bond 30 Apr 2013 - 12:54 am

DUBAI: Bahrain has mandated banks for a sovereign bond issue, three sources familiar with the matter said yesterday, with proceeds likely to help...

Gulf states to keep growing despite cheaper oil 30 Apr 2013 - 12:53 am

DUBAI: Economic growth in Gulf Arab economies is expected to slow through next year but should still be healthy as investment in the...

Dubai Chamber wins Best CSR Project award 29 Apr 2013 - 01:19 am

Officials posing with the award in Doha recently. DOHA: Dubai Chamber of Commerce and Industry has won the Best CSR Project in the...

Key negotiator with IMF resigns in blow to Egypt 29 Apr 2013 - 01:16 am

CAIRO: A key Egyptian negotiator with the International Monetary Fund said yesterday that he has resigned as first deputy finance minister, in a...

Libya to help ease Egypt crisis with $1.2bn oil deal 29 Apr 2013 - 01:13 am

TRIPOLI: Libya will soon start shipping oil to neighbouring Egypt on soft credit terms, two senior Libyan officials said, as Cairo struggles to...

Abu Dhabi to establish financial free zone 29 Apr 2013 - 01:13 am

ABU DHABI: The emirate of Abu Dhabi is putting finishing touches to plans to establish a financial free zone that could resemble, and...

Arab Bank profit edges up in Q1 28 Apr 2013 - 04:46 am

AMMAN: Jordan-based Arab Bank Group made a net profit of $205.1m in the first quarter of the year, up from $204.4m in the...

Sudan sugar firm plans biofuel expansion 28 Apr 2013 - 04:46 am

KHARTOUM: Kenana, Sudan’s biggest sugar producer, plans to more than triple its ethanol output within two years to become a major biofuel exporter...

Zain feels the heat in South Sudan market 27 Apr 2013 - 12:38 am

DUBAI/JUBA: Mobile phone group Zain knew it was facing a challenge when it set out to build up its network in Africa’s newest...

Syria lets pound float to save foreign reserves 25 Apr 2013 - 01:32 am

AMMAN: Syria’s central bank has largely abandoned efforts to support the value of its currency in order to protect its remaining foreign exchange...

Ahli United profit jumps after Qatar stake sale 25 Apr 2013 - 01:31 am

KUWAIT: Bahrain’s Ahli United Bank posted a big jump in first-quarter net profit yesterday as its earnings were boosted by a one-time gain...

Kuwait’s Wataniya fails to halt profit slump 25 Apr 2013 - 01:30 am

DUBAI/KUWAIT: Kuwait’s second-biggest telecom company, Wataniya, failed to halt a profit slump in the first quarter as rivals stepped up competition in its...

Saudi decree may ease $67bn housing logjam 25 Apr 2013 - 01:27 am

DUBAI/RIYADH: A royal decree in Saudi Arabia has shaken up the way in which the government allocates vast tracts of land, removing an...