Business / Middle East Business

IMF approves $12 bn loan to support Egypt's economy 12 Nov 2016 - 09:09 am

Washington: The International Monetary Fund on Friday approved a three-year, $12 billion loan for Egypt to help the country recover from its economic...

Saudi working to pay 'billions' owed to private firms 10 Nov 2016 - 09:12 pm

Riyadh: Saudi Arabia is working to pay billions of dollars owed to private firms after oil revenues collapsed, the kingdom's new finance minister...

Egypt set to receive 1st tranche of IMF loan 10 Nov 2016 - 03:57 pm

CAIRO: Egypt will likely receive the first tranche of a $12-billion loan from the International Monetary Fund -- $2.75 billion -- next week,...

Abu Dhabi fund Mubadala may invest in Russian vegoil, rice firms 10 Nov 2016 - 03:29 pm

MOSCOW: Abu Dhabi state investment vehicle Mubadala Development Co may invest in a vegetable oil producer and a rice producer in Russia, a...

Dubai airline Emirates reports 75 pct fall in H1 profit 09 Nov 2016 - 11:53 am

DUBAI: Emirates reported a 75 percent fall in first-half net profit from its airline operations as Dubai's flagship airline was buffeted by a...

IMF chief to recommend $12 bn Egypt loan approval 08 Nov 2016 - 06:55 pm

Cairo: IMF chief Christine Lagarde said Tuesday she will recommend the institution approve a $12 billion loan for Egypt when the board meets...

Saudi Oger seeks payment freeze on $3.5 billion local bank debt 08 Nov 2016 - 06:04 pm

DUBAI: Construction giant Saudi Oger has asked banks to agree to a freeze in repayments on at least 13 billion riyals ($3.5 billion)...

Egypt pound weakens as banks suck up black market dollars 08 Nov 2016 - 04:38 pm

CAIRO: Egypt’s pound weakened on Tuesday as dollar-starved banks bought hard currency from the black market to meet demand from importers and other...

UAE aims to have public-private partnerships framework by year-end 08 Nov 2016 - 04:27 pm

DUBAI: The United Arab Emirates will prepare documentation to govern public-private partnerships (PPPs) by the end of 2016 as it encourages more private...

Egypt to face pain before gain after massive currency devaluation 07 Nov 2016 - 05:12 pm

CAIRO: The pain of Egypt’s currency devaluation may be felt well before the benefits, creating a period of at least several months in...

Iran oil official says report of Egypt minister Tehran visit incorrect 07 Nov 2016 - 05:02 pm

ABU DHABI: An Iranian media report that Egyptian Petroleum Minister Tarek El Molla will visit Tehran on Monday for a meeting with his...

UAE to host region's first carbon capture plant 05 Nov 2016 - 06:24 pm

Abu Dhabi: The Middle East's first factory to suck carbon dioxide out of the air has begun operating in the United Arab Emirates,...

Kuwait launches foreign bond sale to finance deficit 05 Nov 2016 - 10:58 am

Kuwait City: Kuwait will issue billions of dollars worth of bonds in international markets to finance a budget deficit resulting from low oil...

Dubai asks banks for proposals to finance Al Maktoum Airport expansion 03 Nov 2016 - 10:25 am

DUBAI: The government of Dubai has sent a request for proposals to banks for the financing of the expansion of Al Maktoum International...

Egyptian pound continues nosedive against US dollar 01 Nov 2016 - 03:02 pm

CAIRO: The Egyptian pound (EGP) lost yet more ground against U.S. currency by the end of October, with the exchange rate exceeding 18...

Gulf single currency inevitable: Oman central bank chief quoted 31 Oct 2016 - 12:49 pm

DUBAI: The creation of a single currency in the Gulf Arab region has become inevitable and is only a matter of time, the...

Hyundai Engineering says wins $727 mln deal from Saudi Aramco 28 Oct 2016 - 09:37 am

SEOUL/KHOBAR, Saudi Arabia: Hyundai Engineering and Construction has signed a contract to build a project for Saudi Aramco's Uthmaniyah plant for 833.10 billion...