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Iraq began pumping oil on Sunday to the first of five floating terminals in the Gulf in a move that will increase its export capacity by 850,000 barrels per day.Prime Minister Nuri al-Maliki....(More...)

Iraq began pumping oil on Sunday to the first of five floating terminals in the Gulf in a move that will increase its export capacity by 850,000 barrels per day.
Prime Minister Nuri al-Maliki symbolically opened the valve of a pipeline that runs from Iraq's southern oil fields to the port of Faw, 535 kilometres (332 miles) south of Baghdad, and then on to the terminal.
Oil ministry spokesman Assem Jihad told AFP that the introduction of the terminal is part of a plan to increase Iraq's production and export capacity, and said that the second of five planned terminals will hopefully be completed this year.
The eventual goal is for Iraq to be able to export five million barrels per day of oil from the south alone, he said.
Fayyad Hassan Naima, the director general of the Southern Oil Company, told AFP that "the terminal will be ready for exports in a few days."
The other four floating terminals are due to be operational by the end of 2013. So far the project has cost $1.5 billion.
Iraq currently produces about 2.9 million bpd.
Oil sales account for the vast majority of Iraqi government income and around two thirds of gross domestic product. The country exported an average of 2.1 million bpd in 2011, according to Oil Minister Abdelkarim al-Luaybi.
Iraq plans on increasing production and exports this year to 3.4 million bpd and 2.6 million bpd respectively, Luaybi, who was present at Sunday's ceremony, said recently.
Currently about a quarter of Iraqi oil exports come from northern fields and are routed by pipeline to the Turkish Mediterranean port of Ceyhan. (Less...)

Mobile phone giant Vodafone said on Monday it was considering an offer for Cable & Wireless Worldwide, the global telecoms company set up in the 1860s to run the British empire's communications....(More...)

Mobile phone giant Vodafone said on Monday it was considering an offer for Cable & Wireless Worldwide, the global telecoms company set up in the 1860s to run the British empire's communications network.
In a regulatory statement issued in response to press speculation about a deal, Vodafone said it "regularly reviews opportunities in the sector and confirms that it is in the very early stages of evaluating the merits of a potential offer for CWW".
Vodafone, with operations around the world, said there was "no certainty that an offer will be made nor as to the terms on which any offer might be made".
"Any offer, if made, will be in cash but Vodafone reserves the right to change the (terms) ... A further announcement will be made in due course, if appropriate."
Under British regulations, Vodafone must make its intentions clear as to an offer by March 13.
Press reports at the weekend said the deal could be worth some £700 million (836 million euros, $1.14 billion).
Cable & Wireless was involved from the start in the laying of submarine cables around the world which linked the outposts of the British empire as it expanded in the 19th century. (Less...)

SINGAPORE: The euro rebounded against the dollar in Asian trade Tuesday but ongoing worries over Europe s debt woes will see investors favouring the greenback over the long-term, analysts said.The....(More...)

SINGAPORE: The euro rebounded against the dollar in Asian trade Tuesday but ongoing worries over Europe s debt woes will see investors favouring the greenback over the long-term, analysts said.The euro rose to $1.2985 from $1.2939, while the dollar was trading at 76.85 yen from 76.98 late Friday in New York. Markets were closed Monday and Tuesday in Japan for public holidays.The European unit also firmed against the yen, changing hands at 99.79 against 99.62 late Friday.'With the euro facing capitulation risks in (the first quarter), the first half of the year is likely to favour the US dollar as a safe haven currency,' Singapore s DBS bank said in a commentary.'The eurozone sovereign debt crisis is no longer only about the peripheral countries.'Rating agencies have placed the whole region on negative watch including the AAA-rated core EU economies.'DBS bank said it expects the euro to decline to $1.20 by the end of this quarter.The eurozone s still-unresolved fiscal woes have dented the single currency with Spain announcing Friday 8.9 billion euros in budget cuts and higher taxes as it moves to curb a bigger-than-expected public deficit. (Less...)

The Japanese economy shrank in the final three months of 2011, according to the latest data, as exports were hurt by the strong yen and weak overseas demand while flooding in Thailand hammered....(More...)

The Japanese economy shrank in the final three months of 2011, according to the latest data, as exports were hurt by the strong yen and weak overseas demand while flooding in Thailand hammered production.
On an annualised basis the economy contracted a worse-than-expected 2.3 percent in October-December, a sharp drop on the previous quarter's huge growth.
The world's number three economy shrank 0.6 percent quarter-on-quarter, the Cabinet Office said, and 0.9 percent throughout 2011. It grew 4.4 percent in 2010.
However, ministers and analysts tipped a rebound this year as government reconstruction programmes after the March 11 disasters begin to bear fruit.
Severe flooding in Thailand in the autumn disrupted global supply chains and the production capability of Japanese manufacturers, particularly electronics and automakers, just as they were recovering from the March 11 quake-tsunami disaster at home.
The floods compounded Japan Inc's struggles against a continually strong yen, which is sitting close to record highs against the dollar and is also putting pressure on the euro.
The data come as the country's key export markets in the United States and Europe struggle with huge debt troubles and unemployment as they try to get back on track after the global downturn.
The contraction was more severe than the annualised 1.6 percent forecast by economists surveyed by Dow Jones Newswires.
It also sharply contrasted to a revised quarter-on-quarter growth of annualised 7.0 percent for the July-September period, which was in part boosted by post-March 11 reconstruction.
Annualised growth rates reflect the status of the economic trend in a given period, extrapolated as if it had continued for a year. The result allows comparison of data for different time periods.
But Economic and Fiscal Policy Minister Motohisa Furukawa said that despite Monday's figures the economy continued its "upward movement" with exports and production improving month-on-month in December.
The contraction "came after external demand was significantly reduced due to the one-off factor of the Thai flooding, which came amid the weak recovery of economies overseas", he said in a statement.
"Having taken into account (the recovery of exports and production in December) and the overall economic situation, it is assessed that upward movement is continuing," he said.
Forthcoming public programmes to rebuild tsunami-wrecked areas should buoy the economy, which should return to growth in the July-September quarter of 2012, said Yasunari Ueno, chief market economist at Mizuho Securities.
"Public investment is expected to increase in the April-June quarter, thanks to effects of the extra budget," he said.
Exports should also pick up pace as overseas economies are likely to regain momentum, he said.
Slow implementation of a supplementary budget contributed to the latest contraction, said Yuichiro Nagai, an economist at Barclays Capital, who told Dow Jones Newswires: "Our view that Japan's economy will start expanding from the first quarter of this year remains unchanged."
The government in December downgraded its growth forecasts for the year to March 2012 to a contraction of 0.1 percent but expected a 2.2 percent expansion in the year from April. (Less...)

CAIRO - Egypt's central bank said it would offer 20 billion Egyptian pounds in seven-day repurchase agreements in the money market on Tuesday at a fixed rate of 9.75 percent.The central bank....(More...)

CAIRO - Egypt's central bank said it would offer 20 billion Egyptian pounds in seven-day repurchase agreements in the money market on Tuesday at a fixed rate of 9.75 percent.
The central bank introduced the weekly repo agreements in March to help it manage short-term interest rates after a popular uprising ousted President Hosni Mubarak.
Last week the bank offered and accepted repos worth 20 billion pounds.
Source: Reuters (Less...)

By AFP CAIROEgypt’s Muslim Brotherhood, the country’s largest political force, on Tuesday held off from backing a request for a loan from the International Monetary Fund, urging more government....(More...)

By AFP
CAIRO
Egypt’s Muslim Brotherhood, the country’s largest political force, on Tuesday held off from backing a request for a loan from the International Monetary Fund, urging more government transparency.

The Brotherhood’s Freedom and Justice Party said it met with an IMF delegation in Cairo to discuss the loan which is aimed at relieving Egypt’s economy, in crisis since a popular uprising last year.

The FJP “does not have any reservations against dealing with the IMF or any other international institution where Egypt is a member,” its head Mohammed Mursi said in a statement.
The party “would certainly accept any help from these institutions in any way that would serve public interests,” he said.

However, the Islamist party, which dominates parliament, said the government “has not yet submitted a plan of economic measures relating to the loan” and did not say “how this loan will be used, or how it will be paid off.”

“The loan will be a burden on the shoulders of Egyptian people, who have the right to know how it will be spent and how it will be paid off,” Mursi said.

The IMF is seeking assurances from the Muslim Brotherhood that it would back the loan, diplomatic sources told AFP.

Egypt had spurned an IMF loan last year but has since changed its mind amid a stalling economy.

Egypt’s foreign currency reserves have fallen while the budget deficit increased due to public spending.

As well as the IMF loan, Egypt has sought one billion dollars from the World Bank and 500 million dollars from the African Development Bank. (Less...)

By REUTERS CAIROEgypt’s government has been reluctant to share details of a reform plan it has drawn up with the International Monetary Fund, making it hard for parliament to support any accord,....(More...)

By REUTERS
CAIRO
Egypt’s government has been reluctant to share details of a reform plan it has drawn up with the International Monetary Fund, making it hard for parliament to support any accord, the Muslim Brotherhood’s party and the IMF said on Monday.

The IMF says that before it agrees to a $3.2 billion loan Egypt needs to prevent a fiscal crisis, the government must first sell the plan to the country's political forces, especially the Brotherhood's Freedom and Justice Party (FJP), which won nearly half the seats in the new parliament.

The reform plan contains a series of austerity measures and new taxes, according to a draft obtained by Reuters, steps that are certain to be unpopular in a country hammered by a year of economic hardship after its popular uprising.
“We do not find there is enough detail available for us to determine what the real financial circumstances are of the budget and the government,” Ahmed Alnaggar, a member of the FJP’s economic committee, told Reuters after a meeting with the IMF on Monday.

“Therefore the FJP can neither agree to nor reject the loan unless the government gives us the necessary details to study and then decide.”

Egypt formally requested the 18-month IMF financing package earlier this year and the government has said it hoped to seal an agreement this month. But the IMF says a signing is several weeks away at least.

“Our technical team, if all goes well, will be here for the next couple of weeks,” IMF regional director Ahmed Masood told Reuters after talks with FJP members. “This process will take a few weeks rather than something we will resolve in days.”

The FJP has said it supports Egypt’s request for an IMF loan but first wants the government to produce a coherent plan to battle corruption and get costs under control.

Egypt has spent more than $20 billion in foreign reserves since last year's uprising to prop up its currency. Reserves now stand at a worryingly low $15.7 billion, including $4 billion in gold bullion the government would be reluctant to draw down.

The IMF has asked Egypt to draw up an economic reform plan with benchmarks and targets and line up pledges of financing from other major donors. The government says it needs a total of $11 billion to avert a balance of payments crisis.

Analysts say the FJP is reluctant to endorse austerity measures that any government it is likely to form in a few months would have to implement.

Masood said the FJP, like others, wanted to discuss specifics before endorsing the measures in the IMF agreement.

“So that is what the work is in the coming weeks,” Masood said. “The next few days and weeks will be the time to go over those measures in more detail,” he said.

“The important thing now is to make sure that we have an opportunity to go over all the specific questions that people have so that they can support the program knowing fully well what's entailed in it in the next phase.”

According to the few details released by the government, the reform plan contains an increase in the prices that heavy industries must pay for their energy, and the expansion of Egypt's current sales tax into a fully-fledged value-added tax.

The draft reform plan, drawn up in December but not released publicly, contains 25 urgent measures to reduce Egypt’s budget deficit, which the government has put at 144 billion Egyptian pounds ($23.9 billion) in the fiscal year that ends this June.

“The government has promised a detailed program, but what we received instead was general data without any details on how the loan will be spent and the means by which the loan will be repaid,” Alnaggar said.

“The IMF stressed the necessity of getting support from the main political parties and the FJP so that the loan (bill) is passed in parliament.” ($1 = 6.0342 Egyptian pounds) (Less...)

Next auction by Dubai Land Department will be held on March 21A Springs villa and an apartment in Jumeirah Beach Residence (JBR) were the two properties sold at the first public auction of foreclosed....(More...)

Next auction by Dubai Land Department will be held on March 21
A Springs villa and an apartment in Jumeirah Beach Residence (JBR) were the two properties sold at the first public auction of foreclosed properties in Dubai for 2012, Emirates 24|7 can reveal.
Four properties were listed for auction.
The first property to go under hammer was a three-bed Springs 3 villa (4,136 square feet, Type 2E) with the base price of Dh2 million.
The property saw intense bidding but finally was sold for Dh2.32 million, 16 per cent more than the reserved price.
The second property sold was a three-bedroom apartment (2,171 square feet) in Rimal 4, JBR for Dh1.98 million, 24 per cent higher than the listed price of Dh1.6 million.
Property agents and online property websites have listed similar villas in Springs 3 for between Dh2 million and Dh2.15 million, while three-bed Rimal 4 apartments are available in the market for Dh1.85 to Dh1.9 million.
No bids were received for the two-bed villa (1,879 square feet) Springs 7 villa, which had a base price of Dh1.25 million and one-bed apartment (860 square feet) in Al Sahab 1 building in Dubai Marina (based price: Dh1 million).
The second round of auction will take place on March 21, where two one-bed apartments in South Ridge 1, Downtown Burj, will go under the hammer along with a Greens apartment.
The reserve prices for South Ridge 1 properties are Dh900,000 and Dh800,000, respectively, while the Greens unit has a base price of Dh600,000. (Less...)

Imdaad, a leading provider of integrated facilities management solutions in the UAE, has announced that it has recently signed a 10-year contract to provide integrated FM solutions to Jafza, the....(More...)

Imdaad, a leading provider of integrated facilities management solutions in the UAE, has announced that it has recently signed a 10-year contract to provide integrated FM solutions to Jafza, the flagship operation of Economic Zones World and one of the largest and the fastest growing free zones in the world.
The scope of work covered by the agreement includes HVAC Systems, Electrical Systems, Plumbing Systems, Civil Engineering Services, Fire Protection and Detection Systems, Infrastructures Maintenance, Staff Accommodation Inspection Services, Managing Accident Damages, Technical Support, Waste Management, Pest Control, Infrastructure Cleaning, Sewage Treatment, and maintaining a 24/7 Call Centre to provide prompt service round the clock.
Salma Ali Saif Bin Hareb, CEO of Economic Zones World, said: “Having established a solid track record in the UAE’s FM industry, Imdaad is certainly an ideal choice to provide customized facilities management solutions to Jafza, especially at a time when we are seeing rapid growth. Imdaad will play a very important role in maintaining the high level of standards in safety, security and environmental compliance in the free zone, and their strong commitment to innovation, sustainability and customer satisfaction will be crucial factors as they help us address existing and future challenges in the maintenance and management of facilities within Jafza.”
Jamal Abdulla Lootah, CEO, Imdaad, said: “Being one of the largest and fastest growing free zones in the world, Jafza requires highly specialized FM expertise, technologies and know-how that will ultimately benefit the thousands of companies that are operating in the free zone. Imdaad, therefore, provides critical FM solutions that support the free zone’s day-to-day operations and help maintain the reputation of Jafza as a dynamic and highly efficient business hub. Our long-term partnership with Jafza certainly demonstrates the high level of confidence that our customers have in our services.”
Established in 1985, Jafza covers an area of 57 sq. kms and is home to more than 6,700 companies, including 120 of the Fortune Global 500 enterprises. Jafza accounts for up to 40 per cent of all foreign direct investments (FDI) in the UAE and more than 50 per cent of Dubai’s total exports.
Imdaad has gained a strong reputation in short period as an adopter and implementer of the latest FM technologies and practices. The company acquires eco-friendly equipment and prioritizes sustainability across all its operations. It also conducts recycling training for its clients and corporate partners along with recycling bins and collection services. (Less...)

The UAE Minister of Economy, Sultan bin Saeed Al Mansouri, has revealed that the government has reduced Dubai-based mortgage provider Amlak Finance’s debt by Dh4 billion.The UAE’s economy....(More...)

The UAE Minister of Economy, Sultan bin Saeed Al Mansouri, has revealed that the government has reduced Dubai-based mortgage provider Amlak Finance’s debt by Dh4 billion.
The UAE’s economy ministry website said the ministerial committee set up by the government to resolve the problem of Amlak Finance has succeeded, in coordination with the federal government and local authorities concerned, in reducing Dh4 billion in debt owed by the firm.
He stressed that the commission is keen to protect the rights of shareholders and the continuity of the company, while not exposing them to bankruptcy, pointing out that the government will not allow bankruptcies of companies, as has happened in many European countries and the US, and that the state is keen to give priority to the protection of the rights of shareholders and their interests and not expose them to any risk.
He pointed out that the debt was reduced through rescheduling debt as well as through the sale of some land owned by the company, and the restoration and recovery of other land owned by the company, as well as finding financial solutions with a number of third-party creditors.
On resumption of trading in Amlak shares on the Dubai Financial Market, he stated that “the ministerial committee is currently working on payment programs and fiscal stability in all respects, in cooperation with the Ministry of Finance and the Central Bank, but the process of resumption of trading of the shares of the company will take time”. (Less...)

Today Cloisall, leader in the interior fitting and contracting sector in the UAE & GCC countries through its branches in Qatar and Oman, has won a 5-star hotel full fit-out contract for DACC/Dubai....(More...)

Today Cloisall, leader in the interior fitting and contracting sector in the UAE & GCC countries through its branches in Qatar and Oman, has won a 5-star hotel full fit-out contract for DACC/Dubai Airport new concourse 3, consist of 200 rooms and suites, public areas and health club.
The project’s expected delivery date is September 2012.
In Abu Dhabi, Cloisall secured deals to undertake different finishes in Central Market project, the second-tallest building in Abu Dhabi and the skyscraper with the most floors in the city.
With years of expertise in the solid surface industry, Cloisall secured a deal for the most iconic hospital in the GCC, Sidra Hospital - Qatar. A solid surface contract (22,000 LM) the biggest deal ever awarded in the world.
“With the increasing competition in the market it’s important that one trust a professional company in setting up their projects so that everything is well taken care of. At Cloisall we believe that we have acquired the know-how and skill to convey and deliver excellent quality in high standards for every project,” said Fadi Bouchaaya, Projects Director. (Less...)

$6.77 billion deal to create dominant operation in EuropeUnited Parcel Service has reached a deal with TNT Express NV to buy the Dutch rival for 5.6 billion euros ($6.77 billion), creating a dominant....(More...)

$6.77 billion deal to create dominant operation in Europe
United Parcel Service has reached a deal with TNT Express NV to buy the Dutch rival for 5.6 billion euros ($6.77 billion), creating a dominant package-shipping operation in Europe, the companies announced in a joint statement Monday.
"The transaction will recreate a global leader in the logistics industry with more than 45 billion euros in annual revenues and an enhanced, intergrated global network," they said in the statement.
The all-cash offer amounts to 9.5 euros per ordinary share which represents a premium of 53.7 percent to the share price before the announcement of discussions between the two groups.
"The Executive and Supervisory Boards of TNT Express unanimously intend to support and recommend the offer," the statement said.
Last month TNT Express said it had rejected a 4.9 billion euro ($6.4 billion) unsolicited offer by the US-based parcel and logistics giant, but remained in discussions.
Headquartered in Atlanta, Georgia, UPS is the world's largest package-shipping group with annual revenues last year of ê53.1 billion and 400,000 employees.
TNT Express operates in more than 200 countries and employs 83,000 people. AFP (Less...)

EGX 30 index closed at 5079.44points, recording a increase of 0.92 % gain, EGX 20 index closed at 5927.27points recording 0.97% gain, EGX70 index closed at 479.61points recording 1.07 % gain EGX 100....(More...)

EGX 30 index closed at 5079.44points, recording a increase of 0.92 % gain, EGX 20 index closed at 5927.27points recording 0.97% gain, EGX70 index closed at 479.61points recording 1.07 % gain EGX 100 index closed at 821.36points, recording 1.14 %gain on Tuesday,20th march, 2012.

The total value traded recorded LE (517,068) million while the total volume traded reached LE (142,020) million securities executed over (28,275) transactions. Total Market Cap (LE) 371,396 billion.

(Sharm Dreams Co. for Tourism Investment) (7.38) % gains and closed at LE (10.77) followed by (Rowad Tourism (Al Rowad)) which records (6.46) % gains and closed at LE (13.35).

On the other hand, (Namaa for Development and Real Estate Investment Co.) records (4.43 % loss and closed at LE (12.09) followed by (Egyptian for Tourism Resorts) recording (4.29) % loss and closed at LE (1.34).

The Egyptians controlled (73.23) % of the value traded during the day. Non-Arab foreign investor's accounted for (17.3) %, while Arab investor's captured (9.48) %, after excluding deals. The institutions accounted for (35.39) % of the value traded, while the remaining (64.40) % were for the individuals. (Less...)

Insider Trading Executions: Trading Session 19/03/2012
Company Name: Suez Canal Company For Technology Settling
Position: Board Member
Type of Transaction: Buy
Volume: 2,297

Insider Trading Executions: Trading Session 19/03/2012
Company Name: Pioneers Holding
Position: Related Parties
Type of Transaction: Buy
Volume: 250,000

Insider Trading Executions: Trading Session 19/03/2012
Company Name: Misr Cement (Qena)
Position: Related Parties
Type of Transaction: Sell
Volume: 1,129

Insider Trading Executions: Trading Session 19/03/2012
Company Name: Egyptian for Developing Building Materials
Position: Board Member
Type of Transaction: Sell
Volume: 14,000

(KUNA) -- Kuwait Fund for Arab Economic Development (KFAED) signed, on Tuesday, an agreement of KD four million (USD 13.6 million) to fund a road project in Rwanda to boost local and international....(More...)

(KUNA) -- Kuwait Fund for Arab Economic Development (KFAED) signed, on Tuesday, an agreement of KD four million (USD 13.6 million) to fund a road project in Rwanda to boost local and international trade.
The project aims at promoting economic and social development in the northwest region of Rwanda.
The project will be implemented in the first half of 2012 and will be finished in the second half of 2015.
Rwanda's Minister of Finance and Economic Planning John Rwangombwa signed the load contract on behalf of his government; while KFAED Vice President Ghanim Al-Ghunaiman signed the contract on behalf of the fund.
This loan will be the eighth offered by KFAED to Rwanda. (Less...)

(KUNA) -- Lower electricity and gas bills in the UK helped drag the overall rate of inflation to a 15-month low last month, official figures showed Tuesday.The consumer prices index (CPI) rate of....(More...)

(KUNA) -- Lower electricity and gas bills in the UK helped drag the overall rate of inflation to a 15-month low last month, official figures showed Tuesday.
The consumer prices index (CPI) rate of inflation dipped to 3.4 percent, compared to 3.6 percent in January, the Office for National Statistics (ONS) said.
Cheaper air fares and discounts on digital cameras also pulled the CPI rate lower.
The drop comes as some economists warn that the overall rate of inflation may not pull back as quickly as previously thought amid resurgent oil prices, although the ONS said there was no evidence of this in February.
The easing rate of inflation will be welcomed by households that were squeezed by high prices and sluggish wage growth throughout 2011 and will add further weight to the Bank's decision to pump an extra 50 billion pounds into its quantitative easing programme, printing money, last month.
Bank governor Sir Mervyn King and his colleagues have forecast the rate of inflation to dip below the Government's two percent target at some point early next year.
Meanwhile, the cost of Brent crude, Britain's North Sea benchmark, in London has risen by nearly 25 percent since the start of the year to around USD 125 a barrel as tensions in Iran and Syria escalate.
The resurgent price reportedly prompted President Barack Obama and Prime Minister David Cameron to discuss releasing strategic oil reserves to curb further rises. (Less...)

(KUNA) -- The trading at Kuwait Stock Exchange came to an end Tuesday with the price index down 2.1 points to 6,228.9 points, while the weighted index also came down to 421.64 points, a down of 0.12....(More...)

(KUNA) -- The trading at Kuwait Stock Exchange came to an end Tuesday with the price index down 2.1 points to 6,228.9 points, while the weighted index also came down to 421.64 points, a down of 0.12 points.
Trades came to 5,309 spot transactions, worth KD 33,493,650, with volume reaching 459,207,500 shares.
As for sector indices, the board was with four green readings, three red marks, and one unchanged index which was the food index. Top gainer of 42.8 points was the services index, while biggest loser of 78.1 points was insurance.
Top share of the day was FLEX Resorts and Real Estate, biggest loser was Gulf Insurance Company, while most traded for the day was the stock of Abyaar Real Estate Development Company (Less...)

Investments in agriculture and infrastructure take center stage at landmark investment summit in South SudanA new generation of supportive policymakers, the global commodities boom, compelling....(More...)

Investments in agriculture and infrastructure take center stage at landmark investment summit in South Sudan
A new generation of supportive policymakers, the global commodities boom, compelling macroeconomic fundamentals and the unleveraged power of more than a billion consumers underpin Africa’s immense potential for international investors, a senior African private equity leader told attendees at a major investment summit in Juba, South Sudan, today.
“Africa is long on opportunities, but short of capital and short of experienced general partners,” said Marwan Elaraby, Managing Director at Citadel Capital, the leading private equity firm in Africa and the Middle East with US$ 9 billion in investments under control spanning 15 industries and 15 countries.
“We believe that private equity can play a transformative role in Africa, especially through investments in infrastructure,” continued Elaraby, “We are working in partnership with the government and people of South Sudan to make investments in agriculture and related infrastructure, thereby improving food security in Africa’s newest nation and delivering tangible benefits to the surrounding community.
“Another clear success for us is Rift Valley Railways of Kenya and Uganda, where our early investment in the business allowed us to raise equity and debt of more than US$ 234 million for RVR last year from sophisticated international institutional investors,” Elaraby concluded.
Citadel Capital’s fundraising for RVR made Kenya the largest single recipient of private equity investment in East Africa in 2011, according to independent league tables by Deloitte.
Elaraby’s remarks came as part of his keynote address on “Private Sector Cooperation for Success” at the Republic of South Sudan Investment Summit organized by CWI Summits in partnership with the Ministry of Commerce, Industry and Investment of South Sudan. The three-day summit runs 20-22 March 2012.
Also attending the summit is Concord Agriculture Managing Director Peter Schuurs, a veteran of large-scale agriculture in Africa who successfully managed to completion the widely acknowledged private-sector keystone of Botswana’s food security.
Schuurs chaired today a high-profile panel on investment in agribusiness and livestock initiatives.
“Experience has taught us that large-scale farming using the latest global best practices is the most efficient, scalable and sustainable way to make significant strides in boosting productivity, while ensuring that smallholders and pastoralist migrants continue to have access to land and resources,” Schuurs noted. “We are further committed to supporting the local community through employment and training opportunities to build the required technical knowledge and skills, in order that they will play a key role in boosting food security and agricultural productivity, for their own benefit, and that of the nation of South Sudan as a whole.”
Concord Agriculture is a 250,000-acre agricultural investment in Unity State, focused on production of locally demanded food crops such as sorghum and maize, as well as sunflowers for cooking oil. The land has been secured on a long-term lease from Unity State and ratified by the Government of South Sudan, so it continues to be owned by the state. (Less...)

GCC countries, including Saudi Arabia and the UAE, may face funding shortages as European banks pull out from non-core markets, Moody’s Investors Service said. Governments and central banks in the....(More...)

GCC countries, including Saudi Arabia and the UAE, may face funding shortages as European banks pull out from non-core markets, Moody’s Investors Service said. Governments and central banks in the GCC may need to fill a shortfall in funding as oil producers undertake an estimated USD1.8tn of capital investments in the next 15 years, Moody’s said in an emailed statement, adding that lending by European banks to the GCC amounted to about USD237bn as of September 2011. (Bloomberg) (Less...)

National Bank of Abu Dhabi (NBAD UH, Overweight, TP AED15.4): The bank offered USD750m in bonds at 3.25%. The 5-year securities were priced to yield 190 bps over the midswap rate. (Bloomberg)

Etisalat (ETISALAT UH, Not Rated): Etisalat said Monday that it launched 3G services in Afghanistan, the first to offer such services in the country. (Zawya Dow Jones)

Manazel Real Estate (Not Listed): Manazel Real Estate, which focuses on mid-income housing, plans a listing on the Abu Dhabi stock exchange this year, its chairman said on Monday, betting improved market sentiment will create appetite for the issue. (Arabian Business)

Only ten days remain for taxpayers to benefit from a 25% tax cut, the ministry of finance said in a statement Monday. The new law, issued earlier this year, gives incentives for taxpayers to get cuts....(More...)

Only ten days remain for taxpayers to benefit from a 25% tax cut, the ministry of finance said in a statement Monday. The new law, issued earlier this year, gives incentives for taxpayers to get cuts if they pay all or part of their dues before March 31, 2012. The move comes as Egypt's government seeks to bolster its budget revenues and control deficit, which is expected to reach LE144 billion, 9.1% of GDP. The incentive scheme grants a 25% cut if dues are paid before 31 March, 15% if paid between April 1, 2012 and June 30, 2012, and 10% if paid between July 1, 2012 and December 31, 2012. Delayed wage taxes amount to 67.2% of total revenues of the sector; which translates to LE3.42 billion, according to a report published Sunday in Al-Shorouk daily. Most of the delays in wage taxes are in public institutions such as the petroleum authority, Ministries of Justice, Interior and Foreign Affairs. The government plans to raise LE1.67 billion of this year's delayed wage taxes in the current financial year.
Source: Noozz (Less...)

Finance Ministry will offer LE4 billion in three-year and five-year bonds at an auction on March 26, the central bank said. The three-year bonds mature on January 17, 2015 and have a 16.15% coupon. The five-year bonds mature on January 17, 2017 and carry a 16.35% coupon.
Source: Noozz

The Italian embassy in Cairo confirmed Italy’s role as Egypt’s top economic-trade partner. After the successes of Ansaldo -EUR245 million in contracts for an electrical power plant- and....(More...)

The Italian embassy in Cairo confirmed Italy’s role as Egypt’s top economic-trade partner. After the successes of Ansaldo -EUR245 million in contracts for an electrical power plant- and Technimont US$520 million in contracts for the construction of a fertilizer plant in Aswan, the Danieli firm signed a contract for EUR50 million for the construction of a “Greenfield” steel working plant in Beni Suef. A contract was also signed for a EUR20 million “revamping” of a pre-existing plant in Alexandria.

Source: Noozz (Less...)

Ericsson’s Middle East president said that the company plans to continue focusing on the needs of Egypt’s network society, as the country continues working through a bumpy transition. Ericsson has high hopes for the future of the telecom sector in Egypt.
Source: Noozz

Egypt plans to raise EGP14bn (USD2.3bn) in treasury bills and bonds by 26 March, according to central bank data on Bloomberg. (Bloomberg)

EFG-Hermes Holding (HRHO EY, Neutral, TP EGP15.9): The company said it was not aware of events related to a travel ban on its former employee, Amr El-Kadi. The company clarified that El-Kadi left his position at the firm in 2005. (Bloomberg)

Beltone Financial Holding (BTFH EY, Not Rated): The Company is seeking to sell its brokerage business, and said it received 2 offers including a bid from an international investment bank and the other from a local investment company. The company will also seek the approval of shareholders on 17 April to sell the building for EGP80m, it said in the statement. (Bloomberg)

Suez Cement (SUCE EY, Not Rated): The Company said that workers in 2 of its factories in Egypt have started a strike on 14 March. The strike has halted shipping in the Suez and Katamiya plants, although production has not been affected. (Bloomberg)

Beni Suef Cement (Not Listed): The annulment case regarding the sale of 95% of Beni Suef Cement to Lafarge has been postponed to 30 April

The ministry of housing is requesting investors to pay an additional EGP270 per sqm for the “free housing” portion of the national housing project in sixth of October City after the ministry increased the prices to EGP613 per sqm. The increase has been applied to companies which have not been apportioned their “free housing” plots yet. (Al Mal)

Talks over the IMF loan for Egypt are continuing and will take a few weeks, rather than days, to conclude, IMF Mideast director said. The IMF is demanding the approval of the political parties in....(More...)

Talks over the IMF loan for Egypt are continuing and will take a few weeks, rather than days, to conclude, IMF Mideast director said. The IMF is demanding the approval of the political parties in Egypt’s parliament before signing a USD3.2bn loan agreement sought by the government, the state-run news agency reported, citing the head of parliament’s budget committee. In related news, a tripartite committee will be formed which will include members of the FJP party, the government, and the IMF to look into 3 main points: (1) the utilization of the loan, (2) the impact on the low income segment, and (3) the alternatives sought by the government before resorting to the loan. (Al Mal) (Less...)

EGA meeting of Cairo for Real Estate Investments (CIRA.CA) approved the loan granted to the company from International Finance Cooperation with total worth reached US$15 million. The proceeds of the loan will be allocated in financing the company’s expansion plan which includes the establishment of seven new schools.
Source: Al Alam Al Youm

Eight governmental and private sector agencies announced the formation of a new committee to participate in conference and Arab cooperation exhibition in Libya which will be held on May 7 and 8,....(More...)

Eight governmental and private sector agencies announced the formation of a new committee to participate in conference and Arab cooperation exhibition in Libya which will be held on May 7 and 8, 2012. The committee includes Egyptian business men society, industrial development authority and ministry of foreign affairs and international cooperation. Eng. Hussein Sabour said that the committee will coordinate to prepare an initiative for the contribution of Egyptian companies in the restructuring and reform in Libya. Meanwhile, Ismail El Nagdy, Chairman of industrial development authority confirmed that the government has submitted a plan regarding the industrial development in Libya.
Source: Al Masry Al Youm (Less...)

A Mazot refining project is pending approval from Prime Minister kamal Al Ganzoury; which would have an investment cost of LE10.6 billion. Significant to note that the project’s will be implemented....(More...)

A Mazot refining project is pending approval from Prime Minister kamal Al Ganzoury; which would have an investment cost of LE10.6 billion. Significant to note that the project’s will be implemented over 3 stages, the first of which will have a capacity of 800k of butane, 2.5 million tons of kerosene and jet fuel and 3 million tons of benzene, and 7.5 million tons of gas oil annually. Furthermore, the first stage is expected to have an investment cost of LE5.5 billion and conclude within 4-6 years.
Source: Al Mal (Less...)

The Egyptian African Company for Investments announced that it had signed a contract with Delta, a French company, to establish a sugar factory in Sudan at an investment cost of LE1.3 billion and an expected capacity of 240k tons annually. Important to note, Sugar and Integrated Industries Company had refused to take part in the project.
Source: Al Mal

Company Name : El Kahera Housing
ISIN Code : EGS65071C010
Reuters Code : ELKA.CA
Content : The Board of Directors' meeting minutes held on 19/03/2012 (before certification), containing the financial results for the company consolidated & standalone statement (unaudited) for the financial year ended 31/12/2011.

Company Name : El Kahera Housing
ISIN Code : EGS65071C010
Reuters Code : ELKA.CA
Content : EGX decided to resume trading on the company's shares effective 20/03/2012 trading session at 12:30 PM.

Company Name: Arab Gathering Investment
ISIN Code: EGS67221C019
Reuters Code: AMIA.CA
Content: Recommended appropriation account for the year ended 31/12/2011 which will be presented to company's AGM on 09/04/2012.

Company Name : Misr Oils & Soap
ISIN Code : EGS38421C011
Reuters Code : MOSC.CA
Content : Amendments in one of the Board of Directors' representatives.

Company Name : Ismailia Development and Real Estate Co
ISIN Code : EGS214Q1C011
Reuters Code : IDRE.CA
Content : The Board of Directors' meeting minutes held on 19/03/2012 (before certification).

Company Name : East Delta Flour Mills
ISIN Code : EGS30351C018
Reuters Code : EDFM.CA
Content : Company's reply on the Central Auditing Organization Report of the financial period ended in 31/12/2011.

Company Name : Arab Investment Urbanization
ISIN Code : EGS65112C012
Reuters Code : AIUR.CA
Content : The Board of Directors' meeting minutes held on 08/03/2012 (after certification).

Company Name : Misr Duty Free Shops
ISIN Code : EGS53051C016
Reuters Code : MFSC.CA
Content : AGM minutes after certification
Assembly Date : 27/02/2012

Company Name : Misr Duty Free Shops
ISIN Code : EGS53051C016
Reuters Code : MFSC.CA
Content : The Board of Directors' meeting minutes held on 27/02/2012 (after certification).

The Bahraini cabinet is set to issue a draft law allowing companies owned by Gulf nationals to open branches in kingdom. To be eligible, companies have to be registered in one of the GCC countries for at least three years and fully-owned by Gulf nationals. They should also be exercising an activity licensed in Bahrain.

The following issue went on sale today:
Issuer: Barclays Bank Plc Manager(s): Barclays Cap Amount: $80 million Coupon: 4.95 percent Issue Price: 100 Maturity: March 30, 2032 Settlement: March 30, 2012 Early Redemption: NC1

Asian shares dropped after China raised gasoline and diesel prices by the most in two years. European equity futures fell and commodities retreated, while Treasuries snapped a nine-day slide. The....(More...)

Asian shares dropped after China raised gasoline and diesel prices by the most in two years. European equity futures fell and commodities retreated, while Treasuries snapped a nine-day slide.
The MSCI Asia Pacific Excluding Japan Index (MXAPJ) lost 0.5 percent as of 4:01 p.m. in Tokyo. Euro Stoxx 50 Index futures retreated 0.2 percent. The Shanghai Composite Index slid 1.3 percent, while Standard & Poor’s 500 Index futures were little changed. Treasury 10-year yields fell two basis points to 2.36 percent. The S&P GSCI commodity gauge declined 0.4 percent. Oil dropped 0.5 percent in New York.
Signs the U.S. economy is improving don’t dispel risks that include rising gasoline prices and a weakened housing market, Federal Reserve Bank of New York President William C. Dudley said yesterday. China’s refiners will charge 7 percent more for gasoline, according to data compiled by Bloomberg. Reports later today may show U.S. housing starts gained in February and U.K. inflation slowed for a fifth month, according to economists surveyed by Bloomberg.
“China, and whether the slowdown actually will happen and whether it will be a hard landing or a soft landing, is a big question mark on the downside,” Ali Naqvi, head of Asia equities for Credit Suisse Group AG, said in a Bloomberg Television interview from Hong Kong.
Chinese Shares Slide
The Hang Seng China Enterprises Index (HSCEI) of mainland companies listed in Hong Kong slid 0.8 percent, poised for the lowest close in two months. Profits for China’s state-owned companies fell 11 percent in the first two months this year, according to a statement posted on the finance ministry’s website. Revenue increased 9.9 percent.
All 10 industries in the MSCI gauge of Asian shares outside Japan declined. Australia’s S&P/ASX 200 Index fell 0.4 percent and South Korea’s Kospi Index retreated 0.2 percent. The BSE India Sensitive Index, or Sensex, added 0.4 percent. Japanese markets were closed for a holiday.
Sun Hung Kai Properties Ltd. (16), Hong Kong’s biggest developer by value, lost 1.9 percent after saying an executive director was arrested as part of an investigation into alleged bribery. Transurban Group (TCL), Australia’s biggest operator of toll roads, dropped 2.6 percent in Sydney trading after the company’s biggest shareholder sold a 7.9 percent stake at a discount.
Chinese consumer stocks retreated in Hong Kong trading. Great Wall Motor Co., a maker of sport-utility vehicles, slumped 5.6 percent. Belle International Holdings Ltd., China’s biggest shoe retailer, lost 1.5 percent.
Slowing Economy
Chinese Premier Wen Jiabao announced this month an economic growth target of 7.5 percent for 2012, down from an annual 8 percent over the past seven years. China’s steel production is slowing as the economy starts to shift to focus more on consumers than large infrastructure projects, Ian Ashby, BHP Billiton Ltd.’s president of iron ore, said today.
“Higher energy costs and falling profits may worry investors that the economy is slowing even further,” said Dai Ming, a fund manager at Shanghai Kingsun Investment Management & Consulting Co. in Shanghai.
Oil in New York dropped for the first time in three days. U.S. inventories climbed to the highest level in six months last week as processors idled units and imports from Canada increased, according to a Bloomberg News survey before a government report tomorrow.
Aussie Dollar
Australia’s dollar weakened against 15 of its 16 major peers. Malaysia’s ringgit led declines in Asian currencies, losing 0.3 percent to 3.0630 per dollar.
Corn dropped a second day after planting advanced in Texas and wheat slumped as rains improved crop prospects in the U.S., the world’s largest shipper of both grains. May delivery corn lost as much as 1.1 percent on the Chicago Board of Trade. Wheat for delivery in the same month declined 0.8 percent. (Less...)

Amlak Finance PJSC (AMLAK)’s debt was reduced by 4 billion dirhams ($1.1 billion) after the lender sold land and reached agreements with some creditors, Al Bayan reported, citing Sultan Bin Saeed....(More...)

Amlak Finance PJSC (AMLAK)’s debt was reduced by 4 billion dirhams ($1.1 billion) after the lender sold land and reached agreements with some creditors, Al Bayan reported, citing Sultan Bin Saeed al-Mansouri, the United Arab Emirates’ economy minister.
It will be some time before the company’s shares resume trading as a government committee tries to stabilize the mortgage provider, the newspaper cited al-Mansouri as saying. The government would rather help the company to reorganize its debt than declare it bankrupt, he said.
Amlak Finance’s total liabilities reached 11 billion dirhams at the end of September. Its shares haven’t traded since November 2008. (Less...)

Emaar Properties PJSC (EMAAR), the United Arab Emirates’ biggest developer by market value, said its board proposed a 10 fils cash dividend for last year, matching the payout a year earlier. Emaar,....(More...)

Emaar Properties PJSC (EMAAR), the United Arab Emirates’ biggest developer by market value, said its board proposed a 10 fils cash dividend for last year, matching the payout a year earlier.
Emaar, developer of the world’s tallest tower in Dubai, paid a 10 fils dividend for 2010 after the company hadn’t initially proposed a dividend. The decision was made after a three-hour meeting that saw arguments between shareholders and executives. The company, owned 31 percent by Dubai’s government, didn’t distribute dividends in 2009 and 2008, according to data compiled by Bloomberg.
“There were speculations about dividend as high as 15 fils,” said Dubai-based Fadi Al Said, who oversees $250 million as senior investment manager at ING Investment Management for the Middle East and North Africa. “Since the company maintained the dividend, it may be a positive sign that it’s comfortable with its financial position.”
Emaar said last month its fourth-quarter profit more than doubled to 716 million dirhams ($195 million), beating analysts’ estimates. Recurring income from hotels and malls grew to 41 percent of revenue last year compared with 24 percent in 2010.
The shareholders are scheduled to meet on April 23 to discuss the dividend proposal, the company said in a statement to the Dubai Financial Market today. Emaar said yesterday that it may expand its board to 11 members from eight and replace four directors.
Emaar’s shares have gained 19 percent this year compared with a 23 percent advance for the benchmark Dubai Financial Market General Index. Fifteen analysts recommend investors buy Emaar shares, two have a hold and one a sell rating, according to data compiled by Bloomberg. (Less...)

When Activision Blizzard Inc. (ATVI) needed new software to help it field questions from users of its “Call of Duty” shooter franchise and other games, it held a bakeoff between Oracle Corp.....(More...)

When Activision Blizzard Inc. (ATVI) needed new software to help it field questions from users of its “Call of Duty” shooter franchise and other games, it held a bakeoff between Oracle Corp. (ORCL) and Salesforce.com Inc.
Oracle lost.
Activision, the world’s biggest video-game maker, wanted applications delivered over the Internet and stored in the cloud, rather than on its own servers, Activision Chief Information Officer Robert Schmid said in an interview.
“Salesforce has really stepped up to the plate,” he said. “I’m much more interested in a cloud application than an on- premises application. I don’t want to do plumbing.”
Companies as varied as Bayer AG, Zynga Inc. and Hewlett- Packard Co. also have opted in recent months for Salesforce (CRM) over Oracle, evidence of shifting loyalties in the $113.8 billion business-applications market. Some corporations aiming to cut costs and find more flexible ways to run operations are turning to cloud providers like Salesforce and Workday Inc., shunning the kinds of pre-packaged applications made by Oracle that are installed on machines and carry multiyear service agreements.
“Salesforce.com and Workday are taking share and eroding Oracle’s application maintenance stream,” said Brad Zelnick, an analyst at Macquarie Capital in New York, who downgraded Oracle’s stock to neutral in January. “That’s what’s really giving Oracle a run for their money.”
Slower Growth
Evidence of Oracle’s challenges may come later today, when the company releases fiscal third-quarter results. Oracle, based in Redwood City, California, is forecast to report that revenue rose 3 percent in the period that ended in February, according to analysts’ projections compiled by Bloomberg. That would follow a sales gain of 2.5 percent in the second quarter, which was the slowest rate of growth in two years.
The company’s shares have declined 3.3 percent in the past 12 months, compared with a gain of 13 percent for the Standard & Poor’s 500 Systems Software Index. (S5SYSF) Besides Macquarie, JMP Securities and Jefferies & Co. also have downgraded Oracle’s stock in the past two months. JMP cut Oracle shares to market perform, while Jefferies has a hold rating on the stock.
Workday, a Pleasanton, California-based maker of Web software that helps companies manage human resources and finances, is also gaining ground at the expense of industry stalwarts like Oracle and SAP AG (SAP), Europe’s largest software maker.
Workday Moves In
Workday replaced Oracle and SAP systems at companies including Flextronics International Ltd., Kimberly-Clark Corp., Sun Life Financial Inc. and Lenovo Group Ltd. The startup plans to file for an initial public offering this year that would raise as much as $500 million. Workday is aiming for the same companywide software installations that are Oracle’s and SAP’s strong suits.
Salesforce and Workday espouse an approach called “software as a service” that lets customers rent business applications instead of installing them on their own servers. This means companies that want to arm employees with new software don’t have to buy the underlying hardware, databases and the middleware that helps various programs work together. Nor do they have to retain the phalanx of consultants often needed to keep the systems working well.
The enterprise software industry, meantime, has thrived by shipping big upgrades after years-long development cycles, then collecting richly profitable maintenance fees each year for bug fixes, said Salesforce Executive Vice President John Wookey, a veteran of Oracle and SAP who joined Salesforce last November.
Customers’ Burden?
“In that model, the burden for making the software work is on the customer,” said Wookey, who spent a dozen years at Oracle and led development of the company’s new Fusion applications, then worked at SAP from 2008 until last year. “What’s different about the cloud is if people don’t like your software, they’ll stop using it.”
Oracle is still a software powerhouse, many times bigger and more profitable than Salesforce. Excluding options costs and other expenses, Oracle turned an $11.4 billion profit in its most recent fiscal year, compared with Salesforce’s $193.6 million.
There’s also ample chance for Oracle and other large software makers to peel off customers of aging business applications like those made by Lawson Software Inc. and Sage Group Plc. Sensitive data can’t always be stored outside a company’s walls. What’s more, cloud computing companies’ software may actually cost more than the sticker price because some companies need to hire consultants from Accenture Plc and Infosys Ltd. to integrate it with other programs they run.
Web-Friendly
Yet as companies swap older enterprise resource planning systems with newer cloud-computing software, SAP and Oracle have struggled to offer more Web-friendly applications. Oracle was years late to market with its Fusion applications, meant to knit together its acquisitions of Siebel, PeopleSoft and other companies with a more modern user interface and software code.
Responding to the threat, Oracle is making forays into cloud computing. It agreed last month to buy Taleo Corp., a maker of online human resources software, for $1.9 billion. In January, Oracle acquired RightNow Technologies Inc. for $1.5 billion to gain online customer-service software. The company has also announced a service called the Oracle Public Cloud to run Fusion applications in Oracle’s data centers.
“We are well positioned as the only vendor with a standards-based, fully integrated suite of modern applications which can be deployed on premises or on a public or private cloud,” Oracle President Mark Hurd said in an e-mailed statement.
SAP’s Push
SAP also has reacted to the competition with its own efforts to take on newer companies -- and Oracle -- in the cloud. The German software maker on Feb. 23 closed its $3.4 billion acquisition of SuccessFactors Inc., whose online software for managing employees’ performance has more than 3,500 customers and 15 million users.
The company is directly targeting Oracle’s database customers with its own data-analysis software, called Hana. Eventually, large enterprise customers will be able to run Hana with SAP’s applications outside their own data centers, Chief Technology Officer Vishal Sikka said in an interview.
“In five years there’s no doubt the majority of deployments will be in the cloud,” he said.
Activision’s Mix
Activision still uses Oracle applications and databases to run its operations, financial planning and data analysis, Schmid said. Still, the Santa Monica, California-based company chose Salesforce’s Service Cloud, Chatter social network and Radian6 marketing software to respond to gamers’ problems and analyze data from players of the “Call of Duty” war game to refine future versions.
Salesforce’s software helps Activision analyze data flowing in from as many as 3 million simultaneous online “Call of Duty” players, then feed the findings to the company’s game developers to improve future versions, Schmid said.
Software-as-a-service companies like Salesforce and Workday will continue to pressure traditional software companies like Oracle in the months and years to come, said Mike Volpi, a partner at venture capital firm Index Ventures.
“This is the critical battleground for the next decade,” he said. (Less...)

The Saudi Investment Bank announces the approval of its general assembly meeting held on Sunday 25/04/1433H corresponding to 18/03/2012 at 8:00 p.m. at the Banks Head Office building on Maather....(More...)

The Saudi Investment Bank announces the approval of its general assembly meeting held on Sunday 25/04/1433H corresponding to 18/03/2012 at 8:00 p.m. at the Banks Head Office building on Maather street on all the agenda items as follows:
1. Approval of Board of Directors report to the shareholders on SAIB's results as of and for the year ended December 31, 2011.

2. Approval of SAIB's financial statements as of and for the year ended December 31, 2011.

3. Releasing the Board of Directors for their actions during the period from 01/01/2011 to 31/12/2011.

4. Approval of the Board's proposal to select external auditors for the year 2012 (Price Waterhouse Coopers and Deloitte and Touche), and establishing relevant fees.

5. Approval of the Boards proposal to pay dividends of SAR 0.60 per share (SAR 0.50 per share after Zakat deduction) representing 5% of the share par value.

Eligibility of the dividends will be for the shareholders as of 25/04/1433H corresponding to 18/03/2012. Dividend distribution will commence on Sunday 02/05/1433H corresponding to 25/03/2012. (Less...)

Etihad Etisalat Company (Mobily) announced on Monday its collaboration with Etihad Atheeb Telecom (GO) to provide fixed voice services to a number of commercial and residential complexes, which will....(More...)

Etihad Etisalat Company (Mobily) announced on Monday its collaboration with Etihad Atheeb Telecom (GO) to provide fixed voice services to a number of commercial and residential complexes, which will be agreed upon in due course. This cooperation comes from the standpoint that the integration of the distinct services of the two companies would meet the increasing requirements of the public and commercial sectors in light of the accelerated developments in Saudi Arabia. Such cooperation would also enhance diversity in services, quality and speed of implementation. (Less...)

Fitaihi Group invites its shareholders to attend the 4th postponed extra-ordinary general meeting on Wednesday 04/04/2012, at 9 p.m., at the Auditorium Hall of the IMC in Jeddah, to discuss the....(More...)

Fitaihi Group invites its shareholders to attend the 4th postponed extra-ordinary general meeting on Wednesday 04/04/2012, at 9 p.m., at the Auditorium Hall of the IMC in Jeddah, to discuss the following agenda:
1)-Approval on the board of directors' annual report for the fiscal year ended December 31, 2011.
2) - Approval on the consolidated financial statements and auditor's report for the fiscal year ended December 31, 2011.
3) - Discharge of the Board of directors from their responsibility regarding their activities undertaken through the fiscal year 2011.
4) - Approval on the Board of Directors' recommendation to increase the capital of the company from SAR 500 Million (50 Million Shares) to SAR 550 Million (55 Million Shares) (an increase of 10%) by granting one bonus share for every 10 shares owned. This increase will be financed by transferring SAR 50 Million from the Reserves as of 31/12/2011 (SR. 35,731,510 from General Reserve item, and SR. 14,268,490 from premium surplus item), to the item of the capital of the company, bringing the current number of shares of 50 million to 55 million shares. The bonus shares will be awarded to the shareholders registered in the company books at Tadawul by the end of the trading date of the 4th EGM. Fractions of shares will be collected in a portfolio and will be sold at the stock market. The average selling value per share will be distributed on the eligible shareholders, each according to his share fraction. This procedure must be completed within a period not exceeding 30 days from the distribution date of the full shares, and accordingly, clause No. 7 of the company's by-laws will be amended.
5) - Amendment of clause No. 7 of the company's by-laws, to be as follows: "The capital of the company is SR. 550,000,000 divided into 55,000,000 shares. The nominal value of each share is SR. 10. All are common shares."
6) - Approval on the Corporate Governance Guide of Fitaihi Holding Group. (The Guide can be downloaded from the website of the company. www.fitaihi.net)
7) - Approval on the cumulative voting method for electing the Board Members for the next terms, and consequently the amendment of clause No. (34) of the company's by-laws, to be as follows :
"Voting at the Assembly General Meetings will be considered as one share for each vote owned. However, cumulative voting will be adopted at the election of new board members."
8) - Approval on the addition of a new paragraph to the existing clause No. (36) of the company's by-laws as follows: "The shareholder has all the right related to the stock, especially the right to get a share of dividends, and of the company's assets at liquidation. In addition, the shareholder has the right to attend the general meetings of the company, discuss and vote on all resolutions, buy, sell, concede & keep the shares, request to have a look on the company's books, and monitor the board members' performance and sue them, according to the rules and conditions mentioned in the Companies' Act & the Company's by-laws."
9)- Approval on the lease of the 6th floor of Fitaihi Auction House, Madina Road, Jeddah to the Chairman of the Board Mr. Ahmed H. Fitaihi for a renewable five-years contract at a yearly rent of SR. 404,404 as per the terms and conditions mentioned in the board of director's annual report for the Year 2011.
10)- Approval on the appointment of the candidate external auditor which has been nominated by the Audit Committee for the audit of the quarterly and annual financial statements for the fiscal year 2012, and its fees.
Important notes for our shareholders:
1)- Each and every shareholder of the company, regardless of the number of shares owned, has the right to attend the Assembly General, in person or by proxy. Proxies are prohibited to be given to any one of the board of directors or any employee of the company.
2) - The shareholder must show his ID Card in addition to a proof of his ownership of shares.
3) - All shareholders, who will attend in person or by proxy, have to be present at least an hour before the start of the meeting to register their names. The Board of Directors urges all the shareholders of the company to attend in person or by proxy to discuss all the items of the agenda of the meeting.
4) - Original proxies have to be handed over to the Investor Relations Dept. at least 3 days before the meeting. All proxies have to be attested and stamped by the chamber of commerce, or a Saudi bank, or a governmental entity, or the workplace of the shareholder.
5) - Quorum of the postponed assembly general is 25% of the shares of the company. (Less...)

The Board of Directors of Al Alamiya for Cooperative Insurance Company is pleased to invite its valued shareholders who owns at least 20 shares to attend the meeting of the Extraordinary General....(More...)

The Board of Directors of Al Alamiya for Cooperative Insurance Company is pleased to invite its valued shareholders who owns at least 20 shares to attend the meeting of the Extraordinary General Assembly that will be held at Diwan Room (Mezzanine Floor) Jeddah Hilton- Qasr Al Sharq in Jeddah at 7.00pm on Tuesday 25/5/1433H (Umm Al Qura Calendar) corresponding to 17/4/2012G to consider the following items:
1. Approve the agreement on the transfer of the insurance portfolio of Royal & Sun Alliance (Middle East) in the Kingdom of Saudi Arabia based on SAMA letter n 751/IS dated 26/3/1433H.
2. Approve the valuation of the insurance portfolio of Royal & Sun Alliance Insurance (Middle East) in the Kingdom of Saudi Arabia amounting 64,100,000 Saudi Riyals as approved by SAMA.
3. Approve 1/1/2009G as the effective date for the purchase of the insurance portfolio as defined by SAMA.
4. Approve the agreement on the purchase of the assets, to transfer the assets from Al Alamiya for Commerce and Services (Kingdom of Saudi Arabia) the Agent of Royal & Sun Alliance Insurance (Middle East) in the Kingdom of Saudi Arabia.
5. Approve the contracts with Royal & Sun Alliance related to the transfer of the insurance portfolio which are the licensing agreement and the technical services agreement.
6. Approve the amendment of article (4) of the Articles of Association of the company and the transfer of its Head Office from the city of Jeddah to the city of Riyadh based on SAMAs letter n 16452/MT/761 dated 27/3/1433H.
7. Approve the amendment of article (34) of the articles of Association of the company by adding the use of cumulative voting when electing the members of the Board of Directors in the General Assembly.
The shareholders wishing to attend must register their names in the attendance register within one hour before the meeting. It is worth noting that the attendance register will be closed at 6.55pm of the day of the meeting. A shareholder may appoint another shareholder to represent him at the meeting provided that he should not be a member of the Company's Board of Directors or any of the Company's staff, through a power of attorney duly attested provided that the percentage of powers of attorney for each shareholder should not exceed 5% of the company's capital with the exception where the attorney is an individual shareholder or one of his family members. The Extraordinary General Assembly meeting will be valid if it is attended by shareholders representing 50% of the capital in accordance with article 33 of the Company's Bylaws. (Less...)

(Reuters) - The following were the top stories in The Wall Street Journal on Tuesday. Reuters has not verified these stories and does not vouch for their accuracy.* House Republicans, seizing on what....(More...)

(Reuters) - The following were the top stories in The Wall Street Journal on Tuesday. Reuters has not verified these stories and does not vouch for their accuracy.

* House Republicans, seizing on what they hope is a potent campaign issue, will introduce a 2013 budget on Tuesday that cuts tax rates and provides for two individual brackets of 10 percent and 25 percent.


* Brazilian prosecutors' planned criminal charges against Chevron executives for offshore oil leaks threaten to stifle foreign companies' drilling plans in this petroleum-rich nation.


* Apple said it would pay a dividend to shareholders and buy back up to $10 billion in stock, heeding calls for the technology heavyweight to deploy its massive cash pile.


* Glencore International is near a deal to buy Canadian agribusiness company Viterra, which has a current market value of $6 billion.


* Gap on Tuesday will unveil its first store in South Africa, a steppingstone onto a continent where the average economic growth is faster than 5 percent and the average age is 19.


* Four pension funds severed ties with Bank of New York Mellon and State Street amid government investigations into whether the banks overcharged clients for currency trading.


* China's demand for iron ore is 'flattening out', a senior executive at BHP Billiton Ltd said Tuesday.

Demand growth for the commodity used to make steel will drop "to single digits if it is not already there," Ian Ashby told a press conference in Perth. (Less...)

(Reuters) - Brent crude fell towards $125 a barrel on Tuesday as global supply concerns eased and a hike in Chinese fuel prices sparked fears of lower energy demand in the world's second-largest oil....(More...)

(Reuters) - Brent crude fell towards $125 a barrel on Tuesday as global supply concerns eased and a hike in Chinese fuel prices sparked fears of lower energy demand in the world's second-largest oil consumer.
Continued fears of supply disruptions in Iran were offset by news that Libyan oil production would return to levels last seen before the civil war in February, and data the day before which showed Saudi Arabia boosted oil exports in January.
Adding to worries about potential demand destruction, China said on Tuesday it was raising retail gasoline and diesel prices by between 6 and 7 percent, the biggest increase in nearly 3 years.
"The move might sap demand growth. Higher prices tend to discourage wasteful consumption," said Gordon Kwan, head of energy research at Mirae Asset Management in Hong Kong.
However, any impact is expected to be muted as China's economy continues to grow robustly, albeit at a slower pace.
Brent crude fell 64 cents to $125.07 a barrel by 0630 GMT, after settling 10 cents lower in the previous session.
U.S. crude was down 50 cents at $107.59. The benchmark had gained more than $1 on Monday after Valero announced it would shut down its 235,000 barrel per day (bpd) Aruba refinery, further tightening regional supplies ahead of the U.S. summer driving season.
The April contract expires at the end of Tuesday's session. U.S. May crude was trading at $108.00, down 56 cents.
SUPPLY GROWS
Exports from Saudi Arabia rose by 143,000 barrels per day (bpd) in January as the world's leading crude seller increased supplies to the United States while it has pledged to work "individually" and with other Gulf countries to return oil prices to "fair" levels.
Libya is also ramping up production as it plans to export almost 1.4 million bpd of crude oil in April, exceeding deliveries in February 2011 before the uprising that ousted Muammar Gaddafi.
This boost in global supply has eased concerns about the standoff between the West and Iran over Tehran's nuclear programme that has lifted oil prices this year and kept oil markets on edge.
Iran has agreed to a new round of talks with the West, but Western sanctions aimed at curtailing Tehran's nuclear ambitions have hit oil exports.
A potential loss of Iranian barrels has help underpin a 17 percent surge in crude prices this year, and could take the market higher when sanctions are enforced on July 1.
Societe Generale raised its price forecasts for Brent crude oil and U.S. West Texas Intermediate crude oil for 2012 and 2013, citing supply side issues such as tight crude stocks, low OPEC spare capacity and strong non-OPEC supply disruption.
"In addition, both actual and potential supply disruptions from Iran will be an important factor for the markets," analysts at Socgen said in a note on Monday.
The bank raised its 2012 Brent price forecast to $127.37 a barrel from $110. It also upped its WTI price to $117.15 per barrel, from $103 earlier.
CHINA DEMAND
The hike in China's fuel prices, its second in just over five weeks, was anticipated due to a spike in global crude prices, but the increase was bigger than expected, analysts said.
However, most said they did not expect the move would choke oil demand.
China last raised fuel prices in February, lifting gasoline and diesel rates 3 to 4 percent to record highs.
The government, worried about inflation, has often postponed raising prices in the past two years, meaning refiners often run at a loss as they are unable to pass on any increases in crude oil costs to consumers.
U.S. CRUDE STOCKS
U.S. commercial crude stockpiles are forecast to have climbed last week on higher imports and lower refinery activity, in line with seasonal patterns, a preliminary Reuters poll of analysts showed on Monday.
The survey of five analysts before weekly industry and government inventory reports for the week to March 16 produced an average forecast of a 2.4-million-barrel increase (Less...)

(Reuters) - Gold edged lower on Tuesday as a brightened U.S. economic outlook dented its safe-haven appeal, while a buoyant equity market also prompted investors to take money out of bullion.The....(More...)

(Reuters) - Gold edged lower on Tuesday as a brightened U.S. economic outlook dented its safe-haven appeal, while a buoyant equity market also prompted investors to take money out of bullion.

The expectations of further monetary easing worldwide amid a sluggish growth outlook had boosted investment in gold as a hedge against inflation, sending cash gold prices up as much as 14 percent this year to near $1,800 an ounce.

But the flight to safety has started to lose its appeal with upbeat U.S. data in recent months increasing investor confidence in the recovery of the world's largest economy.

"Investors are looking at other investment options, as they are less concerned about economic growth and more wanting to hop on the equity rally, which clearly works against some of the reasons why people buy gold," said Jeremy Friesen, commodity strategist at Societe Generale in Hong Kong.

The benchmark S&P 500 on Monday rallied to its highest level since May 2008 and 10 percent below the record close of 1,565.15 set in October 2007. The index has risen 12 percent so far this year, outstripping gold's 6-percent gain.

Friesen, however, cautioned that the momentum in U.S. recovery could falter, putting the pressure back on the Federal Reserve to keep real interest rates low to support growth.

"Rising treasury yields are consistent with the very bullish outlook on U.S. economy, but we don't think that's on the cards yet."

U.S. Treasuries prices fell on Monday, with longer-dated debt yields touching 4-½ month highs and investors likely to trim their bond holdings further on signs of an improving U.S. economy and some stabilization of Europe's debt troubles.

Spot gold lost 0.3 percent to $1,656.31 an ounce by 0337 GMT, snapping three straight sessions of gains.
U.S. gold fell 0.6 percent to $1,656.60.

Technical analysis suggested that spot gold could break the resistance at $1,671 an ounce during the day, Reuters market analyst Wang Tao said.

Traders said the diminished prospect of further monetary easing from the U.S. Federal Reserve as the economic outlook for the country improves led to the expectations of the end of a period marked with cheap and easy cash.

"The outlook for the money market is that cash will be withdrawn from the market at some point, and the market is pricing in a much tighter cash scenario," a Singapore-based trader said.

"The appeal to buy more precious metals to increase their weightings in portfolio is probably going to be tougher with rising interest rates in the longer dates."

On the physical market, jewellers in India plan to close shops for two more days, continuing their protest against the duty increase on gold imports announced by the government last Friday.

SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its gold holdings stayed unchanged at 1,293.268 tonnes for the fifth straight session on Monday, despite the sharp pull-back in prices last week.

Global photovoltaic solar installations jumped 40 percent to a record 27.4 gigawatts, helped by a late surge of activity ahead of subsidy cuts, according to a report by consultancy NPD Solarbuzz issued on Monday.

Silver investors have pinned hopes on the photovoltaic industry for the fast growth in its appetite for the metal in the past few years, but the high prices have forced solar cell makers to cut use of silver in their battle against overcapacity and a near halving of product prices. (Less...)

(Reuters) - London copper turned negative on Tuesday as support began to fade from an orderly auction of Greek default insurance that boosted the euro, while bleak demand expectations from Chinese....(More...)

(Reuters) - London copper turned negative on Tuesday as support began to fade from an orderly auction of Greek default insurance that boosted the euro, while bleak demand expectations from Chinese copper consumers discouraged buys.
Three-month copper on the London Metal Exchange fell 0.44 percent to $8,532.25 per tonne by 0529 GMT, having taken aim at $8,600 earlier in the session.
Copper hit its highest in two weeks at $8,690 on Friday and is up more than 12 percent this year, but prices have struggled to gain traction above this level.
The most-traded June copper contract on the Shanghai Futures Exchange eased 0.10 percent to 60,240 yuan per tonne.
Demand from top consumer China remained slack, with little hope for solid improvement from Chinese consumers given that demand from their export markets is still soft, Standard Chartered metals analyst Judy Zhu said.
"In the last week copper prices have stabilized around $8,500 a tonne, but it's really moving nowhere and facing strong overhead resistance," she said.
"Demand is starting to recover from last months' previously low levels but consumers don't expect any strong recovery this year - that's the problem," she said.
China accounts for 40 percent of global refined demand.
Consumers are keeping low inventories and are reluctant to purchase any more material than they need immediately because of expectations prices will stay low and the high cost of financing material in China, where access to credit remains cramped.
Reflecting an absence of near-term purchases, the negative price differential between London and Shanghai copper hit a 14-month low near $450 on Tuesday. Front-month Shanghai copper remains at a 400-yuan discount to third-month prices, having been at a premium late last year.
Still, China's arrivals of refined copper may rise this month after February's higher than expected figure, as importers scheduled more term shipments under 2012 contracts, traders said, and as metal is used for financing purposes. The February breakdown will be released on March 21.
Lending some support to prices, the dollar fell as easing fears about the threat posed to the euro zone by Greece diminished the U.S. currency's safe-haven appeal. Asian shares crept higher following a rally on Wall Street.
Markets will be watching closely for U.S. housing figures later in the session, after poor figures for China's housing market on Monday flustered investors, Credit Suisse Private Banking said in a note.
"Market participants expect a moderate pick-up of activity from very low levels. This would be positive news for metals, as housing accounts for a sizeable share of metals demand," it said.
In metals news, Swiss commodities giant Glencore International will resume operations at the only copper refinery in the Philippines by June or July, six months after a fire halted its operations, a company official told Reuters on Tuesday.
Also, Australia's parliament passed laws for a new 30 percent tax on iron ore and coal mine profits on Monday after a bruising two-year battle with mining companies, a major victory for Prime Minister Julia Gillard and her struggling minority government. (Less...)

(Reuters) - Here are factors that may affectMiddle East stock markets on Tuesday. Reuters has not verifiedthe press reports and does not vouch for their accuracy. ....(More...)

(Reuters) - Here are factors that may affect
Middle East stock markets on Tuesday. Reuters has not verified
the press reports and does not vouch for their accuracy.

INTERNATIONAL/REGIONAL
* Brent falls near $125 on Libyan supply, China fuel hike

* GLOBAL MARKETS-Asian shares fall, led by China; euro
steady
* Apple to pay dividend, buy back shares

* EU considers new controls for shadow banking

* Greek debt auction highlights investor gloom

* U.S. has yet to make World Bank choice, signs show

* MIDEAST STOCKS-Saudi turnover crosses $5.8 bln; Gulf mixed

* BREAKINGVIEWS-Hedge funds show banks how to recoup loans
to Gulf
* GCC tourism revenues to rise to $44 bln in 2012, says
World Travel and Tourism Council (www.meed.com)

UAE
* NBAD launches $750 mln 5-year dollar bond

* UAE's Etisalat launches 3G services in Afghanistan

* Abu Dhabi developer Manazel plans 2012 market listing -
exec
* Emaar reshuffles board, appoints seven new members

* Emirates airline plans to hire up to 10,000 staff in
coming years - exec (www.gulfnews.com)

EGYPT
* Egypt parliament votes to pay uprising victims

* IMF, FJP say Egypt govt yet to provide loan details

* INSIGHT:Egypt's rice export ban only benefits smugglers

* Egypt to receive $392 mln to fund new metro line

SAUDI
* Saudi Electricity picks banks for global sukuk roadshow

* Saudi, Iraq in prisoner repatriation pact, boost ties

* Saudi to work alone, with others to calm oil prices-SPA


KUWAIT
* Kuwait eyes 13 pct budget rise amid industrial unrest

* Kuwait credit growth remains weak, central bank figures (Less...)

Gulf Air, the national carrier of Bahrain, is set to be downsized as part of a radical BD600 million ($1.59 billion) plan to revive the airline and reduce its losses.An initial agreement was....(More...)

Gulf Air, the national carrier of Bahrain, is set to be downsized as part of a radical BD600 million ($1.59 billion) plan to revive the airline and reduce its losses.
An initial agreement was yesterday (March 19) reached between the Cabinet and National Assembly about the best approach for the airline.
It will include the cancellation of international agreements and redundancies.
Deputy Premier Shaikh Khalid bin Abdulla Al Khalifa, Finance Minister Shaikh Ahmed bin Mohammed Al Khalifa and Transportation Minister Kamal Ahmed helped draw up the plan during a meeting at the National Assembly Complex.
Shura Council chairman Ali Saleh Al Saleh, parliament chairman Khalifa Al Dhahrani and members of both chambers also attended.
The plan envisions reducing annual losses from the present BD200 million to between BD80 million and BD100 million as studies have indicated that turning the airline around is not possible in the short term, it was pointed out at the meeting.
Speaking after the meeting, Shura financial and economic affairs committee chairman Khalid Al Maskati told the Gulf Daily News airlines across the globe were losing money.
'We can't say that Gulf Air will be a loss-free airline in future because that's impossible, but Bahrain is in need of the airline as a (positive) image for the country and in support of its status as a financial hub besides hosting international and regional events,' he said.
'To make things clear, downsizing doesn't mean that destinations get cancelled or sacking hundreds of staff, it means that operations get studied strategically with those profitable and of importance continuing.'
Al Maskati said the downsizing plan would mean a huge revision of the company's operations. 'The airline's board, whatever it is in future, will be responsible to look at the whole structure and make changes to meet the future and to achieve that a strong foundation had to be laid,' he said.
Al Maskati said the government's political interference in the company's decisions must end for it to run as a commercial entity.
'Political decisions have affected the airline and we have seen their effect over the past months and it is time that the company is left to run properly as a commercial entity without interference,' he said.
'We can't blame the current management for losses, the whole situation in Bahrain, the region and the world is changing and its effects have been felt by Gulf Air as have many businesses in other sectors.
'It is time for a change and I mean a positive change that takes into consideration that Gulf Air is not just an airline, but an important pillar of the economy.'
The Nati-onal Assembly, which is made up of parliament and Shura Council, was urged to sanction a BD664.3 million payment to help ensure the survival of the airline last Thursday.
Parliament financial and economic affairs committee chairman Ali Al Durazi said the money would be made available once Gulf Air presented detailed spending plans to the assembly.
'We know it needs money to increase its capital, but unless we have a detailed plan, we can't give such huge amounts while other sectors are also in need,' he said.
'We want Gulf Air to continue because without it several Bahraini companies that depend on the airline for business would be affected and we have to always consider the domino effect.'
Al Durazi added parliament's temporary Gulf Air committee, which has been tasked to conduct studies on its future, would this week meet to discuss the BD600 million payout. – Trade Arabia News Service (Less...)

Company Name: Contact Securirization s.a.e
Maturity Date: 19/03/2012
Pay date: 20/03/2012
Coupon Number: 51
Currency: LE
Issue Number: 1
Corporate action type: Cash Dividends: value paid is 0.0314 LE per share

Company Name: Contact Securitization
Maturity Date: 19/03/2012
Pay date: 20/03/2012
Coupon Number: 39
Currency: LE
Issue Number: 1
Corporate action type: Cash Dividends: value paid is 0.1171 LE per share

Company Name: 2012 Government Bonds
Maturity Date: 19/03/2012
Pay date: 20/03/2012
Coupon Number: 13
Currency: LE
Issue Number: 1
Corporate action type: Cash Dividends: value paid is 0.0455 LE per share

Arab News Heavy government spending and increased economic activity will see a strong demand for cement in 2012, according to a new report from NCB Capital. The cement prices for all companies under....(More...)

Arab News
Heavy government spending and increased economic activity will see a strong demand for cement in 2012, according to a new report from NCB Capital.

The cement prices for all companies under the report’s coverage have increased by an average of 14.1 percent due to strong demand. Demand is set to grow by 10 percent in 2012 and 8 percent in 2013, driven by increasing government spending on infrastructure projects combined with private projects.

The report expects 15.5 percent net income growth for stocks under coverage in 2012 and CAGR of 6.3 percent to 2015.

The report concentrated on Southern Cement and Saudi Cement because of their spare capacity and high stock levels that will enable them to take advantage of the strong demand and constrained supply in the Kingdom.

Cement companies, distributors and ready-mix companies have indicated in the report that market activity is shifting from the central region to the western region in the Kingdom. While fuel shortage remains the key supply constraint, demand outlook remains strong due largely to government projects.

The economics team at NCB estimates 2012 government spending to be 13 percent higher than budgeted at SR780 billion in addition to the SR120 billion allocated to build 500,000 housing units.

“We believe the elevated levels of government spending, particularly housing projects, will boost demand for cement,” the report said.

Cement sales are expected to grow by 10.8 percent in 2012 to reach 52.2 million tons owing to ongoing construction projects in the Kingdom. The growth assumption for the next four years will continue to remain at elevated levels at a CAGR of 6.3 percent during the period 2011-2016. The main driver for medium-term demand growth will be government spending on infrastructure projects and housing.

Demand is shifting from the central region to the western region owing to government’s redevelopment projects. The western region is now the center of mega projects such as the Haramain railway, Jeddah’s new airport and major drainage and other infrastructure projects. Demand in the central region nonetheless remains strong but has stabilized.

Owing to the regional shift in demand, according to the report, prices in the western region are close to the government-set price ceiling of SR250 per ton, while in the Eastern Province prices are marginally lower at SR 244 per ton. However, Al-Jouf Cement and Arabian Cement are selling at the higher prices of SR260 after they received regulatory approval.

Cement industry players believe the reason for the ongoing higher prices faced by retail buyers is mainly due to higher costs from the transportation companies.

For example, a transportation company’s truck that was able to make two trips a day to the cement factory can now only make one trip every three days due to the high demand and backlog at the local cement plant, thus increasing the cost for transportation companies. It is believed prices will remain elevated in the short run due to the supply constraints and also in the medium term due to the strong demand outlook. (Less...)

Arab News The dramatic development in the techniques, means of communication and settlement of payments, accompanied by expansion of a continuous liquidity of the global financial situation, has led....(More...)

Arab News
The dramatic development in the techniques, means of communication and settlement of payments, accompanied by expansion of a continuous liquidity of the global financial situation, has led to a range of diversified methods used in cross-border money laundering operations. SAMA Gov. Fahd Al-Mubarak commented on such developments at the inauguration of the 4th Compliance and Anti-Money Laundering Seminar held at the Institute of Banking yesterday.

Topics for discussion include managing the risks faced by banks and current developments in the field of anti-money laundering transactions.

The two-day seminar is being held under the auspices of Saudi Arabian Monetary Agency (SAMA) in cooperation with the Thomson Reuters Corporation (Thomson Reuters).

Al-Mubarak said: “Economic and social risks have increased. Therefore, efforts should be made with the cooperation of international agencies, notably banking authorities, financial institutions and security organizations to monitor and effectively tackle the global scourge.”

He referred to the most important achievements of Saudi Arabia in the realm of anti-money laundering and said efforts were being stepped up to monitor the irregularities and take necessary steps.

“We’ve achieved a lot (of success) both locally and globally in this regard, but it’s also true that the perpetrators of economic crimes have become sophisticated in their means and methods. So, efforts have to be doubled and cooperation among all stakeholders further intensified.”

Jamaan Al-Wagdany, director general, Institute of Banking, opened the seminar, which is attended by heads of Saudi banks and officials of the departments of commitment and risk departments in Saudi and international banks operating in the Kingdom. On the sidelines of the two-day seminar, various financial institutions and banks have displayed their products and services at an exhibition.

Al-Wagdany said the forum was part of the institute’s vibrant efforts that aimed at strengthening partnerships with the institutions of financial and insurance services in order to increase an awareness of the regulations and supervisory control, and create a favorable environment for the exchange of ideas and expertise.

He said the institute during the past two years organized more than 365 training courses benefiting 5,600 employees in banks, insurance companies and government agencies.

Additionally, the institute recently designed the first professional certificate in this field under a Certified Compliance Officer (CCO).

This will help them in creating a professional community cohesiveness to face the increasing challenges and reduce the risks faced by workers in banks and financial institutions, he added.

The Thompson Reuters Governance, Risk and Compliance (GRC) business unit outlined its role in providing comprehensive solutions by providing structure, visibility, and transparency to the risk management program.

It also provides a framework for establishing risk management goals and priority, identifying action plans and ownership, and monitoring progress against goals.

Enterprise GRC for risk management provides dedicated functionality to management enterprises risks at the corporate level — and the option to link those risks to operational or process levels. By providing specific functionality for both enterprise and operational-risk management, it gives business leaders the ability to identify, document, and assess strategic risks as a dedicated discipline. (Less...)

Arab News Japan’s Ministry of Economy, Trade and Industry has announced to confer the Monozukuri Nippon Grand Award on the Unicharm Gulf Hygienic Industries Ltd. (UGHI), a Japanese-Saudi joint....(More...)

Arab News
Japan’s Ministry of Economy, Trade and Industry has announced to confer the Monozukuri Nippon Grand Award on the Unicharm Gulf Hygienic Industries Ltd. (UGHI), a Japanese-Saudi joint venture based in Riyadh.

“The award recognizes ongoing achievements of Unicharm to develop and promote cutting-edge technologies of Japan and introduce these technologies around the world,” said a spokesman of the Japanese embassy here Monday.

He said Monozukuri is an art of making products that promote Japanese culture and industry. “The award will be conferred on Unicharm for its effort and achievement to transfer technology from Japan to Saudi Arabia in the field of manufacturing hygienic products for babies and women as well as for establishing the Japanese spirit and principles of manufacturing management,” said the spokesman, while giving an overview of the growing Saudi-Japanese relations in commercial sector.

He said Unicharm is regarded as one of the most successful companies among Japanese manufacturers abroad and is a remarkable example owing to the success realized in both the manufacturing and marketing domains.

The company’s products are considered the fastest growing in most of the countries within the region and are highly appreciated by consumers owing to excellent product quality and performance utilizing advanced Japanese technology.

Unicharm is the only company outside Japan to have received this award.

Unicharm Gulf Hygienic Industries was established in Saudi Arabia in 1992 and has created 180 jobs for Saudi nationals.

The company is among the pioneers to recruit Saudi women to join its human resource base. In 2012, 40 women will be recruited and trained to join the company’s manufacturing workforce.

The award will be formally presented to the company on March 25 in a ceremony here, said the spokesman.

A number of Saudi and Japanese officials as well as top industry leaders including Japanese Ambassador Shigeru Endo and Mahdy Katbe, executive director of Unicharm Gulf Hygienic Industries will attend the ceremony. (Less...)

Arab News Cement consumers in Jeddah have expressed fears that small traders will manipulate cement prices after the Ministry of Commerce and Industry fixed them at SR12 per bag for factories and....(More...)

Arab News
Cement consumers in Jeddah have expressed fears that small traders will manipulate cement prices after the Ministry of Commerce and Industry fixed them at SR12 per bag for factories and SR14 for shops and street vendors.

The consumers urged the ministry to keep a close watch on the market to prevent such violations. Some small traders and expatriate workers will stock cement bags and create an artificial shortage in supply in order to sell them for high prices, they claimed.

Saad Al-Ghamdi, who is building his house, said he was surprised when some expatriate vendors offered him cement at a “special price” of SR18 yesterday, a day after the ministry fixed the prices at SR14.

“One of the vendors told me he had brought the bags from a distributor and not from a factory,” he added.

Expatriate vendors appear with cement bags in the evening when the ministry’s monitoring squad are away from the market and can control prices without fearing anybody, Al-Ghamdi said.

A shortage in cement supply was reported yesterday in some cities.

Prices in these cities crossed SR20 per bag because of huge demand and inadequate supply.

Cement consumers Abdul Maula Al-Sayyed and Abdullah Al-Shahri said some street vendors were selling cement at the rate of SR25 in the absence of monitoring authorities. They called on the ministry to prevent vendors from tinkering with prices unreasonably and ensure enough supply.

Maatouk Al-Thaqafi and Rashid Al-Manjoumi blamed distributors and vendors for high cement prices as they keep cement bags in their warehouses to artificially create a shortage. They sell the bags on the black market for prices reaching SR26, they added.

Fellow consumers Muhammad Al-Joaid and Saud Al-Zahrani advised the ministry to set up a team of monitors including governorate representatives to contain increasing prices. Monitoring authorities should check prices round the clock to stop any foul play, they added. (Less...)

Arab News The Communications and Information Technology Commission (CITC) estimates that the volume of spending on the ICT services in the Kingdom rose to SR83 billion in 2011 compared to SR21....(More...)

Arab News
The Communications and Information Technology Commission (CITC) estimates that the volume of spending on the ICT services in the Kingdom rose to SR83 billion in 2011 compared to SR21 billion in 2002, an average annual growth rate of about 14 percent.

The spending on information technology is around 30 percent of the total, mostly concentrated on hardware and IT services, said CITC report.

It said the spending on ICT products and services is expected to grow by more than 10 percent in 2012, driven mainly by expected strong growth in demand for smart phones, high-speed networks and interactive applications resulting from strong growth of investment in the sector, and implementation of government projects, all of which will lead in turn to the growth of support services in the sector.

The ICT market in the Kingdom is the biggest in the Middle East in terms of capital value and volume of spending, and it accounts for more than 68 percent of the GCC ICT market. The capital investment of more than SR125 billion in the past 10 years is due to industrial diversification in the Kingdom and has led to increased demand for software, equipment and services that make up the fastest growing sector in the ICT market.

The total number of mobile subscriptions grew to around 53.7 million at the end of 2011, with a penetration rate of 188 percent.

Prepaid subscriptions constitute the majority (over 87 percent) of all mobile subscriptions, according to a new report from the Communication and Information Technology Commission. (Less...)

Arab NewsThe phase 2 financing of the Maaden-Alcoa joint aluminum project in Saudi Arabia has been awarded the Middle East Mining & Metals Deal of the Year 2011. Project Finance magazine, the....(More...)

Arab News
The phase 2 financing of the Maaden-Alcoa joint aluminum project in Saudi Arabia has been awarded the Middle East Mining & Metals Deal of the Year 2011.

Project Finance magazine, the flagship international infrastructure finance title of Euromoney Publications, also named Maaden as the Middle East Sponsor of the Year 2011.

Commenting on the award, Maaden Vice President for Finance Khalid Al-Rowais said the aluminum project will strengthen Maaden’s position as a major industrial presence in Saudi Arabia, creating jobs, regional development, and providing the basis for the establishment of new downstream industries in the Kingdom.

The joint venture partnership with Alcoa will also enable Maaden to quickly reach levels of operating excellence and global market reach that will establish the Kingdom as a highly competitive participant in the world’s aluminum marketplace, he said.

Phase 2 financing covers the mine and refinery elements of the fully integrated aluminum operation at Al-Ba’itha and Ras Al-Khair respectively.

In 2010, the first phase of financing consisting of the smelter and rolling projects also earned a Deal of the Year award for the joint venture.

The financing for phases 1 and 2 share common features including having nearly the same bank lineup, an almost exclusive backing by lenders from the GCC region and having major government support most notably from the Public Investment Fund (PIF) and the Saudi Industrial Development Fund (SIDF), the magazine said. (Less...)

Arab News Saudi Arabia announced yesterday it would work individually and in coordination with the GCC countries and other producers to ensure an adequate oil supply to bring down prices to....(More...)

Arab News
Saudi Arabia announced yesterday it would work individually and in coordination with the GCC countries and other producers to ensure an adequate oil supply to bring down prices to reasonable levels that could accelerate global economic recovery.

The Council of Ministers, chaired by Custodian of the Two Holy Mosques King Abdullah, took the landmark decision after realizing the negative impact of rising oil prices on the world economy, especially on the economies of developing countries.

The Cabinet meeting reiterated Saudi Arabia’s efforts to stabilize the international oil market as it was the largest oil producer and exporter in the world enjoying surplus production capacity and maintaining good relations with other countries.

“The Kingdom will work individually and in cooperation and coordination with GCC and other producers inside and outside OPEC … to ensure adequate oil supply, stabilize oil market and bring down oil prices to reasonable levels acceptable to both producers, consumers and the petroleum industry,” the Cabinet said.

The Cabinet made this statement while reviewing the results of a ministerial conference organized by the International Energy Forum in Kuwait, which drew delegates from more than 70 countries.

At the outset of the Cabinet meeting, King Abdullah briefed the ministers on the outcome of his contacts with world leaders over the past week including his meeting with King Abdallah of Jordan and his telephone conversation with King Juan Carlos of Spain.

Culture and Information Minister Abdul Aziz Khoja said the Cabinet meeting discussed the latest developments in the Arab world and emphasized the need to stop the bloodbath in Syria immediately on the basis of Arab League resolutions. It also called for quick steps to facilitate the supply of relief supplies among Syrian refugees.

Accepting a proposal made by Crown Prince Naif, deputy premier and minister of interior, the Cabinet approved a system for appointing and admitting relatives of security officers who died while defending the Kingdom at universities and colleges.

Wives, children, parents and other dependents of the dead officers will benefit from the program, irrespective of their number. If the officer was not married and had no grown up children, then his two brothers or sisters would get employment. This will not affect the right of his minors to get employed when they come of age.

The martyr’s children and relatives will be admitted to universities, military and professional colleges and training institutes and will be given priority in internal and external scholarship programs, applying minimum conditions on them.

Khoja said the Cabinet endorsed an agreement with the UK for cooperation in health. The accord was signed in London on April 4, 2011. It also approved the financial statement of Saudi Railway Organization for 2010 as well as the financial statement of Saudi Industrial Development Fund for 2009. (Less...)

Gulf Times Industries Qatar’s record revenue of QR16.5bn in 2011 was largely driven by a 28.4% increase in prices across its product line, IQ said last night.In a report presented at the....(More...)

Gulf Times
Industries Qatar’s record revenue of QR16.5bn in 2011 was largely driven by a 28.4% increase in prices across its product line, IQ said last night.

In a report presented at the company’s 9th annual general assembly meeting at the Sheraton, IQ’s board of directors said all segments recorded revenue growth in 2011 compared with 2010.

Petrochemical revenue for the year concerned was QR6.5bn; the positive year-on-year variance of QR 1.8bn, or 38.6%, and was primarily due to low production volumes recorded last year due to extended methanol and MTBE plant shut-downs, the addition in 2011 of Qatofin’s LLDPE products and an average 12.9% price increase across all products.

The fertiliser segment closed the year (2011) with revenue of QR 4.3bn, up QR 1.4bn, or 47.3%, on the same period in 2010.

“Almost all of this annual increase can be attributed to an ammonia and urea price rally that began in the last quarter of 2010 and has now resulted in the products’ prices rising by over 70%. Ammonia and urea production volumes and utilisation rates were consistent with 2010 levels, as the plants continued to operate at full capacity and were affected by a similar number of shut-down days as last year,” the report said.

Full-year revenue from steel for the year was QR5.8bn, which shows an increase of QR1bn, or 21.9% on 2010. Key product prices grew during this period by 18%, giving the segment a QR 1.1bn price variance. Key production levels also grew during the year, but by a modest 4.5 percentage points, to 100% utilization, IQ said.

“The strong year-on-year and record financial results can be primarily attributed to buoyant key product prices, high utilization rates and resilient earnings before interest, tax, depreciation and amortization (EBITDA) margins across all segments,” IQ said. (Less...)

Reuters Saudi Electricity Company (SEC) can expect strong appetite for its debut foray into global debt markets, after the state-owned utility picked banks for roadshows ahead of a potential....(More...)

Reuters
Saudi Electricity Company (SEC) can expect strong appetite for its debut foray into global debt markets, after the state-owned utility picked banks for roadshows ahead of a potential dollar-denominated Islamic bond.

SEC will hold investor meetings in Asia, the Middle East and Europe starting March 21 following which the company may issue a Sukuk, subject to market conditions.

"The new Saudi Electric Sukuk will be very well-received by investors as it promises to be a rare foray into dollar-denominated investment-grade territory," says John Bates, head of fixed income at London-based asset manager Silk Invest.

"The company has majority Saudi Kingdom ownership, and given the highly liquid banking system there, margins are otherwise quite tight for international investors in the local market," Bates said, adding he expected at least a benchmark-sized issue with a broad investor base. Benchmark is normally understood to mean at least 500 million US dollars.

Hong Kong and Shanghai Banking Corporation (HSBC) and Deutsche Bank will arrange investor meetings which begin in Hong Kong and will take in Singapore, Malaysia, the United Arab Emirates (UAE), and London, according to a roadshow schedule seen by Reuters. Germany and Switzerland may be added to the list.

SEC is majority-owned by the Saudi government, and carries a high probability of state support, as the kingdom's national electricity provider.

"SEC's business risk profile benefits from the company's quasi monopoly on generation and a monopoly on transmission and distribution, with minimal, if any, competition over the next several years at least," ratings agency S&P said in a note on Monday.

"In addition, we factor in the strong forecast growth in electricity demand as well as ongoing government support," S&P said, adding that the Sukuk is due to be an Ijara structure.

Ijara sukuk involves a transfer of tangible assets - most commonly real estate - from one party to the next, as Islamic law does not allow for debt or interest payments.

SEC was awarded a $13.63 billion loan from the government in June to help it increase power production. It has an installed capacity of 50,000 megawatts and plans to boost its capacity to at least 80,000 megawatts by 2020.

But rising consumption costs contributed to a wider fourth-quarter loss, missing analyst expectations. (Less...)

Saudi Gazette Saudi Telecom Com. (STC) has signed a contract with Nokia Siemens to expand its 4G network in the Kingdom."STC and Nokia Siemens have enjoyed a long standing strategic relationship....(More...)

Saudi Gazette

Saudi Telecom Com. (STC) has signed a contract with Nokia Siemens to expand its 4G network in the Kingdom.

"STC and Nokia Siemens have enjoyed a long standing strategic relationship which is promising to move ahead towards more expansion, in the coming days, Dr. Zeyad Thamer Al-Otaibi, STC Group CEO for Technical Operations said, adding that user experience with 4G is much more enhanced and satisfactory as compared to traditional mobile broadband technologies, as it put at avail of an end user to get enjoy new multimedia applications and services."

With more and more subscribers using bandwidth-intensive applications for smart phones, STC decided to modernize our existing GSM and 3G networks, he added.

"The contract comes as an extension and reiteration of our commitment to 4G in the world, and as we consider STC as our long-standing partner, Igor Leprince, head of Middle East Region at Nokia Siemens Networks said, adding that "we are delighted to bring 4G services to STC customers."

"Our expertise in 4G technology and strong services support helped STC deliver on its plans to modernize its nationwide network and roll out 4G services faster" he noted.

The agreement includes modernizing administrative system’s network which has been deployed by STC to effectively monitor, manage and operate GSM, 3G and 4G networks, in addition to providing more care services to cover devices, software, their maintenance and upgrading skills. (Less...)

Al Watan A report prepared by Kuwait Projects Company (KIPCO) Asset Management Company (KAMCO) Research that analyzes the performance of the Kuwait Stock Exchange (KSE) during February 2012 in....(More...)

Al Watan

A report prepared by Kuwait Projects Company (KIPCO) Asset Management Company (KAMCO) Research that analyzes the performance of the Kuwait Stock Exchange (KSE) during February 2012 in addition to assessing the latest key economic and market developments and their effect on the performance of the stock market.

KSE review

Speculation on penny stocks helped offset the negative impact of weak corporate earnings announced for 2011, pushing the Kuwaiti bourse higher to buck the preceding three month downtrend. The KSE Weighted and KAMCO TRW Indexes registered positive gains during February rising 1.06 percent and 0.69 percent to close at 409.42 and 2,602.68 points, respectively. The KSE Price Index followed the trend and was able to break the 6,000 mark adding 257.8 points and close at 6,126.9. Investors became more active in the market and liquidity flowed into the stock exchange with value traded surging 47.7 percent to 862 million Kuwaiti dinars from KD 584 million in January while volume jumped a whopping 73.6 percent to 10.9 billion shares compared to 6.3 billion the previous month. Reflecting the performance of the market during February, the market breadth skewed towards the gainers, with an advancer-to-decliner ratio of 102-to-46, while 56 stocks remained unchanged from last month (Less...)

The National Emaar Properties, the United Arab Emirates’ biggest developer by market value, said its board proposed a 10 fils cash dividend for last year. The shareholders are scheduled to meet on....(More...)

The National
Emaar Properties, the United Arab Emirates’ biggest developer by market value, said its board proposed a 10 fils cash dividend for last year.

The shareholders are scheduled to meet on April 23 to discuss the proposal, the company said in a statement to the Dubai Financial Market today.

Yesterday the company announced it may expand its board to 11 members from eight and replace four directors.

Four of the current board’s eight members have been nominated by Sheikh Hamdan bin Mohammed, Crown Prince of Dubai and chairman of the Executive Council of the emirate, according to a company statement posted on the website of the Dubai Financial Market (DFM) yesterday.

They include Mohamed Ali Alabbar, the chairman; Hussain Al Qemzi, the chief executive of Noor Islamic Bank; Ahmad Jamal Jawa; and Ahmad Thani Al Matrooshi.

The new members would be DP World’s vice chairman, Jamal Majid bin Thaniah, and the port operator’s senior vice president, Arif Al Dehail. Dubai Holding’s chairman of operations, Fadel Al Ali, Abdul Rahman Hareb Rashed Al Hareb, Marwan Iqbal Mohammed Abdullah Abdeen, Abdullah Saeed Balyoahah and Abdullah Mohammed Al Marri were also nominated to the board.

Four current board members who are listed on the company’s website – Drake & Scull International’s chairman, Majid Saif Al Ghurair; Saeed Al Tayer; Lowai Mohamed Belhoul; and Khalifa Hassan Aldaboos – were not included in the announcement. The term of the current board will end in April.

Emaar closed 0.3 per cent lower at Dh3.05 yesterday.

Arabtec, the UAE's biggest builder, helped to lead the Dubai bourse higher yesterday.

The stock jumped 2.5 per cent to close at Dh2.87. The gain, Arabtec's biggest one-day increase in a week, clawed back some losses from the day before when the stock fell 4.4 per cent.

Arabtec postponed its annual meeting until April 28 to open nominations for its board membership. Investors will be hoping the extension is to allow Abu Dhabi's Aabar Investments to join Arabtec's board, after it bought a 5.2 per cent stake in the builder this month.

However, Arabtec has no plans to renew talks with Aabar because its funding needs have eased, its chief financial officer said in an interview on Sunday.

"There is no need to renew these discussions," Ziad Makhzoumi told Alrroya.com.

Drake & Scull, another Dubai construction company, rose almost 1 per cent to Dh1.02 on news that it had won a Dh135 million contract in Jeddah.

The Dubai Financial Market General Index closed up 0.5 per cent at 1,668.86. The Abu Dhabi Securities Exchange General Index ended the day 0.06 per cent lower at 2,604.74. (Less...)

Gulf Times Salam International Investment (SIIL) and Al Khalij Holding will be removed from the Qatar Exchange’s (QE) 20-stock benchmark and replaced with Al Meera Consumer Goods Company and....(More...)

Gulf Times

Salam International Investment (SIIL) and Al Khalij Holding will be removed from the Qatar Exchange’s (QE) 20-stock benchmark and replaced with Al Meera Consumer Goods Company and Mawashi.

The move came after the semi-annual review of the QE index constituents and the revision will be effective on April 1.

The other 18 entities will continue to be Industries Qatar (IQ), Doha Bank, al khaliji, Commercialbank (Cb), Qatar Telecom (Qtel), Gulf International Services (GIS), Barwa, Milaha (formerly Qatar Navigation), National Leasing (NLC), QNB, International Islamic (QIIB), Qatar Insurance (QIC), Masraf Al Rayan, Qatar Electricity and Water (QEWC), Qatar Islamic Bank (QIB), United Development Company (UDC), Nakilat and Vodafone Qatar.

Under the new index practices, a review is carried out twice a year to ensure that the selection and weighting of the constituents continues to reflect the purpose of the index.

In addition to the periodical review of the key index, the bourse also said from April 1 the maximum weight of a single stock would be 15%.

“If during the index review any stock is found to exceed this (15%) weight, then the stock’s market value is capped and any excess weight is distributed proportionately among the remaining index constituents,” a QE spokesman said, adding the rule also applied to the new QE ‘Total Returns Index’, constituents of which are identical to the QE Index.

The indicative weightings for the QE Index are QNB with 15% (initial free-float weight is 22.30%), IQ 12.09% (11%), Masraf Al Rayan 10.29% (9.37%), QIB 7.74% (7.07%), Cb 7.16% (6.55%), Qtel 6.67% (6.09%), Barwa 5.72% (5.24%), QEWC 5.47% (5.01%), Nakilat 5.03% (4.61%), Doha Bank 4.79% (4.38%), Milaha 3.94% (3.61%), QIIB 3.06% (2.81%), UDC 3% (2.75%), al khaliji 2.99% (2.75%), QIC 2.83% (2.60%), GIS 1.28% (1.18%), Vodafone 1.26% (1.16%), NLC 0.74% (0.68%), Al Meera 0.57% (0.53%) and Mawashi 0.35% (0.33%).

The bourse has also undertaken the first scheduled review of qualifying stocks for the new QE ‘All Share Index’, whose constituents have a minimum 1% trading velocity. The index is also based on total returns that incorporate both price and dividend income.

Accordingly, 40 (of the total 42 stocks) have qualified to be included in the All Share Index. Both Ezdan and Ahlibank Qatar have not figured in the new index, whose measurement was taken between March 1, 2011 and February 28, 2012. Velocity is the proportion of total shares that have changed hands in one year.

From April 1, the bourse would also have seven sectors: banks and financial services, insurance, industrials, real estate, telecom, transportation and consumer goods and services in the ‘All Share Index’ from the present four segments of banks, insurance, industry and services.

Under the ‘All Share Index’, banks and financial services would have the maximum weight, followed by industrials, transportation, real estate, telecoms, consumer goods and services and insurance. (Less...)

Company Name : Misr Hotels
ISIN Code : EGS70081C012
Reuters Code : MHOT.CA
Content : Company's budget for financial year 2012/2013.

Company Name : Egypt for Poultry
ISIN Code : EGS02211C018
Reuters Code : EPCO.CA
Type of Transaction : Selling
Selling Period : From 22/03/2012 to 21/04/2012
Number of Shares : 1,344,095 (local shares)

Company Name : Shorouk For Modern Printing And Packaging
ISIN Code : EGS3A0A1C016
Reuters Code : SMPP.CA
Content : Release from the company stating that the company will purchase 45,000 shares from Wendsor Co. for Commerce and Paper, according to AGM's decision held on 28/01/2012.

Company Name : General Company For Land Reclamation, Development & ReconstructionISIN Code : EGS01081C016Reuters Code : AALR.CAContent : Responding to EGX inquiries, a release send from the company....(More...)

Company Name : General Company For Land Reclamation, Development & Reconstruction
ISIN Code : EGS01081C016
Reuters Code : AALR.CA
Content : Responding to EGX inquiries, a release send from the company stating that the representatives of Employees' Union for General Company For Land Reclamation, Development & Reconstruction Co. sent their resignation from company's Borad & this case will be discussed in the union's AGM to accept it or not. (Less...)

Company Name : Universal For Paper and Packaging Materials (Unipack)
ISIN Code : EGS38161C013
Reuters Code : UNIP.CA
Content : The Board of Directors' decisions held on 18/03/2012, including the unaudited financial results for the ended year 31/12/2011.

Deyaar Development (DEYAAR) PJSC is looking for investment opportunities outside the United Arab Emirates, in markets such as Saudi Arabia and Turkey, Al-Khaleej newspaper reported, citing Chairman Abdulla Al Hamli.
The Dubai-based developer is focusing on low- and middle- income residential projects, the newspaper cited Al Hamli as saying at the company’s annual meeting on Sunday.

Carrefour SA (CA), the world’s second- largest retailer, shut an outlet in central China’s Henan province on orders from the local government after it falsely labeled meat sold at the store.....(More...)

Carrefour SA (CA), the world’s second- largest retailer, shut an outlet in central China’s Henan province on orders from the local government after it falsely labeled meat sold at the store.
Carrefour will focus on training employees in food handling, it said in an e-mailed statement yesterday. The closure is temporary, the Boulogne-Billancourt, France-based retailer said, without specifying how long the shop will be shut for or whether it will extend to outlets nationwide.
Carrefour sold regular chicken as premium for higher prices at the Zhengzhou outlet in Henan and altered labels for meat production dates, China Central Television said in a broadcast to mark World Consumer Rights Day on March 15.
The move follows closures by Wal-Mart Stores Inc. (WMT) in China after the world’s largest retailer was ordered to close all 13 stores in Chongqing city in October for mislabeling ordinary pork as organic. Carrefour sold regular chicken as premium for higher prices at the Zhengzhou outlet in Henan and altered labels for meat production dates, China Central Television said in a broadcast to mark World Consumer Rights Day on March 15.
Carrefour removed fresh meat from shelves at the Zhengzhou store a day after the broadcast by state-owned CCTV, the retailer said yesterday. The company said it has set up an emergency committee to investigate the matter and suspended an official working at the outlet.
The French retailer yesterday repeated the “sincere apology” it issued on March 16 to Chinese customers after the CCTV report. Carrefour, which officially opened its 204th hypermarket in China on March 15, also pledged to provide better service.
Wal-Mart’s Chongqing outlets were shut for two weeks over the pork mislabeling. The retailer was fined 3.65 million yuan ($578,000) and 37 employees were detained, the most serious punishment for the company since entering the market in 1996.
Ed Chan, president of Wal-Mart’s China operations, resigned for personal reasons after the incident. Scott Price, the head of Asia operations, apologized to Chongqing Mayor Huang Qifan and promised to correct the problems. (Less...)

Jordan tendered to buy 100,000 metric tons of wheat and the same amount of barley, the Ministry of Industry and Trade said.
The wheat bids are due by April 4 and those for barley the next day, the ministry said on its website yesterday.

Company Name : El Obour Real Estate Investment
ISIN Code : EGS65551C011
Currency : LE
F/S Period : From 01/01/2011 To 31/12/2011
Net Profit : 1,573,058
F/S Period: From 01/01/2010 To 31/12/2010
Net Comparative Profit : 2,707,021
Audit Status : Audited
Source : El Obour Real Estate Investment.

Company Name : Gezirah Hotels & Tourism
ISIN Code : EGS70062C012
Currency : $
F/S Period : From 01/01/2011 To 31/12/2011
Net Profit : 1,331,071
F/S Period: From 01/01/2010 To 31/12/2010
Net Comparative Profit : 7,839,683
Audit Status : Audited
Source : Gezirah Hotels & Tourism

Company Name : Egyptian for Tourism Resorts
ISIN Code : EGS70431C019
Currency : LE
F/S Standalone Period : From 01/01/2011 To 31/12/2011
Net Profit : 15,436,750
F/S Standalone Period : From 01/01/2010 To 31/12/2010
Net Comparative Profit : 10,631,478
Audit Status : Audited
Source : Egyptian for Tourism Resorts.

Company Name : Misr Financial Investments
ISIN Code : EGS68051C019
Currency : LE
F/S Period : From 01/01/2011 To 31/12/2011
Net Loss : 13,039,975
F/S Period: From 01/01/2010 To 31/12/2010
Net Comparative Profit : 3,189,433
Audit Status : Audited
Source : Misr Financial Investments

Company Name : Egyptian for Tourism Resorts
ISIN Code : EGS70431C019
Currency : LE
F/S Consolidated Period : From 01/01/2011 To 31/12/2011
Net Loss : 7,437,745
F/S Consolidated Period : From 01/01/2010 To 31/12/2010
Net Comparative Loss : 9,096,205
Audit Status : Audited
Source : Egyptian for Tourism Resorts.

Gulf Times Dubai’s credit risk has dropped to a seven-month low as the prospect of the fastest economic growth since 2007 boosts investor confidence in the ability of local companies to pay....(More...)

Gulf Times
Dubai’s credit risk has dropped to a seven-month low as the prospect of the fastest economic growth since 2007 boosts investor confidence in the ability of local companies to pay debt.

The cost to insure the emirate’s debt against non-payment for five years fell 100 basis points this year to 345, the lowest level since August, according to credit-default swap prices compiled by data provider CMA. That compared with a eight-basis point decline to 120 in similar contracts for neighboring Abu Dhabi, a drop of 31 for Germany and a decrease of 39 for China.

Dubai’s debt is outperforming regional bonds as Sheikh Ahmed bin Saeed al-Maktoum, who heads its Supreme Fiscal Policy Committee, forecast the economy will expand as much as 5% this year after growing more than 3% in 2011. Optimism about the emirate, which was rescued from default in 2009 by a $20bn loan from the central bank and Abu Dhabi, has surged after Dubai Holding repaid a $500mn bond last month with its own cash. (Less...)

Gulf TimesBilateral trade between Qatar and Bulgaria, which reached $3mn in 2011, is poised for further expansion, according to Qatari Businessmen Association (QBA).“The economic co-operation....(More...)

Gulf Times
Bilateral trade between Qatar and Bulgaria, which reached $3mn in 2011, is poised for further expansion, according to Qatari Businessmen Association (QBA).

“The economic co-operation between the countries is expected to increase after the opening of the direct line for Qatar Airways last year, and agreement on the exemption of visa for holders of diplomatic and special passports,” QBA chairman Sheikh Faisal bin Qassim al-Thani said after his meeting with Nikolay Mladenov, Minister of Foreign Affairs, and Miroslav Zafirov, chargé d’affaires and head of mission in the Bulgarian Embassy.

During their meeting, Mladenov informed QBA chairman and members that Qatar has agreed to invest €100mn in the three main sectors of Bulgarian economy: agriculture, tourism and infrastructure.

A team of Qatari experts will visit Bulgaria in a month to study investment areas pertaining to these sectors, as well as in energy, and also to discuss potential cooperation prior to the visit of HE the Prime Minister and Foreign Minister Sheikh Hamad bin Jassim bin Jabor al-Thani, to the Bulgarian capital Sofia.

The Qatari government has also proposed to the Bulgarian delegation to hold an exhibition of Bulgarian products in Qatar, as those companies have the opportunity to compete with the both private and public sectors.

Mladenov invited Sheikh Faisal and other QBA members to visit Bulgaria, and explained the investment incentives, which include the lowest tax rate in European countries, and the economic growth that currently depends on the service and tourism sector (64.2%), industry (30.6%) and agriculture (5.2%).

Sheikh Faisal also confirmed the readiness of Qatari businessmen to support and identify investment opportunities in Bulgaria.

Both the countries are currently working on the visa requirements and procedures in order to facilitate the entry of more investors to the European country. (Less...)

Gulf Daily News Saudi Arabian oil exports rose 143,000 barrels per day (bpd) in January month-on-month, according to government data published yesterday. Saudi Arabia produced 9.871 million bpd crude....(More...)

Gulf Daily News
Saudi Arabian oil exports rose 143,000 barrels per day (bpd) in January month-on-month, according to government data published yesterday.

Saudi Arabia produced 9.871 million bpd crude in January, 61,000 bpd more than December, while exports rose more than twice as much to 7.507m bpd, according to the Joint Data Initiative.

Contrary to expectations that the modest rise in the kingdom's output would be mostly sold to Asian or European consumers looking for alternatives to Iranian oil, US government data showed Saudi shipments to North America rose sharply in early 2012.

The US has urged Saudi Arabia to cover potential shortages when new US and European Union sanctions aimed at reducing Iranian oil exports hit from July. (Less...)

Saudi Gazette The Saudi Arabian Monetary Agency (SAMA) has adopted the Payment Card Industry Data Security Standard (PCI DSS) which was approved by the Council of Payment Card Industry Data Security....(More...)

Saudi Gazette
The Saudi Arabian Monetary Agency (SAMA) has adopted the Payment Card Industry Data Security Standard (PCI DSS) which was approved by the Council of Payment Card Industry Data Security Standard that is concerned with laying down the security standards for payment cards internationally so as to provide a high level of protection and data secrecy for payment card operations and to reduce deception risks.

SAMA had taken the initiative in late 2009 to lay down a program aiming to upgrade the standard of protection for the Saudi Payment Network (SPAN) and the data of its cards and credit payment cards by implementing the standard requirements in its internal systems and at local banks in addition to all parties related to financial operations, especially payment and credit cards, like link-up service providers and companies importing sales outlet equipment, companies printing bank cards and payment service providers through sales outlets.

SAMA recently obtained a certificate of conformity with the standard in addition to all banks providing payment card services in the Kingdom. This represents a big and important step to raise the standard of data security and payment card operations concerning clients as well as boosting information security in general in the Saudi banking sector.

Compliance with the standard requirements is a continuous process to continually assist in monitoring security threats and improving the means for dealing with them and tackling the risks of hacking payment card data.

Implementation of the standard requirements on the sector has resulted in a number of benefits, such as making the various bodies more ready to conform with the other world security standards, to boost the bases of security strategies and provide good opportunities for getting acquainted with the means for improving the efficiency of the information technology infrastructure (Less...)

Arab News Commerce and Industry Minister Tawfiq Al-Rabiah yesterday fixed cement prices at SR12 per bag for factories and SR14 for street vendors and shops while the price of loose cement was at....(More...)

Arab News
Commerce and Industry Minister Tawfiq Al-Rabiah yesterday fixed cement prices at SR12 per bag for factories and SR14 for street vendors and shops while the price of loose cement was at SR240 per ton, the SPA reported.

The Ministry of Commerce and Industry and the Ministry of Petroleum and Mineral Resources have taken steps to increase cement supply by providing adequate fuel to factories to operate at full capacity.

“The move aims to ensure a supply of an additional quantity of 15 percent of the present market stock and annual supply of 150 million bags,” Al-Rabiah said.

The minister thanked Custodian of the Two Holy Mosques King Abdullah for supporting the ministry’s drive to end the country’s cement crisis.

He urged the public to inform the ministry of any discrepancy in prices by contacting the toll-free No. 8001241616.

Output from 13 cement companies in the Kingdom reportedly rose by 13 percent in February to 4.4 million tons, according to data posted on the website of Yamamah Cement Co.

As a result of cement shortage in the past weeks, contractors and realtors in Jeddah, Madinah and other parts of the Kingdom had to pay SR25 per bag in the black market. It also raised the price of ready-mix cement from SR200 to SR350 per sq. meter. (Less...)

Arab News A delegation from the Federation of Pakistan’s Chambers of Commerce & Industry (FPCCI) is visiting Saudi Arabia in the last week of April to further intensify the economic and trade....(More...)

Arab News
A delegation from the Federation of Pakistan’s Chambers of Commerce & Industry (FPCCI) is visiting Saudi Arabia in the last week of April to further intensify the economic and trade partnership between the two countries.

Pakistan Ambassador Muhammad Naeem Khan discussed the visit with Council of Saudi Chambers of Commerce & Industry (CSCCI) Secretary General Fahad Al-Sultan in his office yesterday.

Al-Sultan assured the ambassador that the CSCCI would extend all possible assistance for the successful interaction between the business communities of the two brotherly countries during the visit.

The two dignitaries echoed the mutual warm sentiments shared by the leadership and peoples of the two countries and reviewed the existing bilateral cooperation between Pakistan and Saudi Arabia in the field of business and trade relations.

The ambassador expressed his satisfaction over the support and assistance being extended by the CSCCI to the Pakistani businessmen and investors for providing a conducive working environment in the Kingdom.

During the meeting, it was agreed that the business communities of the two countries would be encouraged and provided support to enhance their interaction in order to explore all the avenues available for a solid and long-term business and commercial relationship.

The meeting stressed the extremely important role played by the CSCCI and the FPCCI for a range of activities including the result-oriented business match-making, exchange of information and expertise, joint ventures and regular interaction of the business community through the re-energized Joint Business Council and related mechanisms in order to achieve the optimum benefits for the two countries. (Less...)

Gulf Daily News The travel and tourism industry in the GCC is expected to generate $44 billion this year, according to the World Travel and Tourism Council. The total direct contribution of travel....(More...)

Gulf Daily News
The travel and tourism industry in the GCC is expected to generate $44 billion this year, according to the World Travel and Tourism Council.

The total direct contribution of travel and tourism to GCC's GDP will hit $44bn, up 27 per cent from 2009, the peak of the financial crisis in the Gulf, said the council.

The new figures were released as top industry executives and officials head to the annual Arabian Hotel Investment Conference 2012 (AHIC), which takes place in Dubai from April 28-30.

They will discuss investment opportunities in a region where governments are ploughing billions of dollars into tourism infrastructure.

Flush with petrodollars, with oil prices consistently above $120 a barrel, the UAE, Saudi Arabia and Qatar have embarked on aggressive hotel and transport development programmes as they seek to diversify their economies away from oil and boost revenues from the tourism sector.

"AHIC provides a platform for investors, government officials, developers, hotel executives and advisers to come together," said conference organiser Bench Events chairman Jonathan Worsley.

"Investment into the region's tourism industry is still an attractive proposition despite the Arab Spring and the prospect of a recession in Europe," he added.

In the UAE, this figure is expected to hit $19.9bn this year, compared with $16.6bn in 2009.

Some its major tourism infrastructure investments include the $8bn expansion of Dubai International Airport, as the emirate seeks to increase its capacity from 60 million passengers to 90m by 2018 to become the world's busiest airport.

"The economic conditions in the GCC are excellent and hotel revenues are continuing to grow steadily, so we see the region as a key hotel investment destination," said Golden Tupil Hotels Middle East North Africa president Amine Moukarzel.

The direct contribution of travel and tourism to Saudi Arabia's GDP is expected to reach $14.9bn, or 2.9pc in 2012, up from $10.4bn in 2009, or 2.7pc, as the kingdom focuses its efforts to provide travel infrastructure to boost religious, business and domestic tourism.

Saudi Arabia is spending more than $500m on expanding its airports and planning a new $7bn airport in Jeddah.

Well-documented but still impressive is Qatar's infrastructure spending which will dominate the next five years as it prepares to host the 2022 World Cup and for life beyond, with around $65bn due to be invested in new transportation schemes.

These include the new $11bn Doha International Airport, the $6bn Doha port project and a $25bn metro and railway.

The direct contribution of travel and tourism to Qatar's GDP is expected to reach $1.1bn in 2012, compared to $800m in 2009.

As well as focusing on the Middle East's investment landscape after the Arab Spring, AHIC will hold a session that looks at the issues facing Egypt.

Key industry figures will address challenges of developing and operating in Mecca and Medina. (Less...)

Arab News The volume of foreign direct investment (FDI) in the UAE reached $1.8 billion in 2011 and during this period the total amount of such investments in the entire GCC was $8.64 billion, said....(More...)

Arab News
The volume of foreign direct investment (FDI) in the UAE reached $1.8 billion in 2011 and during this period the total amount of such investments in the entire GCC was $8.64 billion, said Mohammed Omar Abdullah, undersecretary at the Department of Economic Development (DED) in Abu Dhabi.

He said this while speaking about the fifth annual UAE Global Investment Forum, which is scheduled to open at the Emirates Palace in Abu Dhabi.

More than 300 delegates from over 20 countries will be participating in the forum, which is organized in cooperation with the Institutional Investor Conferences. Industry leaders, financiers, investors and policy makers will take part in a range of panel discussions, presentations and interviews.

Abdullah said the total volume of foreign nonoil trade in Abu Dhabi amounted to AED139.4 billion in the year 2011 compared to AED109.2 billion in 2010, marking a growth rate of 27.7 percent.

This figure indicates that investment in the foreign trade sector is on continuous rise, something that ensures a prestigious competitive ranking for the country and broadens the range of FDIs.

He said that the forum is a major opportunity to exhibit major investment projects in Abu Dhabi in light of the government’s endeavor to attract more capital into it as a safe haven for investment.

The forum will emphasize the government’s eagerness to continue with implementing major developmental projects that ensure proper opportunities for key international firms and investors to increase their investment shares in the country and attract foreign capitals.

He said the continuous success of such major events over the past years reflected the UAE’s genuine interest in increasing the volume of foreign investments in the country in spite of the hard regional and international economic circumstances.

“This, however, requires putting in more efforts in order to reinforce the standing of the UAE in general and Abu Dhabi in particular, as an international investment center able to compete internationally in the areas of trade and investment,” he added.

Mahmoud Ibraheem Al-Mahmood, CEO of ADS Holding and chairman of ADS Securities, said: “There is increasing focus on Abu Dhabi as a center for business in the Middle East. Stability, liquidity and location are all playing an important part in developing regional and international investment opportunities.” (Less...)

Arab News Ever since his appointment as the chief executive officer of Qatar Airways in 1996, Akbar Al-Baker has taken the airline industry by storm. He may seem unassuming but behind the cool....(More...)

Arab News
Ever since his appointment as the chief executive officer of Qatar Airways in 1996, Akbar Al-Baker has taken the airline industry by storm. He may seem unassuming but behind the cool persona is a sharp mind that continuously outmaneuvers competitors, leaving them far behind in the race to the top. He enjoys, or rather relishes, competition. “Competition is healthy,” he says. It is Al-Baker who has turned Qatar Airways into an award-winning carrier. The airline has become synonymous with quality service.

It was a small, regional carrier servicing a handful of routes when it began operations in 1994. It was relaunched in 1997 under Qatari Emir Hamad bin Khalifa Al-Thani. He outlined a vision for turning Qatar Airways into a leading international airline with the highest standards of service and excellence. The task was given to Al-Baker.

Qatar Airways since has become one of the fastest growing carriers in the world with unprecedented expansion averaging double-digit growth year after year.

On the airline’s first flight to Baku last month, Al-Baker was excited — and for no small reason. “The decision to start a daily flight to the Azerbaijani capital, Baku, was taken three years ago,” he told Arab News aboard flight QR976. “We just don’t go into a city without thorough market analysis.”

Born in Doha, Al-Baker is a graduate in economics and commerce and worked at various levels in the Civil Aviation Directorate before becoming the Qatar Airways chief executive. He has been a successful businessman in Qatar for more than 25 years and holds a private pilot’s license.

He takes personal interest in the way the airline’s service is delivered. On the flight to Baku, this correspondent was sitting next to Qatari Ambassador to Turkey, Abdul Razzak Al-Abdul Ghani, and Al-Baker came to him personally and enquired about the quality of service. When he saw the diplomat was unfamiliar with his seat’s headrest, Al-Baker adjusted it for him and explained how it worked. (Less...)

Al Watan Capital Intelligence (CI), the international credit rating agency, affirmed National Bank of Kuwait's (NBK) long and short-term Foreign Currency Ratings at 'aa-' and 'a1+', respectively, and....(More...)

Al Watan
Capital Intelligence (CI), the international credit rating agency, affirmed National Bank of Kuwait's (NBK) long and short-term Foreign Currency Ratings at 'aa-' and 'a1+', respectively, and its Financial Strength Rating (FSR) at 'a+'. The Outlook for all ratings remains 'Stable'. This was stated in a press release on Sunday.

CI said that NBK's rating "is supported by the excellent asset quality and a strong capital position, as well as by the solid returns that NBK has been able to achieve, even in what have been some difficult years for the Kuwaiti banking system."

"NBK is by far the largest bank in Kuwait and has a strong position in all segments of the non-Islamic banking market", the agency added. "With the stake in Boubyan Bank and the widening range of products offered by investment banking arm NBK Capital, the Group has been able to compensate for the limited growth opportunities in the market with respect to its traditional domestic banking products."

NBK enjoys the highest credit ratings of all banks in the region by the major international rating agencies: Moody's, Standard & Poor's and Fitch Ratings. NBK's ratings are supported by its strong capitalization, prudent performance, and its disciplined approach to risk management, in addition to the stability and professionalism of its management team.

In 2012, NBK moved up 14 positions to rank 33 among the 50 safest banks in the world. NBK is the only Arab bank to be listed among the 50 safest banks in the world for the fifth consecutive time. (Less...)

Gulf Daily News Arabtec has no plans to renew talks with Abu Dhabi state fund Aabar Investments on taking a stake in the Dubai builder because its funding needs have eased, its chief financial....(More...)

Gulf Daily News
Arabtec has no plans to renew talks with Abu Dhabi state fund Aabar Investments on taking a stake in the Dubai builder because its funding needs have eased, its chief financial officer said.

Sovereign fund Aabar, which owns stakes in German carmaker Daimler and commodities trader Glencore, scrapped a $1.7 billion deal to buy a 70 per cent stake in Arabtec through mandatory convertible bonds two years ago at the peak of Dubai's property market collapse.

Aabar recently raised its stake in Arabtec, fuelling speculation it may be interested in the company once again.

"There is no need to renew these discussions," Ziad Makhzoumi said yesterday. "There were discussions earlier of them taking a stake. And now they bought a stake publicly. The board has decided that the convertible bond is not required, further funding is not required. So that is not an option anymore."

Aabar raised its holding in Arabtec to 5.28pc, making it the largest shareholder. "We welcome long-term institutional shareholders that show confidence in the company and the market," he added. (Less...)

Gulf Daily News State-run Kuwait Airways cancelled more flights yesterday as a strike by workers calling for better pay went into a second day, in the latest round of industrial action to hit the....(More...)

Gulf Daily News
State-run Kuwait Airways cancelled more flights yesterday as a strike by workers calling for better pay went into a second day, in the latest round of industrial action to hit the country.

The carrier was forced to cancel seven flights, spokesman Adel Boursli told state new agency Kuna. It cut nine flights on Saturday after employees started their walkout.

The government announced a 25 per cent rise in pay for state workers last week but several unions said measures did not go far enough.

Around 3,000 customs workers also went on strike at Kuwait's borders and ports last week with similar demands for higher pay.

The airline's 4,000 unionised workers last walked out in October and were able to secure a 30pc pay rise, according to figures quoted in local media.

The recent round of industrial action across the Opec member does not appear to have halted oil exports as it did in a wave of strikes last year.

Policymakers and economists say while Kuwait can afford such pay increases in the short term, thanks to the high oil price, it risks longer-term imbalances if the cycle of strikes and pay rises continued. (Less...)

Reuters UAE telecoms operator Etisalat, which saw $1.8 billion moved over its network last year via money transfers, has sought regulatory approval to expand its financial services offerings in the....(More...)

Reuters
UAE telecoms operator Etisalat, which saw $1.8 billion moved over its network last year via money transfers, has sought regulatory approval to expand its financial services offerings in the Gulf region.

Mobile money services allow customers to pay bills or make remittances using SMS text messages, often at a cheaper cost than through banks or money transfer firms.

“Remittances are a huge business opportunity,” George Held, director of products and services at Etisalat, said.

“The cost base for telecoms operators is much different than for banks and exchange houses. We do not need bricks and mortar branches, so our costs are lower and we can pass on this saving and offer better exchange rates and transaction fees.”

Etisalat was expected to focus on its home market and Saudi Arabia. Both countries have large expat populations and inbound annual remittances were worth about $36 billion combined in 2010, Held said.

About 89 percent of the UAE’s 8.3 million population are expatriates, while in Saudi Arabia just over a fifth of the 27 million populations are foreigners.

Etisalat’s Egypt unit could also profit from an estimated $8 billion of inbound remittances from Egyptians working abroad.

Etisalat has tied up with Western Union and MoneyGram International to allow money sent by mobile customers in the Middle East to be collected anywhere in the world.

Aside from remittances, the operator hopes to offer salary payments, peer-to-peer domestic funds transfers and utility and shop payments.

“Remittances will be an extremely important part of our mobile money services. But it is not enough alone to drive service adoption, so we will offer a mix of services to make it very hard for customers not to get involved,” said Held.

Etisalat already offers some of these services in six countries, including Afghanistan, Pakistan, Sri Lanka and Tanzania and plans to expand this to the 17 countries in which it operates in Asia, Africa and the Middle East.

“We want to introduce mobile money in the rest of our markets as soon as possible. It is not a technical issue, but ticking all the boxes from a regulatory, compliance and customer education point of view,” Held said.

Mobile money has taken off in parts of Africa, where a minority of people hold bank accounts and the banking infrastructure in rural areas remains limited.

About 8 percent of Tanzania’s gross domestic product is thought to go through mobile banking.

Text-based financial services will not help stem a decline in global SMS revenues — seen dropping up to 40 percent over the next three years as users opt for alternative text services such as BlackBerry Messenger or WhatsApp - but it can improve customer loyalty.

“When people have a mobile wallet ... we believe they will stay with us for a long time,” Held said. “When was the last time you changed your bank account?”

Etisalat will face challenges in convincing customers in the Gulf region, who have easy access to banking and exchange houses, to switch.

“In this region, people are used to going to the bank for transactions - they like to get a receipt. It is not a game-changer for telecom operators’ revenues,” said a regional telecoms analyst.

Pedro Oliveira, partner at consultant Oliver Wyman, said telecoms operators face a tough task competing with conventional exchange houses.

“Low income workers in the Gulf count every penny. So, it is not convenience that matters, but cost,” he said.

“For expats with prepaid contracts wanting to send money home, they would have to buy prepaid cards to top up their phone balance and then send a text.” (Less...)

UAE-based National Bank of Fujairah (NBF) said its board has approved the distribution of 39.2 per cent of the 2011 profit as cash dividends to the investors following its solid results.The NBF had....(More...)

UAE-based National Bank of Fujairah (NBF) said its board has approved the distribution of 39.2 per cent of the 2011 profit as cash dividends to the investors following its solid results.
The NBF had in January reported a 64.4 per cent jump in its 2011 full-year profit which hit Dh280.9 million ($76.4 million) compared to Dh170.9 million the year before.
Commenting on the decision, NBF chairman Sheikh Saleh Bin Mohammed Al Sharqi, said, 'We are pleased with its solid set of results, which were achieved through a well-sustained, long-term growth strategy in which strong balance sheet management and credit loss reduction were key.'
'This has allowed us to outperform the industry and deliver a good return to our shareholders for the second consecutive year despite the current challenging market conditions,' he said while addressing the bank's AGM noted.
'The bank remains committed to its role in developing the UAE economy and will continue to seek sustainable growth opportunities,' said Al Sharqi.
The shareholders also approved the appointment and remuneration of the bank’s auditors for 2012 during the meeting.
Easa Saleh Al Gurg, KCVO, CBE deputy chairman said, 'NBF believes that good business opportunities exist across the UAE and we will continue to selectively grow our lending as these come to fruition.'
'Backed by strong liquidity and prudent policies, we will continue to improve our market position through service differentiation and an enhanced focus on product development,” Al Gurg added.-Trade Arabia News Service (Less...)

The average yield at an auction of Egyptian 273-day treasury bills declined, and the central bank sold more than it originally offered, the Ministry of Finance said. The average yield slid to 15.829% from 15.886% at the last issue on March 6. The bank sold LE4.5 billion of 273-day T-bills instead of the LE3.5 billion pounds it had offered.
Source: Reuters

The Kuwait Fund for Arab Economic Development (KFAED) signed an agreement to extend a KWD30 million (US$107.5m/EUR82.6m) loan to Egypt to finance the construction of a power plant, Al Watan daily....(More...)

The Kuwait Fund for Arab Economic Development (KFAED) signed an agreement to extend a KWD30 million (US$107.5m/EUR82.6m) loan to Egypt to finance the construction of a power plant, Al Watan daily reported. The funds will be spent on the construction of a combined power plant with an installed generating capacity of 1,950 MW in South Helwan, 115 km south of the capital Cairo. The facility will have three steam turbine units with a capacity of 650 MW each. The project also includes the construction of cooling water intake and discharge pipes to the river Nile, and connecting the power plant with the country's power grid via a 500 KV line with a length of some 350 km. The project is scheduled to be completed by end 2016.
Source: Noozz (Less...)

EGX 30 index closed at 5032.98points, recording a decrease of 0.62% loss, EGX 20 index closed at 5870.44points recording 0.61% loss, EGX70 index closed at 474.55points recording 0.76% loss EGX 100....(More...)

EGX 30 index closed at 5032.98points, recording a decrease of 0.62% loss, EGX 20 index closed at 5870.44points recording 0.61% loss, EGX70 index closed at 474.55points recording 0.76% loss EGX 100 index closed at 812.08points, recording 0.64 % loss on Monday,19th march, 2012.

The total value traded recorded LE (1,444,095) million while the total volume traded reached LE (98,011) million securities executed over (23,038) transactions. Total Market Cap (LE) 368,181billion.

(Belton Financial Holding) (9.16) % gains and closed at LE (46.83) followed by (South Cairo & Giza Mills & Bakeries) which records (3.67) % gains and closed at LE (23.70).

On the other hand, (Arab Pharmaceuticals) records (5.41) % loss and closed at LE (22.39) followed by (Modern Company for water proofing (Bitumode)) recording (5.15) % loss and closed at LE (3.13).


The Egyptians controlled (92.36) % of the value traded during the day. Non-Arab foreign investor's accounted for (5.2) %, while Arab investor's captured (2.45) %, after excluding deals. The institutions accounted for (83.45) % of the value traded, while the remaining (16.54) % were for the individuals. (Less...)