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United Arab Emirates

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  • Emirates airline H1 profit up 8 percent to $514M Wednesday, 12 Nov 2014 | 4:16 AM ET

    DUBAI, United Arab Emirates— The Middle East's biggest airline, Emirates, says it earned $514 million in the first six months of its fiscal year as it grew its fleet and more passengers and fuller planes pushed its sales higher. The fast-growing Dubai- based carrier said on Wednesday that its earnings for the April to September period were 8 percent higher than the...

  • Pakistan postponed stake sale in energy firm after IMF nod Wednesday, 12 Nov 2014 | 12:48 AM ET

    ISLAMABAD, Nov 12- The last minute halt in the much-anticipated sale of state shares in Pakistan's largest energy firm was prompted by an unlikely source- the International Monetary Fund. The IMF has been encouraging Pakistan to reform the energy sector, expand the tax base and privatise loss-making state industries by making those conditions for a $6.7...

  • *Valuations may make Dubai bonds most vulnerable. Oil and gas production account for nearly half of economic output in the six Gulf Cooperation Council nations, some three-quarters of exports, and an even higher ratio of state revenues. Saudi Arabia may even post a budget deficit; the International Monetary Fund has estimated it will need an average oil price of...

  • *Dubai Parks and Resorts in $2.9 billion project. DUBAI, Nov 11- A Dubai company plans to launch a $689 million initial public offer of shares this month as it builds a $2.9 billion amusement park complex which is key to the emirate's drive to expand as an international tourist destination. Dubai Parks and Resorts, part of the government-owned Meraas investment...

  • LONDON, Nov 10- Serco turned to its investors for emergency cash on Monday after writing off 1.5 billion pounds and slashing profit forecasts, sending shares plummeting by a third. Shares fell as much as 35 percent, wiping some 600 million pounds off Serco's market capitalisation, with some analysts concerned that this might not be the end of the bad news.

  • *OPEC cut unlikely- Kuwait oil minister. LONDON, Nov 10- Brent crude rose by $1 towards $85 a barrel on Monday, climbing for a second straight session as protests in Libya disrupted supply and the U.S. dollar fell away from four-year highs. "We see an average of around 500,000 barrels a day out of Libya next year, and we could see dips down to 200,000 barrels a day," said...

  • *OPEC cut unlikely- Kuwait oil minister. LONDON, Nov 10- Brent crude rose by $1 to above $84 a barrel on Monday, climbing for a second straight session as protests in Libya disrupted supply and the U.S. dollar fell away from four-year highs. "These developments highlight the ongoing chaos in Libya, and we should see a production level of 600,000 to 700,000 barrels a day...

  • ABU DHABI, Nov 6- The Abu Dhabi fund which owns a major stake in Virgin Galactic will wait for results of the probe into last week's fatal crash before deciding on its commitment to the project, a source with knowledge of the matter told Reuters on Thursday. The backing of deep-pocketed Aabar Investments, run by the Abu Dhabi government, may be crucial to Virgin...

  • NASDAQ Dubai to promote Egyptian firms' dual listings Thursday, 6 Nov 2014 | 5:08 AM ET

    "This will reduce risk for investors," Salam told reporters, estimating that UAE investment in Egypt's stock market now totalled about 14 billion Egyptian pounds. He declined to comment on specifics, but Amsterdam- listed OCI, controlled by Egypt's billionaire Sawiris family, said on Thursday it planned to spin off its construction and engineering business and...

  • BHP's U.S. oil export plan met by caution in Asia Thursday, 6 Nov 2014 | 3:02 AM ET

    SINGAPORE, Nov 6- Asian buyers of condensate said they would be wary of taking cargoes of the ultra-light oil that BHP Billiton Ltd plans to export from the Gulf of Mexico without explicit approval from the U.S. government. South Korea's GS Caltex and Japan's Cosmo Oil Co were the first Asian refiners to buy U.S. condensate after the United States relaxed a 40- year...

  • LONDON, Nov 5- Oil's tumble to new four-year lows on Wednesday prompted a heavy selloff of stocks and bonds in energy-producing emerging markets from the Middle East to Russia, while importer countries like India enjoyed the prospect of cheaper fuel. "We're going to start seeing some secondary effects of the oil price," said Ilan Solot, a strategist at Brown...

  • DUBAI, Nov 5- The government of the emirate of Abu Dhabi is looking at ways to reform its system of subsidies for electricity and water, a senior International Monetary Fund official told Reuters on Wednesday, in what would be a landmark move by the emirate. "We discussed it here at the policy level, particularly with the Abu Dhabi government, which indicated they are...

  • What countries lose when oil prices drop Tuesday, 4 Nov 2014 | 3:13 PM ET
    Oil workers conduct a drill in a petroleum well in Lagunillas at the east coast of Lake Maracaibo near Maracaibo City in Venezuela.

    Countries around the world that rely on oil revenues are bracing for an imminent economic and budget hit.

  • JEDDAH, Saudi Arabia, Nov 4- Saudi Arabia should set up a sovereign wealth fund to protect itself from sliding oil prices by earning higher returns from its foreign reserves, Saudi billionaire Prince Alwaleed bin Talal said on Tuesday. Brent crude oil futures sank more than $2 a barrel on Tuesday to a four-year low of $82.32, a day after Saudi Arabia cut its official...

  • *Coincides with other Qatar investment deals with China. Industrial and Commercial Bank of China's Doha branch has been appointed as the clearing bank for yuan deals in Qatar, China's central bank said on Tuesday. "The signing of the MoU and the appointment of the renminbi clearing bank will increase the strong ties between China and Qatar and position Qatar as...

  • LAUNCESTON, Australia, Nov 4- The decision by Saudi Aramco to reverse most of its discount for crude shipped to Asia is being viewed as a sign that the Middle East's biggest producer is now more keen to support oil prices. Saudi Aramco raised its Official Selling Price for December cargoes of its main Arab Light grade to Asia to a discount of 10 cents a barrel to...

  • *This is down from 6.68 billion riyals previously. DUBAI, Nov 3- Saudi Arabia's bourse regulator launched an investigation into Mobily on Monday after the telecoms firm restated a year and a half of its earnings, months before the kingdom is due to open its stock market to direct foreign investment. Saudi Arabia ranked highest among the five main Middle East...

  • BEIJING/ DUBAI, Nov 3- China's central bank has signed a 35 billion yuan currency swap deal with its Qatari counterpart, in a step towards expanding use of the Chinese yuan in a region long dominated by the U.S. dollar. The United Arab Emirates signed a three-year currency swap arrangement with China in 2012 that was similar in size to Qatar's. Gulf Arab countries...

  • *This is down from 6.68 billion riyals previously. DUBAI, Nov 3- Saudi Arabia's No.2 telecommunications operator Mobily restated a year and a half of earnings due to accounting errors on Monday and posted a shock plunge in profit, months before the kingdom is due to open its stock market to direct foreign investment. "This may be a temporary glitch as Mobily has...

  • *This is down from 6.68 billion riyals previously. DUBAI, Nov 3- Saudi Arabia's Mobily reported a 71 percent tumble in third-quarter net profit on Monday and also restated its profits for the preceding 18 months due to what it said was a timing error in recognising revenue from a promotional campaign. Mobily made a net profit of 472 million riyals in the three...