Business / Middle East Business

Kuwait oil union slams Saudi halt to joint output 19 Oct 2014 - 10:04 pm

KUWAIT CITY: A Kuwaiti oil trade union yesterday condemned the unilateral closure by Saudi Arabia of an offshore oilfield jointly operated by the...

Dubai judge approves liquidation of local Espirito Santo unit 19 Oct 2014 - 10:03 pm

DUBAI: A judge in the Dubai International Financial Centre (DIFC) court approved on Sunday an application to liquidate ES Bankers (Dubai) Ltd (ESBD),...

Egypt signs contracts with six firms for new Suez Canal project 18 Oct 2014 - 11:50 pm

CAIRO: The Egyptian government has signed contracts with six international firms to carry out the dredging of the new Suez Canal, the head...

Gulf Air to resume flights to Shiraz 18 Oct 2014 - 11:42 pm

Manama: Gulf Air, the national carrier of the Kingdom of Bahrain, announced that it will be recommencing flights to Shiraz. Becoming the airline’s...

Lufthansa to drop services to Abu Dhabi 17 Oct 2014 - 02:44 am

FRANKFURT: German airline Lufthansa announced that it will pull the plug on its once-daily flights between Frankfurt and Abu Dhabi due to competition...

New Gulf projects to hit $180bn this year 17 Oct 2014 - 02:43 am

DUBAI: About $180bn of contracts for new construction projects will be awarded in wealthy Gulf states this year, the largest amount for six...

Blackstone, investors buy stake in GEMS Education 16 Oct 2014 - 12:51 am

DUBAI: Dubai’s Fajr Capital said that it led a group including Blackstone and Bahrain sovereign fund Mumtalakat in acquiring a “significant minority stake”...

Iran ready to live with lower oil prices 15 Oct 2014 - 06:47 am

LONDON: Iran, in a change of tack, is saying it can live with lower oil prices, moving closer to the views of Saudi...

DLF faces tough choices after fund-raising ban 15 Oct 2014 - 06:42 am

NEW DELHI/MUMBAI: DLF Ltd will be forced to sell assets, even unfinished projects, to meet debt obligations, say bankers, after India’s biggest property...

Opec unlikely to cut output: Kuwait minister 12 Oct 2014 - 11:57 pm

DUBAI/KUWAIT: Opec is unlikely to cut oil production in an effort to prop up prices because such a move would not necessarily be...

UAE approves 2015 budget without deficit 12 Oct 2014 - 11:56 pm

ABU DHABI: The United Arab Emirates approved its 2015 budget yesterday, projecting no deficit and increased income and public spending as the oil-rich...

Saudi tells Opec it raised output in September 11 Oct 2014 - 12:46 am

LONDON: Top oil exporter Saudi Arabia told Opec it raised its oil production in September by 100,000 barrels per day, adding to signs...

Bahrain bourse preparing Islamic product range 09 Oct 2014 - 01:27 am

Manama: Bahrain’s stock exchange plans to launch a range of Islamic investment products, including a novel equity-based murabaha financing tool and Islamic real...

Turkey slashes growth estimates 09 Oct 2014 - 01:23 am

ANKARA: Turkey has slashed its growth estimates and raised its inflation forecast for 2014 and 2015, Deputy Prime Minister Ali Babacan said yesterday,...

GSK probing corruption in UAE 08 Oct 2014 - 01:12 am

LONDON: Drugmaker GlaxoSmithKline, which was slapped with a record $489m fine for corruption in China last month, said yesterday it was looking into...

Walt Disney rescues Euro Disney with $1.3bn 07 Oct 2014 - 04:00 am

Disney character Mickey posing in front of the Sleeping Beauty Castle at Disneyland park, in Chessy, near Marne-la-Vallee, outside Paris. LONDON/PARIS: Walt Disney...

GCC equity market projected to remain positive 03 Oct 2014 - 02:57 am

DOHA: Driven by the region’s BIG 3 — Qatar, Saudi Arabia and UAE — the GCC equity market will remain overweight for the...

Saudi’s NCB to raise $6bn in IPO 03 Oct 2014 - 02:56 am

DUBAI: Saudi Arabia’s National Commercial Bank plans to raise SR22.5bn ($6bn) in a flotation this month, it said, the biggest ever share sale...