RIYADH: SABIC said on Sunday it doubled earnings in the third quarter against the previous period as the global economy bottomed out and its product prices surged on higher oil prices. Saudi Basic Industries Corp., the Gulf’s largest listed company and one of the world’s leading petrochemical producers, reported a SR3.6 billion ($960 million) net profit for the July-September period, exactly double the previous quarter.

Inflation rises in September

RIYADH: Inflation in Saudi Arabia rose to an annual 4.4 percent in September from 4.1 percent in August, its first increase in four months, which coincided with the month of Ramadan, which typically increases consumer demand. The Kingdom’s cost of living index was 123.5 points in September up from 118.3 points a year earlier, the data published by the official statistics authority showed. The index was at 122.7 in August.

Dubai ruler opens GITEX

DUBAI: Microsoft launched a new line of Windows phones in the Gulf region at GITEX, which was opened here on Sunday by Sheikh Mohammad bin Rashid Al-Maktoum, vice president and prime minister of the UAE and ruler of Dubai. “With a Windows phone, people can navigate their phone easily with the touch of a finger and browse the Internet on a great mobile browser,” Microsoft said in a statement. Over 3,000 companies from 65 countries, including local, Arab and international specialized bodies in the Information Technology and telecommunications sectors, are participating in the annual show that will run through Thursday.

Pak license for Gulf banks likely

DUBAI: Pakistan is likely to issue a new Islamic banking license for Gulf banks next year, a senior banking executive said recently. At least two Gulf-based or Gulf-sponsored banks are operating in Pakistan and the new license is likely to be in line with the central bank’s drive to increase Islamic banking to 12 percent of the banking sector by 2012 from the current five percent.

ICD signs deal with Turkish bank

ISTANBUL: Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank (IDB) Group, and Halkbank of Turkey, signed an agreement to conclude Halkbank’s participation of $15 million in Eti Gümüs $30 million Syndicated Murabaha facility. The remaining $15 million for the facility is provided by ICD which is also the Lead Arranger for the facility.