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Bahrain firm awarded key Suez Canal project

CAIRO: Egypt's Suez Canal Authority announced yesterday that a Bahrain-registered firm is to develop a huge industrial and logistics hub around the canal, but gave no details of the project itself.

The Egyptian army is a local partner in Dar Al Handasah Egypt through the Armed Forces Engineerin...ReadMore


Dubai changing rules to attract asset managers

DUBAI: Dubai is changing its financial rules in an effort to attract more asset managers - particularly those serving the richest and most risk-tolerant investors, such as hedge funds and private equity funds - to base themselves in the emirate.

Saudi to impose foreign ownership limit on stocks

DUBAI: Overseas investors in the Saudi Arabian stock market will face restrictions including a 20 per cent ceiling on combined foreign ownership of any listed stock, a major Saudi newspaper reported yesterday.

GCC inflation rates up on higher housing prices

MUSCAT: Inflation rates across GCC states ranged between 1.21 per cent and 3.1pc through June this year.

Zain Bahrain wins honour for campaign

MANAMA: Zain Bahrain has won a major award for its #zweetup campaign.

Food producer in key talks

DUBAI: Major Saudi Arabian food producer Savola Group said yesterday it had conducted preliminary talks with one of the largest shareholders in Kuwait Food (Americana) on a potential purchase of that shareholder's stake.

Maersk to buy back shares

COPENHAGEN: Denmark's AP Moller-Maersk announced the first share buy-back in its 110-year history yesterday as an overhaul of the sprawling shipping and oil empire leaves it with more cash than it can usefully invest. Maersk shares jumped five per cent after the company reported better than expected quarterly earnings and raised its 2014 profit guidance, as cost cuts at its container shipping arm help it navigate weakness in the global economy.

Opec sees rebound in markets

DUBAI: Opec is not worried about a slide in oil prices towards $100 a barrel, delegates from the producer group said, with current levels seen as acceptable for producers while higher seasonal demand in the coming weeks was expected to support the market.

NMC Health profit rises 27 per cent

ABU DHABI: NMC Health, the UAE healthcare provider, boosted first-half profit by nearly 27 per cent, aided by higher occupancy across its hospitals, it said yesterday.

Lukoil ships cargo from Iraqi field

MOSCOW: Lukoil, Russia's second biggest oil producer, said yesterday it had shipped one million barrels of oil produced from southern Iraq's giant West Qurna-2 oilfield, its first shipment from the field, despite a surge of violence in Iraq.

BHP plans to spin off businesses

MELBOURNE: The world's biggest mining company, BHP Billiton, announced plans to spin off businesses worth an estimated $16 billion, most of them acquired in a 2001 merger, to focus on its most profitable activities.

US housing market improving

WASHINGTON: US housing starts rebounded strongly in July, pointing to momentum in the economy, but a moderate increase in consumer prices suggested the Federal Reserve has room to keep interest rates low for a while.


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