Business / Middle East Business

Al Rajhi Bank records dip in Q2 net profit 14 Jul 2014 - 12:30 am

DUBAI: Al Rajhi Bank posted a fourth successive quarterly profit decline as its second-quarter earnings fell 8.2 percent year-on-year, with Saudi Arabia’s largest...

Bank Dhofar net profit up 23pc 14 Jul 2014 - 12:24 am

DUBAI: Bank Dhofar, currently in talks to merge with smaller rival Bank Sohar, met analysts’ expectations as it posted a 23 percent rise...

Mena needs subsidy reform for growth: QNB 13 Jul 2014 - 07:10 am

Doha: Global spending on energy subsidies totalled $492bn in 2011. Middle East and North Africa (Mena) countries alone accounted for nearly half of...

Emirates finalises $56bn Boeing order 10 Jul 2014 - 12:23 am

Dubai: Dubai airline Emirates finalised a $56bn order to buy 150 Boeing 777X jets yesterday, firming up a commitment made last year, just...

Sharjah plans its maiden sukuk 09 Jul 2014 - 02:48 am

LONDON: The emirate of Sharjah is planning its first foray into international bond markets with a debut sukuk deal, three bankers with knowledge...

India, UAE talk strategic oil storage lease 09 Jul 2014 - 12:13 am

NEW DELHI: India is in talks to lease part of its planned strategic storage to United Arab Emirates’ state oil company ADNOC, two...

Emaar Properties faces oversupply risks: Moody’s 09 Jul 2014 - 12:13 am

DUBAI: Dubai’s Emaar Properties faces a risk of oversupply in the emirate’s real estate market, ratings agency Moody’s said in a report yesterday,...

Dubai Holding needs $6.8bn for mega-mall 09 Jul 2014 - 12:12 am

DUBAI: Dubai Holding, the investment vehicle of the emirate’s ruler, will need Dh25bn ($6.8bn) to build an entertainment district that will include the...

Commercial Bank of Kuwait gets nod to raise KD120m via bond 08 Jul 2014 - 11:10 pm

Kuwait City: Commercial Bank of Kuwait, the Gulf state’s fifth-largest lender by assets, has received regulatory approval to issue up to KD120m ($425.8m)...

UAE regulator to tighten bourse supervision after market crash 08 Jul 2014 - 12:07 pm

DUBAI: The financial market regulator of the United Arab Emirates said it would tighten supervision of the stock exchanges, after wild trading in...

Dubai finances still vulnerable: IMF 07 Jul 2014 - 02:22 am

H H Sheikh Mohammed bin Rashid Al Maktoum (second right), Prime Minister and Ruler of Dubai, looking at the mock-up of the “Mall...

Almarai Q2 net profit rises 8.8pc 07 Jul 2014 - 02:15 am

DUBAI: Saudi Arabia’s Almarai, the Gulf’s largest dairy company, reported an 8.8 percent increase in second-quarter net profit yesterday as sales rose. Almarai...

Sawiris-led EFG Hermes bid in doubt as holders baulk at price 07 Jul 2014 - 02:06 am

CAIRO: Billionaire Naguib Sawiris’ second bid for a stake in Egypt’s biggest investment bank EFG Hermes hung in the balance yesterday as shareholders...

Libya to pump oil from eastern ports 07 Jul 2014 - 01:25 am

Workers are seen next to pipelines at the Zueitina oil terminal. TRIPOLI: Libya plans to resume exports from the major eastern Ras Lanuf...

Call for capital markets union in EU 06 Jul 2014 - 12:43 am

TEHRAN: A US company has signed a preliminary agreement to invest $1.18bn (€864m) in Iran, in a rare joint commercial project to turn...

Dubai plans to build world’s biggest mall 06 Jul 2014 - 12:34 am

DUBAI: Dubai is launching a project to build an entertainment and hotel district that will include the world’s largest shopping mall, the emirate’s...

Gulf banks start to muscle in on global bond deals 04 Jul 2014 - 07:33 am

DUBAI: When the Kenyan government issued a debut $2bn Eurobond last month, most of the lead arrangers were top Western and African banks....

Saudi economic growth slows to 4.7pc in first quarter 04 Jul 2014 - 07:32 am

DUBAI: Saudi Arabia’s economic growth eased to an annual rate of 4.7 percent in the first three months of 2014 as labour market...