Egypt ruling party to name presidential candidate in mid-2011
CAIRO: A top Egyptian ruling party official says his party will elect its presidential candidate in May or June of next year, a few months ahead of a scheduled election.…
Dubai bank Emirates NBD Q2 misses forecasts
Dubai: Emirates NBD, one of the Gulf banks most exposed to indebted Dubai World, missed analysts' forecasts as its quarterly profit more than halved due to higher bad loan provisions,…
India’s DLF to buy out Dubai World unit in JV, says paper
MUMBAI: Indian real estate firm DLF is buying out the stake held by a property unit of debt-laden Dubai World in an equal joint venture in India for about 2…
Oman: Back to speed
MUSCAT: Growth in Oman may rebound even stronger than anticipated this year, with a recent report predicting GDP will expand by 7.3 percent in 2010. The report, written by the…
Kuwait’s IIG defaults on $152.5 mln bond payment
DUBAI: Kuwait's International Investment Group (IIG) said it was unable to make a $152.5 million Islamic bond payment, its second default this year, and named as its advisor to look…
Saudi Arabia: Full steam ahead
RIYADH: Infrastructure upgrades are the order of the day, with the government of Saudi Arabia giving its full financial backing to big-ticket transport projects in a bid to ensure that…
Hodoud coach gracious in defeat
CAIRO: The Alexandria-based club could not find top gear at Cairo Stadium and missed out on the chance to wrap up a second consecutive Super Cup title after overcoming Ahly…
Abd-Rabou intends to stay at Ismaili
CAIRO: The Egypt midfielder had 10 percent of his yearly salary deducted by Ismaili after he insulted some of the club's officials during a board meeting last week. He was…
Oil drilling off Libya to start within weeks, says BP
LONDON: British oil giant BP will start drilling off the Libyan coast in a few weeks, a spokesman said Saturday, stressing it would take into account any lessons learned from…
Iran signs 1.3 billion dollar gas pipeline deal with Turkey
TEHRAN: Iran has signed a $1.3 billion deal with a Turkish firm to build a pipeline for gas exports of 60 million cubic meters (2.1 billion cubic feet) a day…