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Banking and Finance
Qatar National Bank said yesterday it bought 24 per cent of Dubai's Commercial Bank International (CBI) for $302 million, the latest sign that regional banks will consolidate to compete in a Gulf economic boom.
Oil & Gas
Dubai oil retailers - Emirates National Oil Company (Enoc), Emirates Petroleum Products Company (Eppco) and Emarat - will further slash diesel prices at the pumps by 50 fils a gallon effective September 1, marking their sixth straight cut in prices in a little more than a month, oil company sources told Gulf News yesterday.
Banking and Finance
Dubai Group, the leading diversified financial services company of government-owned Dubai Holding, is planning to launch an insurance company in December, its chief executive officer said yesterday.
Markets
In the past two months, stock markets in the Gulf region have all witnessed declines of varying degrees. Not even the best performing bourses of the year, Doha and Muscat, have been immune from it.
Markets
Al Habtoor Leighton Group, the Dubai-based contractor that is constructing the Paris Sorbonne University campus in Abu Dhabi, plans to sell as much as 40 per cent of its shares in an initial public offering in May.
General
The Ministry of Economy yesterday penalised some shops at the Fruit and Vegetable Market in Al Aweer over unauthorised price increases, a source told Gulf News.
Aviation
Etihad Airways has slashed many of its airfares by up to 50 per cent for travel during the Holy Month of Ramadan and the autumn period.
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Columns/Business
The decline in Arab and Gulf stock markets has led to a state of confusion among observers. This decline is similar to poor visibility on a foggy day. An uncertain outlook made these markets lose direction.
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