Business / Middle East Business

Kuwait fines Ahli Bank chief over insider trade 04 Mar 2014 - 12:51 am

DUBAI/KUWAIT: A Kuwaiti court has fined the chairman of Al Ahli Bank, the country’s eighth largest bank by market capitalisation, KD1.5m ($5.3m) over...

Baghdad fair 03 Mar 2014 - 01:07 am

Cars from Toyota Motor Corporation are on display at the Baghdad International Fair for Defence and Security in the Iraqi capital. Representatives from...

UAE-led group to buy India power plants for $1.6bn 03 Mar 2014 - 01:01 am

ABU DHABI/NEW DELHI: A consortium led by Abu Dhabi National Energy Co (TAQA) has agreed to buy two Indian hydroelectric power plants from...

Egypt central bank keeps key rates on hold to boost growth 28 Feb 2014 - 06:18 am

CAIRO: Egypt’s central bank left official interest rates on hold yesterday, as it tries to stimulate an economy hurt by three years of...

Dubai denies reports on improper trading 28 Feb 2014 - 06:17 am

DUBAI: Dubai’s gold exchange and one of its biggest gold refineries have denied reports alleging they ignored international guidelines designed to prevent human...

Funds move money among Gulf markets 28 Feb 2014 - 06:17 am

DUBAI: Middle East fund managers remain bullish on most of the region’s major equity markets, but some are shifting money from the United...

Etihad ‘needs a month’ to study Alitalia’s books 27 Feb 2014 - 12:29 am

MILAN: Etihad Airways is expected to finish examining Alitalia’s books within a month as it ponders whether to invest in the loss-making Italian...

Egypt bank outlook negative: Moody’s 25 Feb 2014 - 11:40 pm

DUBAI: The outlook for Egypt’s banking system is negative because of political instability and banks’ increasing exposure to the indebted government, Moody’s Investors...

Iraq’s oil exports up in February 25 Feb 2014 - 11:39 pm

LONDON: Oil exports from Iraq’s southern terminals have jumped by more than 300,000 barrels per day (bpd) so far in February, according to...

Arabtec in talks to buy Kuwaiti firm 25 Feb 2014 - 12:55 am

DUBAI: Arabtec Holding, Dubai’s largest listed construction firm, is in the advanced stages of talks to fully acquire a construction company in Kuwait’s...

Saudi Aujan plans $100m Egypt factory 25 Feb 2014 - 12:53 am

DUBAI: Saudi Arabia’s Aujan Coca-Cola Beverages Company plans to spend $100m building a fruit-juice factory in Egypt over the next few years, a...

$750m five-year bond from ADCB 25 Feb 2014 - 12:53 am

DUBAI: Abu Dhabi Commercial Bank has set final terms for a $750 million five-year bond, a document from lead arrangers said, as demand...

Gulf Islamic banks’ extra product costs shrinking, says S&P study 21 Feb 2014 - 05:51 am

Paris: The extra costs which Islamic banks in the Gulf charge consumers relative to conventional banks appear to be falling, according to a...

Batelco to take control of Kuwait Net firm 21 Feb 2014 - 05:50 am

DUBAI: Bahrain Telecomm- unications (Batelco) will take majority control of Kuwait’s Qualitynet after agreeing to double its stake in the Internet provider, Batelco...

Kuwait Airways buys 25 planes, first in 20 years 20 Feb 2014 - 01:02 am

KUWAIT CITY: Loss-making state-owned Kuwait Airways Co signed contracts with Airbus yesterday to buy 25 planes, its first order for new aircraft in...

Dubai agrees roll-over of $10bn crisis debt to UAE 20 Feb 2014 - 01:00 am

DUBAI: Dubai has reached agreement on rolling over $10bn in debt extended by the central bank of the United Arab Emirates during the...

Wataniya Q4 profit up 46pc 20 Feb 2014 - 12:51 am

DUBAI: Wataniya, Kuwait’s No.2 telecom operator, reported a 46 percent jump in fourth-quarter profit yesterday. Wataniya made a net profit of KD18.4m ($65.3m)...

ADGM hires ex-Dubai executive as head 19 Feb 2014 - 01:09 am

ABU DHABI: Abu Dhabi’s new financial free zone has hired a former executive from neighbouring Dubai’s financial centre to spearhead its growth. Jan...