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The prompt October/November spread climbed $1.25 to a backwardation of $10.25 a tonne, the highest in more than two weeks, according to Reuters data. Strong gasoline demand in the United States will see more naphtha being reformed into the transport fuel, instead of being sent to Asia.
DUBAI, Oct 1- Growth of premiums in Saudi Arabia's Islamic insurance industry has been slowing, but changes in the regulatory environment could reverse that trend in coming years.
KUWAIT, Oct 1- Banks in the United Arab Emirates will not be given an extension of the Sept. 30 deadline for them to limit their exposure to state-linked debt, a UAE central bank official said on Monday. Shamsi said the UAE central bank would deal on an individual, case-by-case basis with commercial banks on the issue of the deadline.
*Qatar Islamic Bank also in market, may issue sukuk this week. By Rachna Uppal DUBAI, Oct 1- Abu Dhabi- listed First Gulf Bank. FGB may soon be joined by another regional bank, Qatar Islamic Bank, which is expected to issue a sukuk this week, following investor meetings.
Saudi Arabia and the United Arab Emirates have opened new pipelines bypassing the Strait of Hormuz, the shipping lane that Iran has repeatedly threatened to close, in a move that will reduce Tehran’s power over oil markets, the Financial Times reports.
The vessel will open as the centrepiece of an entertainment village, including a maritime museum, in Port Rashid, where it has been berthed since it was retired from service in 2008.
Emirates Airlines reported a 72 percent drop in 2011 earnings on Thursday, with rocketing fuel prices cutting into profits.
In April, the HSBC UAE Purchasing Managers' Index rose to 53.5, the highest level since June 2011. The one-point increase is the strongest monthly gain since October of last year.
Big movements in the price of oil can have significant effects on the economy, and countries with the most oil within their borders are set to benefit, as demand for crude continues to rise.
About 20 jailed foreign businessmen have gone on hunger strike in Dubai to protest against lengthy sentences for writing checks that bounced, a criminal offence in the United Arab Emirates.
As drivers and teams prepare to travel to the Kingdom of Bahrain for the fourth race of the season, protests in the capital Manama reflect a political situation that is far from resolved. And it isn’t the first time Formula 1 has courted international condemnation in order to keep its racing schedule.
Dubai’s chief of police has thrust himself into a regional controversy, becoming the voice of Emirati opposition to the rising power of Islamists in the Arab world. The Financial Times reports.
European Central Bank liquidity measures are spurring investment in the Middle East, the head of an Abu Dhabi-based foreign exchange and commodities trading firm told CNBC Wednesday.
"Abu Dhabi is a very stable and long-term orientated environment," Mahmood Ebraheem Al Mahmood, CEO of ADS Securities, told CNBC, speaking from Abu Dhabi.
Abu Dhabi wants to see 23 percent of its gross domestic product coming from foreign investment, Mohammed Omar Abdullah, undersecretary, Abu Dhabi Department of Economic Development, told CNBC. "Abu Dhabi is considered as an attractive destination for investment," he added.
New information suggests that Iran’s oil production may not have fallen as much as other industry reports have speculated. The latest publication of data by the Joint Organizations Data Initiative (JODI) published on Sunday showed Iran produced 3.72 million barrels per day in January, marking the highest output since December 2008.
The 13th International Energy Forum (IEF) kicks off on Tuesday in Kuwait City, bringing to the table energy ministers from 88 countries around the world representing some 90 percent of global supply and demand
With the most recent data from the Energy Information Administration and the CIA World Factbook, here are the countries with the biggest proven oil reserves.
The Brookings Institution analyzed the financial data of the world’s largest metropolitan areas and uncovered some interesting findings. Check out which cities were the most productive.
Reports that Brazil might follow India in purchasing the Rafale jetfighter from French plane maker Dassault Aviation will not only benefit to Dassault, but will also help electronics group Thales, Francois Mallet, managing director head of equity at Kepler Capital Markets said on Monday.