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Business United Arab Emirates

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  • DUBAI, United Arab Emirates— A large fire broke out Sunday in the basement of a sprawling residential complex in Saudi Arabia's oil-rich east, killing at least seven people and injuring more than 200, civil defense officials in the kingdom said. The Interior Ministry's General Directorate of Civil Defense said the casualties involved victims of various...

  • Russia's Putin hosts Middle East leaders at air show Tuesday, 25 Aug 2015 | 12:56 PM ET

    MOSCOW— Russian President Vladimir Putin has played host to the king of Jordan and the crown prince of Abu Dhabi on the first day of Russia's main aviation and space show. In opening the International Aviation and Space Salon, or MAKS, Putin said Tuesday the six-day show near Moscow would see the signing of a series of "serious agreements." Putin was joined by...

  • *GCC bonds outperformed other emerging markets for years. DUBAI, Aug 25- International bonds from the Gulf's wealthy energy-exporting countries are losing some of their safe-haven status as an era of low oil prices looms. For several years, bonds from the six-nation Gulf Cooperation Council appeared almost immune to global instability, handily...

  • CAIRO— Egypt's stock market fell to its lowest level in almost two years on Sunday, as global markets sag and investors sober up from a buying binge surrounding a much-hyped economic conference last spring, analysts said. "It's a global sell-off; there's lack of foreign investments, given the macro-economic headwinds," said Amr Elalfy, global head of research at...

  • CAIRO, Aug 23- A state oil firm loyal to Libya's official government based in the east of the country has invited foreign oil firms to discuss existing oil purchase contracts at a conference in Dubai next month, it said in a statement. The move is a fresh attempt by Libya's internationally recognised government to control state oil firm NOC, which is at the centre of...

  • DUBAI, United Arab Emirates— Stock markets in Saudi Arabia and Dubai closed around 7 percent lower on Sunday on the back of a further slide in oil prices. Dubai's main index closed 6.96 percent lower on its opening day of trading for the week. Sunday was the first day of trading in the Middle East after Brent crude, a benchmark for international oil, fell more than a...

  • Mood sours among Saudi businessmen as oil slides Sunday, 23 Aug 2015 | 7:36 AM ET

    *Economy still growing, state has big fiscal reserves. RIYADH/ KHOBAR, Saudi Arabia, Aug 23- Saudi Arabian entrepreneur Essam al-Zamel has overcome many obstacles to found a string of technology companies in the past decade, but he thinks sliding oil prices will be hard to handle. "A black economic cloud is covering the skies of Saudi Arabia," Zamel tweeted last week,...

  • TAKE A LOOK-China's rising oil trading might Thursday, 20 Aug 2015 | 9:24 PM ET

    SINGAPORE, Aug 21- China is increasingly dominating Asian oil trading in the latest sign that its huge consumption is starting to show in markets and gives it the ability to influence prices. Leading Chinese oil traders have cornered the market on several occasions since October last year, as China's state-controlled Chinaoil and Unipec trade such high...

  • Chinese trading rivalry ruffles Asian oil markets Thursday, 20 Aug 2015 | 5:00 PM ET

    *Chinaoil, Unipec face off in Asia crude trade. BEIJING/ SINGAPORE, Aug 21- An intensifying rivalry between China's two top oil traders Chinaoil and Unipec is whipsawing Asia's oil market, pitting the state-owned firms against each other in a battle for control of the region's crude benchmark. Aggressive trading- with heavy buying by Chinaoil met by selling from...

  • FACTBOX-China's top two oil traders Thursday, 20 Aug 2015 | 5:00 PM ET

    BEIJING, Aug 21- An intensifying rivalry between China's two top oil traders Chinaoil and Unipec is whipsawing Asia's oil market, pitting the state-owned firms against each other in a battle for control of the region's crude benchmark. *Trading desk: Unipec has 400 staff with trade hubs in Beijing, Hong Kong, Singapore, London and New York. Hong Kong and London...

  • *Qatar, Kuwait join regional sell-off. DUBAI, Aug 20- Most Middle East stock markets fell on Thursday as oil prices and global emerging market equities extended their slump, but Saudi Arabia bounced off an eight-month low and edged up after dropping for seven sessions in a row. In a Reuters poll at the end of July, Middle East asset managers were most bearish on the...

  • DUBAI, Aug 20- Saudi Arabia's riyal fell in the forwards market on Thursday as oil prices dropped and Saudi equities fell, prompting some traders to hedge against the risk of the riyal's peg to the U.S. dollar eventually coming under pressure. One-year dollar/Saudi riyal forwards jumped as high as 305 points, their highest level since March 2003, from Wednesday's...

  • *Longer-term money rates, dollar/riyal forwards surge. DUBAI, Aug 16- Turmoil in the Saudi Arabian money markets suggests that financing the government's budget deficit in an era of cheap oil may not be smooth as banks worry about the risk of a liquidity squeeze. The government sold 20 billion riyals of riyal bonds to banks last Tuesday to help to cover a huge...

  • DUBAI, Aug 13- Abu Dhabi state investment fund Mubadala is seeking to refinance a $1 billion loan that helped back the construction of a campus at the emirate's Zayed University, three sources familiar with the matter said on Thursday. National Bank of Abu Dhabi and Abu Dhabi Commercial Bank are leading the refinancing, according to the first two sources.

  • TAQA, which is 74.1 percent owned by the Abu Dhabi government and which reports second-quarter earnings on Thursday, declined to comment. The DMO needs to approve fundraising by Abu Dhabi government-related entities under rules introduced to prevent excessive borrowing by state companies in the wake of Dubai's debt problems at the turn of the decade.

  • *Foreign reserves drop as finance ministry covers deficit. DUBAI, Aug 12- A former senior official at Saudi Arabia's central bank says he believes the kingdom may soon. The Saudi Arabian Monetary Agency manages the vast bulk of petrodollars earned by the world's top oil exporting country; net foreign assets at the central bank totalled $664.5 billion in June.

  • DUBAI, Aug 11- Emirates Airline said Tuesday that state-owned Gulf Arab airlines were not to blame for overcapacity on services between the United States and Dubai, rejecting criticism by U.S. carrier Delta Air Lines. Delta said Sunday it had reduced flights between Atlanta and Dubai this winter, blaming overcapacity on U.S. routes to the Middle East by...

  • DUBAI, Aug 11- Emirates Airline said on Tuesday that Gulf airlines were not to blame for overcapacity on services between the United States and Dubai, rejecting comments at the weekend by U.S. carrier Delta Air Lines. Delta said on Sunday that it was reducing flights between Atlanta and Dubai this winter, blaming overcapacity on U.S. routes to the Middle East by...

  • China strengthens hold over oil market as price maker Tuesday, 11 Aug 2015 | 6:46 AM ET

    *China's crude import costs more than halved to $10 billion/ month. SINGAPORE, Aug 11- China's growing ability to buy and sell millions of barrels of crude oil on the Asian physical market in a matter of minutes through its main trading firms has given China so much clout that other traders are often forced to follow its agreed prices. Early this month, Chinaoil, the...

  • KHOBAR/ DUBAI, Aug 9- Saudi Arabia could raise up to 20 billion riyals from bonds on Monday, opening its sale to commercial banks for the first time since it returned to the debt market last month to fill a budget gap caused by falling global oil prices. Debt-averse Saudi Arabia, the world's top oil exporter, sold bonds last month for the first time since 2007 and plans...