Business / Middle East Business

Saudi finance ministry says S&P downgrade unjustified 31 Oct 2015 - 10:29 am

DUBAI: A decision by Standard & Poor's to cut Saudi Arabia's credit ratings is unjustified and ignores the strength of the kingdom's economy,...

Apple opens first Middle East outlets in UAE 30 Oct 2015 - 12:00 am

Customers queue outside a US tech-giant Apple shop during its opening day on October 29, 2015, at the Mall of the Emirates in...

Tunisia central bank cuts interest rate to 4.25 pct from 4.75 pct 29 Oct 2015 - 01:52 pm

Tunis: Tunisia's central bank said on Thursday it had cut its main interest rate to 4.25 percent from 4.75 percent to boost economic...

Emir of Kuwait urges spending cuts as oil slumps 27 Oct 2015 - 05:14 pm

DUBAI: The emir of Kuwait urged the cabinet and parliament on Tuesday to cut state spending in response to slumping oil prices, warning...

Turkish economic confidence extends pessimistic run in October 27 Oct 2015 - 04:32 pm

ISTANBUL: Confidence in Turkey's economy remained pessimistic for the 12th straight month in October, official data showed on Tuesday, underscoring the bleak outlook...

Oman expands debut sukuk to 250 mln rials on strong demand 27 Oct 2015 - 04:22 pm

MUSCAT: Oman expanded its first issue of sovereign Islamic bonds, selling 25 percent more than originally planned due to strong demand, the finance...

Egypt central bank seen keeping key rates on hold - Poll 27 Oct 2015 - 11:49 am

Cairo: Egypt's central bank is expected to hold interest rates on Thursday as it balances the need to control inflation with its efforts...

Iraq increasingly importing raw instead of white sugar -trade 27 Oct 2015 - 12:00 am

By David Brough LONDON: Iraq is increasingly importing raw sugar instead of whites as the new Etihad refinery has ramped up production faster...

SWIFT awaits green light to reconnect with Iranian banks 27 Oct 2015 - 12:00 am

LONDON: Most Iranian banks will be able to reconnect to the SWIFT financial-transactions system, a key to rekindling foreign trade, once Iran's nuclear-related...

Soaring passport demand nets Syria more than $500 mn 26 Oct 2015 - 06:29 pm

Damascus: Syria has netted more than $500 million from passport fees this year, after raising charges for those obtained abroad to bolster foreign...

Saudi transport projects going ahead as scheduled: Minister 25 Oct 2015 - 11:25 am

By Reem Shamseddine and Marwa Rashad RIYADH/KHOBAR, Saudi Arabia: Saudi Arabia is proceeding with public transport projects as scheduled and companies may face...

Egypt replaces central bank governor Hisham Ramez 21 Oct 2015 - 04:44 pm

By Ehab Farouk and Asma Alsharif CAIRO: Egypt has named senior banker Tarek Amer to head the central bank from November, in a...

Abu Dhabi's tax-free financial zone says open for business 21 Oct 2015 - 12:18 pm

By Stanley Carvalho ABU DHABI: The Middle East's newest financial centre opened for business on Wednesday as the Abu Dhabi Global Market (ADGM)...

Gulf should adjust to new oil price 'reality': IMF 21 Oct 2015 - 10:04 am

Dubai: Gulf economies need to adjust to the "new reality" of oil prices expected to remain low for some time, the International Monetary...

Gulf company to build 4.5-bn euro Bosnian 'tourist city' 17 Oct 2015 - 05:43 pm

A Dubai-based developer signed a 4.5-billion euro ($5.1-billion) contract on Thursday to build a "tourist city" in Bosnia, which has become a magnet...

GFH to acquire $125m industrial real estate portfolio in US 17 Oct 2015 - 11:55 am

DOHA: Bahrain-based Islamic investment banking firm GFH Financial Group has agreed to acquire an industrial real estate portfolio in the United States in...