Business / Middle East Business

Sudan pound hits record low against dollar 26 Dec 2012 - 01:09 am

KHARTOUM: Black market rates for the Sudanese pound hit a record low against the dollar on the black market yesterday as importers struggled...

Iran warns of cancelling $5bn China gas deal 24 Dec 2012 - 10:18 pm

TEHRAN: Iran has warned China it could cancel a much-delayed $5bn offshore gas exploration contract in the Gulf, a news agency said yesterday....

Majid Al Futtaim eyes Egypt’s supermarket chain 24 Dec 2012 - 10:07 am

DUBAI: Dubai’s Majid Al Futtaim (MAF), is in talks with Egypt’s Mansour Group, owned by billionaire Mohammed Mansour, to buy its supermarket business...

Iraq to withhold payments for Kurdish oil 23 Dec 2012 - 07:00 am

BAGHDAD: Iraq will not pay oil companies operating in Kurdistan because the autonomous region has failed to export the volume of crude it...

HSBC no longer bookrunner on Asiacell float 21 Dec 2012 - 01:32 am

DUBAI: HSBC Holdings has ceased to be a bookrunner on Asiacell’s planned share sale, raising new questions about the Iraqi telecom operator’s ability...

Iran sidesteps sanctions to export fuel oil 21 Dec 2012 - 01:29 am

DUBAI/GENEVA: Iran is becoming increasingly creative in dodging Western sanctions, managing to sell a rising volume of fuel oil to generate revenue equal...

BNP to divest Egyptian assets 21 Dec 2012 - 01:21 am

DUBAI: BNP Paribas SA, France’s largest bank, agreed to sell its Egyptian arm to Dubai lender Emirates NBD for $500m as French lenders...

Private equity group eyes Abu Dhabi healthcare IPO next year 20 Dec 2012 - 01:49 am

DUBAI: The private equity consortium which owns half of Abu Dhabi healthcare provider Al Noor Medical is reviving plans to sell its stake...

Emaar signs $500m Turkey real estate loan 20 Dec 2012 - 01:49 am

DUBAI: Emaar Properties signed a $500m loan to finance its project in Turkey, as a gradual recovery in Dubai’s battered property market helps...

Foster Wheeler signs Kuwait fuel project contract 20 Dec 2012 - 01:45 am

KUWAIT: Engineering company Foster Wheeler said yesterday it had signed a contract with Kuwait to manage and service a clean fuels project at...

Saudi bourse snaps pre-budget rally; Egypt highest since crisis 19 Dec 2012 - 04:09 am

DUBAI: Saudi Arabia’s bourse snapped a five-session winning streak yesterday as investors booked gains in petrochemical and insurance stocks, while most other regional...

Saudi Aramco, Total to double investment at Jubail site 19 Dec 2012 - 04:08 am

DUBAI/AL KHOBAR: Saudi Aramco said its oil refinery joint venture with France’s Total will double capital investment to SR7.12bn ($1.90bn) at Jubail, the...

Al Habtoor puts off flotation 19 Dec 2012 - 04:06 am

DUBAI: Al Habtoor Group, one of Dubai’s leading family-owned firms, has postponed plans to raise as much as $1.6bn in a move blamed...

Etihad in final talks for Indian carrier stakes 18 Dec 2012 - 06:58 am

NEW DELHI/DUBAI: Gulf carrier Etihad Airways, seeking to widen operations in India and other Asian markets, is in the final stages of talks...

Kuwait budget surplus surges 18 Dec 2012 - 06:57 am

KUWAIT CITY: Kuwait’s provisional budget surplus surged 43 percent to Dh14.7bn ($52.2bn) in the first seven months of the fiscal year, boosted by...

Iraqi Kurdish oil exports fall below 30,000b/d 18 Dec 2012 - 06:57 am

ARBIL: Oil exports from Iraq’s autonomous Kurdistan region have fallen to an average of below 30,000 barrels per day (b/d), industry sources said...

Egypt’s rising fuel bill reflects energy crisis 18 Dec 2012 - 06:56 am

LONDON: Egypt is becoming increasingly dependent on fuel imports as it uses oil to pay off debts instead of refining the crude at...

GCC continues to propel KPMG’s growth 17 Dec 2012 - 04:23 am

DOHA: KPMG International (KPMG) has announced record-high combined revenues of $23.03bn for the fiscal year ending September 30, 2012, representing a 4.4 percent...