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  • DUBAI, United Arab Emirates— The founder of Mideast courier Aramex has sold a nearly 10- percent stake in the Dubai- based company. Aramex said in a stock exchange filing Sunday that founder Fadi Ghandour has sold all of his stake in Levant Logistics Holdings, a Cayman Islands- based company that controls a 9.9- percent stake in Aramex. The buyer was another Cayman...

  • DUBAI, United Arab Emirates— Abu Dhabi's government-backed Mubadala Development Company has agreed to buy a 20- percent stake in Bahraini investment firm Investcorp. It also has stakes in Fairfield, Connecticut- based General Electric Co. and Washington- based private equity firm The Carlyle Group. Mubadala is in the process of being merged with the...

  • *But forecasts worsen for Oman and Bahrain. DUBAI, July 28- Economists have cut growth forecasts for most of the rich oil exporting countries of the Gulf as non-oil business activity slows because of government austerity measures, a quarterly Reuters poll found. Median forecasts for gross domestic product growth this year have been cut for four of the six GCC...

  • SINGAPORE, July 28- India's initial plan to build-up its strategic petroleum reserves is not shaping out to be the dramatic event that some in the market had hoped could help reignite global oil demand. Indeed, India's initial SPR plan pales in comparison to a program that is ten-fold bigger in China and is a further sign that Asia's demand outlook may not be as...

  • *Adani Group building India's first transshipment port. *India expects to save millions of dollars in detour costs. New Delhi will grant billionaire Gautam Adani 16 billion rupees so-called "viability gap" funding to help the new port at Vizhinjam, on India's southern tip, win business from established hubs elsewhere in Asia.

  • DUBAI, United Arab Emirates— Port operator DP World says it has reached a deal to help expand a seaport in Taiwan. The Dubai- based company said Wednesday it signed a memorandum of understanding with the state-run Taiwan International Ports Corporation to develop a seventh cargo terminal at Kaohsiung Port, Taiwan's largest harbor. Government-backed DP World...

  • ABU DHABI, United Arab Emirates— The United Arab Emirates might not seem like an obvious spot to begin and end a globe-spanning flight promoting renewable energy. One way is by backing the Solar Impulse 2 solar plane, which ended its groundbreaking round-the-world flight on Tuesday in Abu Dhabi and counts Emirati renewable-energy company Masdar among its...

  • SINGAPORE/ TOKYO, July 25- Oil prices held near two-month lows on Monday amid worries that a global crude and refined product glut would weigh on markets for some time to come. International Brent crude oil futures were trading at $45.58 per barrel at 0657 GMT, down 11 cents from their previous close. "Sentiment looks to have turned negative," said Matt Stanley of...

  • COLOMBO, July 21- Sri Lanka's cash-strapped national airline is in talks to lease four of its Airbus A330 planes to Pakistan International Airlines Corp, a government minister said on Thursday, months after cancelling an order for four Airbus A350 aircraft. State-owned SriLankan Airlines aims to reduce its debt and is looking for an international partner to...

  • COLOMBO, July 21- Sri Lanka's cash-strapped national airline is in talks to lease four of its Airbus A330 planes to Pakistan International Airlines Corp, a government minister said on Thursday, months after cancelling an order for four Airbus A350 aircraft. "A team from the airline is in Pakistan for negotiations. We will lease one A330, latest next month, on wet...

  • COLOMBO, July 21- Sri Lanka's cash-strapped national airline is in talks to lease four of its Airbus A330 planes to Pakistan International Airlines Corp, a government minister said on Thursday, months after cancelling an order for four Airbus A350 aircraft. We will lease one A330, latest next month, on wet lease, " Kabir Hashim, Minister of Public Enterprise...

  • DUBAI, United Arab Emirates— State-owned Saudi Aramco says it has signed a deal for a new gas project that will be worth more than 50 billion Saudi riyals when complete in 2019 aimed at meeting the kingdom's growing domestic demand for energy. The company on Wednesday said the project will help lessen dependence on oil for power generation and accommodate 4,500...

  • DUBAI, July 20- Mashreq, Dubai's third-biggest lender by assets, posted on Wednesday a 16.1 percent fall in second-quarter net profit as impairments for bad debt more than doubled and fee and commission income edged lower. The lender made a net profit of 539.4 million dirhams for the three months to June 30, it said in a statement, down on the 643.3 million dirhams...

  • DUBAI, United Arab Emirates— Saudi Arabia's top clerics renewed a religious edict that warns against playing Pokemon— this time as the wildly popular mobile phone application "Pokemon Go". Saudi-based Arab News reported on Wednesday that Sheikh Saleh al-Fozan, a member of the kingdom's ultraconservative council of senior clerics, said the current version of...

  • ALMATY, July 20- Turkmenistan, Central Asia's biggest gas exporter, has restricted access to foreign currency for local companies and individuals in response to a sharp fall in export revenues, Turkmen businessmen say. Any economic crisis could have far-reaching consequences in Turkmenistan, an ex-Soviet country that borders Iran and Afghanistan.

  • DUBAI, United Arab Emirates— The Abu Dhabi Investment Authority says it is committed to a long-term investment strategy despite a slump in oil prices and concerns about slower economic growth worldwide. ADIA is based in the capital of OPEC member United Arab Emirates and is one of the world's largest sovereign wealth funds. He also expressed confidence in...

  • DUBAI, July 19- Barclays has begun a formal process to sell its Egyptian unit, with at least two banks from the Middle East and North Africa region expressing interest in the business, sources familiar with the matter said on Tuesday. The UK- based lender is offloading its Africa unit as part of a plan by Chief Executive Jes Staley to simplify its structure and seek...

  • RIYADH, July 19- Saudi Binladin Group, the kingdom's biggest construction conglomerate, appears to have pulled back from the brink of a financial crisis that risked damaging the wider economy. It was then barred from receiving new state contracts altogether after one of its cranes toppled into Mecca's Grand Mosque during a storm, killing 107 people.

  • July 14- Delta Air Lines Inc's decision to sell fewer seats from the United Kingdom this winter highlights the threat that Britain's planned exit from the European Union and new airline competition pose to U.S. airlines that have raked in cash from flights across the Atlantic. Air travel between the United States and Europe has churned out steady profits in the...

  • NEW YORK, July 13- A self-described New York entrepreneur was arrested on Wednesday on charges that he conspired to hide the losses suffered by a hedge fund's clients in a scheme that involved bankrupt video technology company Kit Digital Inc.. Amanat, who was an investor in "Twilight" studio Summit Entertainment before its 2012 sale to Lions Gate Entertainment...