Business / Middle East Business

Abu Dhabi may need to lower industry growth target 10 Dec 2013 - 10:48 am

DUBAI: Abu Dhabi probably won’t reach its target for industrial growth by 2020 and will need to lower it, a senior government official...

Rowhani targets stagflation in budget 09 Dec 2013 - 11:07 am

Iran President Hassan Rowhani (right) presents the proposed annual budget to Parliament Speaker Ali Larijani (centre, left) yesterday. DUBAI: Iranian President Hassan Rowhani...

Libya lost $7bn to oil strikes, must find new buyers: Minister 09 Dec 2013 - 08:13 am

TRIPOLI: Libya has lost more than $7bn and faces new competition from Algeria and Nigeria in oil markets due to strikes at oilfields...

Greek parliament approves 2014 budget plan 09 Dec 2013 - 08:10 am

ATHENS: Greece’s parliament approved a budget plan filled with over ¤3bn of austerity cuts that sees the debt-laden country emerging from a six-year...

Saudi November oil output steady 09 Dec 2013 - 08:09 am

Al KHOBAR: Saudi Arabia produced 9.745 million barrels per day of crude oil in November, little changed from the previous month, when it...

Tourism revenues rise in Cyprus 07 Dec 2013 - 07:29 am

NICOSIA: Tourism spending in Cyprus in the first 10 months of 2013 hit ¤1.95bn, more than last year’s total, boosting hopes the sector...

Dubai World arm sells Atlantis 06 Dec 2013 - 06:26 am

DUBAI: A unit of Dubai World has sold its Atlantis resort, which sits on a palm tree-shaped island in the Gulf, in an...

Iran wants oil majors to revive ageing oilfields 06 Dec 2013 - 06:23 am

VIENNA: Iran’s leading oil negotiator says Tehran wants Western oil companies to revive its giant ageing oilfields and develop new oil and gas...

Egypt woos Gulf investors, promises to repay oil firms 05 Dec 2013 - 11:16 am

From left: Mostafa Higazi, the Presidential Adviser for Political Affairs, Egypt’s Finance Minister Ahmed Galal, Egypt’s Central Bank Governor Hisham Ramez and Egypt’s...

Iran names seven oil firms it wants to return 05 Dec 2013 - 11:12 am

VIENNA: Iran yesterday named seven Western oil companies it wants back in its vast oil and gas fields once international sanctions are lifted...

Saudi economic growth picks up in third quarter 05 Dec 2013 - 11:12 am

RIYADH/DUBAI: Saudi Arabia’s economy expanded at an annual rate of 3.1 percent in the third quarter, only half as fast as it grew...

Iran, Iraq put Opec on notice of big oil output increases 04 Dec 2013 - 11:45 am

VIENNA: Iran and Iraq yesterday put Opec on notice of substantial oil output increases to come, saying others in the producer cartel will...

High demand for quality property 04 Dec 2013 - 11:26 am

DOHA: Qatar’s real estate market witnessed a growing demand for high quality properties during the third quarter of 2013. On the other hand,...

Egypt delays IMF loan decision 04 Dec 2013 - 11:24 am

LONDON: Egypt has postponed any decision on taking a $4.8bn loan from the IMF as financial aid from Gulf states has given Cairo...

Muted response to Damac London sale 04 Dec 2013 - 11:22 am

DUBAI: Dubai luxury real estate developer Damac got a lukewarm response to its share offering in London yesterday, a sign that international investors...

IMF calls for boosting Saudi private sector 04 Dec 2013 - 11:20 am

RIYADH: Saudi Arabia needs to strengthen its private sector to satisfy demand for jobs by its young population and reduce its dependence on...

Tehran to reassert authority at Opec 03 Dec 2013 - 10:05 am

VIENNA: Bijan Zanganeh returns this week to the same Vienna hotel suite he last occupied eight years ago as Iranian oil minister, ready...

Ashghal begins briefings for Qatari firms 03 Dec 2013 - 09:55 am

DOHA: Promoting Qatari companies to play a bigger role in future projects, the Public Works Authority, (Ashghal) yesterday commenced a series of industry...