Economics
Brent crude rose above US$108 a barrel on Tuesday as the outlook for oil demand improved on signs of progress in US talks to resolve a budget crisis that threatens to dip the world's top oil consumer into recession again.
Saudi Arabia will review fuel prices and give its civil aviation body powers to allow fare increases as it struggles to move towards an open-skies policy, the country's information minister has said.
Port of Beirut revenues increased 8.8 percent to reach $158.5 million in the first 11 months of 2012 from $145.7 million recorded a year earlier.
Global oil supplies are plentiful and demand is good, while buyers and sellers are happy with current prices, top exporter Saudi Arabia's oil minister Ali Al-Naimi said on Tuesday.
Companies
Saudi food and drink manufacturer Savola Group is to build a $106m distribution center in the Gulf kingdom.
Banque Saudi Fransi, which is part-owned by Credit Agricole, will close a 1.9 billion riyals ($506.6 million) Lower Tier 2 Islamic bond issue on Tuesday, a source familiar with the matter said.
Saudi Arabian Mining Co (Maaden), which has an aluminium joint venture with Alcoa, raised 9 billion riyals ($2.4 billion) through an Islamic loan facility to help fund its future projects, it said on Tuesday.
Following a year marked by a sharp decline in tourism and an acute economic slowdown, Beirut’s Central District, known for its high-end stores and numerous restaurants, looks set to shed more of its outlets as businesses prepare to close their doors.
Investcorp, a Bahrain-based alternative asset manager, said on Tuesday it acquired five real estate assets in the United States for around US$100m.
