News

  • Fed's unchanged policy boosts Gold

    The Federal Reserve held rates unchanged and refused to move interest rates higher during its July meeting, boosting buying interest in Gold. The precious metal broke out of its holding pattern just after the Fed's statement on July 28th, rising quickly past $1341/ounce from $1320 as investors rushed back to ...

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  • Egypt studies 8 state-owned oil companies for IPO or share

    Egypt’s Ministry of Investment will assess eight state-owned petroleum companies for their suitability for a possible listing on the Egyptian Stock Exchange or share issuances, Petroleum Minister Tarek El Molla told Reuters on Tuesday.   The Egyptian presidency announced in January that Egypt would soon offer shares of “successful” state-owned ...

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  • UAE watchdog says businesses can use VPN

    The telecommunication watchdog of the UAE has said that there are no regulations in the country which prevent the use of virtual private networks (VPN) technology by companies, institutions and banks to access their internal networks through internet.   This comes after the media reports last month that the President ...

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  • Iraq expects to double Halfaya oilfield output in 2018

    Iraq expects to double output at the southern Halfaya oilfield, to reach its planned maximum of 400,000 barrels per day (bpd), in 2018, the oil ministry said in a statement on Tuesday.   The government has approved PetroChina’s plans to launch the third phase of development at the field that ...

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  • Falling oil, Asian stocks may weigh on Gulf stock markets

    Gulf stock markets may have a soft tone on Tuesday as oil prices and Asian bourses sag, though Abu Dhabi may outperform after strong earnings from its top real estate firm.   Brent oil slid further to a three-month closing low of $42.14 a barrel on Monday while MSCI’s broadest ...

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  • Iran says crude market oversupplied, balance to be restored

    Iran’s Oil Minister said on Monday the oil market was oversupplied but predicted balance between demand and supply will be restored, Iranian state television reported on Monday.   “The oil market is oversupplied now but there are expectations that there will be balance between demand and supply in the market,” ...

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  • Qatar's Barwa Real Estate buys land worth $175.8m in Saudi Arabia

    Qatar’s Barwa Real Estate , one of the Gulf Arab state’s largest listed developers, said on Monday it had bought a vacant plot of land in Riyadh, Saudi Arabia, for 659.28 million riyals ($175.8 million).   It did not give the name of the seller of the 2.22 million square ...

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  • How SMEs in UAE can cut costs by 50 per cent

    Experts say that small- and medium-sized enterprises (SMEs) in the UAE can save up to 50 per cent on operating costs by simplifying IT infrastructure.   According to Palo Alto, California-based Cloud and virtualization services firm VMware, there is an increasing trend of SMEs virtualizing IT infrastructure in the UAE, ...

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  • Iraq's oil exports from south rose to 3.2 million bpd in July

    Iraq’s oil exports from its southern ports rose to 3.2 million barrels per day (bpd) on average in July, up from 3.175 million bpd in June, as the OPEC nation increased crude production, two Iraqi oil officials said on Monday.   Output at the Luhais field, operated by state-run South ...

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  • Emaar Q2 results support Dubai, Saudi edges higher

    Dubai’s stock market rose in early trade on Monday, supported by positive earnings from its largest listed stock, while Saudi Arabia’s index edged up as investors bought shares on recent price dips.   Dubai’s index was up 0.7 percent. Emaar Properties climbed 1.6 percent to 6.93 dirhams after the developer ...

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