MidEast News

A Professor of Middle Eastern History once told me: "I chose this field because I loved it, but now I love it even more because I have suddenly become relevant." The Middle East is a hot potato nowadays, but each region has its heyday. It was all about R...

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  Fitch affirms National Bank of Egypt UK at 'BB+'; Outlook Positive
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Fitch Ratings has yesterday affirmed National Bank of Egypt UK's (NBE UK) ratings at Long-term Issuer Default (IDR) 'BB+', Short-term IDR 'B', Individual 'C/D' and Support '3'. The Outlook is Positive.

  Jumeirah inks Pakistan restaurant deal
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Jumeirah Group has inked an agreement with Pakistan's Zahdan Retail Private Ltd to set up restaurants in Pakistan. Jumeirah's The Taste Department is planning 12 Noodle House outlets in Pakistan over the next five years.

  QIA's Sainsbury stake now 26%
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The Qatari Investment Authority (QIA) has raised its stake in J Sainsbury to 26%, Reuters has reported. QIA has bought a further 12.36 million shares between June 25 and July 2, taking its total holding to 454.52 million shares, from a previous stake of 25.3% of the company's share capital.

  Hamdan bin Mohammed endorses rules of using and licensing recreational motorbikes and jet skis
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HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Dubai Crown Prince and Chairman of the Executive Council, endorsed two rules governing the use and licensing of recreational motorbikes and jet skis in the emirate of Dubai.

  Iran inflation hits 26.4%
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Iran's annual inflation went up to 26.4% as consumer prices continued to climb steadily, Reuters has reported. Iran's central bank has announced consumer prices hiking by by 2.2%, Mehr News agency has cited. Analysts say inflation is blamed on the nuclear standoff, making foreign firms wary of investing in Iran.

  Oil drops below $145
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Oil has shed $1, dropping below $145 a barrel on Friday, Reuters has reported. The drop was attributed to responses to Iran's statement, saying it would make a response to proposals from six world powers to try to resolve a long-running dispute over its nuclear development programme.

  Burgan Bank capital up by KD200m
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Shareholders of Kuwait's Burgan Bank have approved to raise the bank's capital by KD200m. The capital increase is in connection with its plans to acquire a majority stake in the operations of four commercial banking entities from United Gulf Bank for $725m.

  Emirates flies to Guangzhou
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Emirates has launched its six flights a week to Guangzhou, China's third major air hub and leading manufacturing centre and is Emirates' fourth destination in China. The airline's weekly frequency to China has increased to 48 flights. Guangzhou's main export items include electrical goods such as televisions and refrigerators...

  Canada ruling boosts US deserter
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A Canadian court orders a review of a US army deserter's failed asylum bid, in a case that may affect scores of others.

  Tehran responds to nuclear offer
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Iran responds to an international offer of incentives for suspending uranium enrichment, EU and Iranian officials say.

  
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