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United Arab Emirates

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  • *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...

  • SINGAPORE, Feb 25- Gold edged higher on Wednesday after dropping to a seven-week low the session before, with Federal Reserve Chair Janet Yellen indicating flexibility in raising U.S. interest rates. *Spot gold was up half a percent at $1,206 an ounce by 0021 GMT, after hitting its weakest since Jan. 5 on Tuesday at $1,190.91. Silver, both spot and futures, rose more...

  • Abu Dhabi, Feb 24- U.S. drone makers are expecting a surge in sales of military and civilian drones to Gulf states after the State Department eased export rules last week, industry executives said on Tuesday. "With this new policy, we see a lot more activity, we are talking to a lot more countries in the Middle East," he said on the sidelines of the International Defence...

  • *Restated profits $381 mln lower in November. DUBAI, Feb 24- An accounting scandal at Saudi Arabia's Mobily is set to constrain dividend payouts from the former stock market darling for the next few years and make investors more picky about companies in the kingdom. Analysts who met acting Mobily Chief Executive Serkan Okandan a month ago came away with the...

  • DUBAI, United Arab Emirates— The Middle East's biggest airline, Emirates, said on Tuesday that it plans to resume flights to Baghdad after halting them last month when an incoming passenger plane came under fire. FlyDubai said it resumed Baghdad flights on Sunday, following a Feb. 12 decision by Emirati aviation authorities to lift a ban on Baghdad flights.