Main headlines

May 27, 2013

To cut its imports, Aramco has planned three new refineries
10:52 GMT

Saudi Arabia will import near record high diesel volumes this summer, as it gears up to beat the sweltering heat and meet rising travel needs during the Muslim fasting month of Ramadan, trade sources said.

Samsung PC monitor
10:47 GMT

Samsung Electronics has announced its increasing market share in the PC monitor category across the GCC.

Egypt falls to 107th place in WEF's global competitiveness index
06:13 GMT

Uncertainties associated with Egypt's post-revolution transition adversely affect country's ranking in World Economic Forum (WEF)'s Global Competitive Index for 2012/13

PDO signs $30mn deal to boost Omani manufacturing
06:00 GMT

Petroleum Development Oman (PDO) has signed a US$30mn contract with Schlumberger, a leading international oilfield services company, which will increase the amount of Omani-made materials used in the oil and gas sector.

Photo courtesy of Al Maabar International Investments
06:00 GMT

Al Maabar International Investments, which is implementing the $10 billion Marsa Zayed project in Aqaba, on Sunday announced awarding contracts to build two large projects in Amman and Aqaba.

Photo courtesy of Masdar
05:00 GMT

The UAE’s April oil output stood at 2.70 million barrels per day (bpd), unchanged from March, according to latest figures from the Paris-based International Energy Agency (IEA).

May 26, 2013

Majid Al Futtaim has 12 shopping malls in the Middle East
12:24 GMT

Majid Al Futtaim Holding, which bought Carrefour's 25 per cent stake in its Middle East joint venture, may buy part of the Spinneys supermarket franchise to expand its retail offerings across the region.

Arabtec Holding
12:24 GMT

Arabtec Holding announced that its joint venture between Arabtec Saudi Arabia and Greece’s Terna has been awarded a SR 404 million ($107 million)contract by Aldara Medical Corporation to build Aldara Hospital and Medical Center, a 105-bed hospital in Riyadh.

Iran Readying to Fly Own Model of US RQ-170 Drone
12:16 GMT

A senior Iranian legislator said the Iranian type of the US drone which was tracked and hunted down in Iran late in 2011 will have its first flight in the near future.

Investment Corporation of Dubai
11:40 GMT

Investment Corporation of Dubai (ICD), the holding company for some of the emirate's best-known companies, may increase the size of a $2 billion loan after significant interest in the deal from lenders, banking sources said.

Four out of Tadawul's 15 sectors witnessed a positive change
11:33 GMT

The Saudi stock market slumped yesterday, reversing after a 6-day surge and dropping more than 29 points for the day.

Egypt Stock Exchange
11:32 GMT

Egypt will refund taxes collected from Qatar National Bank's acquisition of National Societe Generale Bank to shareholders on Sunday, an official from a clearing company told Reuters on Saturday.

Bank Muscat
10:50 GMT

BMI Bank, a Bahrain-based associate of bank muscat, announced that it has agreed, in principle, in favour of a merger with Al Salam Bank Bahrain (ASBB), an Islamic bank incorporated in Bahrain.

Issuance in the first quarter of this year was up by two per cent against a year ago
10:46 GMT

Issuance of debt securities saw a strong pick up during the first quarter of 2013 on the back of healthy activity by the non-financial sector in Saudi Arabia and UAE banks, according to the latest research from the National Bank of Kuwait (NBK).

World Economic Forum 2013 in Jordan
06:00 GMT

International Finance Corp, a unit of the World Bank, is launching with several partners an investment facility worth up to $400 million for the MENA as it tries to spur lending to the region’s large pool of SMEs