Business / Middle East Business

Egypt’s foreign reserves slightly lower in March 02 Apr 2013 - 11:56 pm

DUBAI: Egypt’s Central Bank governor yesterday said that foreign exchange reserves had fallen slightly in March from February’s level of $13.5bn. Governor Hisham...

Cypriot finance minister steps down 02 Apr 2013 - 11:54 pm

NICOSIA: Finance Minister Michalis Sarris resigned yesterday, hours after a judicial probe was launched into how Cyprus was pushed to the verge of...

Orascom bid fails to buoy Cairo bourse 02 Apr 2013 - 06:15 am

Traders work at the Egyptian Exchange in Cairo, yesterday. DUBAI: A buyout offer for Orascom Telecom, Egypt’s second-largest listed company, failed to buoy...

17 firms suspended in Kuwait 02 Apr 2013 - 06:14 am

KUWAIT CITY: The Kuwait Stock Exchange yesterday suspended trading in the shares of 17 listed firms for failing to report their annual financial...

Tunisia expects $1.7bn IMF deal in May 02 Apr 2013 - 06:14 am

TUNIS: Tunisia expects to sign a $1.7bn loan deal with the International Monetary Fund next month after a delay due to the crisis...

Emirates, Qantas seek more tie-ups 02 Apr 2013 - 06:13 am

Emirates aircraft taxi at the Dubai International Airport yesterday. DUBAI: Dubai’s flagship carrier Emirates and Australia’s Qantas Airways Ltd will look to extend...

Bahrain’s growth slows as energy output stalls 02 Apr 2013 - 06:11 am

DUBAI: Bahrain’s economic growth slowed sharply in the final quarter of 2012 as growth in hydrocarbon output stalled and two years of social...

Profits surge at Dubai ruler’s flagship firm 02 Apr 2013 - 06:11 am

DUBAI: The flagship company in the ruler of Dubai’s personal business empire increased profits sixfold in 2012, benefiting from cost cuts and a...

Egypt lifts gas price ahead of IMF visit 02 Apr 2013 - 06:11 am

CAIRO: Egypt raised the price of state-subsidised cooking gas for the first time in two decades yesterday, a government official said, trimming an...

Cyprus leader says nobody immune to inquiry 02 Apr 2013 - 06:09 am

NICOSIA: The Cypriot president pledged yesterday that not even his own family will be immune from a commission of inquiry into allegations of...

Egyptian pound slips on the black market 01 Apr 2013 - 06:31 am

CAIRO: The Egyptian pound has fallen sharply against the dollar on the black market in the last few days, market participants said yesterday,...

Dana Gas collects $73.7m from Egypt and Kurdistan 01 Apr 2013 - 06:30 am

DUBAI: Dana Gas has collected a total of $73.7m in receivables from its operations in Egypt and the Kurdistan region of Iraq in...

Bank depositors in Cyprus to lose 60pc savings 31 Mar 2013 - 01:14 am

Cyclists gather at Eleftheria square in front of a branch of the Bank of Cyprus in Nicosia yesterday. NICOSIA: Major depositors in Cyprus’s...

Gas from Israel’s Tamar field starts flowing 31 Mar 2013 - 01:11 am

JERUSALEM: Natural gas from the Tamar field off Israel’s Mediterranean shores began flowing yesterday, the head of a partner in the field said...

Public spending to push UAE economy up 31 Mar 2013 - 01:10 am

Abu Dhabi: High public spending due to strong oil prices will ally with the UAE’s position as a safe haven for investments to...

No plan to leave euro: Cyprus 29 Mar 2013 - 10:55 pm

A woman gives money to musicians busking in a street in the old part of the Cypriot capital Nicosia yesterday. Businesses and families...

Gold exports from Turkey to Iran resume 29 Mar 2013 - 10:49 pm

ISTANBUL: Turkey exported almost $120m worth of gold to Iran in February, data showed, suggesting the two countries’ trade of gold for natural...

UAE agrees to soften stance on mortgages 29 Mar 2013 - 04:03 am

ABU DHABI: The UAE Central Bank has agreed, in principle, to soften plans to introduce limits on mortgage lending for residential properties following...