Business / Middle East Business

Kuwait’s Gulf Bank gets new chairman 17 Mar 2013 - 01:47 am

Gulf Bank’s new Chairman Omar Qutayba Al Ghanim (right) sits next to outgoing Chairman Mahmoud Al Nouri ahead of the bank’s annual general...

Batelco in talks to buy stake in Reliance Communications unit 15 Mar 2013 - 06:09 am

DUBAI: Bahrain Telecommunications Co (Batelco) is in talks with Reliance Communications to buy a stake in the Indian operator’s enterprise business unit, the...

Asia’s Mideast oil market may pick up as demand recovers 14 Mar 2013 - 04:27 am

SINGAPORE: Asia’s Middle East crude market may strengthen when trading in May barrels begins this week, supported by refineries in Asia returning from...

Fuel crisis in Egypt 14 Mar 2013 - 04:26 am

Vehicles in a queue at a petrol station in Cairo. Egypt’s Oil Minister Osama Kamal has dismissed the head of state-owned Misr Petroleum...

Mixed trading across region’s bourses 14 Mar 2013 - 04:26 am

DUBAI: Dubai’s Arabtec rebounded yesterday after the builder changed some of the terms of a proposed capital hike that had sent its shares...

Bahrain expects 4pc economic growth this year 14 Mar 2013 - 04:24 am

Bahrain’s Central Bank Governor Rasheed Al Maraj speaks during the GCC Governors meeting in Manama yesterday. MANAMA: Bahrain’s central bank expects economic growth...

Dhaman encourages investments in Arab states 14 Mar 2013 - 04:23 am

Kuwait: The Arab Investment and Export Credit Guarantee Corporation (Dhaman) is encouraging investments in Arab countries and development of exports to world markets,...

UAE to implement curbs on risk 14 Mar 2013 - 04:23 am

MANAMA: The UAE central bank must act this year to push forward previously issued rules and policies, a senior central bank official said...

Gulf states buy stake in Virgin Mobile 13 Mar 2013 - 12:32 am

DUBAI: Gulf Investment Corp (GIC) will invest $50m in Virgin Mobile’s Middle East operation, a sign that the region may be ready to...

Egypt studies IMF bridging loan as crisis deepens 12 Mar 2013 - 04:55 am

CAIRO: Egypt is studying an IMF offer of a bridging loan, a finance ministry source said yesterday, as Cairo tries to weather a...

UK govt promotes London as Islamic finance hub 12 Mar 2013 - 04:54 am

DUBAI: The British government launched a campaign to promote London as a centre for Islamic finance, seeking to counter growing competition in that...

Central Bank issues QR4bn debt to meet Basel III norms 11 Mar 2013 - 12:10 am

DUBAI: Qatar’s Central Bank yesterday issued QR1bn of local currency sukuk and QR3bn of local currency conventional bonds, as part of an adjustment...

GCC banks assets hit $1.47 trillion; Qatar leads with 15pc growth 11 Mar 2013 - 12:07 am

DOHA: The GCC banking sector continues to remain robust with assets increasing by 11 percent in 2012 to $1.47 trillion. Higher energy prices...

Saudi ups February crude output, cuts supply slightly 10 Mar 2013 - 04:13 am

DUBAI: Top oil exporter Saudi Arabia pumped 9.15 million barrels per day (bpd) of crude oil in February, an industry source said yesterday,...

King Abdullah opens business forum 10 Mar 2013 - 04:06 am

Amman: King Abdullah II, of Jordan opened yesterday the 2013 Jordan-US Business Forum with the participation of key Jordanian and US private and...

Iraqi House okays $119.1bn budget 08 Mar 2013 - 04:30 am

BAGHDAD: Iraq’s parliament yesterday approved a $119.1bn budget for 2013 after weeks of delay, but Kurdish representatives and most members of the main...

DP World sells Hong Kong assets for $742m 08 Mar 2013 - 04:29 am

DUBAI: Ports operator DP World Limited is selling its stakes in two container terminals and a logistics centre in Hong Kong for $742m...

Etisalat expects $9.4bn revenue in 2013 08 Mar 2013 - 04:29 am

DUBAI: Etisalat, the Gulf’s No. 2 telecom operator, expects 2013 revenue of up to $9.4bn, according to a presentation the company gave to...