Business / Middle East Business

Adnoc to take full control of Adco oilfields 09 Jan 2014 - 11:09 am

DUBAI: Abu Dhabi National Oil Company (Adnoc) will take full control of the Adco oil concession when the decades-old partnerships with some of...

Libya to sue, cut off firms buying oil from seized ports: Minister 09 Jan 2014 - 11:08 am

TRIPOLI: Libya will take to court any foreign firms trying to buy oil from eastern ports seized by armed protesters and stop doing...

Lebanon delays gas tender yet again 08 Jan 2014 - 10:39 pm

BEIRUT: Lebanon delayed until April its first offshore gas licensing round for a third time yesterday after politicians repeatedly failed to form a...

Turkish lira likely to stabilise in coming months 08 Jan 2014 - 10:36 pm

ISTANBUL: The Turkish lira is likely to stabilise against the dollar in coming months despite pressure on it due to capital flows out...

Jarir Marketing Q4 profit rises 16 percent 07 Jan 2014 - 11:14 pm

DUBAI: Saudi Arabia retailer Jarir Marketing posted a 16 percent rise in fourth-quarter net profit yesterday, slightly above estimates as sales of smart...

Turkey sees impact of graft probe on economy 07 Jan 2014 - 11:13 pm

ISTANBUL: Uncertainty caused by Turkey’s corruption scandal could hit economic growth in the near term, Finance Minister Mehmet Simsek said yesterday, while ratings...

Turkish lira at new low 07 Jan 2014 - 08:54 am

Tourists check rates outside a currency exchange office in central Istanbul yesterday. ANKARA: The Turkish lira plunged to a new low against the...

Egypt economy starting to pick up: Survey 07 Jan 2014 - 08:18 am

CAIRO: Business activity in Egypt grew for a second consecutive month in December, a survey showed yesterday, in a positive sign that the...

UAE output growth at 32-month high 07 Jan 2014 - 08:10 am

DUBAI: Growth in overall business activity in the United Arab Emirates’ non-oil private sector slowed slightly in December, but output expanded at the...

Libya aims to run economy and banking system on Islamic lines 07 Jan 2014 - 08:07 am

TRIPOLI: Libya will transform its banking and economic system to comply fully with Islamic law that bans interest payments, the economy minister and...

Kuwait 6-month budget surplus down 15pc 05 Jan 2014 - 11:24 pm

KUWAIT: Kuwait’s budget surplus narrowed in the first six months of its fiscal year as spending soared over 50 percent, partly thanks to...

Libya resumes production from El Sharara oilfield 05 Jan 2014 - 11:22 pm

TRIPOLI: Libya has restarted oil production at the southern El Sharara field with an initial output of 60,000 barrels per day (bpd) after...

Libya budget crisis looms as oil strikes wipe out finances 05 Jan 2014 - 06:28 am

TRIPOLI: , As strikes at Libyan oil ports run into a sixth month, reducing government income to a trickle, a budget crisis could...

Turkey crisis sends lira to new low 03 Jan 2014 - 07:33 am

ISTANBUL: The Turkish lira touched a new low against the dollar and shares also slid yesterday, under pressure from a corruption scandal roiling...

Oman’s budgeted spending growth to slow sharply 03 Jan 2014 - 07:33 am

MUSCAT: Oman’s 2014 budget plan will slow growth in state spending as the government grapples with rising pressure on its finances, Financial Affairs...

Middle East funds most bullish about Egypt equities: Survey 01 Jan 2014 - 12:35 pm

DUBAI: Almost half of a sample of Middle East-based fund managers expect to raise equity allocations to Egypt in the next three months,...

Gulf states seek food security in Europe, US 31 Dec 2013 - 09:57 am

ABU DHABI: The Gulf states are changing tack in their multi-billion dollar search for food security. With their farming projects in some of...

Egypt auctions 22 oil, gas exploration concessions 31 Dec 2013 - 09:55 am

CAIRO: Egypt’s General Petroleum Corporation and Natural Gas Holding Company announced yesterday an international auction for 22 concessions for oil and gas exploration...