Business / Middle East Business

Sudan plans to boost oil production to 150,000 bpd 17 Jan 2013 - 03:53 am

KHARTOUM: Sudan plans to increase oil production to at least 150,000 barrels per day (bpd) this year thanks to two new oilfields and...

Oil market well-balanced, well-supplied: UAE minister 17 Jan 2013 - 03:47 am

ABU DHABI: The world oil market is well-balanced and well-supplied, UAE Energy Minister Mohammed Al Hamli said yesterday, adding his country plans to...

Saudi Savola’s Q4 net down 17pc 17 Jan 2013 - 03:47 am

JEDDAH: Savola Group, the Saudi-based food conglomerate, posted a 17 percent drop in fourth-quarter net profit, missing analysts’ forecasts, mainly due to a...

Iraq approves Samsung’s $879m oilfield contract 17 Jan 2013 - 03:46 am

BAGHDAD: Iraq’s cabinet approved an $879m oilfield service contract with Samsung Engineering for the development of the Badra oil field, the cabinet said...

Bourses across the Gulf end in red 16 Jan 2013 - 01:06 am

Jordanian dealers monitor price movements at the investors’ gallery of the Amman Stock Exchange, yesterday. DUBAI: Saudi Arabia’s banks dragged down the bourse...

Saudi sets deadline for telecom licence bids 16 Jan 2013 - 12:49 am

DUBAI: Saudi Arabia’s telecoms regulator has a set a May 4 deadline for companies to submit applications for three mobile virtual network operator...

Investcorp sells CCC Information Services 16 Jan 2013 - 12:48 am

DUBAI: Investcorp, one of the Middle East’s largest private equity houses, has sold CCC Information Services to US-headquartered Leonard Green & Partners, the...

Abu Dhabi plans $90bn boost for infrastructure 15 Jan 2013 - 06:47 am

DUBAI: Abu Dhabi plans to spend Dh330bn ($90bn) on development projects over the next five years, the emirate’s Executive Council said in a...

Abu Dhabi plans $90bn boost for infrastructure 15 Jan 2013 - 01:15 am

DUBAI: Abu Dhabi plans to spend Dh330bn ($90bn) on development projects over the next five years, the emirate’s Executive Council said in a...

Iran may bid for Turkish gas grid 15 Jan 2013 - 01:12 am

ISTANBUL: Iran’s national gas company may bid for a Turkish natural gas distributor and has sought the preliminary documents in the privatisation tender,...

Morgan to cut Dubai staff 15 Jan 2013 - 01:07 am

DUBAI: Morgan Stanley Inc, the sixth-largest US bank by assets, is trimming staff at its Dubai office, mainly by cutting jobs in its...

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...