Business / Middle East Business

Aldar sees project completions driving revenue growth 13 May 2014 - 08:42 am

ABU DHABI: Payments for completing projects should drive revenue growth at Aldar Properties in the next two quarters, as the largest property developer...

Bahrain set to grow in non-oil sectors in 2014 13 May 2014 - 08:41 am

Manama: The Economic Development Board (EDB) recently said that the Kingdom’s non-oil sector is well positioned for growth in 2014 following a sharp...

Drake & Scull Q1 profit comes down 13 May 2014 - 08:40 am

DUBAI: Dubai’s Drake & Scull said yesterday that unforeseen delays to two major projects in Saudi Arabia were responsible for the contractor missing...

Yemen inflation slips to lowest since Dec 2012 12 May 2014 - 01:16 am

DUBAI: Yemen’s annual inflation rate eased to 6.7 percent in February, its lowest level since December 2012, mainly due to reduced pressure from...

Kuwait signs $12bn LNG deal with Shell 12 May 2014 - 01:15 am

KUWAIT: Kuwait’s state oil group said it signed a six-year liquefied natural gas (LNG) supply deal with Royal Dutch Shell yesterday, worth an...

Omani power firms set to double profits after initial share offerings 12 May 2014 - 01:15 am

DUBAI: Oman’s Al Batinah Power Co and Al Suwadi Power Co, which launched twin initial public share offers yesterday and are owned by...

Omnicom, Publicis call off proposed $35bn merger 10 May 2014 - 12:06 am

LONDON/NEW YORK: The $35bn merger of US-based Omnicom and France’s Publicis collapsed yesterday after a battle for control destroyed plans to create the...

Turkish Airlines posts deeper first quarter loss 10 May 2014 - 12:03 am

ISTANBUL: Turkish Airlines posted a much deeper first quarter loss than expected yesterday despite rising sales, as it battles tough competition from low-cost...

Emirates profit up 43pc to $887m 09 May 2014 - 05:06 am

Emirates Chairman Sheikh Ahmed bin Saeed Al Maktoum arrives for a conference to announce the results of the Group in Dubai yesterday. DUBAI:...

Saudi crude output rises to 9.66m b/d 09 May 2014 - 05:02 am

KHOBAR: Saudi Arabia produced 9.66 million barrels per day (m b/d) of crude oil in April, up from 9.566m b/d in March, an...

Gulf states inch closer to implementing customs union 08 May 2014 - 12:39 am

KUWAIT CITY: The energy-rich Gulf states agreed yesterday to resolve hurdles obstructing implementation of a long-delayed customs union, particularly revenue sharing, Kuwait’s finance...

Qatar Exchange index retreats on profit booking 08 May 2014 - 12:39 am

DUBAI: Bourses in the United Arab Emirates, Qatar and Egypt pulled back yesterday as investors booked profits after solid gains and a strong...

Egypt set to grow at 2.1pc 08 May 2014 - 12:09 am

CAIRO: Egypt’s economy will grow 2.1 percent this fiscal year, the lower end of the government’s targeted range, according to economists polled, who...

IPOs show improvement in GCC, proceeds up 183pc 07 May 2014 - 04:56 am

Doha: Initial Public Offerings (IPO) in the Gulf Cooperation Council countries (GCC) showed improvement in terms of offering value as total proceeds raised...

Dubai needs tough plans to avert property bubble: IMF 07 May 2014 - 04:56 am

DUBAI: The International Monetary Fund called yesterday on Dubai to take “stronger measures” to avert another property bubble, after prices rocketed at a...

Dubai plans huge gold refinery 06 May 2014 - 01:25 am

Kaloti Precious Metals CEO Tarek El-Mdaka (right) and President Munir Al Kaloti at their office in Dubai. DUBAI: In the desert on the...

Etisalat to sell African business for $650m 06 May 2014 - 12:59 am

DUBAI: Etisalat, which is set to buy a majority stake in Maroc Telecom, has agreed to sell its West African business to the...

Turkey’s April inflation weighs against quick rate cuts 06 May 2014 - 12:57 am

ANKARA: Turkish inflation rose more than expected in April, staying stubbornly above the central bank’s forecast for the end of the year and...