Business / Middle East Business

Mideast body agrees $500m National Petro Services buy 23 Apr 2014 - 12:37 am

DUBAI: A consortium of Gulf-based investors including Fajr Capital and Arab Petroleum Investment Corp (APICORP) have agreed on a deal to acquire Dubai-based...

Emaar Properties profit up 55pc 23 Apr 2014 - 12:37 am

DUBAI: Dubai’s Emaar Properties reported a 55 percent rise in first-quarter net profit, as the region’s economic recovery brought consumers back to its...

Egypt’s SODIC posts net loss of $64m 23 Apr 2014 - 12:35 am

CAIRO: Egyptian property developer SODIC swung to a net loss of 447.1m Egyptian pounds ($64m) last year, due to one-off items including a...

Abu Dhabi Commercial Bank net profit climbs 15pc 23 Apr 2014 - 12:07 am

DUBAI: Abu Dhabi Commercial Bank reported a 15 percent increase in first-quarter net profit yesterday, beating analysts’ expectations, as the lender benefited from...

Kuwait Oil posts KD1.13bn profits 23 Apr 2014 - 12:06 am

Kuwait: Kuwait Oil Company (KOC) said profits for 2013-14 fiscal year ending on March 31, amounted to KD1.13bn. KOC CEO Hashem Hashem said...

Egypt to lift natural gas prices for homes, businesses 22 Apr 2014 - 01:03 am

CAIRO: Egypt plans to double the price of natural gas piped into some homes and businesses from next month, but the move will...

Libya to cut budget by a third to offset loss 21 Apr 2014 - 11:50 pm

TRIPOLI: Libya must slash its budget by a third and halt infrastructure funding to offset the loss of oil revenues due to a...

Kuwait central bank looks for lower spending 21 Apr 2014 - 11:46 pm

KUWAIT: Kuwait’s rising public spending and dependence on oil revenues are preventing sustainable economic development, the Gulf state’s central bank governor said, echoing...

Alhokair Q4 net profit up 40pc 21 Apr 2014 - 11:46 pm

DUBAI: Fawaz Abdulaziz Alhokair Co, the Saudi Arabian retailer which franchises brands such as Zara and Marks and Spencer in the kingdom, reported...

ADIB Q1 net up 20.4pc 21 Apr 2014 - 11:46 pm

DUBAI: Abu Dhabi Islamic Bank, the largest Shariah-compliant lender in the emirate, met analysts’ expectations as it posted a 20.4 percent rise in...

SABIC profit dips, plans overseas expansion 20 Apr 2014 - 11:43 pm

DUBAI: Saudi Basic Industries Corp (SABIC) reported a dip in its quarterly earnings yesterday as its chief executive said a shortage of natural...

Khodari Q1 net profit up 78pc on auction 20 Apr 2014 - 11:41 pm

DUBAI: Major Saudi Arabian construction firm Abdullah A M Al Khodari Sons said yesterday that its net profit for the first quarter of...

Kuwait Finance House Q1 net profit up 13pc, misses target 20 Apr 2014 - 01:12 am

KUWAIT: Kuwait Finance House (KFH), the country’s biggest Islamic lender, reported a 13 percent rise in first quarter net profit yesterday, missing analyst...

Turkey seeks Russia gas discount 19 Apr 2014 - 06:59 am

ANKARA: Energy-dependent Turkey will ask for a discount on the price of the gas it buys from Russia, its energy minister said yesterday,...

Libya dismisses dollar crunch rumours 18 Apr 2014 - 10:08 am

TRIPOLI: Libya’s central bank has dismissed as baseless recent rumours that the country is facing dollar shortages due to a loss of oil...

Etihad toughens stance on Alitalia deal 18 Apr 2014 - 10:08 am

ROME: Etihad Airways has toughened its stance on conditions for investing in Italy’s struggling Alitalia in continuing negotiations between the airlines, sources close...

Iran expects fifth payment under deal 17 Apr 2014 - 12:27 am

VIENNA/DUBAI: Iran expects to get a fifth instalment this week of previously blocked overseas funds, a senior official was quoted as saying, a...

Kuwait to award $4.3bn oil contract 16 Apr 2014 - 12:32 am

KUWAIT: Kuwait plans to award a KD1.2bn ($4.3bn) contract later this year for the first phase of a project to produce heavy oil...