Business / Middle East Business

IFSB releases draft standards on capital adequacy 02 Nov 2012 - 04:29 am

DUBAI: The Islamic Financial Services Board (IFSB) released new draft guidelines on capital adequacy for Islamic banks and the risk management of takaful...

Mena energy capital investment to reach $740bn in five years 01 Nov 2012 - 05:29 am

DOHA: With an objective to meet its fast growing electricity demand, the Middle East and North Africa’s (Mena) total energy capital investment is...

Gulf railway boom to shape economies 01 Nov 2012 - 05:27 am

DUBAI: A century after Lawrence of Arabia cut the Damascus-Medina railway, governments are embarking on plans to restore long-distance rail transport in the...

Opec output up in Oct: Survey 01 Nov 2012 - 05:27 am

LONDON: Opec oil output has risen slightly in October as extra supplies from Iraq, Angola and Libya offset a further decline in Iran...

Egypt, IMF in talks over $4.8bn loan 01 Nov 2012 - 05:25 am

CAIRO: The Egyptian government resumed negotiations yesterday with the International Monetary Fund on a loan to help the country shore up public finances...

Dana Gas won’t repay Islamic bond on maturity 31 Oct 2012 - 04:45 am

DUBAI: Dana Gas is set to become the first United Arab Emirates (UAE) company to fail to pay an Islamic bond on maturity,...

UAE approves 2013 deficit-free budget 31 Oct 2012 - 04:44 am

DUBAI: The United Arab Emirates prime minister yesterday announced approval of a 2013 federal budget that is heavy on social spending but without...

Fitch warns of threat from Kuwait unrest 30 Oct 2012 - 03:02 am

PARIS: The ratings agency Fitch warned yesterday that a surge in public unrest in Kuwait could threaten the Gulf state’s solid sovereign rating. ...

Gulf should cut state spending growth: IMF 30 Oct 2012 - 02:59 am

DUBAI: Most Arab oil exporting countries in the Gulf should plan to reduce growth in government spending to make their budgets more sustainable,...

Egypt secures oil supplies for rest of year 30 Oct 2012 - 02:55 am

LONDON: Egypt has secured oil supplies for the rest of the year, despite fears about its ability to make payments, from a small...

Iran’s coal trade booms despite Western heat 28 Oct 2012 - 03:51 am

LONDON: Using shadowy middle men, multiple bank accounts and a fleet of ghost ships, Iran’s coal trade is quietly booming as the Islamic...

World’s spare oil capacity grows: Report 27 Oct 2012 - 03:01 am

WASHINGTON: The world’s spare oil production capacity outside of Iran rose in last two months as petrol demand waned in the United States...

Morocco eyes investments from Gulf to offset slowdown 27 Oct 2012 - 02:59 am

RABAT: Morocco, facing slower growth and effects of the economic crisis in European partners, aims to attract investments from the the Gulf which...

Egypt turns to Algeria, Qatar for more gas 25 Oct 2012 - 05:09 am

CAIRO: Egypt, a gas producer and exporter, has agreed to import Algerian gas and is in talks with Qatar for a similar deal,...

Bank of Khartoum to restart Islamic bond sale 25 Oct 2012 - 05:04 am

KHARTOUM: Bank of Khartoum, Sudan’s oldest bank, plans to start selling Islamic corporate bonds, or sukuks, again as the economic outlook for African...

Etisalat waiting for takeovers 25 Oct 2012 - 05:04 am

DUBAI: Middle East telecom operator Etisalat expects a shakeout in the sector to throw up takeover opportunities in the next 18 months and...

Mashreq bank Q3 profit jumps 86 percent 25 Oct 2012 - 05:03 am

DUBAI: Mashreq, Dubai’s second-biggest bank by stock market value, yesterday posted an 86 percent year-on-year jump in net profit for the third quarter...

NBAD Q3 profit up 9 percent on investment gains 24 Oct 2012 - 08:10 am

ABU DHABI: National Bank of Abu Dhabi , the largest lender by market value in the United Arab Emirates, beat analyst estimates by...