News

  REUTERS Saudi Basic Industries Corp (SABIC) expects its coal-to-chemicals project in China with Shenhua Ningxia Coal Industry Group to cost $3-4 billion, its acting CEO told Al Arabiya TV. “The project is approximately $3-4 billion and we expect it to be ready in 2020,” Yousef al-Benyan said. SABIC signed the agreement in May. The joint project would be a ...

REUTERS Kunooz Oman Holding, one of the country’s major mining, quarrying, transportation and construction materials groups, plans an initial public offer of its shares in the first half of 2017, chairman Salim Abdullah al-Rawas said on Thursday. He told a news conference that the company had obtained initial approval from Oman’s securities regulator to offer at least 25 percent of ...

  REUTERS Oil settled up nearly 3 percent after a weak U.S. jobs report hurt the dollar and boosted commodities, but crude prices still ended the week sharply lower on concerns about oversupply. U.S. employment growth eased more than expected in August after two straight months of robust gains, the report showed. That initially led to doubts that the Federal ...

  REUTERS EgyptAir says a passenger has been detained after storming the pilot’s cockpit on a flight carrying 150 passengers. The Friday incident took place aboard charter airline CairoAir 462, which took off from the Saudi capital, Riyadh, to Alexandria’s Borg el-Arab airport, EgyptAir said. The passenger was not armed. “The crew checked if the passenger was not carrying whatever ...

  Bloomberg OPEC’s crude production climbed to a record last month as increased output from Gulf members made up for persisting losses in Nigeria and Libya, according to a Bloomberg survey. Supplies from the Organization of Petroleum Exporting Countries rose by 120,000 barrels a day to average 33.69 million a day in August amid increases by Iran, Iraq and Kuwait, ...

  Dubai / Reuters The Nasdaq Dubai exchange began trading single-stock futures on shares in some of the UAE’s biggest companies on Thursday, a step towards drawing fresh money into UAE equity markets. Nasdaq Dubai’s standardised, exchange-listed futures, or agreements to buy or sell shares at an agreed price on a future date, are cheaper to trade and more transparent, ...

  AJMAN / WAM In a bid to inform students about the Emirate of Ajman’s famous touristic destinations and increase awareness of local tourism, the Ajman Tourism Development Department (ATDD) organised city sightseeing tours for students of Ajman University. The two-day tour coincides with the opening of the new academic year, and a total of 400 students visited the emirate’s ...

  Dubai / WAM Volume on the Dubai Gold and Commodities Exchange (DGCX) touched close to 13 million contracts, growing 43% over the same period last year to record the highest ever volume for this period in over a decade. This year, DGCX recorded an average 75,516 contracts a day, valued at around US$1.70bn. The exchange also registered an impressive ...

  SEOUL / WAM Defence Expo Korea, which opens next week, is a key platform for Caracal to showcase its latest firearms, which utilise the latest concepts in tactical requirements, ergonomic design and cutting-edge manufacturing techniques in addition to offering the best technical solutions in the field of modern firearms. “Through our participation in Defence Expo Korea, we are proud ...

  Dubai / Emirates Business Forbes Middle East held an event to recognize the prolonged success of the region’s real estate sector. The event for the first time ranked the Arab world’s Top 100 real estate companies and consultants and celebrated business leaders and the vision of top enterprises and their contribution to the economic development of the Arab world. ...