Business / Middle East Business

Oman may start cutting subsidies next year 26 Oct 2014 - 11:44 pm

KUWAIT: Oman’s government is likely to start cutting some state subsidies next year as the decline in global oil prices pressures its finances,...

Fiscal reserves of Kuwait hit $548bn 26 Oct 2014 - 11:43 pm

KUWAIT CITY: The oil-rich Gulf state of Kuwait had accumulated reserves of $548bn as of June 30 after continued growth in the first...

Gulf states risk deficit as oil price falls: IMF 26 Oct 2014 - 01:16 am

KUWAIT CITY: Oil-dependent Gulf states will face budget shortfalls if the recent decline in oil prices persists, International Monetary Fund chief Christine Lagarde...

Gulf Air flights to Hyderabad from December 23 Oct 2014 - 01:02 am

Doha: Gulf Air, the national carrier of the Kingdom of Bahrain, announced that, following its successful resumption of operations to Thiruvananthapuram last year,...

Lebanon plans $450m bonds by year-end 22 Oct 2014 - 11:52 pm

LONDON: Lebanon’s government plans to issue a $450m Eurobond by the end of this year to meet the country’s funding needs, the country’s...

Oilfield closure may spark Saudi-Kuwait tension 22 Oct 2014 - 07:22 am

DUBAI/al KHOBAR: Saudi Arabia’s closure of an offshore oilfield it shares with Kuwait has revived speculation of renewed tensions between the two, and...

Saudi Fransi Capital says three big IPOs in pipeline 22 Oct 2014 - 07:22 am

riyadh: Investment bank Saudi Fransi Capital has three big initial public offers of shares in the pipeline as the Saudi Arabian equity market...

Saudi NCB pledges conversion to Islamic bank under pressure 21 Oct 2014 - 12:13 am

RIYADH: National Commercial Bank (NCB) has responded to criticism of its operations from Islamic scholars by pledging to convert itself into a full-fledged...

Moody’s raises Egypt’s outlook on stability, improved growth 21 Oct 2014 - 12:08 am

DUBAI: Moody’s raised Egypt’s credit ratings outlook to stable from negative yesterday, citing a more stable political and security situation and signs of...

Gulf Capital’s $750m fund to invest in 10-12 firms 19 Oct 2014 - 10:09 pm

DUBAI: Abu Dhabi-based buyout firm Gulf Capital is looking to invest in 10-12 companies over five years with the launch of its third...

Jarir to double number of stores over five years 19 Oct 2014 - 10:05 pm

RIYADH: Saudi Arabian retailer Jarir Marketing Co plans to invest SR1.1bn ($293m) over the next five years to roughly double the number of...

Morocco mega solar project to open in 2015 19 Oct 2014 - 10:05 pm

OUARZAZATE, Morocco: Morocco’s first solar energy plant will begin operating in 2015, an official said yesterday, as part of a multi-billion-euro project the...

Kuwait oil union slams Saudi halt to joint output 19 Oct 2014 - 10:04 pm

KUWAIT CITY: A Kuwaiti oil trade union yesterday condemned the unilateral closure by Saudi Arabia of an offshore oilfield jointly operated by the...

Dubai judge approves liquidation of local Espirito Santo unit 19 Oct 2014 - 10:03 pm

DUBAI: A judge in the Dubai International Financial Centre (DIFC) court approved on Sunday an application to liquidate ES Bankers (Dubai) Ltd (ESBD),...

Egypt signs contracts with six firms for new Suez Canal project 18 Oct 2014 - 11:50 pm

CAIRO: The Egyptian government has signed contracts with six international firms to carry out the dredging of the new Suez Canal, the head...

Gulf Air to resume flights to Shiraz 18 Oct 2014 - 11:42 pm

Manama: Gulf Air, the national carrier of the Kingdom of Bahrain, announced that it will be recommencing flights to Shiraz. Becoming the airline’s...

Lufthansa to drop services to Abu Dhabi 17 Oct 2014 - 02:44 am

FRANKFURT: German airline Lufthansa announced that it will pull the plug on its once-daily flights between Frankfurt and Abu Dhabi due to competition...

New Gulf projects to hit $180bn this year 17 Oct 2014 - 02:43 am

DUBAI: About $180bn of contracts for new construction projects will be awarded in wealthy Gulf states this year, the largest amount for six...