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Business Middle East

  • DUBAI, Feb 25- The chairman of Dubai Holding, the investment vehicle of the emirate's ruler and a major force in developing the Dubai economy, has resigned to focus on his role in the national government, the conglomerate said on Saturday. As head of Dubai Holding since its founding in 2004, Mohammed Abdullah al-Gergawi came to oversee a $35 billion portfolio of...

  • *Egypt floated its pound currency in November. CAIRO, Feb 24- Egypt will receive in March the second $1 billion tranche of a $3 billion World Bank loan aimed at supporting a government economic reform program, Central Bank Governor Tarek Amer said late on Friday. Facing a gaping budget deficit, Egypt began a series of painful economic reforms and has been taking...

  • VANCOUVER, British Columbia— The furies unleashed by Donald Trump's rise to the U.S. presidency are shaking Vancouver, where a gleaming new Trump International Hotel and Tower is about to open. The 69- story building designed by one of Canada's most renowned architects has drawn praise for its sleek, twisting design. Joo Kim Tiah, who like the U.S. president is the...

  • The Canadian bank's move comes after several Western firms have withdrawn from private banking in Asia, hit by increasing pressure to reduce costs at home, slowing growth in the region and rising compliance costs. Most recently, Dutch lender ABN Amro Group agreed in December to sell its private banking operations in Asia and the Middle East, which has $20...

  • TEL AVIV, Israel _ Bio Blast Pharma Ltd. on Friday reported a loss of $3.1 million in its fourth quarter. On a per-share basis, the Tel Aviv, Israel- based company said it had a loss of 19 cents. Keywords: Bio Blast Pharma, Earnings Report.

  • *UAE taking steps to ensure full compliance- OPEC governor. LONDON, Feb 24- OPEC has so far surprised the market by showing record compliance with oil-output curbs and could do so further in coming months as the biggest laggards- the United Arab Emirates and Iraq- pledge to catch up quickly with their targets. Iraq and the UAE have delivered smaller portions of their...

  • *Many Saudis support oil firm Aramco's share offer. KHOBAR, Saudi Arabia/ DUBAI, Feb 24- Jamil Farsi, a prominent Saudi Arabian jewelry tycoon, made an impassioned plea to the investment minister at a meeting of the Jeddah Chamber of Commerce this month. Investment minister Majed al-Qasabi replied the economy would benefit from the sale of shares in national oil...

  • JAKARTA, Indonesia— Indonesia is hoping to ring up investment deals worth billions of dollars when Saudi Arabia's King Salman and an entourage of 1,500 officials, princes and businessmen visit the Indonesian capital next week. The March 1-9 state visit is the first to Indonesia by a Saudi monarch since 1970. Indonesia has been a source of workers for Saudi...

  • The Canadian bank's move comes after several Western firms have withdrawn from private banking in Asia, hit by pressure to reduce costs at home, slowing growth in the region and rising compliance costs. Most recently, the Netherlands' largest lender ABN Amro Group agreed in December to sell its private banking operations in Asia and the Middle East, which has $20...

  • CAIRO— Egyptians are bearing down under their worst inflation in a decade, cutting spending as much as possible as prices surge on basic food items, transport, housing, and even some essential medicines. The move was part of a reform package to secure an IMF bailout loan of $12 billion desperately needed to shore up investor confidence and overhaul the economy.

  • NEW YORK/ HOUSTON, Feb 24- Traders are turning the spigots to drain the priciest storage tanks holding U.S. crude stockpiles as strengthening markets make it unprofitable to store for future sale and cuts in global production open export opportunities. From Houston through Louisiana to floating storage in the Gulf of Mexico, traders are starting to ship crude...

  • Since then, political differences have emerged as the two Arab powers have diverged on the conflict in Syria, and an Egyptian court blocked the transfer of two Red Sea islands to Saudi Arabia which Cairo had agreed during Salman's visit. Al Ahly for Real Estate Development, Talaat Mostafa Group, Misr Italia, and Orbit Group were to build housing units in Saudi...

  • ISTANBUL, Feb 23- Iran said on Thursday an increase in oil prices to more than $55 per barrel was not in the interest of OPEC as it would lead to a rise in output by non- OPEC producers, the semi-official Fars news agency reported. "If oil prices specifically surge over $55 or $60 per barrel, non- OPEC producers will increase their crude production to benefit the most from...

  • *Largest energy project in Israel's history. TEL AVIV, Feb 23- Developers of the Leviathan natural gas field have approved a $3.75 billion investment in the first phase of the largest energy project in Israel's history, they said on Thursday. Texas- based Noble Energy owns 39.7 percent of Leviathan, while Delek Drilling and Avner Oil Exploration, subsidiaries of...

  • CAIRO, Feb 23- Egypt's Finance Ministry is recommending a tax on stock exchange transactions of 0.2 percent on both sellers and buyers, a senior ministry official told Reuters on Thursday. Egypt imposed a stamp duty on buyers and sellers in May 2013, collecting more than 350 million Egyptian pounds in revenue before the levy was replaced in July 2014 by a 10...

  • The windfall came after 12 years of waiting patiently for the Gwadar port to emerge as the centrepiece of China's ambitious plans for a trade and energy corridor stretching from the Persian Gulf, across Pakistan, into western Xinjiang. "We had anticipated the Chinese would need a route to the Arabian Sea," Rafi Group Chief Executive Shehriar Rafi told Reuters.

  • BERLIN, Feb 23- Germany posted a record budget surplus last year helped by rising tax revenues and employment and low debt costs, creating conditions for solid economic growth in 2017 underpinned by higher state and household spending. Under Germany's budget law, the federal government's surplus of 7.7 billion euros will go into a fund for refugee-related...

  • Since then, political differences have emerged as the two Arab powers have diverged on the conflict in Syria, and an Egyptian court blocked the transfer of two Red Sea islands to Saudi Arabia which Cairo had agreed during Salman's visit. Al Ahly for Real Estate Development, Talaat Mostafa Group, Misr Italia, and Orbit Group were to build housing units in Saudi...

  • BERLIN, Feb 23- Germany posted a record budget surplus last year helped by rising tax revenues and employment and low debt costs, creating conditions for solid economic growth in 2017 underpinned by higher state and household spending. Under Germany's budget law, the federal government's surplus of 7.7 billion euros will go into a fund for refugee-related...

  • TEL AVIV, Feb 23- Developers of the Leviathan natural gas field said on Thursday they had approved a $3.75 billion final investment decision on the first phase of the largest energy project in Israel's history. Texas- based Noble Energy owns 39.7 percent of Leviathan, while Delek Drilling and Avner Oil Exploration, subsidiaries of Israel's Delek Group, each hold...