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Business United Arab Emirates

  • *Four Arab nations cut ties with Qatar in June. Saudi Arabia, the United Arab Emirates, Bahrain and Egypt severed diplomatic, trade and transport ties with Qatar in June, accusing it of supporting terrorism- a charge Doha denies. Qatar was the biggest shareholder in Gulf container line United Arab Shipping Company, followed by Saudi Arabia.

  • DUBAI, Oct 19- Saudi Arabia's plans to sell state assets- including a stake in energy giant Saudi Aramco- are becoming even more important to its finances as a recession slows Riyadh's effort to close a budget deficit caused by low oil prices. Last December, Riyadh released a plan to abolish the deficit by 2020, cutting it from $79 billion or 12.3 percent of gross...

  • DUBAI, United Arab Emirates— Saudi budget-carrier flynas on Wednesday launched the first direct flight between the kingdom and Iraq since the Gulf War 27 years ago, marking another move by the kingdom to improve ties with its neighbor in an attempt to blunt rival Iran's vast influence there. Saudi Arabia also has plans to open a border crossing with Iraq, which...

  • BEIJING/ MOSCOW, Oct 17- As part of its recent $9.1 billion investment in Russian oil giant Rosneft, little-known CEFC China Energy will have access to up to 260,000 barrels per day of Russian oil- giving it the sort of market clout to potentially challenge dominant Western oil traders like Vitol. For China, the world's top crude importer, having access to Russian...

  • Masayoshi Son, CEO of SoftBank.

    SoftBank is in early planning discussions to raise a second, possibly larger fund, according to Recode.

  • DUBAI, Oct 16- Dubai Holding has put on hold plans to develop Jumeirah Central, its $20 billion office, retail and residential project in the heart of Dubai, it said on Monday. "Dubai Holding is prioritising projects that will be ready for Expo 2020 Dubai and those that will help draw tourists to the emirate. In May, Dubai Holding unveiled plans to build Marsa Al Arab, a...

  • *Noon.com backed by Dubai billionaire; Souq.com by Amazon. RIYADH, Oct 15- In Saudi Arabia, a kingdom where postal codes are rarely used, most people pay in cash, and shopping is done in giant air-conditioned malls, building an online retail business is no easy task. That will start a race for dominance in a largely untapped market against Dubai- based Souq.com, which is...

  • BAGHDAD/ DUBAI, Oct 15- Iran on Sunday shut its border crossings with Iraq's Kurdistan in support of measures taken by the Iraqi government to isolate the Kurdish region, the Iraqi foreign ministry said. "At the request of the Iraqi government, the Islamic Republic of Iran closed today the border crossings with the Kurdistan region of Iraq," the Iraqi foreign...

  • DUBAI, Oct 15- Iran on Sunday denied reports that Tehran had closed a border crossing with northern Iraq in response to an independence referendum in Iraq's Kurdish region last month, the Iranian Students' News Agency reported. Iran last month halted flights to and from Kurdish regions in northern Iraq over the independence referendum by the autonomous...

  • *Noon.com backed by Dubai billionaire; Souq.com by Amazon. RIYADH, Oct 15- In Saudi Arabia, a kingdom where postal codes are rarely used, most people pay in cash, and shopping is done in giant air-conditioned malls, building an online retail business is no easy task. That will start a race for dominance in a largely untapped market against Dubai- based Souq.com, which is...

  • DUBAI/ NEW YORK, Oct 13- Saudi Aramco is considering the sale of a stake to a Chinese investor as plans for its highly-anticipated international public offering are pushed beyond its 2018 target, sources familiar with the matter said on Friday. The move would provide Saudi Arabia with cash to help implement the National Transformation Program, as the reform...

  • WASHINGTON, Oct 13- Iran, U.S. allies in Europe and Russia on Friday defended the 2015 nuclear agreement with Tehran and said they would stick by it, after U.S. Trump said in a Washington speech that he would not certify that Iran is complying with its agreement with six world powers and the European Union, despite a determination by the U.N.' s nuclear watchdog that...

  • DUBAI, Oct 13- A London High Court judge has adjourned hearings on whether the United Arab Emirates' Dana Gas must redeem $700 million of Islamic bonds when they mature at the end of this month, sources familiar with the matter said on Friday. High Court judge George Leggatt is expected to resume the hearings by Nov. 13, the sources said. In a complex case that is being...

  • LONDON, Oct 13- Royal Jordanian Airlines expects to make an operating profit this year as it pushes ahead with a turnaround plan, its chief executive told Reuters on Friday. "I am pretty confident that after the first five months of this year, which were not very good, that we are going to have an operating profit in this year," Stefan Pichler, who took over as CEO in June,...

  • LONDON, Oct 13- Already record U.S. oil exports are set to surge further in the coming month as stored oil in one of the world's last areas of excess stockpiles pours into global markets, the chief executive of trading house Mercuria, Marco Dunand, said. The United States lifted its nearly 40- year ban on oil exports in late 2015. As U.S. crude production continues to...

  • COLOMBO/ NEW DELHI, Oct 13- India is in advanced talks with Sri Lanka to operate an airport on the southern tip of the island, where China has invested heavily as part of its Belt and Road initiative, a Sri Lankan minister said. Sri Lanka's civil aviation minister, Nimal Siripala, said the country had been looking for alternative investors in the Hambantota area, where...

  • *GDP would shrink for first time since financial crisis. RIC= SAGDPAP for Saudi Arabia poll data. RIC= AEGDPAP for United Arab Emirates poll data.

  • NEW DELHI, Oct 11- Jet Airways said on Wednesday it had agreed to buy 75 Boeing 737 Max aircraft, and that it could purchase another 75 to help it expand in a booming Indian market. Reuters reported in June that Jet, which is part owned by Abu Dhabi's Etihad Airways, was in talks to buy either Boeing's 737 MAX planes or aircraft from Airbus SE's A320neo family.

  • *Central bank preparing new supervisory framework- sources. RIYADH/ DUBAI, Oct 11- Saudi Arabia's central bank is preparing tougher rules for insurance companies as part of a drive to create a smaller number of stronger market players operating in the country, two people with direct knowledge of the matter told Reuters. The proposed changes were discussed...

  • SINGAPORE, Oct 11- Emirates is open to cooperation with rival Etihad Airways in areas including procurement, its president Tim Clark said on Wednesday, adding a full merger between the pair was unlikely but up to the owners. Based in the United Arab Emirates, Emirates and Etihad have competed to build global networks from their respective hubs in Dubai and Abu...