Business United Arab Emirates

  • DUBAI, Oct 10- Banque Saudi Fransi:. *Q3 net profit 662 million versus 760 million riyals year-ago- statement. *Says Q3 profit drop 12.9 percent versus year-ago.

  • DUBAI, Oct 10- J.P. Morgan Chase Inc has hired Ahmed Saeed from Nomura Holdings to head up its Middle East business focused on public sector clients, the U.S. bank said in a statement on Wednesday.

  • DUBAI, Oct 10- Qatar International Islamic Bank. HSBC, Standard Chartered and QNB Capital. QIIB's sukuk would follow a sukuk issue from Qatar Islamic Bank last week, which raised $750 million at a profit rate of 2.5 percent.

  • DUBAI, Oct 10- Frontier Resources International Plc has signed an exploration and production sharing agreement with the Omani government for a 100 percent interest in Oman's Block 38, Frontier said in a statement on Wednesday. The EPSA runs for six years on the Mudayy Block, covering an area of 17,425 square kilometres in the Dhofar region of southwest Oman.

  • DUBAI, United Arab Emirates-- Flights were snarled at the Middle East's busiest airport in Dubai early Wednesday after a backup system needed to deal with heavy fog failed, forcing airlines to divert dozens of planes.

  • MILAN, Oct 10- Ferrari Chairman Luca Cordero di Montezemolo is set to become the vice chairman of UniCredit, Italy's biggest bank by assets said in a statement on Wednesday. Montezemolo already sits on Unicredit's board as a representative of Abu Dhabi investment vehicle Aabar, which is the bank's single biggest shareholder with a 6.5 percent stake.

  • BEIRUT-- In Syria's cities and towns, entire blocks of apartment buildings have been shattered, their top floors reduced to pancaked slabs of concrete. Although there are some pockets of Syria that have been relatively shielded from the conflict, the destruction in most of the country's major cities is staggering.

  • *UAE spoke last month of Iran's "occupation". DUBAI, Oct 9- Iran's Foreign Ministry spokesman said on Tuesday Tehran would consider downgrading ties with the United Arab Emirates over three disputed Gulf islands, but state television later denied the Islamic Republic was contemplating such a move.

  • *Alcoa settlement also includes alumina supply contracts. DUBAI, Oct 9- Alcoa Inc will pay $85 million in cash and enter long-term raw material supply contracts with Aluminum Bahrain to settle the Bahraini firm's racketeering and fraud lawsuit against Alcoa, the companies said on Tuesday.

  • ABU DHABI, Oct 9- Saudi Arabia's Aramco, the world's largest energy company, has discovered a new gas field in the Red Sea, 26 kilometres North West of the port of Daba, the Saudi Press Agency reported on Tuesday quoting the oil minister. Gas flowed at the rate of 10 million cubic feet a day at a test well at the depth of 17,700 feet, Ali al-Naimi was quoted as saying.

  • BEIRUT-- An official said Tuesday that an employee of Lebanon's national airline MEA was fired after a passenger complained in a social media campaign that the worker humiliated travelers from the Philippines at the Beirut airport and told them over the loudspeaker, "Filipino people, stop talking."

  • DUBAI, Oct 9- Saudi Arabia's benchmark slumped to a fresh 10- week low on Tuesday as investors fretted that a gloomier outlook for the global economy would lead to lower oil receipts for the world's top crude exporter.

  • TEHRAN, Iran-- Iran on Tuesday warned the United Arab Emirates it could cut diplomatic relations between the two countries if the Arab nation keeps repeating claims to three Gulf islands that are controlled by Tehran.

  • ABU DHABI, United Arab Emirates-- Microsoft founder and billionaire Bill Gates on Tuesday ruled out running for office, choosing not to join the parade of rich businessmen who have tried their hand at politics.

  • ABU DHABI, Oct 9- Emirates Aluminium, a joint venture between Abu Dhabi's Mubadala and Dubai Aluminium, has mandated three banks for a bond issue up to $1 billion, two banking sources familiar with the matter said on Tuesday. Emal has picked Goldman Sachs, Citigroup and local lender Abu Dhabi Commercial Bank, the sources said, declining to be identified.

  • The diner-style chain said on Tuesday it and regional partner Saleh Bin Lahej Group plan to open 40 restaurants starting next year across the United Arab Emirates, a seven-state federation that includes the cities of Dubai and Abu Dhabi.

  • *Iran says UAE claims are "baseless". The three islands of Abu Musa and Greater and Lesser Tunb sit near important oil shipping channels at the mouth of the strategic Strait of Hormuz and were claimed by the U.S.-backed Shah of Iran in 1971, just before the seven Gulf emirates won independence from Britain and formed the UAE.

  • "Our countries have exerted major efforts to restore global oil market stability, a feat that has actually been achieved," Saudi Oil Minister Ali al-Naimi told a meeting of Gulf Arab energy ministers in Riyadh.

  • CAIRO, Oct 9- Egypt has settled a row with a Dubai- based developer over a land contract reached when Hosni Mubarak was in power, a minister said on Tuesday, a deal that could help remove uncertainties that have depressed interest in the once-booming property market.

  • SINGAPORE, Oct 9- Asia's fuel oil cash differentials recovered on Tuesday as low prices helped to stir up buying interest. Cash differential for 180- centistoke fuel oil narrowed more than a dollar to a discount of 40 cents a tonne above Singapore spot quotes, the highest in three sessions.