Business / Middle East Business

Egypt plans quick steps to spur economy 30 Jul 2013 - 12:50 am

CAIRO: Egypt’s new cabinet plans quick steps to spur the economy while laying the ground for a broader “Marshall Plan” to present to...

Chinese firm denies interest in Israel’s Clal Insurance 29 Jul 2013 - 01:27 am

JERUSALEM: Chinese investment firm Hang Lung Group denied it was in talks to buy a stake in Israeli insurance company Clal Insurance from...

Iraq economy hit by surging violence 28 Jul 2013 - 01:52 am

A boy inspects the site of a car bomb attack in the town of Muqdadiya, 80 km northeast of Baghdad. BAGHDAD: A spike...

Jordan’s Arab Bank sees profit rise this year 28 Jul 2013 - 01:51 am

AMMAN: Jordan’s Arab Bank, one of the largest Middle East financial institutions, expects double-digit growth in net profit in 2013, bank officials said...

India’s Wipro shows signs of revival with boost in profit 27 Jul 2013 - 01:10 am

MUMBAI: India’s third-largest software firm Wipro said yesterday quarterly net profit jumped 11 percent on the back of a rise in outsourcing orders...

Qatar Luxury Group to launch first boutique 26 Jul 2013 - 02:16 am

DOHA: Qatar Luxury Group will launch the first boutique for its luxury brand Qela in Doha in late September, selling leather goods, shoes,...

Sudan currency falls to record low 25 Jul 2013 - 01:34 am

KHARTOUM: Sudan’s currency has fallen to a record low against the dollar on the black market since South Sudan started reducing cross-border oil...

Kuwait’s NBK Q2 profit up 18.6 pc 24 Jul 2013 - 03:40 am

KUWAIT CITY: National Bank of Kuwait, the emirate’s largest lender, said Tuesday its second quarter to June net profit rose by 18.6 percent...

Oman to invite bids for $3.5bn steam cracker 24 Jul 2013 - 03:40 am

MUSCAT: Oman plans to invite bids to build a steam cracker plant worth $3.5 billion with a production capacity of 1 million tonnes...

Saudi Telecom moves to sell Indonesia unit as profit tumbles 23 Jul 2013 - 01:08 am

DUBAI: Saudi Telecom Co (STC) has begun steps to sell its Indonesian business, banking sources said yesterday, as the state-owned firm posted a...

Iran denies missing World Bank payments 22 Jul 2013 - 12:45 am

DUBAI: Iran denied yesterday it had failed to make payments on its loans to the World Bank for the last six months, blaming...

Halting wheat imports was Mursi’s biggest mistake, says minister 22 Jul 2013 - 12:30 am

CAIRO: The biggest mistake deposed Egyptian president Mohammed Mursi made was stopping wheat imports, Egypt’s new minister of supplies said, pledging to ensure...

Global banks eye Iraq but risks abound 22 Jul 2013 - 12:13 am

BAGHDAD: Interest by Citibank and Standard Chartered to expand into Iraq highlights the vast potential of the country’s banking sector, but the experience...

Abu Dhabi sells Barclays stake 20 Jul 2013 - 03:20 am

LONDON: An Abu Dhabi sheikh who helped British bank Barclays avoid a state bailout during the global financial crisis has sold his stake....

UAE telecom operators fail to agree network sharing deal 19 Jul 2013 - 03:38 am

DUBAI: Two UAE telecom operators, Etisalat and du, remain at loggerheads over a deal to allow them to compete on fixed line services...

Kuwait to spend $3.5bn less this fiscal year 19 Jul 2013 - 03:35 am

KUWAIT: Kuwait expects to spend around 1bn dinars ($3.5bn) less in the 2013/14 fiscal year, according to the state budget published by the...

Bahrain sovereign fund loss narrows 18 Jul 2013 - 04:22 am

DUBAI: Bahrain sovereign fund Mumtalakat said yesterday its net loss for 2012 narrowed by 32.9 percent as improved performance by its financial services...

Bahrain Petroleum shuts unit after leak: Report 18 Jul 2013 - 04:19 am

Manama: State-run Bahrain Petroleum Co (Bapco) has unexpectedly shut a secondary unit at its 267,000 barrels per day (bpd) Sitra refinery after a...