Business / Middle East Business

Dubai Islamic Bank to test bond market 07 Jan 2015 - 11:46 pm

DUBAI: Dubai Islamic Bank will reopen the Gulf bond market next week with a capital-boosting sukuk, the region’s first debt offering in two...

Abu Dhabi plastic maker says prices to be steady 07 Jan 2015 - 11:45 pm

DUBAI: Abu Dhabi plastics manufacturer Borouge expects steady demand to help stabilise product prices in 2015 after oil’s plunge pushed plastic prices down...

Oman 2015 budget raises state spending 02 Jan 2015 - 12:18 am

MUSCAT: Oman’s finance ministry released a state budget for 2015 yesterday that raises spending at the cost of a big projected deficit due...

Gulf markets tumble again as oil hits fresh low 31 Dec 2014 - 05:11 am

DUBAI: Gulf stock markets suffered broad sell-offs yesterday as Brent crude oil slumped to a fresh 5-1/2-year low and political uncertainty in Greece...

Opec output hits six-month low on Libya 31 Dec 2014 - 12:14 am

LONDON: Opec’s oil supply fell by 270,000 barrels per day (bpd) in December to a six-month low as fighting cut Libyan output, offsetting...

DI plans $2.7bn of projects in five years 29 Dec 2014 - 01:20 am

Dubai: Dubai Investments PJSC plans Dh10bn ($2.7bn) of real-estate projects in the next five years as it seeks to benefit from resurgent property...

Saudi budget pegs oil price at $60: Analysts 29 Dec 2014 - 12:06 am

DUBAI: Saudi Arabia’s 2015 state budget assumes an oil price close to current levels of around $60 a barrel for Brent crude, a...

No need for sovereign fund: Saudi minister 27 Dec 2014 - 01:49 am

RIYADH: Saudi Arabia’s finance minister said there was no need for the kingdom to create a sovereign wealth fund to manage its oil...

Saudi lifts spending in 2015 budget 26 Dec 2014 - 12:34 am

Saudi Crown Prince Salman bin Abdulaziz (centre) chairing a cabinet session in Riyadh to approve the state’s budget for 2015. DUBAI: Saudi Arabia...

Egyptian pound steady on official and unofficial markets 25 Dec 2014 - 01:33 pm

CAIRO-- The Egyptian pound held steady at a central bank dollar sale on Thursday and on the black market. The bank offered $40...

Saudi issues 'final warning' on high-speed rail project 24 Dec 2014 - 10:57 pm

JEDDAH, Saudi Arabia - Saudi Arabia has given a "final warning" to avoid delays on an $8.2 billion high-speed rail project which Spanish...

US jobless claims drop for fifth week in a row 24 Dec 2014 - 09:46 pm

Initial jobless claims, a sign of the pace of layoffs, totalled 280,000 in the week ending Dec 20, down 9,000 from the previous...

Kuwait commissions new gas processing plant 24 Dec 2014 - 09:27 pm

KUWAIT CITY - Kuwait has commissioned a new natural gas plant that will raise the energy-rich state's production capacity to more than 2...

Turkey bank defies Erdogan to hold rates 24 Dec 2014 - 09:08 pm

ANKARA - Turkey's central bank on Wednesday kept its main interest rates unchanged, defying pressure from President Recep Tayyip Erdogan for a cut...

Turkey holds rates again despite Erdogan pressure 24 Dec 2014 - 08:34 pm

ANKARA - Turkey's central bank on Wednesday kept its main interest rates unchanged, again resiting pressure from President Recep Tayyip Erdogan for a...

Kellogg and Abraaj up bids in battle for Egypt's Bisco Misr 24 Dec 2014 - 07:56 pm

By Stephen Kalin and Ehab Farouk CAIRO - Kellogg Co, the world's largest breakfast cereal maker, once again raised its bid for Egyptian...

Egypt would not be affected by a Russian wheat export ban 24 Dec 2014 - 07:20 pm

CAIRO - Egypt, the world's largest wheat importer, would not be affected by any Russian ban on wheat exports as it has alternative...

Turkish central bank keeps rates unchanged 24 Dec 2014 - 03:38 pm

ISTANBUL--Turkey's central bank left its main interest rates unchanged on Wednesday, opting to keep policy tight as it awaits a sustained improvement in...