Business / Middle East Business

Saudi Arabia orders 5 pct cut in contract spending 15 Mar 2016 - 12:00 am

By Marwa Rashad RIYADH: Saudi Arabia’s government, its finances strained by low oil prices, is opening a fresh austerity drive by ordering ministries...

Kuwait cabinet approves 10 percent tax on companies' profits 14 Mar 2016 - 06:15 pm

KUWAIT: Kuwaiti Finance Minister Anas al-Saleh told a press conference on Monday that the cabinet had approved a plan to impose a 10...

Iran says US companies welcome to invest in oil sector 13 Mar 2016 - 04:25 pm

File photo of Iran's oil minister Bijan Mandar Zangeneh. REUTERS TEHRAN: Iran's oil minister says U.S. companies are welcome to invest in the...

Doha declaration on ‘oil output freeze’ boosts GCC equity market 12 Mar 2016 - 12:00 am

DOHA: The Doha declaration to freeze oil production at the January level boosted the GCC’s equity market sentiment in February. After January’s shaky...

Iran plays hardball with European oil buyers, slowing exports 09 Mar 2016 - 03:15 pm

Malta-flagged Iranian crude oil supertanker ''Delvar'' is seen anchored off Singapore in this March 1, 2012 file photo. REUTERS BY DMITRY ZHDANNIKOV AND...

Work on Iraq-Turkey oil pipeline to be complete “in a day or two”: Source 06 Mar 2016 - 01:34 pm

ERBIL: Work on a pipeline carrying oil from northern Iraq to Turkey should be complete “in a day or two”, an industry source...

Yemen's food crisis deepens as banks cut credit for shipments 06 Mar 2016 - 12:10 pm

A food vendor works in his roadside stall as he waits for customers in Yemen's capital Sanaa March 3, 2016. (Reuters / Khaled...

Egypt's SODIC, Heliopolis Housing to develop 655 acres in east Cairo 06 Mar 2016 - 11:47 am

A view of the city skyline and River Nile from Cairo tower building. (Reuters/ file photo) CAIRO: Egyptian real estate developer SODIC has...

Moody’s places Kuwait’s Aa2 rating under review 06 Mar 2016 - 01:55 am

The Peninsula DOHA: Moody’s Investors Service has placed Kuwait’s Aa2 long-term issuer rating on review for downgrade. During the review, Moody’s will assess...

Iran says European banks reluctant to resume transactions 06 Mar 2016 - 12:00 am

Iranians withdraw money from an ATM machine at a Bank Sepah in the capital Tehran on January 19, 2016. AFP, Atta Kenare By...

Iran and Turkey aim to triple trade to $30 billion 05 Mar 2016 - 01:36 pm

A handout picture provided by the office of Iranian President Hassan Rouhani on March 5, 2016 shows Iran's first vice president, Eshaq Jahangiri...

Moody's lowers Bahrain to junk, cuts outlooks for four Gulf states 05 Mar 2016 - 11:00 am

A Moody's sign on the 7 World Trade Center tower is photographed in New York August 2, 2011. (Reuters / Mike Segar) DUBAI:...

Egypt says reaches agreement over foreign airline payments 03 Mar 2016 - 05:51 pm

CAIRO: Egypt's civil aviation ministry said on Thursday it had reached an agreement with the central bank over paying foreign airlines who have...

Iran hopes to raise March oil exports on higher European sales: sources 03 Mar 2016 - 05:41 pm

Iran's Oil Minister Bijan Zanganeh attends an extraordinary ministerial meeting of the Gas Exporting Countries Forum (GECF) in Tehran November 21, 2015. REUTERS/RAHEB...