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Business United Arab Emirates

  • United Arab Emirates' Energy Minister Suhail Mohamed al-Mazrouei at a press conference in January, 2018.

    UAE's energy minister Suhail Al Mazrouei, who is also OPEC president, rejected criticisms that the organization is artificially inflating oil prices.

  • SINGAPORE, April 20- Asian oil demand will hit a record in April just as global crude values are lifted to levels not seen in three years by Middle East supply risks and top exporter Saudi Arabia withholding output and noisily pushing for prices at $80 to $100 per barrel. Most analysts have pointed to escalating Middle East conflicts, a crisis in Venezuela, and the...

  • DUBAI, April 22- Iran's central bank has banned the country's banks from dealing in cryptocurrencies, including Bitcoin, over money-laundering concerns, the state news agency IRNA reported on Sunday as the country tries to halt a currency crisis. "Banks and credit institutions and currency exchanges should avoid any sale or purchase of these currencies or...

  • DUBAI, April 22- Iran's central bank has banned the country's banks from dealing in cryptocurrencies, including Bitcoin, over money-laundering concerns, the state news agency IRNA reported on Sunday as the country tries to halt a currency crisis. "Banks and credit institutions and currency exchanges should avoid any sale or purchase of these currencies or...

  • *Doha Bank beats earning estimates. DUBAI, April 22- Middle Eastern stock markets mostly fell on Sunday, with Saudi Arabian petrochemical shares hit particularly hard, in response to a drop by global bourses at the end of last week. The Saudi index slipped 0.3 percent as Saudi Basic Industries, the biggest petrochemical firm, slid 0.6 percent and Sahara...

  • DUBAI, April 22- Bahrain's Gulf Air is counting on Middle East routes to help drive passenger growth and turn around the loss-making airline, its deputy chief executive said on Sunday. Middle East air traffic is dominated by Qatar Airways, Abu Dhabi's Etihad Airways, and Dubai's Emirates who focus on linking east and west traffic flows through their Gulf hubs.

  • *Trump's first OPEC tweet on social media as president. President Donald Trump accused OPEC on Friday of "artificially" boosting oil prices after a year-plus pact that has slashed global crude inventories, drawing rebukes from oil-producing countries as prices dipped following his remarks. "Looks like OPEC is at it again.

  • *OPEC's Barkindo: output cuts helped rescue oil industry. President Donald Trump accused OPEC on Friday of "artificially" boosting oil prices after a year-plus pact that has slashed global crude inventories, drawing rebukes from oil-producing countries as prices dipped following his remarks. "Looks like OPEC is at it again.

  • *Diplomatic dispute between Somalia and UAE linked to Gulf crisis. *UAE ended military training in Somalia over row. Last week, the UAE ended a military training programme in Somalia in response to the seizure of millions of dollars from a UAE plane at Mogadishu airport.

  • RIYADH, Saudi Arabia— Green lipstick, blue lipstick and 40 shades of foundation to choose from are just some of the reasons why 18- year-old Shahad al-Qahtani is excited about superstar Rihanna's makeup line debut in Saudi Arabia. Rihanna and other celebrities like Kim Kardashian who experiment boldly with their hair color, makeup and clothes have become...

  • President Donald Trump criticized OPEC on Friday for output curbs that have helped raise global oil prices and said "artificially" high prices would not be accepted, drawing rebukes from oil-producing countries as prices dipped following his remarks. "Looks like OPEC is at it again. OPEC Secretary General Mohammed Barkindo said the pact between OPEC and non-...

  • SINGAPORE, April 20- Asian oil demand will hit a record in April just as global crude values are lifted to levels not seen in three years by Middle East supply risks and top exporter Saudi Arabia withholding output and noisily pushing for prices at $80 to $100 per barrel. Most analysts have pointed to escalating Middle East conflicts, a crisis in Venezuela, and the...

  • RIYADH, April 19- Vox Cinemas, owned by Dubai's Majid Al Futtaim, said on Thursday it had received a licence to operate cinemas in Saudi Arabia and would open a four-screen multiplex theatre in Riyadh "in the coming days". Vox said in a statement it was investing 2 billion riyals in Saudi Arabia to open 600 screens in the next five years, starting at Riyadh Park Mall...

  • *Wall Street digesting Blackstone earnings drop. LONDON, April 19- Talk that Saudi Arabia has its sights on $80- $100 a barrel oil again and of more U.S. sanctions on Russia ignited a rally in commodities and resource stocks on Thursday, though the potential boost to inflation hit fixed-income assets. The surge came on a Reuters report that OPEC's new price hawk...

  • *FAA says engine inspection to take two hours. SINGAPORE/ PARIS, April 18- Global airlines began inspecting some Boeing 737 engines on Wednesday as an investigation gathered pace into an explosion which killed a passenger on a Southwest Airlines flight in the first fatal U.S. airline accident in almost a decade. French accident investigators said on Wednesday...

  • DUBAI, April 18- Emirates has revived prospects of non-stop flights to Panama, the airline said on Wednesday, encouraged by development potential in Latin America. The Middle East airline shelved plans for flights to Panama City from its Dubai hub in early 2016 after it was unable to secure enough code-share agreements to make the route feasible.

  • *FAA says engine inspection to take two hours. *Korean Air says 20-30 pct of 737 fleet of affected type. French accident investigators said they would send a team on Wednesday to assist the investigation led by the Washington- based National Transportation Safety Board because the engine was developed by a French-U.S. joint venture, CFM International.

  • ABU DHABI, United Arab Emirates— Abu Dhabi will open a $1 billion indoor Warner Bros. amusement park this July, officials announced Wednesday, the latest offering in a crowded market in the United Arab Emirates where one marquee park already faces serious financial problems. World park, built by the Abu Dhabi government-owned Miral Asset Management,...

  • ABU DHABI, April 18- Abu Dhabi hopes the opening of a $1 billion Warner Bros theme park in July will help it in its bid to nearly double the number of tourists visiting the emirate over the next few years. The Warner Bros park will be an added attraction, but with neighbouring Dubai already a leading tourist destination and given the huge investment in the theme park,...

  • *First Abu Dhabi Bank pulls up index. *Dubai closes down as ex-dividend Aramex slips. RIYADH, April 17- Saudi Arabia's stock market continued a strong uptrend on Tuesday on the back of petrochemical and banking stocks, while rising telecoms shares boosted Egypt.