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Business United Arab Emirates

  • NEW YORK/ SINGAPORE Feb 3- Oil majors and trading houses are set to ship an unprecedented volume of U.S. crude oil to Asia in coming weeks, boosting already high flows to the region due to higher prices from OPEC production cuts. Traders have estimated that some 700,000 to 900,000 barrels per day is set to leave the United States in February, with the majority of the...

  • "We are writing to bring to your attention an issue of utmost importance to the future of our industry: the massive subsidization of three state-owned Gulf carriers- Qatar Airways, Etihad Airways and Emirates- and the significant harm this subsidized competition is causing to U.S. airlines and U.S. jobs," the letter, sent on Wednesday, said. Under changes promised by...

  • LAGOS, Feb 2- German carrier Lufthansa will not fly to the replacement air hub for the Nigerian capital of Abuja while the main airport is closed for repairs from next month, a company spokesman said on Thursday. While it is closed Abuja- bound passengers will have to fly to Kaduna and travel by bus to the capital, guarded by security, on a road where kidnappings have...

  • *Atheeb Telecom continues surge on tower sale. DUBAI, Feb 2- Most Gulf stock markets were weak on Thursday but Egypt's bourse rebounded after sliding for three days partly on concern that U.S. Atheeb Telecom surged to its 10 percent daily limit, however, after jumping 9.4 percent on Wednesday in response to the sale of some of its tower network for 230 million riyals...

  • *Abu Dhabi's NBAD drops after Q4 results. DUBAI, Feb 1- Shares in two of Abu Dhabi's top banks fell on Wednesday after fourth-quarter earnings, while other Middle East markets hardly moved as global equities and oil prices offered little positive impetus. National Bank of Abu Dhabi slid 5.0 percent after posting a fourth-quarter net profit of 1.33 billion...

  • ABU DHABI, Feb 1- Lufthansa believes the rapid growth phase of Gulf airlines is coming to end, which could help to ease some of the pressure in a highly competitive industry, its chief executive said on Wednesday. Speaking after signing catering and maintenance deals with Abu Dhabi- based Etihad, Lufthansa CEO Carsten Spohr said there were signs Gulf rivals were...

  • ISLAMABAD, Jan 31- Pakistan aims to raise $350 million from the sale of a stake in Kot Addu Power Company and will also relaunch a share sale in Oil and Gas Development Company but only to domestic investors, its privatisation chief said. Chinese companies showed the most interest "by far" in the planned sale of a 40 percent stake in KAPCO during roadshows in Istanbul,...

  • ISLAMABAD, Jan 31- Pakistan aims to raise $350 million from the sale of a stake in Kot Addu Power Company and will also relaunch a share sale in Oil and Gas Development Company but only to domestic investors, its privatization chief said. Chinese companies showed the most interest "by far" in the planned sale of a 40 percent stake in KAPCO during roadshows in Istanbul,...

  • *Qatar, Dubai underperform in Gulf. *UAE's Etisalat falls on Virgin Mobile plan. DUBAI, Jan 31- Stock markets in the Middle East fell on Tuesday as the travel curbs ordered by U.S.

  • *Greece is selling 67 percent stake in its No.2 port. ATHENS, Jan 31- Greece has given investors until March 24 to submit binding bids for a majority stake in its second biggest port, Thessaloniki Port, two sources close to the matter said on Tuesday. Potential investors include shortlisted Danish container terminal operator APM Terminals, Phillipines-based...

  • *Virgin Mobile brand to launch in UAE. DUBAI, Jan 31- The United Arab Emirates' second largest telecoms company has acquired a license from British entrepreneur Richard Branson's privately owned Virgin Group to operate Virgin Mobile- branded services in the country. EITC's license term is for over five years, granting it full rights to ownership, management and...

  • *Virgin Mobile brand to launch in UAE. DUBAI, Jan 31- The United Arab Emirates' second largest telecoms company has acquired a licence from British entrepreneur Richard Branson's privately owned Virgin Group to operate Virgin Mobile- branded services in the country. EITC's licence term is for over five years, granting it full rights to ownership, management and...

  • *Most positive towards fixed income in survey's history. DUBAI, Jan 31- Middle East fund managers are strongly positive toward fixed income in the region because of expanding international bond issuance and they also plan to increase their equity holdings, a monthly Reuters poll found. That is the most positive balance towards fixed income since the poll was...

  • *Latest sale brings total divestment to $8.7 bln since April 2015. SINGAPORE/ DUBAI, Jan 31- Royal Dutch Shell said on Tuesday it would sell its stake in Thailand's Bongkot gas field to Kuwait Foreign Petroleum Exploration Company for $900 million. The move is the latest stage of the Anglo-Dutch company's push to reduce debt after buying smaller rival BG Group for...

  • *IATA calls for greater clarity, more notice in future. BERLIN/ DUBAI, Jan 30- Airlines reacted angrily on Monday to an abrupt change in U.S. immigration policy, saying they were struggling to enforce unclear rules, faced unexpected additional costs and were worried they could be fined if they get it wrong. President Donald Trump announced over the weekend a...

  • *Egypt pulls back as global emerging markets hit by Trump. DUBAI, Jan 30- Middle Eastern equity markets diverged on Monday, with last week's top gainers pulling back on profit taking while strong quarterly earnings from courier firm Aramex bolstered Dubai. Saudi Basic Industries closed 0.8 percent lower.

  • DUBAI, Jan 29- Emirates airline has changed pilot and flight attendant rosters on flights to the United States following the sudden U.S. travel ban on seven Muslim-majority countries, highlighting the challenges facing airlines trying to deal with the new rules. President Donald Trump on Friday suspended the entry of people from Iran, Iraq, Libya, Somalia, Sudan,...

  • WASHINGTON, Jan 29- President Donald Trump on Sunday defended his move to ban entry of refugees and people from seven Muslim-majority nations and said the United States would resume issuing visas for all countries in the next 90 days as he faced rising criticism at home and abroad and new protests in U.S. cities. Tens of thousands turned out at protests in cities...

  • DUBAI, Jan 29- Emirates airline has changed pilot and flight attendant rosters on flights to the United States following the sudden U.S. travel ban on seven Muslim-majority countries, highlighting the challenges facing airlines to deal with the new rules. President Donald Trump on Friday suspended the entry of people from Iran, Iraq, Libya, Somalia, Sudan, Syria...

  • Confusion persisted over details of implementation, in particular for green card holders who are legal residents of the United States. In his most sweeping action since taking office on Jan. 20, Trump, a Republican, put a 120- day hold on allowing refugees into the country, an indefinite ban on refugees from Syria and a 90- day bar on citizens from Iran, Iraq, Libya,...