Business / Middle East Business

UAE’s money exchange industry faces shake-out 08 Dec 2014 - 07:28 am

DUBAI: Some money exchange firms in the United Arab Emirates may have to merge and others could be forced to close as they...

Most Gulf markets slip, Oman tumbles on lower oil prices 08 Dec 2014 - 07:22 am

DUBAI: Oman’s stock market sank yesterday after Standard & Poor’s cut its outlook for the country’s sovereign rating and local cement firms said...

Iran unveils budget based on lower oil price of $70/barrel 08 Dec 2014 - 03:21 am

Iranian parliament members arrive before President Hassan Rouhani presented the budget in Tehran yesterday. TEHRAN: Iran unveiled a draft budget yesterday for next...

Greece-Turkey Business Forum 07 Dec 2014 - 12:49 am

Greek Prime Minister Antonis Samaras (centre), Turkish Prime Minister Ahmet Davutoglu (left) and Greek Foreign Minister Evangelos Venizelos attend the Greece-Turkey Business Forum...

Salary protest in Turkey 07 Dec 2014 - 12:47 am

Thousands of public employees rally in Ankara’s central Sihhiye Square as they protest against the planned low salary hike by the government yesterday....

Saudi slashes January oil prices for Asian, US buyers 05 Dec 2014 - 09:55 am

A man changes the retail prices of oil at a gas station in Medford, Massachusetts, yesterday. LONDON: Saudi Arabia slashed its oil prices...

Egypt economy in dire straits 03 Dec 2014 - 01:19 am

A man crosses Nile river on the Galaa bridge in Cairo. Falling tourist revenues and slowing investments have left Egypt’s economy in ruins...

UAE merges 11 defence companies into EDIC 03 Dec 2014 - 01:07 am

ABU DHABI: The United Arab Emirates (UAE) announced the merger of a number of state-controlled defence companies to create an integrated services and...

Saudi Arabia set for tighter budget after oil price slide 03 Dec 2014 - 01:06 am

DUBAI: Plunging oil prices could mean the first budget cuts for major exporter Saudi Arabia since 2002 but they are not expected to...

Gulf Air unveils new promotion to Shiraz and Hyderabad 02 Dec 2014 - 01:03 am

Doha: Gulf Air, the national carrier of the Kingdom of Bahrain, launched a “Double Miles” promotion offering its FalconFlyer programme members the opportunity...

Gulf markets stabilise after panic sell-off 02 Dec 2014 - 01:00 am

DUBAI: Gulf stock markets steadied and some rebounded yesterday after tumbling a day earlier in response to a plunge in oil prices. Brent...

Gulf stocks hit hard after Opec move 30 Nov 2014 - 11:17 pm

Traders follow the stock market activity at the Kuwait Stock Exchange in Kuwait City yesterday. KUWAIT CITY: Gulf Arab stocks plunged yesterday on...

Oman Raysut Cement says costs to rise 3pc 30 Nov 2014 - 10:51 pm

DUBAI: Muscat-listed Raysut Cement’s costs will increase by 3 percent next year due to Oman state plans to introduce higher gas prices from...

Foreign carmakers test the waters at Iran show 30 Nov 2014 - 10:49 pm

TEHRAN: Foreign automakers seeking a return to the potentially huge Iranian market with the lifting of international sanctions will find the business environment...

Saudis block Opec output cut 28 Nov 2014 - 12:15 am

The Minister of Energy and Industry H E Mohammed bin Saleh Al Sada (left) attending the 166th Opec Conference in Vienna, Austria, yesterday....

UAE hints at body to monitor forex peg 28 Nov 2014 - 12:03 am

ABU DHABI/DUBAI: An advisory body to the UAE government has suggested that the central bank review the country’s currency peg to the US...

Govt plans to set up arbitration centres 27 Nov 2014 - 12:55 am

DOHA: The government plans to set up a number of arbitration centres to resolve civil and commercial disputes. The idea is to help...

HSBC to refund Mideast, Africa customers 27 Nov 2014 - 12:42 am

DUBAI: HSBC will refund customers across five countries in the Middle East and North Africa for charging them excessive foreign currency fees on...