Business News Middle East

  • DP World, which operates ports around the world from Hong Kong to Buenos Aires, will take on $8.1 billion in debt to finance the deal in which Port and Free Zone World, part of state investment vehicle Dubai World, will acquire the 19.55% of Nasdaq Dubai listed shares for $2.7 billion. It will also pay Dubai World $5.15 billion, helping it to meet outstanding...

  • *Tripoli gov't appears less dependent on oil than before. CAIRO/ BENGHAZI, Libya, Feb 17- Libya's combatants are readying for a long conflict, as foreign weapons flood in, tribesmen close oil ports and rival alliances wrangle over revenues from Africa's largest petroleum reserves. He is an ally of Commander Khalifa Haftar, whose self-styled Libya National Army...

  • View of Abu Dhabi's skyline at sunset from Dhow Harbour in the UAE.

    The program aims for a total of four reactors, which officials say will amount to 25% of the country's energy needs.

  • Feb 17- Saudi Arabia's crude oil exports in December 2019 were unchanged at 7.37 million barrels per day month-on-month, official data showed on Monday. In December, the Organization of the Petroleum Exporting Countries and its allies agreed to deepen output cuts for the first quarter of 2020.. Monthly export figures are provided by Riyadh and other members of...

  • All members of the Gulf Cooperation Council- Saudi Arabia, the United Arab Emirates, Bahrain, Qatar, Oman and Kuwait- stand to suffer from the travel restrictions, but the business hub of Dubai could see the biggest impact, they said. "Virus-related travel restrictions, if not lifted as we expect, could weigh on the GCC's hospitality industry, but more so in Dubai, which...

  • All members of the Gulf Cooperation Council- Saudi Arabia, the United Arab Emirates, Bahrain, Qatar, Oman and Kuwait- stand to suffer from the travel restrictions, but the business hub of Dubai could see the biggest impact, they said. "Virus-related travel restrictions, if not lifted as we expect, could weigh on the GCC's hospitality industry, but more so in Dubai, which...

  • LONDON/ SINGAPORE, Feb 17- Top oil traders have rented millions of barrels of crude storage in South Korea this month to hold excess supplies, betting on a demand spike after China recovers from the effects of the coronavirus outbreak, trading sources said. Supplies in the region are piling up after refineries in China, the world's largest crude importer, cut...

  • *UAE looking to nuclear power to diversify energy mix. The UAE, a key OPEC oil producer, wants to diversify its energy mix, adding nuclear power to meet rising demand for electricity and to help free up more crude for export. The license granted to the plant's operator Nawah Energy Company will be for 60 years, Hamad al-Kaabi, deputy chairman of Federal Authority for...

  • A Tunisian female protester waves the flag of Palestine as she attends a national march held on the main avenue Habib Bourguiba to protest against U.S. President Donald Trump's Middle East peace plan on February 05, 2020.

    Including women in the global peace process is both the "right thing" to do and the "smart thing" to do, Lana Nusseibeh, the UAE's ambassador and permanent representative to the United Nations said this week.

  • ABU DHABI, Feb 17- The United Arab Emirates has issued an operating license for the first reactor at the Arab world's first nuclear power plant, a senior official at the nuclear regulator said on Monday, paving the way for it to start production later this year. The license granted to the plant's operator Nawah Energy Company will be for 60 years, Hamad al-Kaabi,...

  • Pro-reform and leading conservative hopefuls were barred from standing by a hardline watchdog body, the Guardian Council, permitting voters a choice only between hardline and low-key conservatives loyal to Khamenei. Following are some facts about Iran's 11th parliamentary election since the 1979 Islamic revolution:. Candidates were screened by...

  • *Iran vote likely to bolster Khamenei's loyalists. *Iran's Guards likely to control next parliament. DUBAI, Feb 17- Hardliners are set to tighten control of Iran this week in a parliamentary election stacked in their favour, as the leadership closes ranks in a deepening confrontation with Washington.

  • Iran's Foreign Minister Mohammad Javad Zarif takes part in the panel discussion 'A conversation with Iran' during the 56th Munich Security Conference in Munich on February 15, 2020.

    "That was an act of terror," he said of the strike that killed Gen. Qasem Soleimani, a key military figure of Iran and the Middle East.

  • KUALA LUMPUR/ MUMBAI, Feb 14- India's halt on Malaysian palm oil imports has disrupted global edible oil trade flows, with Indonesia diverting supplies to feed India, Malaysia rushing to tap markets left behind by Jakarta, and India substituting palm with other oils. Malaysia's latest palm export data revealed the impact of India's restrictions, with shipments...

  • Iranian President Hassan Rouhani makes a speech during a ceremony in Tehran, Iran on January 10, 2019.

    "Securing peace and stability in the sensitive region of Middle East and in the Persian Gulf is impossible without Iran's help," Rouhani said Sunday.

  • A fighter loyal to Libya's U.N.-backed government (GNA) gestures during a clash with forces loyal to Khalifa Haftar at the outskirts of Tripoli, Libya May 21, 2019.

    It is imperative that those who breach the embargo are held to account, a senior U.N. official said on Sunday.

  • DUBAI, Feb 16- S&P downgraded its credit rating for Sharjah, one of the seven emirates that make up the UAE, on Friday citing an increasing debt and interest expenses burden. In November, ratings agency Moody's said Sharjah, along with Dubai, was among the most vulnerable to the impact of the non-oil sector slowdown in the UAE. The government of Sharjah, where Invest...

  • *China reports 121 new deaths and 5,000 new coronavirus cases. Spot gold rose 0.3% to $1,581.25 per ounce by 1554 GMT, after touching $1,582.60, its highest since Feb. 3. Chinese authorities on Thursday reported 121 new deaths and 5,000 new coronavirus cases in mainland China, and economists scaled back growth expectations for the world's second-largest...

  • *Gold to be stuck in range of $1,550- $1,580/ oz- analyst. *Gold in euros hits record peak of 1,456.07 euros/ ounce. Spot gold was unchanged at $1,575.69 an ounce at 1036 GMT, having earlier touched its highest since Feb. 4 at $1,577.89.

  • *Gold to be stuck in range of $1,550- $1,580/ oz- analyst. *Gold in euros hits record peak of 1,456.07 euros/ ounce. Spot gold was unchanged at $1,575.69 an ounce at 1036 GMT, having earlier touched its highest since Feb. 4 at $1,577.89.