Business / Middle East Business

Saudi Aramco to build world's largest gas complex 29 Dec 2015 - 01:04 pm

Jeddah: Saudi Aramco intends to build the largest industrial complex for gas in the world a cost of $2.1 billion in Jazan. The...

Saudi Arabia raises petrol and diesel prices: SPA 28 Dec 2015 - 06:02 pm

DUBAI: Saudi Arabia has raised domestic energy prices, including fuel prices, state news agency SPA said on its Twitter account on Monday. Domestic...

Saudi plans spending cuts, revenue push to shrink 2016 budget deficit 28 Dec 2015 - 04:25 pm

Riyadh: Saudi Arabia projected a deficit of $87 billion as it issued its 2016 budget on Monday, the kingdom's third annual shortfall in...

Iraq approaches Exxon, Petrochina over southern energy project 28 Dec 2015 - 04:14 pm

By Aref Mohammed and Ahmed Rasheed BAGHDAD: Iraq, OPEC’s second-largest producer, has approached PetroChina and ExxonMobil about investing in a multi-billion-dollar project to...

Saudi posts record $98 billion deficit in 2015: Ministry 28 Dec 2015 - 03:24 pm

Riyadh: OPEC member Saudi Arabia posted a record $98 billion budget deficit in 2015 due to the sharp fall in oil prices, the...

Gulf markets advance ahead of Saudi budget; Egypt hit by rate hike 27 Dec 2015 - 05:41 pm

(Reuters / File Photo) By Celine Aswad DUBAI: Gulf stock markets edged higher on Sunday with Saudi Arabia rising in the final hour...

Spending to rise 12% in Dubai's 2016 budget 27 Dec 2015 - 03:59 pm

DUBAI: Dubai plans to raise state spending by 12 percent in 2016 as it invests in infrastructure to sustain economic growth, but an...

Saudi Telecom offers to buy remaining stake in SaleCo for 400 mln riyals 27 Dec 2015 - 08:43 am

DUBAI: Saudi Telecom Co (STC) has offered to buy the shares in Sale Advanced Co it does not already own for 400 million...

Turkish banks fend off cyberattacks, some transactions hit 26 Dec 2015 - 12:00 am

Banks report sporadic disruption Wave of attacks has gone on for two weeks Network specialist says barrage is intensifying By Can Sezer and...

Middle East misses out on M&A boom as sellers hold out on prices 24 Dec 2015 - 02:01 pm

By Tom Arnold and David French DUBAI: A global boom in mergers and acquisitions has largely bypassed the Middle East where regional deals...

Egypt struggles to pay for oil, LNG supplies amid foreign currency crisis 24 Dec 2015 - 12:00 am

Egypt, which depends on oil and gas imports, has faced a sharper decline in foreign currency receipts since the Russian airliner disaster in...

Israel’s U.S. ambassador makes political point with settlement-made gifts 24 Dec 2015 - 12:00 am

Israeli Ambassador to the United States Ron Dermer (R) speaks to members of Congress about Israel's air campaign against Hamas for missile attacks...

China, Iraq agree to promote energy partnership 23 Dec 2015 - 10:27 am

Beijing: China and Iraq pledged to establish a long-term, stable energy partnership with a memorandum of understanding (MoU) signed on oil and gas. ...

Abraaj and Proparco reduce stake in pharma business Unimed 22 Dec 2015 - 01:15 pm

DUBAI: Emerging markets-focused investor Abraaj and a partner have sold 83 percent of their stake in Tunisia's second-largest pharmaceuticals company Unimed ahead of ...

Saudi Arabian budget to be released next Monday: Al-Arabiya TV 21 Dec 2015 - 05:52 pm

RIYADH: Saudi Arabia will announce its 2016 budget next Monday, the Saudi-owned al-Arabiya television channel, which is close to the ruling family of...