Oil major BP has allocated $2.85 billion to develop Iraq's Rumaila oilfield in 2013, up from $2.2 billion last year, the head of the joint management committee for the field told Reuters On Wednesday.Boosting...

Carrefour, Europe's largest retailer, is in advanced talks to divest its remaining 25-percent stake in its Middle Eastern joint venture to local partner Majid Al Futtaim (MAF), two sources familiar with...

Dubai contractor Arabtec said on Wednesday a four-day strike by foreign workers seeking higher pay was over and the emirate's police chief said 200 of them would be repatriated.The company, in which Abu...

For a pathogen with such a short history, the mysterious new virus killing people in the Middle East and Europe has already had an amazing array of names.It first surfaced last year as "human betacoronavirus...

First quarter profit at Egyptian property developer SODIC fell 83 percent on the back of fewer deliveries of flats and houses to buyers, but the company said that business would speed up later in the year...

Gold extended earlier gains on Wednesday as the dollar weakened after US Federal Reserve officials allayed concerns the bank would soon reduce its bond-buying programme, while Chinese physical demand lent...

A proposed 100 percent increase in duties applied to tobacco in the GCC could lead to growth in illicit trade and smuggling, experts warned.As GCC finance ministers deliberate over whether to introduce...

Iran denied on Wednesday any link to members of a spying ring detained by its Sunni Muslim regional rival Saudi Arabia, according to Iranian media.Saudi state media reported on Tuesday that officials had...

Qatar's bourse climbed to a fresh 28-month high, recouping losses from the previous session, while UAE markets ended up mixed.Doha's benchmark advanced 0.5 percent to finish at 9,086 points, its highest...

Abu Dhabi Commercial Bank will sell $300 million in a subordinated bond on Wednesday, according to the deal arranger, just over two months after its last debt markets outing.The lender had aimed to issue...

Singapore-based utility Sembcorp has officially opened its $1bn water and electricity plant in the Omani city of Salalah.The facility includes a gas-fired power plant and seawater desalination plant, and...

UAE telecommunications giant Etisalat said its Nigeria unit had secured a $1.2bn medium term syndicated loan facility to refinance existing debt and expand its network. “The company plans to use the proceeds...

Authorities in the UAE seized 259 illegal elephant tusks smuggled out of Africa, the International Wildlife Fund for Animal Welfare said.The tusks were found at Dubai’s port in a contained labelled as...

US Secretary of State John Kerry hailed on Wednesday what US officials said was an estimated $2.1bn deal for Oman to buy a ground-based air defence system from US defence contractor Raytheon Co."I wanted...

Etisalat has yet to hear back from Vivendi on its bid for the French firm's 53 percent stake in Maroc Telecom, the chief executive of the UAE's No.1 telecom operator said on Wednesday.Etisalat and regional...

Nakheel said on Wednesday that it has awarded contracts for work at Dragon Mart Phase 2 and the neighbouring International City master community.The Dubai developer has awarded a contract for AED36.5m...

Emirates NBD launched a $1bn core capital-boosting bond on Wednesday, amid healthy demand, allowing the Dubai lender to tighten earlier price guidance.The Tier 1 bond launched at a final yield of 5.75...

Oman Air, the Gulf state's national carrier, has placed an order for three A330-300s, European-based plane manufacturer Airbus said on Wednesday.The order will grow the airline's A330 fleet to a total...

Lawmakers in Bahrain have approved a change in legislation that would criminalise the sale, import, export, production and possession of all pork products, it was reported.English language newspaper Gulf...

A number of passengers and crew on an Emirates Airline flight from Dubai to Jakarta sustained minor to serious injuries after the aircraft was caught in heavy turbulence.The Emirates Boeing 777-300 jet...