News

  • Kuwait to invest KWD4.75 billion in 2017-18 development plan

    Kuwait plans to invest 4.75 billion dinars ($15.75 billion) in its 2017-2018 development plan, in which 1.59 billion dinars will be borne by the state budget, the secretary general of the Supreme Council for Planning and Development said on Sunday.   Khaled Mahdi told a news conference in Kuwait that ...

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  • Petrol, diesel prices drop in UAE as crude falls

    In response to the decline in crude oil prices, the UAE energy ministry has slashed the domestic fuel prices first time five months.   The prices of three different grades of petrol will drop by 15 fils a litre beginning August 1, according to the Ministry of Energy's website.   ...

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  • Gulf stock markets soft on oil, Q2 results

    Stock markets in the Gulf were soft in early trade on Sunday, weighed down by weak oil prices and a lacklustre set of second-quarter corporate results.   Riyadh’s stock index lost 0.2 percent after 40 minutes of trade as the petrochemical sector dropped 0.4 percent. The September Brent oil contract ...

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  • UAE telco du extends earnings slump as Q2 net profit dips 11.3 per cent

    Du, the United Arab Emirates’ No.2 telecom operator, extended its earnings slump as it reported an 11.3 percent fall in its second-quarter net profit on Sunday.   The firm, which ended rival Etisalat’s domestic monopoly in 2007, had reported declining profits in the preceding six quarters, according to Reuters data. ...

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  • Aramex founder sells all his shares to Boson Ventures Corp

    The founder of Aramex, Fadi Ghandour, has sold all his shares in Levant Logistics Holdings, which held his 9.9 percent stake in the Dubai-based courier, according to a bourse filing from Aramex on Sunday.   The value of the sale of the Cayman Islands-registered company to Boson Ventures Corporation, also ...

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  • Zain Saudi Q2 net loss widens, misses forecasts

    Telecommunications operator Zain Saudi reported a wider second-quarter loss on Thursday, missing analysts’ forecasts.   The company has yet to make a quarterly profit since launching services in 2008 and has battled to compete against better-resourced rivals Saudi Telecom Co and Etihad Etisalat (Mobily).   Zain Saudi, 37 percent owned ...

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  • Japan's TonenGeneral buys first oil from Iran

    Japanese oil refiner TonenGeneral Sekiyu has bought its first oil from Iran since becoming independent from U.S. oil major Exxon Mobil Corp , three industry sources familiar with the matter said.   The company bought the Iranian spot cargo through a trading house due to attractive pricing and the shipment ...

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  • Saudi's Savola net profit slips 43.2 per cent

    Saudi Arabian food maker Savola Group, the country’s largest food products company, reported a 43.2 percent fall in second-quarter net profit and cut its dividend on Thursday, citing higher operating expenses and financial charges.   Net profit in the three months to June 30 was 246.7 million riyals ($65.8 million) ...

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  • Bahrain's Investcorp says Mubadala to buy 20 per cent

    Abu Dhabi state investment fund Mubadala has agreed to acquire a 20 percent stake in Investcorp, the Bahrain-based alternative investment firm said in a statement on Thursday.   Mubadala will buy 9.99 percent of Investcorp immediately, and a further 10.01 percent following the necessary regulatory approvals, the statement said without ...

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  • Etisalat Q2 profit rises 51 per cent

    Abu Dhabi-listed Etisalat reported a 51 percent rise in second-quarter net profit on Wednesday on the back of foreign exchange gains and lower finance costs and royalties.   Etisalat, which directly and indirectly operates in about 18 countries across the Middle East, Africa and Asia, made a net profit of ...

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