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United Arab Emirates

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  • *Saudi Telecom tumbles on Q4 earnings miss. DUBAI, Jan 20- Most Gulf stock markets closed either flat or lower on Tuesday as oil prices remained volatile and local companies delivered no positive fourth-quarter earnings surprises. However, the commodity's price rose above $49 per barrel later in the day, supporting Saudi Arabia's bourse which, unlike other Gulf...

  • Jan 20- Shake Shack Inc, a burger chain that grew out of a hot dog stand in New York's Madison Square Park, said it expected its initial public offering to be priced at $14- $16 per share, valuing the company at up to $568 million. The offering follows a string of successful IPOs by casual dining chains last year, including Habit Restaurants Inc, El Pollo Loco Holdings Inc...

  • ABU DHABI, Jan 20- A plane powered by the sun will attempt an unprecedented flight around the world next month, the project's founders said, seeking to prove that flying is possible without using fossil fuel. Solar Impulse 2 is set to take off from Abu Dhabi with stopovers in India, Myanmar and China before crossing the Pacific Ocean and flying across the United...

  • *Qatar Islamic Bank falls despite strong results. DUBAI, Jan 19- Most Gulf equity markets pulled back on Monday as oil prices slipped again and negative fourth-quarter earnings weighed on Saudi Arabia's bourse. Saudi Arabia's main index slid 0.6 percent as petrochemicals giant Saudi Basic Industries fell 1.9 percent and Savola Group, the kingdom's biggest...

  • *Budget deficits this year could total $80- 100 billion. DUBAI, Jan 19- Plunging oil prices could prompt Gulf Arab sovereign wealth funds to pull tens of billions of dollars out of global markets this year, with much of the money expected to come out of U.S. dollar debt and deposits with banks abroad. They have grown rapidly; including the foreign assets of Saudi...

  • *Egypt's Ezz Steel jumps on borrowing plans. Saudi Arabia's biggest listed company gained despite poor earnings, a fresh sign that the market may have bottomed. Saudi Arabia's equities benchmark rose 0.9 percent and Saudi Basic Industries climbed 1.1 percent to 79.25 riyals after falling as much as 1.1 percent in the opening minutes.

  • *Sky-high valuations deterred fund managers last year. *GCC markets now looking cheap vs major indexes. DUBAI, Jan 18- When Saudi Arabia announced last July that it would open its stock market to direct foreign investment, a common worry among fund managers was that when the reform finally took place, the market would simply be too expensive to buy.

  • *Egypt's rally pauses near major technical barrier. DUBAI, Jan 15- Gulf stock markets diverged on Thursday after a mixed set of fourth-quarter earnings, while Egypt's bourse slowed its advance following three very strong sessions. Saudi Arabia's index fell 1.1 percent and Al Rajhi Bank was the main drag, tumbling 4.9 percent after the lender's fourth-quarter...

  • World's newest airliner begins first commercial flight Thursday, 15 Jan 2015 | 12:39 AM ET

    DOHA, Qatar— The world's newest jetliner, the Airbus A350, took to the skies Thursday carrying its first paying passengers from the Gulf Arab nation of Qatar. The Qatar Airways flight departed the Qatari capital of Doha in the morning and landed around 12:30 p.m. local time in Frankfurt, Germany. Thanks to its lower operating costs, the jet, marketed by Boeing as the...

  • *Qatar National Bank drops after earnings miss. *Kuwait's Americana tumbles as sale falters. *Egypt extends gains on cheap oil, foreign investment hopes.

  • *Oil importer Egypt outperforms; GB Auto soars again. Brent crude fell to its lowest level in almost six years and traded below $46 per barrel on Tuesday as the United Arab Emirates defended OPEC's decision not to cut output to tackle a glut in the market. "The markets fell very steeply in the fourth quarter and hence investors think there is value in this market," said...

  • NEW YORK, Jan 13- Gabriela Bustelo could not handle Facebook anymore. The 52- year-old journalist for a London- based news agency wrote for Spanish Vogue for six years. Whenever Bustelo logged on to Facebook, she was confronted with an array of five-star images: Luxury vacations, designer clothes, Michelin- starred restaurants.

  • ABU DHABI, Jan 13- OPEC will not cut its oil output to support prices but expects higher-cost producers to do so, the United Arab Emirates energy minister insisted on Tuesday as oil plunged near six-year lows. By not reducing output, "we are telling the market and other producers that they need to be rational and like OPEC, they need to look at growth in the...

  • *Egypt's GB Auto soars on rights issue, investment plans. DUBAI, Jan 12- Gulf stock markets ran out of steam on Monday after several strong sessions as oil prices fell by more than $1 a barrel, although positive fourth-quarter corporate earnings supported individual stocks. Brent crude traded below $49 after analysts at Goldman Sachs cut their average forecast...

  • SINGAPORE, Jan 12- Even as Saudi Arabia and its Gulf OPEC allies appear united in their refusal to cut output to boost global oil prices, they are becoming locked in an increasingly fierce battle to secure market share in Asia. The United Arab Emirates last week joined Kuwait and Iraq in pricing crude they sell to Asia below that of OPEC's top producer Saudi Arabia.

  • *Property stocks lead gains in Dubai. DUBAI, Jan 11- Most Gulf stock markets maintained their positive momentum on Sunday, supported by good corporate news, but major petrochemical producer Industries Qatar tumbled and dragged down the Doha bourse after announcing a dividend cut. Industries Qatar plunged its daily 10 percent limit as Qatar's index dropped 2.4...

  • *Oil plunge may cost GCC several hundred bln dlrs in 2015. DUBAI, Jan 11- It's a weekend morning at the Dubai Mall, a glitzy complex with 1,200 stores, and the shoppers are pouring in. With passenger arrivals at Dubai's airport at record highs, retailers expect a good month.

  • *Bourse merger speculation lifts Dubai's DFM. DUBAI, Jan 8- Gulf stock markets extended gains on Thursday after oil rebounded slightly from its Wednesday low and several companies made positive announcements. Supported by a fall in U.S. crude oil inventories, Brent futures traded above $51 per barrel on Thursday after briefly dropping below $50 in the previous...

  • *Kuwait's Al Qurain Holding plunges ahead of delisting. DUBAI, Jan 7- Most Gulf stock markets rebounded on Wednesday after suffering sharp losses earlier in the week because of the renewed slide in oil prices. Saudi Arabia's main index rose 0.9 percent with most stocks in the black, including petrochemical producers such as Saudi Basic Industries, the kingdom's...

  • BEIJING, Jan 7- Tumbling world oil prices sparked a buying spree by China that led to record crude imports in December, according to Reuters estimates that suggest the top energy consumer doubled the oil put aside for strategic reserves in 2014 compared with 2013.. The figures indicate that thanks to the doubling of surplus oil in its system last year, China is...