Business / Middle East Business

Mashreq net profit falls 24.8% in Q3 24 Oct 2016 - 03:51 am

DUBAI: Mashreq continued its earnings slump yesterday as Dubai’s third-biggest lender by assets posted a 24.8 percent fall in third-quarter net profit, weighed...

Saudi retail sector slump close to ending: Jarir chief 24 Oct 2016 - 03:50 am

RIYADH: The slump in Saudi Arabia’s retail sector may be close to ending as consumption starts to stabilise after shrinking because of low...

Buoyant investor sentiment lifts Saudi; Qatar edges down 24 Oct 2016 - 03:48 am

DUBAI: Major stock markets in the Gulf rose yesterday with Saudi Arabia outperforming it peers, continuing to climb on the back of upbeat...

Tea Drinkers Forfeit Sugar in Egypt Amid Currency Shortage 23 Oct 2016 - 05:43 pm

Laila El-Sayed spent her afternoon searching grocery stores in Cairo’s bustling Dokki district on the banks of the Nile River for one thing:...

INSIGHT: Egyptians losing patience with Sisi as economy deteriorates 23 Oct 2016 - 05:33 pm

CAIRO: A cartoon which appeared on social media shows a drowning Egyptian, only his hand protruding from the depths, waving for help. The...

Saudi Aramco denies bidding for Lyondell's Houston refinery 23 Oct 2016 - 08:47 am

DUBAI: Saudi Arabian state oil giant Saudi Aramco denied on Sunday it had bid for the purchase of LynodellBasell Industries NV's refinery in ...

Turkish Airlines bans Galaxy Note 7 from all flights 21 Oct 2016 - 06:43 pm

Istanbul: Turkey's flagship carrier Turkish Airlines on Friday said it has banned Samsung's Galaxy Note 7 smartphones from all of its flights with...

Saudi bond success partly eases fears over cheap oil era 20 Oct 2016 - 06:42 pm

DUBAI/LONDON: The cost of insuring Saudi Arabia’s debt against default fell to its lowest this year and Saudi bank shares jumped on Thursday...

Dubai's Emaar completes $2.4 bn purchase of Kuwait food firm Americana 20 Oct 2016 - 03:59 pm

Kuwait City: A Dubai-based investor group led by the head of property giant Emaar on Thursday completed the nearly $2.4 billion acquisition of...

In surprise move, Turkey's central bank keeps rates on hold 20 Oct 2016 - 02:18 pm

ISTANBUL: Turkey's central bank kept its overnight lending rate on hold on Thursday, in a surprise move after seven straight months of cuts...

Sabic to merge and spin-off various units 19 Oct 2016 - 10:56 pm

RIYADH: Saudi Basic Industries Corp (Sabic) has combined its chemicals and polymers businesses and will spin off its steel unit as part of...

Falih: Global oil market at end of downturn 19 Oct 2016 - 10:56 pm

LONDON: Saudi Arabia’s energy minister gave an upbeat message to an audience of industry executives yesterday, saying the oil market was at the...

Saudi Arabia expected to raise $17.5bn 19 Oct 2016 - 10:54 pm

LONDON: Saudi Arabia could issue the biggest bond deal in emerging markets history with its triple-tranche transaction. The GCC sovereign has yet to...

Saudi Arabia launches US$17.5bn bond offering 19 Oct 2016 - 04:18 pm

LONDON: Saudi Arabia has launched a US$17.5bn bond deal comprising five, 10 and 30-year bonds, according to a lead. A US$5.5bn five-year note...

Saudi's Al Rajhi Bank Q3 net profit up 16.7 pct, meets estimates 17 Oct 2016 - 04:09 pm

DUBAI: Al Rajhi Bank, Saudi Arabia's second-largest lender by assets, reported a 16.7 percent rise in its third-quarter net profit on Monday, meeting ...

Jordan issues local currency sukuk in boon for banks 17 Oct 2016 - 02:34 pm

DUBAI: Jordan's government has raised 34 million dinars ($47.9 million) in its first issue of a local currency sukuk for its own funding...

Oman to raise electricity tariffs for big corporate users 12 Oct 2016 - 11:30 pm

MUSCAT: Oman, seeking to bolster state finances as low oil prices slash its revenues, will raise electricity prices for large government, commercial and...

Saudi Hollandi Bank plans to change name 12 Oct 2016 - 11:25 pm

Dubai: Saudi Hollandi Bank said yesterday that it would meet with shareholders to discuss changing the name of the kingdom’s oldest lender. Industry...