Business / Middle East Business

Saudi oil burning hits record high this year 20 Nov 2012 - 12:27 am

DUBAI: Saudi Arabia burned record volumes of crude oil over the summer, official government figures show, contrary to its aim of using more...

Emaar’s apartment sales jump in third quarter 19 Nov 2012 - 08:07 am

DUBAI: Emaar Properties’, revenue from apartments sales more than tripled in the third quarter, helping Dubai’s largest developer overcome a sharp decline in...

Oman to issue five-year $260m government bonds 18 Nov 2012 - 01:29 am

MUSCAT: Oman will issue five-year government development bonds worth 100m rials ($260m) at an annual interest rate of 3.25 percent, a statement from...

Barclays denies ‘illegal payment’ for Saudi licence 18 Nov 2012 - 01:26 am

DUBAI/JEDDAH: Barclays did not make any “illegal payment” to win a banking licence in Saudi Arabia, the bank said in a statement in...

Oil rises towards $109 17 Nov 2012 - 01:28 am

LONDON: Oil rose towards $109 a barrel yesterday as a showdown between Israel and the Palestinians stoked worries about supply, but ample stockpiles...

Investment recovering in Arab Spring economies 16 Nov 2012 - 01:58 am

DUBAI: When two real estate developers from the United Arab Emirates announced a big project in Egypt last month, it was more than...

Saudi Aramco inks deals for 400,000b/d Jizan plant 15 Nov 2012 - 08:08 am

KHOBAR: Saudi Aramco, the world’s biggest oil producer, signed deals yesterday worth an estimated $6bn to build a refinery in the impoverished region...

High yields are last hope for Bahrain stocks 15 Nov 2012 - 07:57 am

DUBAI: Bahrain’s stock market is the worst-performing in the region this year, but it has a major attraction: ultra-high dividend yields. Unfortunately, the...

Row over terms halts Iran-Turkmen gas supply 15 Nov 2012 - 07:55 am

DUBAI: Supplies of gas from Turkmenistan to Iran have been halted due to a dispute over purchasing terms, Iranian Oil Minister Rostam Qasemi...

Kuwait’s GIH says three creditors reject $1.7bn restructuring plan 14 Nov 2012 - 07:30 am

KUWAIT: Kuwait’s Global Investment House (GIH) said yesterday that three of its creditors had failed to back a $1.7bn debt restructuring plan and...

Crescent Petroleum to enter Libya, Lebanon 14 Nov 2012 - 07:29 am

DUBAI: United Arab Emirates-based Crescent Petroleum is gearing up for expansion in the Iraqi oil and gas sector and a debut into Libya...

First Gulf Bank signs $900m loan deal 14 Nov 2012 - 07:27 am

DUBAI: First Gulf Bank, the second-largest lender by market value in the United Arab Emirates, has signed a three-year $900m loan with a...

Sony launches interchangeable lens cameras 14 Nov 2012 - 07:24 am

By Satish Kanady DUBAI: Sony, the leading consumer electronics and entertainment brand, has unveiled three of its latest cameras: the Alpha SLT-A99, the...

SocGen close to sale of Egypt arm to QNB 13 Nov 2012 - 07:04 am

DUBAI/PARIS: Societe Generale is nearing the sale of its majority stake in an Egyptian bank to Qatar National Bank (QNB), sources familiar with...

Dolphin Energy awards Qatar gas plant deal to L&T 13 Nov 2012 - 07:00 am

ABU DHABI: UAE group Dolphin Energy has awarded a $250m contract to Indian group Larsen & Toubro to upgrade a gas plant in...

Global Agenda Summit 13 Nov 2012 - 06:56 am

Sheikh Mohammed bin Rashid Al Maktoum (centre), Vice President and Prime Minister of the UAE and Ruler of Dubai, looks on during a...

Egypt sees initial IMF deal this week, says minister 13 Nov 2012 - 06:54 am

CAIRO: The Egyptian government expects to sign a memorandum of understanding with the International Monetary Fund for a $4.8bn loan before an IMF...

Sabic sets sights on US shale gas boom 13 Nov 2012 - 06:53 am

JUBAIL, Saudi Arabia: Saudi Basic Industries Corp (Sabic) is considering investing in the United States to capitalise on the shale gas boom there,...