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  • *Saudi Arabia also boosted by lavish royal payout. DUBAI, Feb 1- Saudi Arabia's stock market rose sharply on Sunday after King Salman ordered a lavish payout to state employees and oil prices jumped on reports of declining U.S. drilling activity. Petrochemicals giant Saudi Basic Industries, up 7.8 percent, was the main support on Sunday.

  • DUBAI, Feb 1- Large global sugar stocks built up during years of oversupply are finally beginning to shrink as low prices curb production and consumption edges higher but the industry's outlook remains challenging, participants at a major conference said on Sunday. The outlook for sugar refiners remains difficult, however, with the premium for refined over...

  • *Payout may total up to 70 billion riyals. DUBAI, Jan 31- A lavish payout to public employees ordered by Saudi Arabia's new King Salman will help to sustain the kingdom's consumer boom and reassure financial markets that the government is not slashing expenditure in the face of low oil prices. The announcement did not give a monetary figure, but Saudi Arabia's 860...

  • DUBAI, United Arab Emirates— Qatar Airways said Friday it has bought nearly 10 percent of the parent company of British Airways and Spain's Iberia, deepening wealthy Qatar's business ties to Europe and intensifying competition with the airline's fast-growing Gulf rivals. "It makes sense for us to work more closely together in the near term and we look forward...

  • DUBAI, Jan 29- Royal Bank of Scotland plans to sell or close its corporate debt and debt capital markets business in the Middle East and Africa, the latest pullback by the state-controlled lender from emerging markets to focus on its domestic business. This came on top of confirmation in November it was reviewing its options across its Central and Eastern Europe,...

  • *Saudi Arabia's petchems, banks retreat. DUBAI, Jan 29- Saudi Arabia's stock market pulled back on Thursday after gaining strongly earlier in the week, while disappointing dividends and earnings weighed on other Gulf markets. Petrochemicals major Saudi Basic Industries dropped 2.6 percent and Samba Financial Group lost 1.0 percent.

  • PARIS/ DUBAI, Jan 29- Total became the first oil major to renew a 40- year onshore concession in Abu Dhabi, putting its peers under pressure to improve terms after the local partner said the French firm made the best offer. The state-run Abu Dhabi National Oil Company signed an agreement on Thursday with Total giving the firm a 10 percent stake in the new concession...

  • LONDON, Jan 29- Standard Chartered's board will discuss succession planning at a meeting in Washington, D.C., on Thursday, people familiar with the matter said. It was inevitable issues around the succession of Chief Executive Peter Sands would come up, two people familiar with the matter said. The former McKinsey consultant steered Standard Chartered through...

  • PARIS/ DUBAI, Jan 29- State-run Abu Dhabi National Oil Company signed an agreement on Thursday with Total giving the French oil major a 10 percent stake in a new 40- year onshore concession to help operate the United Arab Emirates' biggest oilfields. Nine Asian and Western firms had bid for stakes in the Abu Dhabi Company for Onshore Oil Operations concession...

  • *Strong Q4 results lift banks in Kuwait, Abu Dhabi, Oman. *Egypt's EFG Hermes tumbles as unit plans to sell its shares. DUBAI, Jan 28- Saudi Arabia's stock market gained strongly for a second straight day on Wednesday as oil prices rebounded from the day's lows, reinforcing a growing perception among investors that they have found a floor.

  • Jan 28- Burger chain Shake Shack Inc now expects its initial public offering to be priced at $17- $19 per share, up from $14- $16 expected earlier, valuing the company at up to $674.5 million. The company's international outlets include those in Dubai, Istanbul, London and Kuwait. Shake Shack's offering follows a string of successful IPOs by casual dining chains last...

  • *UAE markets stabilise after sell-off. DUBAI, Jan 27- Saudi Arabia's petrochemicals sector surged on Tuesday after OPEC's secretary-general said oil prices might have bottomed out and warned of a jump to $200 a barrel if investment in new supplies became too low. The main Saudi stock index jumped 2.4 percent in the heaviest trade this month, as shares in...

  • Dubai's airport operator released figures Tuesday showing that 70.5 million passengers streamed through the sparkling halls of Dubai International last year. Dubai Airports CEO Paul Griffiths predicts Dubai International will handle a record 79 million passengers this year as it offers "more flights connecting more people to more destinations."

  • Heathrow hosted 68.1 million international passengers in 2014, up 1.2 percent, a Heathrow spokeswoman said. A commission is due to make final proposals by this summer, choosing between three options: a third runway at Heathrow, an extension to an existing Heathrow runway, or a second runway at Gatwick Airport. But lack of capacity at Heathrow means we have...

  • DUBAI, United Arab Emirates— Several airlines suspended flights to Baghdad on Tuesday after a passenger plane arriving from the Mideast's busiest airport in Dubai came under fire as it landed in the Iraqi capital. All passengers were able to disembark normally and none required medical attention at the airport, the Dubai government-owned carrier said.

  • Turkish Airlines and Airbus declined to comment. A senior executive at the airline said last week it was considering expanding its fleet and was studying a list of Airbus and Boeing models including the A380. Fast-growing Turkish Airlines has long been on Airbus's target list as a potential customer for the aircraft.

  • *Abu Dhabi Islamic Bank plunges after Q4 results disappoint. DUBAI, Jan 26- Saudi Arabia's stock market rose on Monday as it traded for the first time since King Salman succeeded his brother Abdullah, who died on Friday. After swiftly assuming power, King Salman pledged continuity in energy and foreign policies and appointed younger men as his heirs, appearing to...

  • Every January, Dubai is decked out in lights, banners and roadside ornaments heralding the event. Dubai, one of seven federal states in the United Arab Emirates, has far smaller oil reserves than the capital Abu Dhabi, and its economy relies heavily on retail, tourism and international trade. Russian travel operators in Dubai reported a sharp drop in the number of...

  • *King Salman faces biggest economic challenge since global crisis. Saudi Arabia can no longer throw money at problems in same way. King Salman, who took the throne in the early hours of Friday after the death of his brother King Abdullah, inherits an economy that faces its biggest challenge since the global financial crisis in 2009..

  • By appointing his youngest half-brother Muqrin, 69, as Crown Prince and nephew Mohammed bin Nayef, 55, as Deputy Crown Prince, Salman has swiftly quelled speculation about internal palace rifts at a moment of great regional turmoil. Salman, thought to be 79, takes over as the ultimate authority in a country that faces long-term domestic challenges compounded...