Business / Middle East Business

Egypt economy in dire straits 03 Dec 2014 - 01:19 am

A man crosses Nile river on the Galaa bridge in Cairo. Falling tourist revenues and slowing investments have left Egypt’s economy in ruins...

UAE merges 11 defence companies into EDIC 03 Dec 2014 - 01:07 am

ABU DHABI: The United Arab Emirates (UAE) announced the merger of a number of state-controlled defence companies to create an integrated services and...

Saudi Arabia set for tighter budget after oil price slide 03 Dec 2014 - 01:06 am

DUBAI: Plunging oil prices could mean the first budget cuts for major exporter Saudi Arabia since 2002 but they are not expected to...

Gulf Air unveils new promotion to Shiraz and Hyderabad 02 Dec 2014 - 01:03 am

Doha: Gulf Air, the national carrier of the Kingdom of Bahrain, launched a “Double Miles” promotion offering its FalconFlyer programme members the opportunity...

Gulf markets stabilise after panic sell-off 02 Dec 2014 - 01:00 am

DUBAI: Gulf stock markets steadied and some rebounded yesterday after tumbling a day earlier in response to a plunge in oil prices. Brent...

Gulf stocks hit hard after Opec move 30 Nov 2014 - 11:17 pm

Traders follow the stock market activity at the Kuwait Stock Exchange in Kuwait City yesterday. KUWAIT CITY: Gulf Arab stocks plunged yesterday on...

Oman Raysut Cement says costs to rise 3pc 30 Nov 2014 - 10:51 pm

DUBAI: Muscat-listed Raysut Cement’s costs will increase by 3 percent next year due to Oman state plans to introduce higher gas prices from...

Foreign carmakers test the waters at Iran show 30 Nov 2014 - 10:49 pm

TEHRAN: Foreign automakers seeking a return to the potentially huge Iranian market with the lifting of international sanctions will find the business environment...

Saudis block Opec output cut 28 Nov 2014 - 12:15 am

The Minister of Energy and Industry H E Mohammed bin Saleh Al Sada (left) attending the 166th Opec Conference in Vienna, Austria, yesterday....

UAE hints at body to monitor forex peg 28 Nov 2014 - 12:03 am

ABU DHABI/DUBAI: An advisory body to the UAE government has suggested that the central bank review the country’s currency peg to the US...

Govt plans to set up arbitration centres 27 Nov 2014 - 12:55 am

DOHA: The government plans to set up a number of arbitration centres to resolve civil and commercial disputes. The idea is to help...

HSBC to refund Mideast, Africa customers 27 Nov 2014 - 12:42 am

DUBAI: HSBC will refund customers across five countries in the Middle East and North Africa for charging them excessive foreign currency fees on...

Gulf Air renews deal with SITA 26 Nov 2014 - 01:01 am

Manama: Gulf Air, Bahrain’s national carrier, has signed a two-year renewal deal with air transport IT specialist, SITA, for network, messaging and voice...

Saudi, Russia pre-Opec talks yield no oil cut 26 Nov 2014 - 12:41 am

VIENNA: Talks between Saudi Arabia, fellow Opec member Venezuela and oil powers Russia and Mexico failed to find an agreement to address a...

GCC markets can exceed US in growth: Experts 26 Nov 2014 - 12:40 am

DOHA: GCC markets have the potential to “rotate” ahead of current market leaders like the US and exceed their growth rates, top financial...

UAE expects five firms on secondary market 26 Nov 2014 - 12:34 am

ABU DHABI/DUBAI: Three more private companies are expected to list shares on the UAE stock exchanges’ secondary market by mid-2015, the head of...

Noor Bank eyes Turkish growth 26 Nov 2014 - 12:29 am

DUBAI: Dubai-based Noor Bank is looking to Turkey and other international markets to escape tougher competition at home and take advantage of a...

GCC petrochemical revenues hit $89.4bn in 2013 25 Nov 2014 - 06:28 am

DOHA: Petrochemicals revenues reached an all-time high in 2013 hitting the $89.4bn mark, according to the latest industry report by the Gulf Petrochemicals...