Business United Arab Emirates


  • *IPO likely to be single listing on Iraq bourse. Zain Iraq, owned by Kuwaiti telecom group Zain, still needs to convert to a joint stock company in preparation for the float, Hisham Akbar, Zain deputy chief executive and chief operating officer, told reporters on the sidelines of a conference in Dubai.

  • DUBAI, Oct 2- The Abu Dhabi index hit a 14- month on Tuesday, lifted by real estate stocks which gained on the prospect of consolidation in the struggling sector. Aldar Properties and Sorouh Real Estate were the main drivers, together accounting for nearly 75 percent of all shares traded on the bourse.

  • DUBAI, Oct 2- Iran has been able to cope with Western economic sanctions and the central bank has supplied enough hard currency to finance imports even though the sanctions have cut Tehran's oil earnings, President Mahmoud Ahmadinejad said on Tuesday.

  • Iran has been able to finance imports -Ahmadinejad Tuesday, 2 Oct 2012 | 8:35 AM ET

    DUBAI, Oct 2- President Mahmoud Ahmadinejad said on Tuesday that Iran's central bank had provided enough hard currency to finance imports into the country, despite Western economic sanctions designed to cut its oil earnings.

  • Asia Fuel Oil-Oct/Nov slips further on weak demand Tuesday, 2 Oct 2012 | 7:19 AM ET

    SINGAPORE, Oct 2- Asia's fuel oil market continued to weaken on Tuesday, with the prompt inter-month spread easing to a six-week low on lacklustre demand at a time when more supply is emerging. The balance October/November inter-month spread eased 50 cents to a backwardation of $2.38 a tonne, lowest since Aug. 21, according to Reuters data.

  • DUBAI, Oct 2- Qatar Islamic Bank, the Gulf state's largest sharia-compliant lender, is planning to issue a five-year benchmark-sized Islamic bond, or sukuk, this week, arranging banks said on Tuesday. Benchmark-sized is understood to be at least $500 million. HSBC, Standard Chartered, Deutsche Bank.

  • Another top executive at the JPMorgan unit that lost $5.8 billion on derivatives trades this year is leaving the company. The real estate investment manager named Jeroen Verheijden as a senior vice-president to spearhead the company's client business in the UK, the euro zone and the Middle East.

  • ABU DHABI, Oct 2- Abu Dhabi- listed Finance House. has appointed Robert Mohamed, previously the top investment banker at National Bank of Abu Dhabi, as its chief investment officer, the firm said on Tuesday.

  • DUBAI, Oct 2- State-owned Dubai Real Estate Corp. has taken over the management of Zabeel Investments, the indebted firm owned by Dubai's crown prince, the chief executive of Investment Corporation of Dubai said on Tuesday. It owns the lavish Zabeel Saray hotel on Dubai's man-made Palm Jumeirah island.

  • Bahrain's Ithmaar Bank to merge with affiliate Tuesday, 2 Oct 2012 | 2:28 AM ET

    DUBAI, Oct 2- Ithmaar Bank, Bahrain's sixth-largest bank by market capitalisation, is in advanced talks to merge with an affiliate through a share swap agreement, the Islamic lender said in a statement on Tuesday.

  • *State-backed merger to create entity with $15 bln in assets. DUBAI, Oct 2- Talks of a potential merger between Abu Dhabi property firms Aldar Properties and Sorouh Real Estate are at an advanced stage but a due diligence process was still ongoing, the two companies said in a joint statement on Tuesday.

  • Asia Oil Swaps-Gasoil weakens on ample supply Tuesday, 2 Oct 2012 | 12:58 AM ET

    SINGAPORE, Oct 2- Asia's gasoil refining margin weakened on Tuesday, hurt by increasing supply in the market. The front-month November margin fell 16 cents to a premium of $18.86 a barrel to Dubai crude, lowest in four sessions, according to Reuters data. In the fuel oil market, inter-month spreads were weaker as demand from China and Japan was lacklustre.

  • RLPC-UAE utility TAQA seeks $3 bln loan refinancing Tuesday, 2 Oct 2012 | 12:50 AM ET

    LONDON, Oct 2- Abu Dhabi National Energy Co is looking to refinance up to $3 billion of syndicated loans and banks are due to submit proposals this week, two bankers close to the deal said on Tuesday. But TAQA may have to pay more than on its original $3 billion loan signed in December 2010 with coordinator Bank of Tokyo-Mitsubishi UFJ.

  • DUBAI, Oct 2- Aldar Properties:. *Aldar Properties, Sorouh Real Estate says due diligence on potential merger ongoing- statement. *Abu Dhabi's Aldar, Sorouh say merger discussions at an advanced stage.

  • SINGAPORE, Oct 2- U.S. crude eased closer to $92 a barrel on Tuesday, as concerns over the pace of economic recovery in the United States and the possibility of a recession in Europe weighed on investors. was down 14 cents at $92.34 a barrel by 2338 GMT, after settling up 29 cents at $92.48 on Monday.

  • LAHORE, Pakistan, Oct 2- Twenty-three years of military service come in handy when Masood Haider gets a call from a suspicious spouse. "What was taken as taboo 20 to 25 years ago is no more taken that way," said Haider, 53, a former army pilot who founded FactFinders, Pakistan's first licensed private detective agency.

  • DUBAI, Oct 1- Iran's rial plunged against the U.S. dollar in open-market trade on Monday, taking its loss in value over the past week to more than a quarter in further evidence that Western sanctions are shattering the economy.

  • Irene Tse, who headed the North America operations of the Chief Investment Office, told the firm she is resigning to focus on "entrepreneurial ventures," according to a memo on Monday from Chief Operating Officer Matt Zames, a copy of which was obtained by Reuters.

  • Rare labor petition in Iran shows economic alarm Monday, 1 Oct 2012 | 2:16 PM ET

    TEHRAN, Iran-- For weeks, a manifesto complaining about Iran's stumbling economy circulated in secret among factories and workshops.

  • Ikea deleted women from Saudi version of catalog Monday, 1 Oct 2012 | 1:35 PM ET

    The report raised questions in Sweden about Ikea's commitment to gender equality, and the company released a statement expressing "regret" over the issue. "We should have reacted and realized that excluding women from the Saudi Arabian version of the catalog is in conflict with the IKEA Group values," the company said.