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Business United Arab Emirates

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  • 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...

  • At $50 oil, spending cuts could be postponed three years. DUBAI, Aug 9- Pressure on Saudi Arabia's state finances is mounting as oil prices fall but the latest official figures suggest the world's top crude exporter still has at least several years before it faces a budget crunch. Brent oil sank last week below $50 a barrel, near six-year lows, from $70 three months...

  • *Deal excludes OCI's production plants in Egypt and Algeria. Aug 6- U.S. fertilizer maker CF Industries Holdings Inc said it will buy OCI NV's North American and European plants for about $6 billion, nearly ten months after the U.S. company's merger talks with Yara International ASA fell apart. CF, which is also assuming $2 billion of OCI's debt, will become a...

  • Aug 6- CF Industries Holdings Inc said it will buy OCI NV's North American and Dutch plants for about $6 billion, nearly ten months after the U.S. company's merger talks with Yara International ASA fell apart. The deal, which excludes OCI's plants in Egypt and Algeria, is for OCI's nitrogen plants in Geleen in the Netherlands and Wever, Iowa besides the company's...

  • Aug 6- U.S. fertilizer producer CF Industries Holdings Inc said it will buy Netherlands- based rival OCI NV's North American and global distribution businesses in a deal valued at about $8 billion, including debt. The deal is for OCI's nitrogen plants in Geleen in the Netherlands and Wever, Iowa besides the company's interest in an ammonia and methanol complex in...

  • MUMBAI, Aug 6- Mumbai's commercial seaport, which handles over half the container traffic through India's major ports, is doubling capacity as Prime Minister Narendra Modi seeks to build an export powerhouse. The expansion, due to be completed in seven years, can't come quickly enough for Avinash Gupta, whose family business supplies steel forgings to Europe...

  • *Saudi, UAE, other money market rates start to rise. DUBAI, Aug 5- The days of very easy money are drawing to a close in the rich Gulf Arab oil-exporting economies as money market rates start to rise, partly because of the damage which cheap oil is doing to government finances. Loose liquidity created by inflows of oil money pushed short-term rates in Saudi Arabia, the...

  • DUBAI, Aug 5- The United Arab Emirates has started to open up the fixed-line consumer telecom market to competition, the head of No. 2 operator du said on Wednesday, after years of lobbying for the move. Du, which also met expectations with a small fall in second-quarter profit on Wednesday, ended Etisalat's mobile telecom monopoly in 2007 and both firms have long...

  • *Malaysia caps power investment at 49 pct. KUALA LUMPUR/ SINGAPORE, Aug 4- At least half a dozen suitors have bid for energy assets of Malaysia's debt-laden state fund 1 Malaysia Development Bhd, despite it being at the centre of the country's ongoing political crisis, according to four people familiar with the matter. Infrastructure companies in Malaysia and the...

  • *Oil hit by bearish Reuters July survey on OPEC oil. *5 rigs added this week to U.S. oil rig count- Baker Hughes. NEW YORK, July 31- U.S. crude posted its biggest monthly drop since the 2008 financial crisis on Friday after a string of losses in July triggered by China's stock market slump and signs that top Middle East producers were pumping crude at record levels.

  • DUBAI, Aug 2- Iran plans to buy as many as 90 planes per year from Boeing and Airbus to revamp its antiquated fleet once Western sanctions are lifted, its state news agency IRNA quoted a senior aviation official as saying on Sunday. "Iran will buy a total of 80-90 planes per year from the two aviation giants in the first phase of renovating its air fleet," said Mohammad...

  • Iran sees oil output up 1 mln bpd after curbs end Sunday, 2 Aug 2015 | 1:52 AM ET

    DUBAI, Aug 2- Iran expects to raise oil output by 500,000 barrels per day as soon as sanctions are lifted and by a million bpd within months, Oil Minister Bijan Zanganeh said in remarks broadcast on Sunday. According to a Reuters suvey of OPEC production, Iran produced 2.85 million bpd in July. A Reuters analyst said in July that Iran could increase its oil production...

  • 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...

  • 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...

  • 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...