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Business United Arab Emirates

  • DUBAI, May 8- Loss-making Dubai contractor Drake& Scull International said it expects to hear "very soon" from Saudi Aramco about settling nearly half of outstanding payments owed for its work on Riyadh's King Abdullah Petroleum Studies and Research Centre. Drake& Scull has five claims outstanding with Aramco totalling 2.3 billion riyals and hopes to soon...

  • DUBAI, May 7- Shares of Dubai builder Drake& Scull slumped to a 14- month low in heavy trade on Sunday as investors reacted to the company's revised capital restructuring plan, while last week's fall in oil prices knocked down oil-sensitive shares. "The new news from the meeting is the 722 million dirhams additional write off from potentially unrecoverable...

  • MILAN, May 6- Loss-making airline Alitalia, which asked to be put under special administration on Tuesday, had debts of around 3 billion euros as of the end of February, Italy's government said on Saturday. Alitalia, 49 percent owned by Abu Dhabi's Etihad Airways, has filed to be put under special administration for the second time in less than a decade after workers...

  • DUBAI, May 6- Iran sees $55 per barrel as a suitable price for crude oil, and believes that OPEC and non- OPEC producers are likely to extend output curbs to support prices, Iranian Oil Minister Bijan Zanganeh was quoted as saying on Saturday. Oil prices closed higher on Friday, rebounding from five-month lows, following positive U.S. jobs data and assurances by Saudi...

  • *Startup of first UAE nuclear reactor delayed by months. *UAE nuclear operator Nawah struggling to get licence. When the deal was negotiated in 2008-09, the APR1400 reactor model that KEPCO offered in Abu Dhabi existed on paper, but the first model of the new series was set to go online at South Korea's Shin Kori nuclear station in 2013, well ahead of the planned...

  • DUBAI, May 4- Arabtec's shares rose after the Dubai builder swung to its first quarterly net profit since September 2014, bucking the trend in most of the region's markets which followed global bourses and oil prices lower on Thursday. Drake& Scull, another Dubai builder hit hard by low oil prices and austerity measures, rose 1.1 percent. The Dubai index closed the...

  • Hyperloop Transportation Technologies CEO Dirk Ahlborn.

    Dirk Ahlborn, CEO of HTT, says the futuristic, super-fast transport system could be ready by 2020 for the first commercial ride.

  • NEW YORK, May 3- OneGram, a Dubai technology firm, has launched the first-ever digital currency backed by gold in an initial offering expected to raise more than $500 million in capital, company chief executive officer Ibrahim Mohammed told Reuters in an interview late on Tuesday. At the current spot price of gold, a sold-out sale with 12.44 million tokens would...

  • KUALA LUMPUR, May 3- A $1.7 billion property deal that was expected to ease the debt burden of Malaysian state fund 1 Malaysia Development Berhad fell through on Wednesday, complicating Prime Minister Najib Razak's efforts to move on from a financial scandal surrounding the fund. TRX City Sdn Berhad, a former 1 MDB division now owned by the Malaysian finance...

  • *Qatar's Ooredoo slips; fresh competition in Oman. DUBAI, May 3- Saudi Arabian stocks fell on Wednesday after oil prices slipped, while an interview by the top economic policy official, Deputy Crown Prince Mohammed bin Salman, did little to boost sentiment. Advanced Petrochemical dropped 2.5 percent after the polypropylene maker posted first-quarter net...

  • KUALA LUMPUR, May 3- A $1.7 billion property deal that was expected to ease the debt burden of Malaysian state fund 1 Malaysia Development Berhad fell through on Wednesday, complicating Prime Minister Najib Razak's efforts to move on from a financial scandal surrounding the fund. TRX City Sdn Berhad, a former 1 MDB division now owned by the Malaysian finance...

  • Buildings in Abu Dhabi along the Sultan bin Zayed the First Street, United Arab Emirates

    The Abu Dhabi Financial Group told CNBC on Wednesday that its multi-million dollar fund remained focused on Middle Eastern economies over the U.S.

  • *Rome grants 600 mln euro bridge loan for six months. ROME/ MILAN, May 2- Alitalia filed to be put under special administration for the second time in less than a decade, starting a process that will lead to the loss-making Italian airline being overhauled, sold off or wound up. Rome also threw the airline a short-term lifeline by guaranteeing a bridge loan of 600...

  • *Kuwait's Warba Bank climbs on Q1 results. *Egypt follows emerging markets higher. DUBAI, May 2- Shares in petrochemical giant Saudi Basic Industries fell on Tuesday after the company reported first-quarter results, while most equities in the Gulf were sluggish as oil prices traded near five-week lows.

  • LONDON, May 2- Commodities trader Vitol has agreed to buy an 85,000 barrel per day condensate splitter in the Netherlands from Koch Supply and Trading, a subsidiary of U.S. conglomerate Koch Industries, Vitol said in a statement on Tuesday. Its acquisition will enhance our offering to our customers across the region, " Russell Hardy, Vitol CEO for Europe, Middle East...

  • NEW DELHI, May 2- India plans to order about a quarter less Iranian crude oil than it bought last year, people familiar with the matter said, as state refiners cut term purchase deals over a row between New Delhi and Tehran on development of a natural gas field. The drop in volumes follows India's threat to order state refiners- Hindustan Petroleum, Bharat Petroleum,...

  • ROME, May 2- Alitalia has decided to ask the government to place it under special administration, starting a process that will lead to the loss-making Italian airline being overhauled, sold off or wound up altogether. James Hogan, the CEO of Etihad Airways, which bought into Alitalia during the latest restructuring in 2014, said the Italian airline required "...

  • *BP biggest riser on London's FTSE index, up 2.4 pct. LONDON, May 2- BP's profit nearly tripled in the first quarter of 2017 from a year earlier, buoyed by rising oil prices and production that hit a five-year high, while debt piled up in order to pay for acquisitions and costs for the 2010 Gulf of Mexico spill. BP expects prices to average between $50 and $55 a barrel in...

  • DUBAI, May 2- Saudi Basic Industries Corporation is "very positive" about 2017 despite global challenges, its chief executive said on Tuesday. Yousef Abdullah al-Benyan told reporters in Riyadh the firm was monitoring the global situation, but it was difficult to predict prices due to the uncertainty in oil markets. Al-Benyan was speaking a day after the...

  • ABU DHABI, May 1- German Chancellor Angela Merkel said on Monday she hopes the European Union and the six Gulf Cooperation Council countries can finally complete a free trade agreement and that she would discuss the issue with Abu Dhabi's crown prince. Germany, which relies on foreign trade for half its gross domestic product, fears that the protectionism...