Business / Middle East Business

Libya to cut budget by a third to offset loss 21 Apr 2014 - 11:50 pm

TRIPOLI: Libya must slash its budget by a third and halt infrastructure funding to offset the loss of oil revenues due to a...

Kuwait central bank looks for lower spending 21 Apr 2014 - 11:46 pm

KUWAIT: Kuwait’s rising public spending and dependence on oil revenues are preventing sustainable economic development, the Gulf state’s central bank governor said, echoing...

Alhokair Q4 net profit up 40pc 21 Apr 2014 - 11:46 pm

DUBAI: Fawaz Abdulaziz Alhokair Co, the Saudi Arabian retailer which franchises brands such as Zara and Marks and Spencer in the kingdom, reported...

ADIB Q1 net up 20.4pc 21 Apr 2014 - 11:46 pm

DUBAI: Abu Dhabi Islamic Bank, the largest Shariah-compliant lender in the emirate, met analysts’ expectations as it posted a 20.4 percent rise in...

SABIC profit dips, plans overseas expansion 20 Apr 2014 - 11:43 pm

DUBAI: Saudi Basic Industries Corp (SABIC) reported a dip in its quarterly earnings yesterday as its chief executive said a shortage of natural...

Khodari Q1 net profit up 78pc on auction 20 Apr 2014 - 11:41 pm

DUBAI: Major Saudi Arabian construction firm Abdullah A M Al Khodari Sons said yesterday that its net profit for the first quarter of...

Kuwait Finance House Q1 net profit up 13pc, misses target 20 Apr 2014 - 01:12 am

KUWAIT: Kuwait Finance House (KFH), the country’s biggest Islamic lender, reported a 13 percent rise in first quarter net profit yesterday, missing analyst...

Turkey seeks Russia gas discount 19 Apr 2014 - 06:59 am

ANKARA: Energy-dependent Turkey will ask for a discount on the price of the gas it buys from Russia, its energy minister said yesterday,...

Libya dismisses dollar crunch rumours 18 Apr 2014 - 10:08 am

TRIPOLI: Libya’s central bank has dismissed as baseless recent rumours that the country is facing dollar shortages due to a loss of oil...

Etihad toughens stance on Alitalia deal 18 Apr 2014 - 10:08 am

ROME: Etihad Airways has toughened its stance on conditions for investing in Italy’s struggling Alitalia in continuing negotiations between the airlines, sources close...

Iran expects fifth payment under deal 17 Apr 2014 - 12:27 am

VIENNA/DUBAI: Iran expects to get a fifth instalment this week of previously blocked overseas funds, a senior official was quoted as saying, a...

Kuwait to award $4.3bn oil contract 16 Apr 2014 - 12:32 am

KUWAIT: Kuwait plans to award a KD1.2bn ($4.3bn) contract later this year for the first phase of a project to produce heavy oil...

Sahara Petro Q1 profit dips 20.3pc 16 Apr 2014 - 12:32 am

DUBAI: Saudi Arabia’s Sahara Petrochemical, currently in talks with Sipchem over a possible merger, posted a 20.3 percent drop in first-quarter net profit...

Lebanon to drop Net price after cutting phone rates 15 Apr 2014 - 01:21 am

BEIRUT: Lebanon plans to lower Internet prices and boost speed after cutting landline and mobile call prices by up to half this month...

Abu Dhabi ports expect year-end spike 14 Apr 2014 - 12:56 am

ABU DHABI: State-owned Abu Dhabi Ports Co (ADPC) expects a surge in shipping traffic towards the end of this year as work on...

Saudi bourse changes closing price calculation 14 Apr 2014 - 12:53 am

RIYADH: Saudi Arabia’s stock exchange introduced yesterday a new method for calculating the closing prices of traded shares, to limit excessive speculation and...

Al Rajhi Bank Q1 earnings slip 14 Apr 2014 - 12:50 am

DUBAI: Al Rajhi Bank reported a slump in net profit for the first three months of 2014 yesterday, marking the second quarter in...

NBK Q1 net up 3.2pc on core banking revenues 14 Apr 2014 - 12:36 am

DUBAI: National Bank of Kuwait, the Gulf Arab state’s largest commercial lender, reported a 3.2 percent rise in first-quarter net profit yesterday, edging...