Business / Middle East Business

BofA to increase Gulf lending as deal making recovers 15 Jan 2013 - 12:32 am

DUBAI: Bank of America Merrill Lynch (BofA) plans to increase lending to businesses in the Middle East as oil-rich Gulf investors show more...

UAE central bank plans broad mortgage rules by mid-2013 14 Jan 2013 - 01:06 am

ABU DHABI: The central bank of the United Arab Emirates plans to issue broad regulations governing the housing mortgage industry by the middle...

Kuwait’s budget surplus at $52bn 14 Jan 2013 - 01:03 am

KUWAIT: Kuwait’s government budget surplus stood at 14.7bn dinars ($52bn) in the first eight months of its fiscal year thanks to strong oil...

IMF deal will help Egypt’s ailing economy, says EU’s Rompuy 14 Jan 2013 - 01:03 am

CAIRO: A senior EU official urged Egypt yesterday to conclude its talks with the International Monetary Fund on a $4.8bn loan agreement, saying...

First world atlas on renewable energy launched 14 Jan 2013 - 01:03 am

ABU DHABI: The International Renewable Energy Agency (Irena) yesterday launched the world’s first atlas on clean energy which will offer open-access information on...

Kingdom Holding sells land for $80m 14 Jan 2013 - 01:02 am

DUBAI: Saudi Arabia’s Kingdom Holding, the investment vehicle owned by billionaire Prince Alwaleed bin Talal, has sold a plot of land east of...

Dubai Group settles lawsuit with banks 12 Jan 2013 - 12:45 am

DUBAI: Dubai Group, a struggling unit of the ruler of Dubai’s personal investment firm, has settled with banks who brought legal action against...

Serbia expects investments from UAE 12 Jan 2013 - 12:45 am

BELGRADE: Serbia expects the United Arab Emirates to sign investment deals worth hundreds of millions of euros, making the UAE one of its...

Dubai’s Gold Souq 11 Jan 2013 - 05:55 am

Employees arrange jewellery at a shop at the Gold Souq in Dubai, yesterday. Gold rose over 1 percent to over $1,675 an ounce...

Iraq says can sue over illegal oil exports 11 Jan 2013 - 05:53 am

BAGHDAD: Iraq has the right to take legal action against oil companies exporting crude without dealing with the central government, including confiscating cargoes...

Saudi cuts oil production as demand eases 11 Jan 2013 - 05:53 am

DUBAI: Saudi Arabia has cut oil production substantially, moving to fend off a growing overhang in world oil supply and defend prices well...

Lebanon, Cyprus to boost energy extraction efforts 11 Jan 2013 - 05:52 am

BEIRUT: Lebanese president Michel Sleiman yesterday said that Lebanon and Cyprus will boost their efforts in oil and gas extraction after he held...

Bullish sentiments across Gulf bourses 11 Jan 2013 - 05:50 am

DUBAI: Bullish sentiment towards UAE equities propelled Dubai’s bourse to a two-year closing high yesterday, driven by bets on stronger dividends and 2012...

Qatar’s $2.5bn lifeline lifts Egyptian bourse 10 Jan 2013 - 06:38 am

DUBAI: Egypt’s bourse hit a fresh 10-week high yesterday after a $2.5bn financial lifeline from Qatar spurred Cairo investors to buy equities, as...

Iraq approves oil exploration deal with Kuwaiti energy group 10 Jan 2013 - 06:36 am

BAGHDAD: Iraq has approved an oil exploration deal with a Kuwait Energy-led group, a senior oil official said yesterday, to take the place...

France, UAE still talking on Rafale jets 10 Jan 2013 - 06:36 am

PARIS: Negotiations between France and the UAE over the potential sale of 60 Rafale fighter jets to the Gulf country are ongoing and...

Egypt struggles to buy oil as currency crisis deepens 09 Jan 2013 - 12:47 am

LONDON: Egypt’s currency crisis has intensified its oil supply troubles, as the weaker pound makes it more difficult for cash-strapped Cairo to buy...

Aldar, Sorouh reach initial merger deal 09 Jan 2013 - 12:46 am

DUBAI: Abu Dhabi’s two biggest real estate developers have reached an initial agreement to merge via a share swap, with a final deal...