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The chairman was at the helm of Arabtec during last June’s market crash, following a dispute that led to the resignation of CEO Hasan Ismaik and the dismissal of much of the management team.
April 19, 2015 - 12:49 GMT
Riad Kamal, who founded Arabtec in 1975, was also not on the list, although his departure was considered less surprising.
In its rating action, Moody’s has also lowered Bahrain’s foreign currency bond ceiling to Baa 1 from A3 and the foreign-currency deposit ceiling to Baa 3 from Baa2.
April 19, 2015 - 06:55 GMT
Moody’s Investors Service said on Thursday it has downgraded Bahrain’s long-term government issuer rating to Baa 3 from Baa2 due to expected deterioration in the government’s finances.
Moqaddam said that Chinese banks are investigating a plan to finance Iranian projects at three times the amount of money Iran has in China (image: on file).
April 19, 2015 - 05:55 GMT
Iranian Deputy Oil Minister Abbas Sheri Moqaddam has said that China has so far invested €20 billion in the country’s oil industry.
The UAE currently uses drones for official purposes such as to deliver documents and packages to its citizens as part of its efforts to upgrade government services.
April 19, 2015 - 05:55 GMT
It aims to enhance safety and security measures in Dubai’s airspace and will also regulate the usage of laser, fireworks, light beams and drones in the city.
The source further explained that Kuwait will be targeting between “5%-10% shares of large transactions” in Egypt.
April 19, 2015 - 04:55 GMT
Kuwait has completed the lengthy establishment of a company through which the state’s future investments in Egypt will be carried out.
Turkey has been declared as the host for the conference on Halal Tourism- a sector that is currently worth $150 billion (Dh550.5 billion).
April 17, 2015 - 12:36 GMT
Conference to discuss and shape the agenda on Halal Tourism
Saudi Arabia announced last July that it would permit direct foreign purchases of shares in the first half of 2015 (image: on file).
April 16, 2015 - 19:35 GMT
Saudi Arabia will open its $532 billion stock market to direct foreign investment on June 15.
Four new gas-powered power plants will have
a total capacity of 900 megawatts (image: on file).
April 16, 2015 - 19:13 GMT
Egypt has signed preliminary deals with Kuwait's Alghanim International for two energy-related projects worth a total of $1.6 billion.
Oil prices jumped on Wednesday after US inventories built up more slowly than expected and talks between major oil producers this week triggered speculation of production cuts.
April 16, 2015 - 09:31 GMT
Brent crude oil hit 2015 highs above $63 per barrel on Thursday after a rally of more than 5 per cent the previous session and analysts said more price rises were likely despite market oversupply.
Currency, interest rates and deposits showing signs of stability, according to central bank Governor Riad Salameh (image: on file).
April 16, 2015 - 09:00 GMT
Lebanon’s economy is coping with fallout from the four-year war in neighbouring Syria, with the currency, interest rates and deposits showing signs of stability.
In 2013, the IMF’s projections for real GDP growth was 2.2% (image: on file).
April 16, 2015 - 08:45 GMT
Growth forecasts for Egypt’s real gross domestic product (GDP) were raised to 4% in 2015 and 4.4% in 2016, the International Monetary Fund (IMF) said in its World Economic Outlook report.