Main headlines

May 26, 2013

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

Central Bank of Oman
05:00 GMT

Total lending by Oman's commercial banks grew 8.7 per cent in the first quarter of this year to RO14.28bn as compared to RO13.14bn a year ago.

National Bank of Abu Dhabi
05:00 GMT

National Bank of Abu Dhabi (NBAD), Abu Dhabi’s biggest lender by assets said yesterday it has issued $465 million senior unsecured convertible bonds, convertible into ordinary shares of NBAD. The issue was more than three times oversubscribed.

May 23, 2013

Juba accused Khartoum of instructing oil companies to stop production from some oil fields
12:02 GMT

South Sudan's oil minister said late on Wednesday that it had resumed oil production and flow to the international markets through the territory of neigbouring Sudan after a temporary blockage at Jebellen.

It did not say how much currency it actually sold
11:57 GMT

Egypt's central bank kept the price of the country's currency steady against the dollar at a special $800 million foreign exchange auction on Wednesday, called to help importers pay for wheat, meat, cooking oil and other essential imports.

Jordanin Police keep guard as Syrian refugees look on at the King Abdullah Refugee Camp for Syrian refugees 2 kilometers from the Syrian border  (Photo by Chris Jackson/Getty Images)
11:47 GMT

The World Bank has proposed a $150 million loan for Jordan to help it with the cost of thousands of Syrian refugees fleeing the civil war in Syria, Jordanian and World Bank board sources said on Wednesday.

The oversubscription of the issue demonstrates increasing investor appetite for sukuk
11:45 GMT

Bank Alkhair, a Bahrain-headquartered Islamic wholesale bank, has announced the successful closure of the first tranche of a $750 million sukuk programme by Saudi Arabia's Dar Al Arkan real estate development company.

West Texas Intermediate (WTI) fared a little better
11:00 GMT

Crude oil prices fell below $100 for the first time since mid-2012 in April on seasonal factors and softening market fundamentals. This was followed by a small rebound in early May, according to NBK’s latest Economic Update.

Thomson Reuters and ICD announce the joint development of the Islamic Finance Development Indicator. Ahmad Mohamed Ali, president of the IDB Group, center, looks on.
06:00 GMT

The Islamic Development Bank Group has decided to increase its authorized capital from $ 45 billion (30 billion Islamic dinars) to $ 150 billion (100 billion dinars) on the recommendation of the two extraordinary Islamic summits held in Makkah.

The bus depot will redefine the bus service sector in Abu Dhabi
05:00 GMT

A new bus depot that can accommodate around 500 buses will be built in Abu Dhabi soon.

The aircraft will be operated on long haul routes
05:00 GMT

Oman Air, the national carrier of the Sultanate of Oman, has placed an order for three A330-300s, growing its A330 Family fleet to a total of ten Airbus aircraft, according to a press release on Wednesday.

May 22, 2013

Chevron is the second largest oil company in US
13:23 GMT

Chevron Corp is in advanced talks to sell most of its downstream assets in Egypt and Pakistan, three sources said, with the planned disposals seen raising around $300 million for the U.S. oil major.

Street vendor distributing bread in Egypt
13:08 GMT

The auction will be the central bank's second exceptional sale of foreign exchange. In April, it sold $600 million to pay for wheat, meat, cooking oil and other essential imports.

U.S. Secretary of State John Kerry speaks at the State Department (Photo by Alex Wong/Getty Images)
13:00 GMT

US Secretary of State John Kerry arrived in Oman yesterday aiming to help finalize an estimated $ 2.1 billion deal to supply a US-made air-defense system to the Gulf nation.

Samand Soren is a new family saloon created by Iran Khodro Industrial Group in 2007.
11:36 GMT

Iranian carmaker Iran Khodro will establish an assembly line with the capacity of 30,000 units per year in the Iraqi city of Iskandariya by the next month.