Business / Middle East Business

Al Khodari profit slumps 68.8pc, misses forecasts 21 Jul 2014 - 01:47 am

DUBAI: Major Saudi Arabian construction firm Abdullah Abdul Mohsin Al Khodari Sons Co reported a 68.8 percent slump in second-quarter net profit yesterday,...

G20 trade ministers reaffirm growth commitments 20 Jul 2014 - 01:43 am

Saudi Arabia’s Commerce and Industry Minister Tawfig bin Fouzan Al Rabiah (left) and Russia’s Economic Development Minister Alexei Ulyukaev at the G20 Trade...

Bank Muscat Q2 profit jumps 22pc 20 Jul 2014 - 01:32 am

DUBAI: Bank Muscat, Oman’s largest lender, posted a 22.3 percent increase in its second-quarter net profit, beating analysts’ estimates as it booked a...

Oman plans Bulgarian bank rescue 19 Jul 2014 - 07:19 am

SOFIA: Bulgarian finance ministry officials held talks yesterday with Oman’s sovereign wealth fund on the chances of recapitalising the fourth-largest Bulgarian bank, CCB,...

Cyprus takes control of ‘money laundering’ bank 19 Jul 2014 - 07:18 am

NICOSIA: The Cyprus Central Bank said yesterday it had taken control of the local operation of FBME bank after Washington accused it of...

Ithmar Capital, Gulf Capital planning IPOs 18 Jul 2014 - 01:20 am

DUBAI/ABU DHABI: United Arab Emirates-based private equity firms Ithmar Capital and Gulf Capital are looking to sell shares to the public as they...

New UAE rules to boost listing, private equity 18 Jul 2014 - 01:20 am

DUBAI: The United Arab Emirates’ Ministry of Economy has published new rules allowing firms in the Gulf Arab state to use existing shares...

Etihad to complete Alitalia deal this month 17 Jul 2014 - 05:49 am

ROME: Etihad Airways chief James Hogan said yesterday he aimed to complete negotiations on buying 49 percent of Alitalia by the end of...

Mena cloud services sector investments to hit $4.7bn 17 Jul 2014 - 05:45 am

DOHA: Given the cost efficiency and other benefits of Cloud Computing Services, the innovative technology for data storage is becoming increasing popular in...

DP World signs $3bn five-year loan deal 16 Jul 2014 - 06:16 am

DUBAI: DP World, one of the world’s largest port operators, has signed a $3bn loan deal, becoming the latest Dubai entity to take...

Troika begins fifth review of bailed-out Cyprus economy 16 Jul 2014 - 06:16 am

NICOSIA: A delegation from the troika of international lenders yesterday began its fifth assessment of Cyprus’s economy and troubled banking system, focusing on...

Al Rajhi Bank records dip in Q2 net profit 14 Jul 2014 - 12:30 am

DUBAI: Al Rajhi Bank posted a fourth successive quarterly profit decline as its second-quarter earnings fell 8.2 percent year-on-year, with Saudi Arabia’s largest...

Bank Dhofar net profit up 23pc 14 Jul 2014 - 12:24 am

DUBAI: Bank Dhofar, currently in talks to merge with smaller rival Bank Sohar, met analysts’ expectations as it posted a 23 percent rise...

Mena needs subsidy reform for growth: QNB 13 Jul 2014 - 07:10 am

Doha: Global spending on energy subsidies totalled $492bn in 2011. Middle East and North Africa (Mena) countries alone accounted for nearly half of...

Emirates finalises $56bn Boeing order 10 Jul 2014 - 12:23 am

Dubai: Dubai airline Emirates finalised a $56bn order to buy 150 Boeing 777X jets yesterday, firming up a commitment made last year, just...

Sharjah plans its maiden sukuk 09 Jul 2014 - 02:48 am

LONDON: The emirate of Sharjah is planning its first foray into international bond markets with a debut sukuk deal, three bankers with knowledge...

India, UAE talk strategic oil storage lease 09 Jul 2014 - 12:13 am

NEW DELHI: India is in talks to lease part of its planned strategic storage to United Arab Emirates’ state oil company ADNOC, two...

Emaar Properties faces oversupply risks: Moody’s 09 Jul 2014 - 12:13 am

DUBAI: Dubai’s Emaar Properties faces a risk of oversupply in the emirate’s real estate market, ratings agency Moody’s said in a report yesterday,...