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Business United Arab Emirates

  • NEW YORK, April 20- Alphabit, a global fund that invests in digital currencies, has been launched with a target of $300 million, co-founder Liam Robertson said in an interview, as managers seek to tap growing demand for virtual assets that allow for instant, borderless transactions. A handful of digital currency funds have emerged over the past year, including...

  • *Iraq could ask to be exempted- senior Iraqi politician. ABU DHABI, April 20- Leading Gulf oil exporters Saudi Arabia and Kuwait gave a clear signal on Thursday that OPEC plans to extend into the second half of the year a deal with non-member producers to curb supplies of crude. "Russia is on board preliminarily...

  • *Egypt's Orascom Construction up on new U.S. facility. DUBAI, April 20- Profit-taking and weak first-quarter earnings weighed on Gulf stock markets on Thursday, with Saudi Arabia's index pulled lower by petrochemical shares after oil prices fell sharply, but Dubai's Union Properties and Abu Dhabi's TAQA bucked the trend. Union Properties, however, leapt 5.8...

  • Those findings come as the semi-annual gathering of finance officials from the International Monetary Fund, the World Bank and the Group of 20 major economies kicks off in Washington, where the case against protectionist trade policies is expected to be a major theme. "For the first time in five years, all the major economies seem to be growing in sync," noted Ajay...

  • In his first interview since announcing the cutbacks, Tim Clark told The Associated Press that the Mideast's biggest carrier has no intention of pulling out of the 12 U.S. cities to which it currently flies. Emirates said Wednesday it was cutting 25 of the 126 weekly flights it operates into the U.S. from Dubai starting next month. Emirates' base at Dubai...

  • ABU DHABI, April 20- European fund manager Ardian will invest $2.5 billion in private equity funds run by Mubadala Capital, an arm of Abu Dhabi's state fund Mubadala, the companies said on Thursday, the first time Mubadala has accepted capital from a third-party investor. The deal will see Ardian invest $1.75 billion to take a majority stake in S $2.5 billion...

  • ABU DHABI, United Arab Emirates— Saudi Arabia's oil minister on Thursday suggested that production cuts agreed to by OPEC members and countries outside of the cartel may need to continue to help shore up crude oil prices. "There is an initial agreement but it has not been communicated to all the countries yet that we might be forced to extend in order to reach our...

  • DUBAI, United Arab Emirates— Emirates, the Middle East's largest airline, slashed its flights to the United States by 20 percent Wednesday, blaming a drop in demand on tougher U.S. security measures and Trump administration attempts to ban travelers from some Muslim-majority nations. The Dubai government-owned carrier's decision is the strongest sign yet...

  • Foreign companies have been vying for contracts in Iran since economic sanctions were lifted last year in return for Tehran curbing its nuclear program. "We are in very, very intense discussions, actually almost on a weekly basis," Karsten Zang, Lufthansa's regional director for the Gulf, Iran, Pakistan and Afghanistan, said at a press briefing in Dubai.

  • *Qatar underperforms; all blue chips have paid 2016 dividend. DUBAI, April 19- Construction-related shares underperformed Riyadh's stock market on Wednesday because of poor first-quarter earnings, though troubled Dubai builder Arabtec jumped after shareholders approved a capital restructuring plan. Riyadh- listed Arabian Cement slid by 5 percent after...

  • ABU DHABI, United Arab Emirates— The head of OPEC says oil producers are seeking sustainable stability in crude markets as they consider whether to extend output curbs. Members of the Organization of the Petroleum Exporting Countries and 11 non- OPEC producers last year agreed to take a combined 1.8 million barrels of oil off the market per day through the first...

  • Foreign companies have been vying for contracts in Iran since economic sanctions were lifted last year in return for Tehran curbing its nuclear technology development projects. "We are in very, very intense discussions, actually almost on a weekly basis," said Karsten Zang, Lufthansa's regional director for the Gulf, Iran, Pakistan and Afghanistan, at a press...

  • Compliance level from OPEC, non-OPEC indicates level of trust: UAE Energy Min

    UAE Energy Minister Suhail Mohamed Faraj Al Mazrouei comments on the level of compliance by OPEC and non-OPEC members when it comes to cuts in production.

  • Oil is a big market in the US: UAE Energy Min

    UAE Energy Minister Suhail Mohamed Faraj Al Mazrouei comments on the supply and demand balance in the energy market, with specific discussion on the U.S.

  • Will be tough to hit $60 oil as an average: UAE Energy Min

    UAE Energy Minister Suhail Mohamed Faraj Al Mazrouei takes a look at the oil price and where it could be heading in 2017, following recent analyst calls.

  • DUBAI, United Arab Emirates— A privately owned Dubai satellite television channel is shutting down amid an economic slowdown caused by low oil prices. The channel is owned by BinHendi Enterprises, a private firm with a variety of interests in retail and other industries. The TV channel's demise brings more media job losses to the oil-rich United Arab Emirates, a...

  • *OPEC may face pressure to extend production cuts. Benchmark Brent crude futures were down 4 cents at $55.32 at 0649 GMT. They ended a quiet session on Monday down 53 cents at $55.36, after rising the three previous weeks.

  • "Customers should pay close attention their own security and take security into consideration when selecting a service bureau and working with other third-party providers, SWIFT, also known as the Society for Worldwide Interbank Financial Telecommunication, said in a press release published on its website. A hacking group calling itself the Shadow...

  • NEW YORK, April 17- Crude oil prices slipped on Monday in subdued trading after a long holiday weekend following three straight weeks of gains, but strong economic growth in China and a weaker dollar limited losses. Strong March investment, retail sales and exports all suggested China, the world's No. 2 oil consumer, may carry solid economic momentum into spring.

  • *To use deal proceeds to pay off $850 mln of debt. April 17- Williams Partners LP said on Monday it would sell its stake in a unit that owns 88.46 percent of an olefins plant in Louisiana to Nova Chemicals for $2.1 billion in cash, as part of the pipeline operator's efforts to focus on natural gas. Williams Partners, which put the Geismar, Louisiana plant on the block in...