#World

US Targets Dubai Bank Over Iran

Noor Islamic Bank has reportedly been forced to cut off its banking business with Iran by the US Treasury.

Lacoste Builds ME Brand Presence

The brand hopes to increase its regional visibility by continuing to sponsor events like the Dubai Duty Free Tennis Championship.

Abraaj Consortium Eyes Viking

The UAE-based private equity firm is holding talks to acquire Viking, an integrated oilfield service company.

Almarai May Increase Pepsi JV Stake

The Saudi dairy company is currently in talks Pepsico to up its 48 per cent stake in IDJ, their joint venture firm.

Buffett Chooses Successor

The billionaire revealed that an unnamed individual had been selected to replace him as the CEO of Berkshire Hathaway.

Nomura To Offer Tadawul Access

The Japanese bank has received approval to offer foreign investors access to Saudi Arabia’s bourse.

World’s Richest Nation: Qatar

The Gulf country with a GDP of $88,000 in 2010 qualifies as the world’s wealthiest nation, according to Forbes.

US Eyes UAE For Military Aircraft Sale

The UAE has reportedly expressed interest in buying the V-22 Osprey, a tilt-rotor aircraft from the US.

IMF Warns About Rising Oil Prices

The Fund said that higher oil prices are posing a rising threat to the global economy.

Saudi Faces Rising Oil Demand

The Kingdom is concerned about keeping the global oil market well supplied as demand from Asian countries increases.

Etisalat To Shut Down India JV

The decision follows the ruling of an Indian court to cancel 122 telecoms licences in the country amid a corruption scandal.

Abraaj Eyeing Turkey’s Calik

Dubai-based Abraaj Capital is planning to bid for Calik Holding’s media assets, according to sources.

QIA Buys Credit Suisse London HQ

Qatar’s sovereign wealth fund acquired the building for an undisclosed sum and has now leased it back to the bank.

MENA, Russia Trade To Grow 14%

The region’s trade with Russia, India and China is set to grow much faster than trade with developed economies.

ME’s Wealthy On The Rise

The region may even top the world in terms of growth of wealthy individuals this year, according to experts.

Gulf Funds Eyeing ONGC Stakes

Sovereign wealth funds from the UAE and Kuwait have reportedly agreed to buy stakes in India’s ONGC.

Brent Falls On Greece Woes

Brent crude slips to $118 as a final decision on Greece’s bailout package faces a possible delay.

Saudi Blogger Deported From Malaysia

The columnist fled Saudi Arabia after his comments on Twitter caused an outrage in the kingdom.

SABIC, Sinopec In $5.3bn Contract

The two companies are in negotiations to build a methanol complex in Trinidad and Tobago.

Batelco Sells STel Stake

The Bahraini telecoms operator will receive $174.5 million, the same amount that it paid to purchase the stake in the Indian firm.

US Firm Wins $8.2bn Qatar Contract

Colorado-based CH2M Hill has won the FIFA World Cup construction management contract.

Eurozone Is A “Train Wreck”

Prominent economist Nouriel Roubini has predicted that the Eurozone will collapse in a few years.

Saudi Ready To Up S Korea Oil Supply

Saudi Arabia might increase crude oil supplies to South Korea as Seoul looks for alternatives to Iranian oil.

Consumer Confidence Drops

Confidence decreased substantially in Saudi Arabia during the last quarter of 2011, according to Nielson.

MENA M&A Deals Rise 4%

According to Ernst &Young, deal values in 2011 dropped by 28 per cent year-on-year to reach $31.7 billion.

Gold Steady; Watches Greece

Markets were subdued even as Greece delayed its decision regarding a new bailout.

Etisalat May Sell African Towers

The telecoms operator might also share infrastructure facilities with other carriers.

Citi To Increase Dividends

Prince Alwaleed, Citigroup’s biggest individual shareholder, said that he expects the bank to increase dividends this year.

UAE, Qatar Stop Trade Finance To Iran

The move follows the stringent financial and trading sanctions imposed by the US and EU on Iran.

UK Brand George To Launch In ME

Lebanon’s Azadea Group will bring the fashion label to the Middle East later this year.