Dubai / Reuters National Shipping Company of Saudi Arabia (Bahri) has announced on Sunday it had signed a murabaha facility with Riyad Bank valued at whopping 1.425 billion riyals ($380 million). This facility is aimed at financing the construction cost of five very large crude carriers (VLCCs). According to the concerned authorities, the facility lasts for a period of 10 ...

DUBAI \ EMIRATES BUSINESS London was the most attractive market for Chestertons’ MENA investors, with more than AED 265 million invested into the UK capital’s real estate market. This represented over 70% of their total sales of nearly AED 379 million. “London has long been a favoured destination for investors from the Middle East region, it is a mature, well ...

Bloomberg Iron ore will probably snap back to $45 a metric ton as a nascent real-estate rebound in China won’t bolster construction demand in the world’s biggest user and supplies remain plentiful, according to McKinsey & Co. The commodity will trade between $45 and $50 a ton this year, eroding a first-quarter rally to as high as $63.74 that was ...

MANAMA / EMIRATES BUSINESS Cluttons’ Bahrain Spring 2016 Property Market Outlook Report shows that retail at Al Seef continues to command the highest rents at BD 12.50 psm, representing a 4% increase over the 12 months from Q1 2015. Following closely behind Al Seef is Amwaj Islands, which has seen a rental increase of 33% since Q1 2015, to stand ...

Bloomberg There’s nothing to stop developer Kevin Maloney from starting sales at 111 W. 57th St., the latest sky-high condo tower rising on midtown Manhattan’s Billionaires’ Row. He has the necessary legal approvals, and an office ready to welcome would-be buyers. But with luxury-home demand slowing and new condos piling up on the market, he’s waiting about a year before ...

Bloomberg Alaska Air Group Inc. is close to buying Virgin America Inc., the carrier backed by billionaire Richard Branson, according to people with knowledge of the matter. While negotiations are advanced, the deal could still fall apart and a last-minute bid from JetBlue Airways Corp. may be possible, said the people, who asked not to be identified because the details ...

NEWARK / AP The Federal Aviation Administration (FAA) has announced it’s easing limits on the number of hourly flights at Newark Liberty International Airport, and the airport’s operator said that should lead to greater competition and lower airfares. The limits at Newark Liberty, which serves the New York City region and is one of the busiest airports in the nation, ...

BERLIN / Reuters Dutch carrier KLM has launched the first in a series of 80 flights from Oslo to Amsterdam using a biofuels blend to power an Embraer E190 jet, in a boost for the biofuels industry that has been held back by weak oil prices. The flights will run over a period of five to six weeks and use ...

Bloomberg Not every milestone is worth celebrating. For the first time ever — or at least since the company went public some 45 years ago — Walmart’s revenues shrank from the year before, according to its recently released annual financial filing. Walmart is clearly having trouble adapting its gigantic stores to the internet age. To be sure, it is a ...

FRANKFURT / Reuters Amazon is in talks with a consortium of German carmakers about taking a stake in high-definition digital mapping company HERE, two auto industry sources familiar with the matter said. Last August, BMW, Audi and Mercedes agreed to pay 2.5 billion euros ($2.8 billion) to buy Nokia’s mapping business as part of plans to develop self-driving cars. Since ...