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Business United Arab Emirates

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  • BRISBANE, Australia— Etihad Airways said Friday that it will continue to fight a lawsuit by a passenger who says he was left with back pain because he was seated beside an overweight man on a 14- hour flight from the United Arab Emirates to Sydney. James Bassos, of Brisbane, is suing the Abu Dhabi- based airline in the Queensland state District Court over a permanent...

  • LONDON, July 30- Specialist insurance market Lloyd's of London said on Thursday it planned to apply for an onshore reinsurance license and open an office in Malaysia, as part of its push into emerging markets. In Asia, Lloyd's already has an office in Singapore and it opened an office in Dubai earlier this year. Nelson said around $130 million in business was...

  • CAIRO— A Cairo court on Thursday postponed the final verdict in the retrial of three Al-Jazeera English reporters for next week, in a blow to the defendants and human rights activists who had expected a resolution to the long-running case. The Qatar- based Al-Jazeera said it was outraged that the verdict has been adjourned and hoped for a swift end to the...

  • DUBAI, July 29- On the first visit to Iran for 12 years by a French foreign minister, Laurent Fabius conveyed an invitation from President Francois Hollande to Iran's President Hassan Rouhani to visit France in November, Iranian media said. France hopes to secure business in Iran once Western sanctions are lifted under the nuclear deal, and Fabius said last week...

  • PARIS, July 29- French oil company Total posted higher than expected second-quarter profit on Wednesday, helped by increased refining margins in Europe and accelerated cost cuts to adjust to a low oil price environment. Europe's second biggest oil company reported adjusted net profit of $3.085 billion, beating analyst expectations of $2.61 billion and only...

  • BEIJING/ SINGAPORE, July 29- Any attempt by Iran to sell to China millions of barrels of ultra light crude built up in tankers over the last 2-1/ 2 years of sanctions is likely to be thwarted by poor refining margins and an outage at a major importer of the oil. Traders and company officials say Iran has little choice but to target China to buy the crude known as...

  • Dubai launches expansion of Mideast's biggest port Tuesday, 28 Jul 2015 | 10:11 AM ET

    DUBAI, United Arab Emirates— The Middle East's biggest sea port is growing. Dubai port operator DP World said on Tuesday it is beginning a $1.6 billion expansion of the Gulf commercial hub's sprawling Jebel Ali port. Jebel Ali is the centerpiece of government-backed DP World's network of more than 65 marine terminals around the world.

  • DUBAI, United Arab Emirates— The United Arab Emirates has slashed gasoline subsidies, announcing Tuesday that it will raise the cost of a liter of regular gasoline by 24 percent amid globally low oil prices that have cut into the country's revenues. Starting Aug. 1, drivers will pay 2.14 dirhams per liter of gasoline at the pump instead of 1.72 dirhams, or about...

  • LONDON, July 28- Emerging stocks languished near a two-year low on Tuesday after Chinese shares took another beating while currencies, mired around multi-year lows, were pulled in different directions by the rising dollar and falling oil prices. MSCI's emerging market stock index was flat after Chinese shares closed down 1.7 percent with Beijing scrambling...

  • LAUNCESTON, Australia, July 28- Weakness in global oil benchmark Brent has prompted China to buy more crude from Africa. For the Angolans, the large boost in July exports to China will be a welcome change, as they lost their number two spot behind Saudi Arabia in the first six months of 2015 to Russia, according to Chinese customs data. China imported 19.011 million...

  • *Most insurers in Reuters survey say Iran attractive market. LONDON/ SYDNEY, July 26- Western and Middle East insurance specialists see Iran as an appealing $8 billion market in the wake of its nuclear deal with world powers, though uncertainty over when sanctions on Tehran will be lifted means they are treating the country with caution. Under the accord reached...

  • *Accounted for 45 pct of Dubai's June trading volume. DUBAI, July 23- A surge in shares of Amlak Finance since they returned to Dubai's stock market last month has raised concerns about a new wave of unbridled speculation on one of the region's biggest exchanges. Amlak accounted for 45 percent of total traded value on Dubai's bourse in June, eclipsing much bigger...

  • Washington Post seeks UN agency help in freeing reporter Wednesday, 22 Jul 2015 | 9:45 AM ET

    WASHINGTON— The Washington Post has filed an urgent petition with the United Nations in the hopes that the institution will pressure Iran to release journalist Jason Rezaian, the newspaper's top editor and lawyers told U.S. reporters on Wednesday. The Post's lawyers and his family have denied the allegations and say Iran has no credible evidence to keep...

  • UAE to scrap subsidized price controls on fuel Wednesday, 22 Jul 2015 | 5:49 AM ET

    DUBAI, United Arab Emirates— Drivers in the car-loving Emirati cities of Dubai and Abu Dhabi can no longer count on below-market rates at the pump after the OPEC nation unveiled plans Wednesday to scrap existing fuel price controls, starting next month. The surprise move announced by the Ministry of Energy comes as the oil-rich United Arab Emirates, the...

  • ABU DHABI, July 22- The United Arab Emirates said it would let domestic fuel prices move more freely in a politically sensitive reform that could save the government billions of dollars and begin reducing the wealthy country's love of gas-guzzling cars with big engines. Cutting subsidies and letting fuel prices rise could boost UAE state finances, which have...

  • TEHRAN, Iran— The lawyer of a Washington Post journalist detained in Iran said Monday that the next hearing in his espionage trial likely will be the last, though she's still uncertain when that will be. Bureau chief Jason Rezaian, 39, has been held almost a year and has faced three other closed-door hearings in its trial in a Revolutionary Court in Tehran, even as...

  • DUBAI, United Arab Emirates— The developer of a branch of the Louvre being built in the Emirati capital says one of the workers on the project has died in the first such incident on the project. The government-backed Tourism Development and Investment Company said in a statement Monday that the worker died in June. The Louvre is part of an ambitious cultural...

  • Foreign investors try to tap into Iran Monday, 20 Jul 2015 | 1:00 AM ET

    LONDON/ NEW YORK, July 20- A few investors are racing to establish funds for Iran following last week's nuclear deal with world powers, and many others are tapping into multinationals already present in the $400 billion economy. Brokerage Renaissance Capital predicts $1 billion will flow into Iran in the first year after sanctions end, although that is not...

  • While it will likely be months before sanctions on Iran ease, business and political leaders are wasting no time in trying to tap into a large and what they hope will be a lucrative Iranian market. Airlines in Dubai are fast adding new Iran routes to meet growing demand. Deal or no deal, U.S. sanctions not related to the nuclear program will still be in place and bar...

  • DUBAI, July 16- Bond issues by Saudi Arabia's government are expected to be worth tens of billions of dollars by the end of 2015 as the state ramps up debt sales to plug a hole in finances created by low prices for oil exports. Central bank governor Fahad al-Mubarak announced last week that Riyadh had sold its first sovereign bonds since 2007, a 15 billion riyal...