Economy

Work on the Kingdom Tower in Jeddah is now above the ground and construction is moving at an accelerated pace, a top official announced on Wednesday.“The tower will be ahead of any other high-rise...
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Oman expects 5% growth with steady oil prices

AMMAN: Oman’s economy should grow 4 to 5 percent this year, underpinned by stable oil prices and the billions of dollars spent on major projects in the past two years, the head of the Gulf country



Alhokair Q4 net profit rises 40%

DUBAI: Fawaz Abdulaziz Alhokair Co., the Saudi Arabian retailer which franchises brands such as Zara and Marks and Spencer in the Kingdom, reported on Monday a 40 percent year-on-year leap in net prof



Consortium in $500m deal for National Petroleum Services

DUBAI: A consortium of Gulf-based investors including Fajr Capital and Arab Petroleum Investment Corp.



McDonald’s profit dips as US sales slump

NEW YORK: Fast-food chain McDonald’s said its first-quarter profit dropped 5.2 percent amid declining sales in its key US home market, and vowed to boost global sales.



Novartis and GSK reshape business with mega-deals

GENEVA: Drugmakers Novartis and GlaxoSmithKline announced an extreme makeover, unveiling multi-billion-dollar deals also involving US group Eli Lilly in a major shakeup of the pharmaceutical sector.



Call to ‘rationalize’ subsidy programs

KUWAIT CITY: Kuwait’s rising public spending and dependence on oil revenues are preventing sustainable economic development, the Gulf state’s central bank governor said.



Kuwait’s Zain Q1 profit up

DUBAI: Zain, Kuwait's No.1 telecom operator by subscribers, reported an 8 percent rise in first-quarter profit on Monday, beating analysts' estimates.



Barclays to pull out of major commodities trading areas

LONDON: Barclays is planning to withdraw from large parts of the metals, agricultural and energy markets as part of a restructuring of its investment bank, a person familiar with the matter said.



Higher costs pressured US businesses in Q1

NEW YORK: Rising costs for materials and labor appear to be pressuring US businesses, according to a quarterly survey from the National Association of Business Economics.

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