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  • FUJAIRAH, United Arab Emirates, March 5- Vopak, the world's largest independent storage tank operator, is expanding its chemical product storage capacity in Saudi Arabia, a senior executive told Reuters on Thursday. Vopak, which offers oil, chemical and biofuels storage in the world's top bunkering hubs Singapore and Rotterdam, as well as on the east coast of the...

  • TRIPOLI, Libya— Libya's state-run oil corporation has declared 11 oil fields in the country non-operational after attacks by suspected Islamic State militants, opting for a force majeure clause that exempts the state from contractual obligations. The National Oil Corporation blamed authorities in the Libyan-capital of Tripoli, set up by Islamist-backed...

  • BERLIN, March 5- Emirates has had extensive discussions with Airbus about the production of a revamped version of the A380 super jumbo with more efficient engines, the airline's president said on Thursday. Its first 90 A380 aircraft are supplied with engines from Engine Alliance, a joint venture between General Electric and Pratt& Whitney.

  • South African Airways refunds customers after bungle Thursday, 5 Mar 2015 | 4:59 AM ET

    JOHANNESBURG— It looked like a steal: $72 for a round-trip business class ticket on South African Airways between Johannesburg and Abu Dhabi. A regular ticket on the same route in business class sells for about $3,400, South African Airways said. "We appreciate the fact that customers would under normal circumstances take advantage of bargains and good travel...

  • *Higher fund flows coming from eastern Europe to Dubai. Swiss-based but Abu Dhabi- owned Falcon would be open to deals covering its core target markets of the Gulf, Eastern Europe, Africa and South East Asia, according to Erich Pfister, who took up the role in January. The last major acquisition by Falcon, which manages around 16 billion francs of assets, was the...

  • *Saudis fear Obama wants Iran deal "whatever the cost". Secretary of State John Kerry flies to Riyadh this week to try to reassure King Salman that any nuclear deal with Iran will be in Saudi interests, despite the kingdom's fears that it may boost Tehran's backing for Shi'ite Muslim groups in the region. While the main critics of the U.S. push for a nuclear deal with...

  • DUBAI, United Arab Emirates— The United Arab Emirates' budget carrier flydubai, in its fifth year of operation, has turned a profit of $68 million out of total revenue of $1.2 billion last year. The company's earnings report released Wednesday shows flydubai's profits were around 12 percent higher than in 2013. The fast-growing airliner added 23 new routes last...

  • Iraq battles to rebuild despite war and oil slump Tuesday, 3 Mar 2015 | 4:00 AM ET

    *New city aims to house half a million people near Baghdad. *Challenges face mega projects planned for Basra, Baghdad. BAGHDAD, March 3- On a main highway south of Baghdad, dozens of buildings rise up from the Iraqi plains, the first blocks of a multi-billion-dollar city emerging from a landscape more accustomed to conflict and crisis than glitzy new development.

  • Secretary of State John Kerry flies to Riyadh this week to reassure King Salman that any nuclear deal with Iran is in Saudi Arabia's interest, despite the country's fears it may boost its rival's support for Shi'ite Muslim interests in the region. But Saudi Arabia is sceptical too that any agreement would only let Iran devote more cash and energy to Shi'ite...

  • NEW YORK, March 2- IBM Corp was sued on Monday by a shareholder that said it committed securities fraud by failing to write down a money-losing semiconductor unit before agreeing to pay another company $1.5 billion to take that unit off its hands. The lawsuit filed in Manhattan federal court arose from IBM's announcement last Oct. 20 that it would sell the unit to...

  • Amira beats Street 3Q forecasts Monday, 2 Mar 2015 | 9:00 AM ET

    DUBAI, United Arab Emirates _ Amira Nature Foods Ltd. on Monday reported fiscal third-quarter earnings of $11 million. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 34 cents per share. Analysts expected $181 million, according to Zacks.

  • DUBAI, March 2- Egypt has obtained $23 billion in aid from Saudi Arabia, the United Arab Emirates and Kuwait in the 18 months since Islamist President Mohamed Mursi was ousted, Investment Minister Ashraf Salman said on Monday. Speaking at a business conference in Dubai, Salman said the aid included oil shipments, cash grants and deposits in Egypt's central bank.

  • ABU DHABI, March 2- The Kuwait Investment Office, the London branch office of sovereign wealth fund Kuwait Investment Authority, is gradually reducing its overweight stance on U.S. assets after keeping that position for seven years, its chief executive said on Monday. Osama al-Ayoub, speaking at a business conference in Abu Dhabi, also said the KIO was going...

  • ABU DHABI, March 2- The Kuwait Investment Office, the London branch office of sovereign wealth fund Kuwait Investment Authority, is gradually reducing its overweight stance on U.S. assets after keeping that position for seven years, its chief executive said on Monday. Osama al-Ayoub, speaking at a business conference in Abu Dhabi, also said the KIO was going...

  • *Exports to EU, China fall; sales to U.S. rise. SEOUL, March 1- South Korean exports last month suffered their worst fall in two years on weaker sales to Europe and China, lower oil prices and long holidays, but the government said global demand showed some signs of recovery. Exports in February fell 3.4 percent from a year earlier to $41.46 billion, while imports...

  • Journalist to face court after Paris drone incident Thursday, 26 Feb 2015 | 10:21 AM ET

    PARIS— An Al-Jazeera journalist will face court for illegally flying a drone in Paris, amid a spate of drone flyovers that have confounded French authorities amid heightened security concerns. The Paris prosecutor's office says three journalists for Qatar- based broadcaster Al-Jazeera were released Thursday, a day after they were detained.

  • PARIS, Feb 25- The head of Dubai's Emirates has hit back at U.S. airlines in an increasingly bitter subsidy spat and urged Washington to block their calls to renegotiate Open Skies agreements. He was responding to allegations of trade-distorting Gulf subsidies made by the three largest U.S. airlines, Delta Air Lines, American Airlines and United Airlines.

  • RIYADH/ DUBAI, Feb 25- Mobily's problems piled up on Wednesday after Saudi Arabia's second largest mobile operator said it made a $243 million loss in 2014, had breached covenants on long-term loans and removed its chief executive. Mobily-- officially known as Etihad Etisalat-- made a loss of 913 million riyals in 2014 after it took an additional charge of 1.13...

  • ABU DHABI, Feb 25- Sikorsky Aircraft Corp, a unit of United Technologies Corp, expects to sell around 400 helicopters in the Middle East over the next five to ten years, roughly as many as it has delivered to the region to date, its regional head said on Wednesday. "Expansion of the existing fleet of 400 will be in a proportional manner, and modernisation is going to drive...

  • Qatar's Hassad Food eyes Brazilian sugar, poultry assets Wednesday, 25 Feb 2015 | 4:20 AM ET

    *Hassad Food says discussions to buy Brazil assets in early stage. "We have a lot of stuff in our pipeline and Brazil is definitely part of that, not only sugar but also poultry," Youssef Hegazy, vice president for business development at Hassad Food, said on Wednesday. "We realize there are structural issues in both industries in Brazil, like high debt," Hegazy told...