News

  • Omantel ends talks with potential buyer of its WorldCall stake

    Oman Telecommunications (Omantel) said on Thursday it had ended discussions with a Pakistan investor interested in buying Omantel’s shares in Pakistan’s WorldCall Telecom Ltd.   Omantel took a 56.8 percent stake in the diversified telecom operator in 2008. The $193 million deal marked its biggest foreign investment at the time. ...

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  • Egypt's Global Telecom posts Q2 net profit of $26.5 million

    Global Telecom, the Egypt-based group formerly known as Orascom Telecom, made a net profit of $26.5 million in the second quarter, down from $27.4 million in the same period a year earlier, the firm said in a statement on Thursday.   The firm made total revenue of $693 million compared ...

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  • Qatar Navigation Q2 net profit falls 29.8 per cent

    Qatar Navigation (Milaha) reported a 29.8 per cent drop in second-quarter net profit on Thursday, according to Reuters calculations.   The shipper’s net profit was 201.2 million riyals ($55.3 million) in the three months ending June 30, down from 286.4 million riyals in the same period a year earlier, Reuters ...

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  • Not over yet: Aftermath of Emirates plane crash

    An Emirates Airline flight coming from India crash-landed and burst into flames at Dubai International Airport on Wednesday (August 3) killing one firefighter in an intense blaze and bringing the world’s busiest international airport to a halt for several hours.   All 300 passengers and crew were safely evacuated from ...

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  • Iran's cabinet approves new amended oil and gas contracts

    Iran’s cabinet approved on Wednesday an amended draft for the country’s new oil and gas contracts, Iranian official media reported.   “The draft of the general conditions, structure and patterns of the upstream petroleum and gas contracts which included more than 150 minor and major changes … was given final ...

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  • Saudi government to rescue crisis-hit construction firm Oger – report

    Saudi Arabia’s government is discussing a proposal to take over construction conglomerate Saudi Oger, owned by the family of former Lebanese Prime Minister Saad al-Hariri, a Lebanese newspaper reported on Wednesday.   Oger has been hit hard by a slowdown in the Saudi construction sector due to low oil prices ...

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  • VIDEO: Emirates Airline flight crash-lands at Dubai airport

    An Emirates Airline flight coming from India crash-landed and burst into flames at Dubai International Airport on Wednesday (August 3).   Dubai Airports confirmed that Emirates airline flight EK521 arriving from Thiruvananthapuram, the capital city of south Indian state of Kerala, was involved in an incident during landing at DXB at ...

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  • UAE's July private sector growth fastest in 10 months

    Business growth in UAE's non-oil private sector hit a ten-month high in July on the back of strong output and new work in the country, a survey released on August 3 reveals.   The seasonally adjusted Emirates NBD UAE Purchasing Managers' Index rose to 55.3 from 53.4 recorded in the ...

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  • Global backdrop poor but Saudi, UAE PMIs strong

    A poor global market environment suggests shares in the Gulf may come under pressure on Wednesday but positive corporate survey results from Saudi Arabia and United Arab Emirates may limit the damage.   Brent crude oil hit a fresh four-month low below $42 a barrel overnight as the Dow Jones ...

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  • Oil continues to cast shadow on GCC IPO market

    Stock markets in the Gulf Cooperation Council (“GCC”) countries have remained lacklustre during the second quarter as declining oil prices and global economic volatility weighed on the initial public offering (IPO) issuances in the region. During the quarter, the number of IPOs halved when compared to the same period a ...

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