Business / Middle East Business

Iran cuts gas supplies to industry 31 Dec 2013 - 09:52 am

DUBAI: The National Iranian Gas Company (NIGC) has been forced to slash gas supplies to industrial consumers as cold weather drives up heating...

Egypt pound weak at central bank auction 31 Dec 2013 - 09:51 am

CAIRO: The Egyptian pound weakened at a forex auction yesterday, extending a series of falls at the central bank’s regular sale of dollars,...

Middle income countries key to future growth 30 Dec 2013 - 09:58 am

London: As 2013 draws to a close, the outlook on globalisation and sustainability suggests a tentative balance between two alternative futures: one of...

Libya’s Hariga port to resume oil exports 29 Dec 2013 - 09:50 am

BENGHAZI: Libya’s eastern Hariga port will resume oil exports within days after protesters agreed to end a four month blockage, an oil official...

Libya optimistic about opening seized major oil export ports 26 Dec 2013 - 12:09 pm

TRIPOLI: Libya’s oil and gas industry association said that it was optimistic the government would soon reach an agreement with protesters occupying major...

Libyan steel maker sees slight output rise 25 Dec 2013 - 07:38 am

A worker operates a furnace at Libyan Iron and Steel Company (Lisco) in Misrata yesterday. MISRATA: The Libyan Iron and Steel Company (Lisco)...

Gulf bond issuance to surge in 2014 25 Dec 2013 - 07:33 am

DUBAI: Bond issuance from the Gulf Arab region is set to surge next year on the back of heavy infrastructure spending and refinancing...

Syria issues food tender with Iran credit 25 Dec 2013 - 07:31 am

ABU DHABI: A Syrian state purchasing agency has issued a tender to buy 50,000 tonnes of flour with payment through an Iranian credit...

Emirates boosts superjumbo fleet to 44 planes 22 Dec 2013 - 06:52 am

DUBAI: Dubai’s Emirates Airline announced it has boosted its fleet of Airbus A380s to 44 planes, taking delivery of another two of the...

Energy market outlook stable: Qatar, Saudi 22 Dec 2013 - 05:12 am

Qatar’s Minister of Energy and Industry H E Dr Mohammed Saleh Al Sada (fourth right), Saudi Arabia’s Oil Minister Ali bin Ibrahim Al...

Etihad in talks on $413m Alitalia investment 20 Dec 2013 - 01:09 am

ROME: Abu Dhabi’s Etihad Airways is in early-stage talks over a possible ¤300m ($413m) investment in Alitalia, a political source close to the...

Libya steps up imports of fuel as strikes bite 20 Dec 2013 - 01:07 am

ZAWIYA: Libya is stepping up fuel imports, with four tankers queuing at one port as the Opec producer’s second-largest refinery is running at...

Egypt’s current account hits surplus: Report 20 Dec 2013 - 01:07 am

CAIRO: Egypt’s current account recorded a surplus in the first quarter of the financial year, boosted by billions of dollars in aid from...

Bank of Cyprus posts €1.94bn loss 19 Dec 2013 - 07:09 am

NICOSIA: Bank of Cyprus (BoC) announced yesterday a nine-month net loss of ¤1.94bn ($2.66bn), mostly on the back of provisions for winding up...

SEC signs $366m Japanese-backed loan for Jeddah power plant 19 Dec 2013 - 07:08 am

Al KHOBAR: Saudi Electricity Co (SEC) has signed a $366m loan agreement with the Japan Bank for International Cooperation (JBIC) and two Japanese...

CEO of NBK to retire after 30 years at helm 19 Dec 2013 - 07:06 am

KUWAIT: Ibrahim Dabdoub, one of the longest-serving bank executives in the world, will retire from National Bank of Kuwait next year after leading...

Shahristani visits Japan 18 Dec 2013 - 07:51 am

Iraq’s Deputy Prime Minister for Energy Hussain Al Shahristani (left) with Japan’s Prime Minister Shinzo Abe (right) at Abe’s official residence in Tokyo...

Saudi fuel use bigger threat than US shale: Jadwa 18 Dec 2013 - 07:44 am

DUBAI: Rising Saudi energy demand is a bigger threat to the world’s biggest oil exporter than surging US shale output, Saudi Jadwa Investment...