Business / Middle East Business

Serbia expects investments from UAE 12 Jan 2013 - 12:45 am

BELGRADE: Serbia expects the United Arab Emirates to sign investment deals worth hundreds of millions of euros, making the UAE one of its...

Dubai’s Gold Souq 11 Jan 2013 - 05:55 am

Employees arrange jewellery at a shop at the Gold Souq in Dubai, yesterday. Gold rose over 1 percent to over $1,675 an ounce...

Iraq says can sue over illegal oil exports 11 Jan 2013 - 05:53 am

BAGHDAD: Iraq has the right to take legal action against oil companies exporting crude without dealing with the central government, including confiscating cargoes...

Saudi cuts oil production as demand eases 11 Jan 2013 - 05:53 am

DUBAI: Saudi Arabia has cut oil production substantially, moving to fend off a growing overhang in world oil supply and defend prices well...

Lebanon, Cyprus to boost energy extraction efforts 11 Jan 2013 - 05:52 am

BEIRUT: Lebanese president Michel Sleiman yesterday said that Lebanon and Cyprus will boost their efforts in oil and gas extraction after he held...

Bullish sentiments across Gulf bourses 11 Jan 2013 - 05:50 am

DUBAI: Bullish sentiment towards UAE equities propelled Dubai’s bourse to a two-year closing high yesterday, driven by bets on stronger dividends and 2012...

Qatar’s $2.5bn lifeline lifts Egyptian bourse 10 Jan 2013 - 06:38 am

DUBAI: Egypt’s bourse hit a fresh 10-week high yesterday after a $2.5bn financial lifeline from Qatar spurred Cairo investors to buy equities, as...

Iraq approves oil exploration deal with Kuwaiti energy group 10 Jan 2013 - 06:36 am

BAGHDAD: Iraq has approved an oil exploration deal with a Kuwait Energy-led group, a senior oil official said yesterday, to take the place...

France, UAE still talking on Rafale jets 10 Jan 2013 - 06:36 am

PARIS: Negotiations between France and the UAE over the potential sale of 60 Rafale fighter jets to the Gulf country are ongoing and...

Egypt struggles to buy oil as currency crisis deepens 09 Jan 2013 - 12:47 am

LONDON: Egypt’s currency crisis has intensified its oil supply troubles, as the weaker pound makes it more difficult for cash-strapped Cairo to buy...

Aldar, Sorouh reach initial merger deal 09 Jan 2013 - 12:46 am

DUBAI: Abu Dhabi’s two biggest real estate developers have reached an initial agreement to merge via a share swap, with a final deal...

Banks continue Turkey gold trade despite Iran connection 09 Jan 2013 - 12:46 am

ISTANBUL: Banks are continuing to exchange gold in Turkey, despite US pressure over the country’s booming gold-for-gas trade with Tehran, which helps Iran...

Iran tells airlines to pay debts or face grounding 09 Jan 2013 - 12:45 am

DUBAI: Airlines in Iran have seven days to repay more than $200m in debts they owe to the oil ministry for fuel or...

Turkey only refiner to extend Iran oil purchase contract 08 Jan 2013 - 01:19 am

TRIPOLI: Tupras, Turkey’s sole oil refiner, will extend purchases of crude oil from Iran when the company’s contract expires in August but won’t...

Oman to double gas prices for some industrial users 08 Jan 2013 - 01:19 am

MUSCAT: Oman will double natural gas prices for some industrial consumers by 2015, with a rise of 33 percent for 2013 alone, Oman’s...

Nakheel issues $33m sukuk as part of debt deal 08 Jan 2013 - 12:40 am

DUBAI: Dubai’s Nakheel issued an Islamic bond worth Dh121m ($32.94m) yesterday, the third tranche of a sukuk that forms part of the developer’s...

Iran oil minister admits to 40pc fall in exports 08 Jan 2013 - 12:40 am

TEHRAN: Iran’s oil exports have been slashed by 40 percent in the past nine months because of tough Western sanctions, Oil Minister Rostam...

Bahraini Islamic banks in rare merger 08 Jan 2013 - 12:40 am

DUBAI: Three Bahraini Islamic banks have completed their merging into a single entity, a statement from the transaction adviser said yesterday, marking a...