Business / Middle East Business

3.4m jobless in Egypt 17 Apr 2013 - 06:28 am

CAIRO: Egypt’s jobless rate rose to 12.7 percent in 2012 from 12 percent in 2011 and nine percent in 2010, due to the...

Oman to build, pay for huge oil storage site 16 Apr 2013 - 01:08 am

MUSCAT: Oman is committed to building, and paying for, a huge facility to store up to 200 million barrels of crude oil at...

Aramco starts up Manifa oilfield 16 Apr 2013 - 01:03 am

KHOBAR: Saudi Aramco has started pumping oil from its giant Manifa field in the Gulf, allowing the world’s biggest oil exporter to relax...

Senior Goldman Sachs banker resigns 16 Apr 2013 - 01:02 am

DUBAI: Khaled Eldabag, a senior investment banker at Goldman Sachs Group Inc who handled some of the Wall Street firm’s biggest clients in...

Egypt stalls on IMF terms 15 Apr 2013 - 01:05 am

CAIRO: Egypt is stalling on the terms of a $4.8bn International Monetary Fund loan to help it fight a deepening economic crisis, and...

Dubai Islamic Bank profit jumps 17pc 15 Apr 2013 - 12:58 am

DUBAI: Dubai Islamic Bank (DIB), the largest Shariah-compliant lender in the emirate, said yesterday that its first-quarter net profit climbed 17 percent, after...

Dubai housing stock to bounce back 15 Apr 2013 - 12:58 am

DUBAI: Another 40,000 new homes will enter Dubai’s property market over the next two years as developers revive projects stalled after the collapse...

Gulf oil producers see no need to trim output 15 Apr 2013 - 12:50 am

DUBAI/DOHA: Gulf Arab Opec oil producers do not see the need to change production levels to support crude prices, Opec delegates said after...

20m jobless in Arab states 15 Apr 2013 - 12:49 am

ALGIERS: Unemployment in Arab countries rose to 16 percent in 2012 following the revolts which erupted the previous year, Arab Labour Organisation chief...

Egypt sells $600m in special auction to import basic goods 15 Apr 2013 - 12:48 am

CAIRO: Egypt’s central bank sold $600m to banks in a special auction of foreign exchange yesterday to pay for wheat, meat, cooking oil...

Protests in Greece against Canadian gold mine project 14 Apr 2013 - 01:23 am

Protesters gather in front of the Greek parliament yesterday during a demonstration against a Canadian gold mining investment in the northeastern region of...

UAE economic delegation to visit Sweden 14 Apr 2013 - 01:17 am

Abu Dhabi: A UAE economic and commercial delegation is set to travel to Sweden tomorrow for a three-day visit, during which opportunities of...

Saudi Savola first quarter net profit up 21.8 percent 14 Apr 2013 - 01:14 am

Al KHOBAR: Savola Group, the Saudi Arabia-based food conglomerate, posted a 21.8 percent year-on-year rise in its first-quarter net profit to SR295.2m ($78.72m),...

Egypt struggles to meet soaring energy bills 13 Apr 2013 - 04:10 am

LONDON: Egypt owes at least $5bn to oil companies, half of it overdue, corporate reports have revealed, in a development highlighting the country’s...

Mubadala swings back into profit 12 Apr 2013 - 04:53 am

ABU DHABI: Mubadala, the Abu Dhabi investment fund with a mandate to boost the emirate’s local economy, swung to a net profit in...

Dubai’s DME drops fuel oil plans to focus on crude 12 Apr 2013 - 04:53 am

DUBAI: The Dubai Mercantile Exchange has dropped plans to offer fuel oil trading to focus on increasing volumes of its Oman crude oil...

Kuwait weighs plan to extract shale gas 10 Apr 2013 - 10:33 pm

KUWAIT: Kuwait is investigating a plan to extract shale gas from its northern fields, a Kuwaiti oil sector official said yesterday, estimating that...

Cyprus Airways to keep flying – for now 10 Apr 2013 - 10:27 pm

NICOSIA: Near-bankrupt national carrier Cyprus Airways will be kept operational for now but it must undergo drastic restructuring to ensure its immediate future,...