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Investment Minister Mahmoud Mohildein said on Wednesday 1/9/2010 that all public business sector companies have settled their total debts of 32 billion pounds to banks.The minister was speaking at a....(More...)

Investment Minister Mahmoud Mohildein said on Wednesday 1/9/2010 that all public business sector companies have settled their total debts of 32 billion pounds to banks.
The minister was speaking at a meeting of the committee for assets managements and public investments which were attended by heads of holding companies and the chiefs of 45 subsidiary companies to discuss the financial status of the holding companies in FY 2009/2010.
Talks covered the performance of some of these companies and plans to pump more investments into them to help them in their development and modernization processes.
Discussions also covered labor training programs in the public business sector and new projects which include the Al-Nahda factory for cement in Qena, the new production line of the national company for construction in Sohag, phase 3 of the container and cargo handling terminal in East PortSaid harbor and renovation projects at pharmaceutical companies.
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The Listing Committee has decided on 01/09/2010 to give the following companies a grace period of 15 days to send the Central Auditing Organization Report for the financial statements of the....(More...)

The Listing Committee has decided on 01/09/2010 to give the following companies a grace period of 15 days to send the Central Auditing Organization Report for the financial statements of the financial period ended in 30/06/2010. The Committe has warned these companies that their case would be represented in front of the Listing Committee after 15 days from informing the companies with this decisiosn, to be suspended from trading for a month. In case that a company didn?t comply, the company's case will be represented once again to the Listing Committee to make a decision in its case. Knowing that the companies have been informed with Committee's decisions on 02/09/2010.

1-Zahraa Maadi Investment & Development ( EGS21171C011)
2- Egyptian Satellites (NileSat) (EGS48022C015)
3- Egyptian Media Production City (EGS78021C010) (Less...)

Company Name : Orascom Hotels And DevelopmentISIN Code : EGS70321C012Reuters Code : ORHD.CAContent: The Listing Committee held on 01/09/2010 decided to inform the company that it should send its....(More...)

Company Name : Orascom Hotels And Development
ISIN Code : EGS70321C012
Reuters Code : ORHD.CA
Content: The Listing Committee held on 01/09/2010 decided to inform the company that it should send its standalone and consolidated financial statements for the period ended 31/03/2010 within a grace period of 15 days, after the grace period company's cases will be resubmitted to the Listing Committee, taking into consideration that the company has been informed by this decision on 02/09/2010.
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Company Name: TMG Holding
ISIN Code: EGS691S1C011
Reuters Code: TMGH.CA
Content: TMG Holding announced the buyout of the minority stake in Four Seasons Nile Plaza in Cairo with a deal amounting to US $ 145 million.

Company Name : The Egyptian Co. for Construction Development (Lift Slab Misr)ISIN Code : EGS23141C012Reuters Code : EDBM.CAContent : The Listing Committee held on 01/09/2010 decided to notify the....(More...)

Company Name : The Egyptian Co. for Construction Development (Lift Slab Misr)
ISIN Code : EGS23141C012
Reuters Code : EDBM.CA
Content : The Listing Committee held on 01/09/2010 decided to notify the company that it is obliged to send the full audited financial statements for the financial period ended 30/06/2010. The Committee warned the company that it will be suspended from trading for a month if it doesn?t comply with this decision after 15 days from being notified. (Less...)

Company Name : Misr Hotels
ISIN Code : EGS70081C012
Currency : LE
F/S Period : From 01/07/2009 to 30/06/2010
Net Profit : 7,538,337
F/S Period: From 01/07/2008 to 30/06/2009
Net Comparative Profit : 91,301,149
Audit Status : Audited
Source : Misr Hotels

Company Name : El Wadi for Exporting Agricultural ProductsISIN Code : EGS51161C015Currency : LEF/S Consolidated Period : From 01/07/2009 to 30/06/2010Net Profit : 12,397 value in thousandF/S....(More...)

Company Name : El Wadi for Exporting Agricultural Products
ISIN Code : EGS51161C015
Currency : LE
F/S Consolidated Period : From 01/07/2009 to 30/06/2010
Net Profit : 12,397 value in thousand
F/S Consolidated Period : From 01/07/2008 to 30/06/2009
Net Comparative Profit : 16,319 value in thousand
Audit Status : Audited
Source : El Wadi for Exporting Agricultural Products (Less...)

Company Name : El Wadi for Exporting Agricultural ProductsISIN Code : EGS51161C015Currency : LEF/S Standalone Period : From 01/07/2009 to 30/06/2010Net Profit : 11,794 value in thousandF/S....(More...)

Company Name : El Wadi for Exporting Agricultural Products
ISIN Code : EGS51161C015
Currency : LE
F/S Standalone Period : From 01/07/2009 to 30/06/2010
Net Profit : 11,794 value in thousand
F/S Standalone Period : From 01/07/2008 to 30/06/2009
Net Comparative Profit : 14,101 value in thousand
Audit Status : Audited
Source : El Wadi for Exporting Agricultural Products (Less...)

Company Name : Misr Hotels
ISIN Code : EGS70081C012
Reuters Code : MHOT.CA
Content : EGX decided to resume trading on the company effective 02/09/2010 trading session at 11:30 AM.

Company Name: Arab Investment Urbanization
ISIN Code: EGS65112C012
Reuters Code: AIUR.CA
Content: The Board of Directors' meeting minutes held on 1/9/2010.

The Emirates Securities Market Index has increased by 0.26% to close at 2,439.63 points. Accordingly the Market Capitalization has gained 939.48 Million AED attaining 359.71 Billion AED. A total of....(More...)

The Emirates Securities Market Index has increased by 0.26% to close at 2,439.63 points. Accordingly the Market Capitalization has gained 939.48 Million AED attaining 359.71 Billion AED. A total of 91.49 Million shares were traded with a total value of 190.72 Million AED during the trading session of Thursday 02 September 2010 through 2,015 transactions. The Industry sector has increased by 0.42% , followed by the Services sector that increased by 0.33% , followed by the Banks sector that increased by 0.18% , followed by the Insurance sector that increased by 0.06%.

The number of companies which has been traded is 50 out of 131 companies listed in the market. Shares for 27 companies were advanced, whereas shares for 7 companies were declined and the rest remained unchanged.

«Emaar Properties» came at the top of the most active companies with a trade value of 41.61 Million AED distributed over 12.57 Million shares through 319 transactions.«AL Dar Properties» shares followed by 40.34 Million AED distributed over 17.59 Million shares through 423 transactions.

«Global Investment» shares has achieved the highest increase in the price which closed at 0.987 AED with 12.41% increase during 50 shares traded with a trade value of 49 AED. Whereas «Gulf Navigation Holding» shares Increased by 3.84% to close at 0.514 AED during the trading of 1.54 Million shares traded value of 0.77 Million AED.

«Al Salam Bank - Sudan» has achieved the lowest decline by 9.69% to close at 1.77 AED during 31,000 shares traded with a trade value of 54,870 AED. Followed by «Takaful House» which dropped by 4.95% to close at 0.902 AED during the trading of 21,000 shares traded value of 19,018 AED.

Since the beginning of the year, the percentage change in the Emirates Securities Market index has declined by -11.98%, with a total accumulation trade value of 74.85 Billion AED. The number of companies which has achieved a rise in its market price reached 19 out of the 131 listed companies whereas the declined ones are 79 companies.

The Banks sector index has the lead over the other indices, with a declination of -7.50% since the end of last year to settle at 2,717 points.Whereas, the Industry sector index has declined by -11.39% to close at 303 points.Followed by the Services sector index with percentage of -15.17% to settle at 2,161 points.Followed by the Insurance sector index with percentage of -15.68% to settle at 2,791 points.


For having more information about listed companies kindly, visit our website at: esm.sca.ae (Less...)

Company Name : Tourism Urbanization
ISIN Code : EGS65021C015
Reuters Code : TOUR.CA
Content : The Central Authority of Accountancy Report for the financial period ended in 30/06/2010

Company Name : Eastern Tobacco
ISIN Code : EGS37091C013
Reuters Code : EAST.CA
Content : EGX decided to suspend trading on the company effective 02/09/2010 trading session till the company sends its financial statements ended in 30/06/2010

Trading value for Thursday 02 September 2010 reached USD 1.53 million. 142,196 shares were traded through 101 transactions. During the session 6 instruments were traded, the prices of 4 instrument(s)....(More...)

Trading value for Thursday 02 September 2010 reached USD 1.53 million. 142,196 shares were traded through 101 transactions. During the session 6 instruments were traded, the prices of 4 instrument(s) rose, the prices of 1 instrument(s) decreased, while the prices of 1 instrument(s) remained unchanged. The Stock Capitalization of the listed companies increased by 0.8% to reach USD 12,463 million, against USD 12,365 million for the previous session. (Less...)

(QNA) - The Qatar Exchange was in the green area once again Thursday adding 55.35 points or 0.76% to 7,305.96 points from 7,250.61 on Wednesday. The volume of shares traded rose to 10,441,875 from....(More...)

(QNA) - The Qatar Exchange was in the green area once again Thursday adding 55.35 points or 0.76% to 7,305.96 points from 7,250.61 on Wednesday. The volume of shares traded rose to 10,441,875 from 4,334,766 on Wednesday and the value of shares was up to QR364,667,543.00 from QR145,983,085.20 Wednesday. Top gainers were National Leasing which was up 4.08% to QR35.40, Rayan rose 2.74% to QR15.00, Gulf warehousing Co gained 1.62% to QR18.50 and Industries Qatar was up 0.88% to QR102.80. Today, the Qatar Banking and Financial sector gained 105.79 and the Insurance sector added 54.20 points. The Qatar industrial sector rose 34.57 points and the Services sector was up 20.19 points. (Less...)

(KUNA) -- The price index of Kuwait Stock Exchange (KSE) ended trading on Thursday with an up of 25.3 points to 6,703.2 points, while the weighted index reached 441.21 points, an up of 4.49....(More...)

(KUNA) -- The price index of Kuwait Stock Exchange (KSE) ended trading on Thursday with an up of 25.3 points to 6,703.2 points, while the weighted index reached 441.21 points, an up of 4.49 points.
Trades came to 2,354 transactions, worth KD 38.3 million, and volume was at 134.8 million shares upon closing.
Six out of the eight sector indices were green.
Top gainer index was the banking index, which put on 92.5 points.
Leading high share was the stock of Gulf Insurance Company with 8 percent, while biggest loss was suffered by the Mena REal estate Company with 5 percent.
Five most traded shares were those of Kuwait International Bank, Gulf Finance House, Al-Safwa Group, Burgan Bank and Kuwait Finance House. (Less...)

Company Name : Eastern Tobacco
ISIN Code : EGS37091C013
Reuters Code : EAST.CA
Content : The Board of Directors' decisions on 01/09/2010.

Company Name : Export Development Bank of Egypt (EDBE)
ISIN Code: EGS60241C014
Reuters Code: EXPA.CA
Content: The company sent the unaudited standalone financial results for the year ended 30/06/2010, approved by bank's Board of Directors' meeting held on 01/09/2010.

Company Name : United Arab Shipping
ISIN Code : EGS47021C018
Reuters Code : UASG.CA
Content : The Board of Directors' decisions held on 01/09/2010.

MEED, a primary source of business intelligence for the Middle East and organisers of the Middle East Retail Banking Conference 2010, today announced more than 15 senior leadership teams from the....(More...)

MEED, a primary source of business intelligence for the Middle East and organisers of the Middle East Retail Banking Conference 2010, today announced more than 15 senior leadership teams from the region's leading banks will share insights on key growth strategies adopted by the the industry to combat challenging market conditions.
The conference is scheduled to be held from 27 - 29 September at Crowne Plaza, Yas Island, Abu Dhabi.

A highlight of the conference will be a special felicitation for Ibrahim Dabdoub, Group CEO, National Bank of Kuwait, for his contributions to the industry. With over 50 years experience in the retail banking sector, Ibrahim Dabdoub is considered one of the region's veterans, having witnessed the industry's evolution over the years. He will be conferred with the 'MEED Leadership in Banking' Award for 2010.

In addition, the conference will explore macro-trends, tools for customer attraction and retention, technology and its impact on the banking industry and key market sectors and product lines that contribute to the growth of retail banking. It will open with a CEO panel on the future of retail banking with speakers including Simon Cooper, CEO, HSBC Middle East and North Africa (MENA), Michael Tomalin, Group Chief Executive, National Bank of Abu Dhabi, George Nasra, Managing Director, International Bank of Qatar (IBQ), and Fergus McDonald, MD and Country Head, Barclays Corporate.

Edmund O'Sullivan, Chairman, MEED Events, said:
"The retail banking industry has faced significant obstacles over the past few years and has had to adapt aggressively to cater to the rapidly changing market outlook. The conference throws light on the consolidation activity, innovation, reinvention, compliance measures and communication strategies adopted by leading financial institutions that have survived these challenging times. We have devised a format that focuses on issues through panel discussions and case studies to highlight the key learnings from each participant in an audience-friendly, interactive manner."


The conference will also examine significant themes such as the importance of SME banking in the modern product-portfolio, the role of credit rating systems in re-energising the sector, the future of mobile banking, and technological innovations in IT systems and their role in facilitating new developments.

The workshops on the final day will focus on marketing and human resources (HR) related issues faced by the retail banking sector.

MEED's Middle East Retail Banking Conference is widely regarded as one of the industry's key networking platforms that will identify key trends for the industry and generate credible market intelligence. (Less...)

Ghazi Al Nafisi, chairman and managing director of Kuwait-based developer, Salhia Real Estate has said the firm has delayed two projects, one in Bahrain, the other in Oman, due to the fallout from....(More...)

Ghazi Al Nafisi, chairman and managing director of Kuwait-based developer, Salhia Real Estate has said the firm has delayed two projects, one in Bahrain, the other in Oman, due to the fallout from the global financial crisis, Arabic Al-Watan has reported. Preparatory work on the Bahrain project was scheduled for completion this year, Al Nafisi told the daily. The project involves the construction of an office tower at a total cost of KD43m ($149m), he added. (Less...)

Standard and Poor's Ratings Services has warned of future challenges facing the Gulf lenders it rates, but said they appear to be showing signs of improvement, after spending more than $20bn on loan....(More...)

Standard and Poor's Ratings Services has warned of future challenges facing the Gulf lenders it rates, but said they appear to be showing signs of improvement, after spending more than $20bn on loan loss provisions and investment impairments since 2008. "We believe the asset quality of Gulf banks should improve from 2011 and that their good margins and efficiency will provide a solid foundation for their return to high profitability," S&P's credit analyst Mohamed Damak said. However, improving liquidity, funding future growth, and refinancing the stock of existing debt are the next hurdles facing Gulf banks, the rating agency said. (Less...)

South Korea’s GS Engineering & Construction Co has picked up a $620m oil pipeline contract in the UAE. The client is Takreer, a subsidiary of Abu Dhabi National Oil Company (ADNOC). GS will build....(More...)

South Korea’s GS Engineering & Construction Co has picked up a $620m oil pipeline contract in the UAE.

The client is Takreer, a subsidiary of Abu Dhabi National Oil Company (ADNOC).

GS will build the 910km pipeline by 2014, the company said in a statement, as reported by Reuters.
The Seoul-based firm is no stranger to the UAE; in November last year, it picked up a $3.11bn EPC contract to work on the Ruwais Refinery Expansion Project.

In 2009, GS recorded $6.61bn in revenues, a 19 percent increase on the previous year. Profits rose by 7.5 percent and orders rose by 5.15 percent.

The company said that orders are expected to rise this year by 9.8 percent to $1.18bn. (Less...)

Most major stocks rose in Qatar, with banks among the main gainers, buoyed by positive news flow and an optimistic economic outlook.Heavyweight Industries Qatar rose 0.9 percent and Qatar National....(More...)

Most major stocks rose in Qatar, with banks among the main gainers, buoyed by positive news flow and an optimistic economic outlook.

Heavyweight Industries Qatar rose 0.9 percent and Qatar National Bank, the Gulf state's largest lender, climbed 0.1 percent. Islamic lender Masraf Al Rayan rose 2.1 percent as does Doha Bank.

On Wednesday QNB said it would participate in a rights issue for a controlling stake in Indonesia's Bank Kesawan, due to close in early 2011.
The index gained 0.5 percent, leading regional bourses.

Banking stocks attracted buyers in Dubai and Abu Dhabi, helping lead the benchmarks slightly higher after rating hikes by Goldman Sachs and an optimistic outlook report from Standard and Poor's.

Dubai Islamic Bank gained 0.5 percent and Abu Dhabi Commercial Bank rose 1.8 percent after Goldman Sachs added ADCB to its pan Europe buy list.

Analysts at the US bank also raised DIB to "neutral" from "sell" on Thursday and removed it from a sell list.

A report by ratings agency Standard and Poor's on Wednesday pointed to a positive outlook for Gulf banks.

"We believe the asset quality of Gulf banks should improve from 2011 and that their good margins and efficiency will provide a solid foundation for their return to high profitability," said S&P credit analyst Mohamed Damak.

Dubai's index climbed 0.3 percent to 1,491 points and Abu Dhabi's benchmark is 0.1 percent higher at 2,494 points. (Reuters) (Less...)

Kuwait Oil Tanker Company (KOTC) has signed a KD54.6m ($190m) deal with South Korean company Hanhwa to establish a liquefied gas plant in northern Kuwait.The plant, located in Um Al-Aish area, in....(More...)

Kuwait Oil Tanker Company (KOTC) has signed a KD54.6m ($190m) deal with South Korean company Hanhwa to establish a liquefied gas plant in northern Kuwait.

The plant, located in Um Al-Aish area, in northern Kuwait, will provide 15 million cylinders of gas every year, according to a report by the news agency KUNA.

Nabeel Burisli, KOTC chairman and managing director, said the plant will meet the energy needs of the northern region and new projects like Madinat Al-Hareer, a proposed 250 sq km city in Subiya.
He added that it will be built over an area of 150,000 sq m and will serve the local market until 2030. (Less...)

Millennium Private Equity Ltd., a Dubai government-linked investment company with about $5 billion in capital, plans to use Islamic financing for venture capital in Europe after buying the first....(More...)

Millennium Private Equity Ltd., a Dubai government-linked investment company with about $5 billion in capital, plans to use Islamic financing for venture capital in Europe after buying the first corporate sukuk in the UK.

Millennium, part-owned by Dubai Islamic Bank PJSC, the United Arab Emirates’ largest Shariah-compliant bank, bought $10 million of four-year convertible notes in July that were sold by International Innovative Technologies Ltd., a clean energy company in Gateshead.

“We are looking at transactions in Europe and other areas,” Vally Khamisani, a director at Millennium said in an interview in Dubai on Wednesday. “They can tap into capital which is focused on Shariah principles. The structures can fly well here.”

Arabian Gulf investors are exploring opportunities outside the region, taking advantage of tightened lending in Europe to diversify. Middle East and North Africa private equity funds have about $10 billion available to invest after raising a record $5.4 billion in 2008, Gulf Venture Capital Association said in a July 20 statement.
European companies may turn to the Middle East, which has more than 400,000 millionaires, Cap Gemini SA and Bank of America Corp.’s Merrill Lynch unit said in a world wealth report in June. Their combined wealth grew 5.1 percent in 2009 to $1.5 trillion, the report said.

International Innovative sold sukuk due in 2014 that pay an annual return of 10 percent in a private placement, said George Ord, the managing director of the maker of industrial milling machines in northeast England. The bonds will be converted to an equity stake in the coming weeks, he said in an interview from Gateshead on Wednesday, declining to disclose the size.

“We wouldn’t hesitate to go back into the market,” Executive Chairman Thomas Wilkinson said on Wednesday. “Our funding streams at the moment are fine, so we have no immediate need to go back into the market. If we want to do further expansion, that may change.”

Policies to promote assets that follow Islamic law, such as easing of taxation and the sale of government sukuk, are spreading to Europe from Asia. The German state of Saxony-Anhalt became the first European borrower to sell bonds adhering to Islamic law in August 2004 with 100 million euros ($128 million) of five-year sukuk, according to data compiled by Bloomberg. Luxembourg is considering selling Islamic bonds, central bank Governor Yves Mersch said in Bahrain in May.

Sales of Islamic bonds, which are based on the exchange of asset flows rather than interest, may reach about $30 billion this year as the global economy recovers and nations build infrastructure, Kuwait Finance House KSC, the nation’s biggest Islamic bank, said Aug. 22. Global sales of sukuk fell 12 percent to $10.3 billion so far in 2010, according to data compiled by Bloomberg.

“We have had a lot of inquires coming in from European corporates across sectors, from energy to utility, to telecommunication companies,” said Mohammed Dawood, the Dubai- based director of debt capital markets at HSBC Holdings Plc, the second-largest underwriter of Islamic bonds. “They’re looking at ways to diversify funding. Islamic bonds may be an option.”

Middle East and North Africa private equity investments declined to $561 million last year from $2.72 billion in 2008, hit by the global credit crisis, according to Manama, Bahrain- based Gulf Venture Capital. Sales of Islamic bonds from borrowers in Europe are unlikely to take off, according to UBS AG, Switzerland’s largest bank.

“You may see selectively some lower-rated borrowers issuing in Islamic format, but it’s going to depend on the credit profile and name recognition of the borrower,” London- based James Sadler, a director for Middle East and Africa debt capital markets at UBS, said in a phone interview on Aug. 31. “The possibilities are there, but this is likely to remain a niche funding platform for that type of borrower.”

Millennium, established in 2006 and co-owned by Bahrain’s United Gulf Bank BSC, wants to buy stakes in European companies specializing in energy, telecommunications and media, Khamisani said. Millennium helped structure International Innovative’s sukuk, the fund’s first deal in Europe, he said.

The private equity company invested in U.S.-based Turin Networks Inc., a provider of telecommunications products, in 2008, and acquired a strategic stake in Friendi mobile, a cellular operator in the Middle East that year.

The spread between the average yield for global sukuk and the London interbank offered rate narrowed 5 basis points to 380 on Sept. 1, according to the HSBC/NASDAQ Dubai US Dollar Sukuk Index. It has narrowed 87 basis points this year.

Islamic bonds have returned 10.2 percent this year, according to the HSBC/NASDAQ Index. Debt in developing markets gained 12.8 percent, JPMorgan Chase & Co.’s EMBI Global Diversified Index shows.

International Innovative’s sale is a “good omen because it means that there is some acceptance for Islamic system,” Naeem Ishaque, senior manager of the international division at Abu Dhabi Islamic Bank PJSC, the U.A.E.’s second-biggest bank complying with Shariah-banking rules, said in a phone interview from Abu Dhabi on Aug. 31. “This will encourage companies in the U.K. and Europe to issue sukuk.” (Bloomberg) (Less...)

Company Name : Orascom Hotels And Development
ISIN Code: EGS70321C012
Reuters Code: ORHD.CA
Type of Dividend : Cash
Coupon No. : 1
Dividend per Share : LE 3.75
Payment Date : 19/09/2010
Dividend Date : 14/09/2010
Ex-Dividend Date : 15/09/2010

Company Name : Rowad Misr Tourism Investment
ISIN Code : EGS70131C015
Reuters Code : RMTV.CA
Content : The Board of Directors' minutes held on 22/07/2010 (certified).

Company Name : Tourism Urbanization
ISIN Code : EGS65021C015
Reuters Code : TOUR.CA
Content : The Board of Directors' minutes held on 17/08/2010 (certified).

Gulf Times Global credit rating agency Standard and Poor’s (S&P) has assigned ‘BBB’ counterparty credit and insurer financial strength ratings to Doha Bank Assurance Company (DBAC) with a....(More...)

Gulf Times
Global credit rating agency Standard and Poor’s (S&P) has assigned ‘BBB’ counterparty credit and insurer financial strength ratings to Doha Bank Assurance Company (DBAC) with a stable outlook.

“The stable outlook reflects our expectation that DBAC will see rapid growth in line with its business plan. This is partly through the acquisition of a retail licence in the near term and by maintaining a combined ratio of around 90%,” said S&P credit analyst Neil Gosrani.

DBAC is strategically important to its parent, Doha Bank, and has strong capitalisation and strong liquidity. In addition to providing client referrals, Doha Bank provides administrative and back-office support, and is financially committed to the growth and development of DBAC.

These positive factors are partially offset, however, by the company’s marginal competitive position, which is still emerging as it is a newly established company, and the fact that it is restricted to the limited size of the Qatari market, S&P said.

These positive factors are also partially offset by the inherent execution risks of developing a new business with rapid and ambitious growth plans, it added.

Positive ratings momentum will be linked to the positive development in the company’s competitive position and earnings.

A negative rating action may result from a continuing delay to secure a retail licence, a decline in the quality of earnings, a weakening in financial strength or a downgrade of its parent, Doha Bank, S&P however cautioned. (Less...)

Arab News Kingdom Hotel Investments (KHI), a subsidiary of diversified Saudi conglomerate Kingdom Holding Company (KHC) chaired by Prince Alwaleed Bin Talal, has completed the sale of its 43.7....(More...)

Arab News
Kingdom Hotel Investments (KHI), a subsidiary of diversified Saudi conglomerate Kingdom Holding Company (KHC) chaired by Prince Alwaleed Bin Talal, has completed the sale of its 43.7 percent minority interest in the Four Seasons Hotel Cairo at Nile Plaza, Egypt to Arab Company for Hotel and Tourism Investments (a subsidiary of the Egyptian based Talat Moustafa Group Holding Company), the majority shareholder of the referenced hotel, for cash proceeds of $145 million.

“The hotel remains under the management of Four Seasons in which Kingdom Holding holds a 47.5 percent stake,” Prince Alwaleed said in a statement on Wednesday. “We continue to be committed to creating and realizing value in our investments in Egypt.”

Sarmad Zok, Member of KHC’s Board of Directors and Investment Committee and CEO, Kingdom Hotel Investments, commented: “This divestment unlocks significant capital and we will continue to consider the sale of minority stakes to consolidate the portfolio.” (Less...)

Company Name : Orascom Development Holding (AG)
ISIN Code : EGG676K1D011
Currency : CHF
F/S Standalone Period : From 01/01/2010 to 31/03/2010
Net Loss : 3,488,923
F/S Standalone Period : From 01/01/2009 to 31/03/2009
Net Comparative Profit : 5,817,196
Audit Status : Reviewed
Source : Orascom Development Holding (AG)

Dice SpCertification)
Company Name : Dice Sport & Casual Wear
ISIN Code : EGS33321C018
Reuters Code : DSCW.CA
Content : EGM minutes after certification
Assembly Date : 31/07/2010

Dice SpCertification)

Company Name : Dice Sport & Casual Wear

ISIN Code : EGS33321C018

Reuters Code : DSCW.CA

Content : EGM minutes after certification

Assembly Date : 31/07/2010

Company Name : Alexandria Containers and goods
ISIN Code : EGS42111C012
Reuters Code : ALCN.CA
Content : The Board of Directors' meeting minutes after certification held on 25/08/2010.

Dubai's financial centre the DIFC is reaching out to companies from emerging markets including Africa and is considering cost cuts as it seeks to become the Gulf region's main business hub, its chief....(More...)

Dubai's financial centre the DIFC is reaching out to companies from emerging markets including Africa and is considering cost cuts as it seeks to become the Gulf region's main business hub, its chief executive said. "On our radar screen right now we see Africa and south Asia as very active emerging markets and there are a lot of opportunities there for institutions that want either tap into or utilize the center," said Chief Executive Abdulla Mohammed Al Awar of the DIFC Authority.

The comments reflect a growing demand from companies operating within the center to seek business with African markets as they pursue new avenues of growth in the aftermath of the financial crisis. The Authority is the body responsible for infrastructure and development of the Dubai International Financial Center (DIFC), a tax-free zone where hundreds of global financial services companies have set up shop since its launch in 2004 and operate within an international regulatory framework.

Al Awar added officials from the DIFC are undertaking roadshows and client visits to attract new companies to the center, which boasts 2.1 million square feet of office space. New companies from China, Malaysia and the Indian subcontinent are in the process of joining, a relatively new trend, whereas the spotlight was initially on attracting well-known, large-scale financial players from Europe and the United States.

The DIFC conducted a strategic review with the help of consultancy McKinsey, the results of which will be implemented later in 2010. One of the elements of DIFC's future strategy will be to cut costs for firms to operate there.

We are looking at the cost of doing business, not only the rents," said Al Awar. The DIFC is also looking to work more closely with Abu Dhabi, the capital of the United Arab Emirates. DIFC Investments, part of the DIFC group, suffered a $562 million loss in 2009 due to writedowns as its portfolio value fell dramatically in the wake of the economic crisis.

There are currently 745 companies registered in the DIFC, of which 297 are regulated and 374 non-regulated. Of those regulated firms, 42 percent stem from Europe, 40 percent from the Middle East and south Asia, while the rest come from the United States and elsewhere. (Less...)

Arab News In a move to boost the process of industrialization and to cope with the growing demand for industrial lands across the country, Saudi Arabia has set up a new industrial city in Taif....(More...)

Arab News
In a move to boost the process of industrialization and to cope with the growing demand for industrial lands across the country, Saudi Arabia has set up a new industrial city in Taif covering an area of 11 million square meters with all necessary facilities. This was announced by Tawfig Fawzan Alrabiah, director general of the Saudi Industrial Property Authority (Modon), here on Wednesday.

“Modon has signed contracts to build the infrastructure of the Taif Industrial City,” which is being set up as part of the new industrial strategy outlined by Custodian of the Two Holy Mosques King Abdullah,” said Alrabiah.

“A total of three million square meters will be developed in the first phase including link and artery roads within next 18 months in Taif city.”

Alrabiah said that Taif Industrial City would offer more lands for new business entities as the demand for plots of land may exceed 1,000 plots by the end of this year.

Modon plans to provide integrated services in different industrial cities of the Kingdom with a view to ensuring sustainable investment opportunities that will also help create jobs for citizens. Alrabiah called on the businessmen to apply for obtaining industrial lands and become acquainted with the investment opportunities. To this end, the Modon chief noted that the authority was experiencing increased growth in the demand for industrial lands in all over the Kingdom.

More than 500 plots of lands, he said, were allocated in year 2008 and the number increased to 800 plots of land in 2009. The Taif Industrial City will be newest among the five new industrial cities that were set up during the last two years in Jeddah, Jazan, Arar and Al-Kharj. Taif Industrial City will also create job opportunities for citizens in the region and will provide better and accessible environment for investments, said the Modon chief.

Modon is currently overseeing the operation of 18 existing industrial cities in different regions of Saudi Arabia. They include two industrial cities in Riyadh, two in Jeddah, two in Dammam, and one each in Ahsa, Madinah, Assir, Jouf, Tabuk, Hail, Najran, Kharj, Jazan, Arar. This is in addition to Sudair City for Industry and Business near Riyadh, which was inaugurated recently. (Less...)

The Minister of Economy Sultan bin Saeed Al Mansouri said the UAE economy remains robust thanks to the diversification of the economy. The UAE economy is capable to achieve a growth rate of 2.5 per....(More...)

The Minister of Economy Sultan bin Saeed Al Mansouri said the UAE economy remains robust thanks to the diversification of the economy.

The UAE economy is capable to achieve a growth rate of 2.5 per cent in 2010, compared to 1.3 per cent last year, while inflation is expected to fall to 1.1 per cent down from 1.56 per cent last year, according to Al-Mansouri in statements in a Ramadan gathering in Dubai.

The UAE economy weathered the financial crisis thanks to certain measures and incentive reforms which helped minimise the losses, he noted.

"The UAE GDP in 2009 reached Dh914.3 billion," Al Mansouri said.

"Non-oil sectors accounted for about 71 per cent in the country's 2009 GDP compared to 66.5 per cent in 2008," he added.

Industry is expected to account for 20-25 per cent in the UAE's GDP in the years to come, up from 16.2 per cent this year 2010, he noted adding that the ministry's strategy aims to push up this contribution to 90-97 per cent. (Less...)

Times of Oman Provisions of Omani banks seem to have returned to normalised pre-crisis levels in the Gulf region, while that of the remaining countries are still considerably high. Almost all the UAE....(More...)

Times of Oman
Provisions of Omani banks seem to have returned to normalised pre-crisis levels in the Gulf region, while that of the remaining countries are still considerably high.

Almost all the UAE banks witnessed a high growth in provisions, led by Emirates National Bank of Dubai and Abu Dhabi Commercial Bank which were most affected by exposure to Dubai World and related entities, according to GCC banking sector quarterly survey published by the Global Investment House.

The case in Saudi Arabia was different with a majority of banks portraying an ease-off in provisions except for Saudi Basic Industry, SABB and RIBL. These banks have not indicated the reason behind the jump in provisions. These could be related to exposure to Sa’ad and Algosaibi.

Within Kuwait, banks in general saw a decline in provisions year-on-year, as second quarter of 2009 was a bad quarter in terms of high provisioning requirements coming from Sa’ad and Algosaibi; provisions also came from troubled investment companies. Furthermore, NBK seems to be the only Kuwaiti bank to have attained pre-crisis provisions levels while maintaining a high coverage ratio.

However, provisions of Kuwait Finance House and Gulf Bank stayed high; Gulf Bank’s management, nevertheless stated that second half of 2010 will be much better in terms of provisions, hinting at a switch in provisioning regime.

The rise in aggregate provisions took a toll on aggregate earnings, eroding as much as 25 per cent of the total GCC banking profit. The effect was more profound in UAE banking aggregate where 41 per cent of the total income was lost to provisions; the second highest in at least the last 15 quarters.

The GCC banking sector is expected to show an increase in provision in the coming quarters, related mostly to those trickling in from UAE. Banks in the UAE are anticipated to tighten their belts in the wake of expected issuance of guidelines from the central bank related to exposure to Dubai World and related entities.

UAE banks’ profitability

ADCB, one of the most exposed banks to Dubai World and related entities has already taken the hit in the second quarter, other banks are still to follow suit. Moreover, additional provisions are expected due to changes in the central bank’s regulations.

While profitability of UAE banks in second half is expected to be lower than the first half, other countries to fare better, with easing off provisioning requirements.

Total earnings growth of the GCC banking sector came under considerable pressure owing to continuation of high provisions during the second quarter of the current year. While the top-line barely moved year-on-year, provisions grew by 5 per cent on year-on-year basis.

Provisions, mostly emanating from loan defaults, shifted gears during the quarter under review. (Less...)

Saudi Gazette The equity funds registered for sale in the GCC region lost momentum during Q2, recording a fall of nine percent, mainly due to market conditions across the region, the Second Quarter....(More...)

Saudi Gazette
The equity funds registered for sale in the GCC region lost momentum during Q2, recording a fall of nine percent, mainly due to market conditions across the region, the Second Quarter 2010 GCC Fund Market Insight Report from Lipper showed on Wednesday.

Of the 73 equity categories, just 13 ended the second quarter in positive territory. Funds invested in Asia topped the semiannual rankings for the first half of 2010, with Equity Indonesia gaining 18.12 percent during the period, while Equity Saudi Arabia rose 2.34 percent. Gold and precious metals performed well, posting a 9.48 percent return.

Merieme Boutayeb, research analyst at Lipper, said “the GCC markets ended first half 2010 on a negative note, after an upbeat first quarter that was marked by positive global returns. The region was not immune to the euro zone difficulties because of the robust trade linkages established between the two economies though comparing the financial and macroeconomic situation in the GCC and the euro zone reveals a radical difference. “

For funds domiciled in GCC markets, telecoms proved to be the top performing sector achieving a semiannual return of six per cent. Funds invested in Saudi Arabian equities gained 2.10 percent during the first half of 2010, supported by a strong first quarter which saw gains of 10.50 percent.

Among Saudi funds, Global Investment House’s Global Saudi Equity Shariah-compliant (Al Noor) fund recorded the best performance. The best sector performing fund registered for sale in the GCC was the Franklin Pharma Fund-Growth with an increase of 23 percent in the first half of the year.

Bond funds declined 3.47 percent during the second quarter following a positive return of 0.98 per cent during the first quarter to give a negative return of 2.48 percent for the first half of 2010. This was reflective of the turmoil experienced in the euro-sovereign bond market during Q2 and the decline of the euro against the US dollar.

US dollar denominated bond funds posted positive returns during the quarter with the Bond USD category up 4.85 percent and the Bond USD High Yield category increasing by 3.26 per cent. Topping the currency bonds was the Japanese Bond JPY category which rose 7.34 percent. (Less...)

Bloomberg
GS Engineering & Construction Corp. won a contract valued at $623 million for engineering and construction works on refinery pipelines in Abu Dhabi.

Abu Dhabi National Oil Co.’s refining unit awarded the contract, state-run WAM news agency said on its website today.

The Federal Government’s consolidated budget surplus should more than triple to Dh14 billion (US$3.81bn) this year if oil prices are sustained at existing levels, says the Arab Monetary Fund (AMF).....(More...)

The Federal Government’s consolidated budget surplus should more than triple to Dh14 billion (US$3.81bn) this year if oil prices are sustained at existing levels, says the Arab Monetary Fund (AMF).

Nonetheless, it is still a long way short of the Dh197bn budget surplus the country posted in 2008 when crude prices rose to record highs, a report by the Abu Dhabi-based fund said.

It said the surplus should be about 6 per cent of national GDP this year, up from Dh4bn last year.

Economists expect an improvement in the price of oil from last year to help lift the fortunes of the economy this year.

“The main reason for the increased surplus is that the oil price saw a big jump this year,” said Monica Malik, the chief economist at EFG-Hermes in Dubai.

EFG Hermes has forecast the surplus to reach 5.6 per cent of GDP this year. Moody’s Investors Service expects the balance to be about 8.4 per cent of national income compared with 0.4 per cent of GDP last year.

Oil prices have more than doubled from their lows of below $34 a barrel in December 2008.

Younis al Khouri, the Director General of the Ministry of Finance, said last week the UAE was on course to balance its budget after spending about half of its projected Dh43.6bn annual appropriation in the first six months of the year.

The Federal budget accounts for about 15 per cent of total government expenditure in the UAE, with the bulk spent at emirate level.

The health of the UAE’s public finances contrasts with the troubles besetting advanced global economies. The US budget deficit this year is expected to be more than $1.3 trillion, slightly less than last year’s record $1.4tn shortfall. The UK’s budget deficit is expected to reach about 11 per cent of GDP this year.

“Preliminary estimates show the UAE’s real [GDP] will grow by around 2 per cent this year against a contraction of 1 per cent last year,” the AMF said in its economic and market report for the Arab world.

Sultan al Mansouri, the Minister of Economy, said on Sunday he expected growth of 2.25 per cent this year. (Less...)

Danube Building Materials, a leading supplier of construction and building materials, said it seeks to leverage the anticipated growth in local demand as the UAE construction market is poised for....(More...)

Danube Building Materials, a leading supplier of construction and building materials, said it seeks to leverage the anticipated growth in local demand as the UAE construction market is poised for rebound.

The company said it is upbeat on growth prospects amid a recent report from the Dubai Chamber revealing that $714.8 billion worth of construction projects are either at design stage or already underway in the UAE.

Following the opening of its 22nd global store in India in July this year, Danube also revealed expansion plans towards Qatar and other parts of Saudi Arabia and Oman, as well as in China.

The report further revealed that over the course of 2010, a large amount of construction and infrastructure projects are due to be awarded.

With a view to partake in the construction upturn, Danube plans to leverage its nine retail facilities in the country, as well as its latest Dh50 million manufacturing facility sprawling over 1.3 million sq ft area in TechnoPark, which will be functional by early 2011.

“Our confidence in the UAE construction market has never wavered, as indicated by our continuous expansion activities across the country and our investments in growing the presence of ‘Danube Buildmart' in major shopping malls,” said chairman Rizwan Sajan.

“We are pleased that our strong belief in the potential of the UAE market will be rewarded by the positive developments and increasing prospects in the construction industry. Our strategic initiatives during the challenging period of recession have further strengthened our position to leverage the upcoming opportunities,” he noted.

According to him, the role played by building materials suppliers in the UAE was pivotal in the level of quality, design and aesthetic standards of the iconic projects being built in the country.

'Herein lies our commitment to our customers – to provide them with the best building materials that will help them achieve their vision for their projects,' he added. (Less...)

Company Name : Alexandria Pharmaceuticals
ISIN Code : EGS38341C011
Currency : LE
F/S Period : From 01/07/2009 to 30/06/2010
Net Profit : 46,664,806
F/S Period: From 01/07/2008 to 30/06/2009
Net Comparative Profit : 45,101,684
Audit Status : Audited
Source : Alexandria Pharmaceuticals

Company Name : Giza General Contracting
ISIN Code : EGS21541C015
Reuters Code : GGCC.CA
Content : EGM minutes after certification
Assembly Date : 21/11/2009

Company Name: Heliopolis Housing
ISIN Code: EGS65591C017
Reuters Code: HELI.CA
Content: Then Board of Directors' meeting minutes held on 28/8/2010 (after certification).

Company Name : Arab Pharmaceuticals
ISIN Code : EGS38321C013
Reuters Code : ADCI.CA
Content : The Board of Directors' meeting minutes held on 24/08/2010 (certified).

Company Name : Misr Hotels
ISIN Code : EGS70081C012
Reuters Code : MHOT.CA
Content : EGX decided to suspend trading on Misr Hotels effective 01/09/2010 trading session till the company sends its financial statements ended in 30/06/2010.

(KUNA) -- The Kuwait Stock Exchange (KSE) index was down 1.3 points reaching 6,676.6 points at 10:55 a.m. Thursday, while the weighted index was also down 0.49 points reaching 436.23 points.
As many as 12.4 million shares worth KD 1.6 million changed hands in 198 deals.

Dr. Mahmoud Mohieldin, the Minister of Investment, held a meeting with the Asset Management and Public Investment Committee in the presence of the chairmen of holding companies and about 45 heads of....(More...)

Dr. Mahmoud Mohieldin, the Minister of Investment, held a meeting with the Asset Management and Public Investment Committee in the presence of the chairmen of holding companies and about 45 heads of affiliated companies.
The meeting discussed holding companies' preparations for their general assemblies in order to discuss the FY 2009/10 final accounts.
It also discussed the performance of some affiliated companies, plans to inject new investments for the purpose of development and modernization, and the impact of debt settlement on companies' performance.
The employment situation, training programs and how to raise the efficiency of technical and administrative labor in all companies were also reviewed.
Dr. Mohieldin reviewed some new projects to which the public business sector companies contribute, such as El-Nahda Cement Factory in Qena. He also reviewed the establishment of a new line for cement production by the National Company for Construction and Development (NCCD) in Sohag, the third phase of East Port Said Container Terminal, and the projects of modernizing pharmaceutical companies.
The public business sector companies solved the historical problems they had been suffering from for many years. They settled their debts to public banks from EGP 32 billion to zero on 30 June 2010.
They also implemented the New Investment Injection Project, which aims to inject EGP 18.4 billion for the purpose of maintaining the public fund and modernizing companies.
This has been positively reflected in the affiliated companies' performance, either through increasing their profits or turning them from loss-making to profit-making companies or decreasing losses significantly, as was the case with subsidiaries of the Holding Company for Cotton, Spinning and Weaving and Garment, which was the biggest beneficiary of the debt settlement program, Dr. Mohieldin said.
Eng. Mohsen Jilani, Board Chairman of the Holding Company for Cotton, Spinning and Weaving and Garment, said the affiliated companies' performance was greatly developed due to the debt settlement program adopted by the Ministry of Investment. The affiliates' losses declined from EGP 2,292 million last year to less than EGP 900 million on 30 June 2010.
There is a plan to inject new investments into affiliates, in addition to other programs to train employees and improve their performance, he added.
Thanks to the debt settlement program, Misr Spinning and Weaving Company's losses declined from EGP 135 million last year to EGP 97 million in FY 2009/10.
Furthermore, EGP 150-million investments are being injected into the company, which is expected to make profits in FY 2010/11, the company's board chairman, Fuoad Abdel-Alim said.
Eng. Khairi Zaghloul, Board Chairman of Misr Company for Spinning and Weaving in Kafr el-Dawar, referred to the debt settlement program's effect on the performance of the company whose losses declined from EGP 553 million in 2005/06 to EGP 210 million in FY 2009/10, a decrease of 62 percent.

Eng. El-Sayed Mahmoud el-Rakaibi, Board Chairman of Misr Rayon and Polyester Company, said his company's losses declined from EGP 226 million in 2004/05 to EGP 51 million on 30 June 2010. They are expected to decrease to EGP 21 million in FY 2010/11. New investments to the tune of EGP 30 million will be injected into the company.

Investments to the value of EGP 6.4 billion have been injected into the Chemical Industries Holding Company (CIHC)'s affiliates over the past six years, Eng. Adel el-Muzi, the CIHC Chairman, said.
The General Company for Paper Industry (Rakta) and El Nasr Electrical and Electronic Apparatus Company (NEEASAE) were developed. Racta's losses declined to zero, while NEEASAE is still incurring losses.
The CIHC affiliates made profits of EGP 1.5 billion on 30 June 2010, against EGP 1.4 billion last year, el-Muzi said.

Sinai Manganese Company board chairman, Mohamed Abdel Samie, said the company's rehabilitation plans are being designed through injecting EGP 95 million new investments, including investments to get the company linked to the unified grid, and to rehabilitate the gypsum plant.
HoldiPharma deputy board chairman for technical affairs, Kamal Sorour, reviewed a new investment plan in HoldiPharma affiliated companies, which, he noted, is already in place since FY 2009/10, totaling EGP 1.6 billion, to be fully completed during FY 2012/13.
General Company for Pottery Products board chairman, Abdel Samie Badr, said the restructuring plan has been enforced in two phases as of 2007, leading to pottery product collection diversification.
He said a third ceramic tiles production factory was set up, granting the activity a boom, in addition to operating the 2nd production line from the ceramic factory in May 2010. Improved results are expected during FY 2010/11.
He said thanks to reform and restructuring plans, the company –shortcut PRCL.CA - moved from losses to the tune of EGP 46 million in FY 2005/06 to profits hitting EGP 14 million.
Ali Abu Halawa, board chairman of Egyptian Contracting (Mokhtar Ibrahim) – or ECMI for short - gave a presentation on ECMI performance development over the past five years.
ECMI profits jumped to EGP 197 million in FY 2009/10 from EGP 48 million in FY 2005/06.
The company's overseas business markedly augmented with projects worth EGP 6 billion having been executed in some Arab countries during FY 2009/10.
Nasr General Contracting Company (Hassan Allam) board chairman, Ahmed Fuoad, said thanks to reform and development efforts at the company, total implemented works exceeded EGP 3 billion during FY 2009/10 compared to FY 2005/06 EGP 900 million works.
Megaprojects were carried out such as the Upper Egypt-Red Sea Road and Cairo International Airport's new route, costing EGP 780 million, in addition to contribution to the execution of the Cairo-Alexandria Desert Road.
Egyptian Sugar & Integrated Industries Company (ESIIC) chairman, Hassan Kamel, said ESIIC during FY 2009/10 injected EGP 174 million investments, taking the total investments injected into ESICC up to EGP 1 billion from FY 2004/05 to FY 2009/10.
Dr. Mohieldin said, "Having public business companies' indebtedness fully settled to public banks, injecting fresh investments, and upgrading their production capacities, put these companies on the threshold of a new era of work and yield and profit increase, higher competitiveness on domestic and global markets, with special attention to improving workers' conditions through training and a skill improvement program. Training plans would be parallel with fresh investment injection plans." (Less...)

DUBAI — Lulu International Exchange, which completes its first year of operations on Wednesday, plans to grab market share by opening a significant number of branches in the UAE and other Gulf....(More...)

DUBAI — Lulu International Exchange, which completes its first year of operations on Wednesday, plans to grab market share by opening a significant number of branches in the UAE and other Gulf countries, its chairman Yusuffali M.A. said.
The exchange company that has four branches — two each in Abu Dhabi and Dubai — recorded over Dh1.3 billion transactions during the first year, Yusuffali told Khaleej Times in an exclusive interview on the eve of the first anniversary of the exchange.
“We intend to be present in almost all our Lulu Hypermarkets throughout the GCC [Gulf Cooperation Council] countries and elsewhere while exploring new locations outside our retail premises,” said Yusuffali M.A, who is also chairman of EMKE Group — one of the largest retail chain in the Middle East.
Headquartered in Abu Dhabi, the four-decade old group operates 83 retail chain stores that include Lulu chain of supermarkets, department stores and hypermarkets. In India it is building one of the country’s biggest shopping malls in the southern city of Kochi.
Yusuffali said the company is looking for a steady and systematic growth while totally complying with the UAE Central Bank guidelines and international standards.
“We have invested heavily in … IT system and infrastructures facilities which will help us in accelerating our expansion in coming months,” he said, adding: “Our primary focus has been on beefing up our key drivers - people, process & technology and with a team of industry veterans as well as young dynamic professionals we are all set to take our leap onto next level.”
Lulu International Exchange chief executive Adeeb Ahmed said, “In our first year of operations itself we have established tie-ups with a host of reputed banks in different countries while on the home front we have signed up more than 400 corporates for providing the wage and salary administration solutions (Sal4U).”
The exchange provides bill payments, salary disbursements apart from regular services like money exchange & remittance facilities.
“As we have seamless integration with many leading banks our customers get instant credit into their accounts. This we think is a very big facility for many of our valued customers,” Ahmed said.
The exchange became a Wage Protection System certified company in November 2009 offering wage and salary administration solutions to many leading groups. The exchange is working to expand its service and network worldwide.
In the next two years correspondent banking relationships will be established with over 100 banks around the world along with several remote draft printing centers.
It has also set up liaison offices, remote draft printing centers in Bangladesh and India and actively working on acquiring a money transfer company in Philippines to improve and smoothen its operations.
In next three years, plans are in place to consolidate its operations pan GCC, and India expand across continents, with a presence in Far East viz. Malaysia, Hong Kong and Philippines, Europe & Australia.
“There may be a lot of players in this sector, we have a very clear understanding of our operational growth,” Ahmed said, adding: “Though we are a new player in this sector, our parent brand ‘Lulu’ enjoys unparalleled brand loyalty in this region.” (Less...)

DUBAI — The Dubai International Financial Centre will help neighbouring Abu Dhabi set up its financial district if needed, its chief executive officer said. “Our strategy is always to collaborate....(More...)

DUBAI — The Dubai International Financial Centre will help neighbouring Abu Dhabi set up its financial district if needed, its chief executive officer said.
“Our strategy is always to collaborate with Abu Dhabi and the federal authorities,” Abdulla Mohammed Al Awar said in an interview in Dubai on Tuesday. “One financial centre is not sufficient” for the Middle East, North Africa and South Asia region, and DIFC is prepared to share its experience of operating the centre in the past six years, he said.
Dubai set up DIFC in 2004 to attract international banks, asset managers and insurers to help diversify its economy. Abu Dhabi is also boosting investments in industry, tourist attractions and infrastructure to diversify away from oil.
Abu Dhabi’s plan to develop a financial district is still in the “early stages” and may not clash with Dubai’s ambitions as “there are opportunities for various niches,” Al Awar said. Most companies that have set up offices in the DIFC “have a footprint across the region from Africa to the Middle East, South Asia and some even cover Europe,” while Abu Dhabi’s financial center may be focused at its own economy, he said.— (Less...)

DUBAI — The Dubai International Financial Centre (DIFC), the financial and business gateway between the Middle East, Africa and South Asia (MEASA) region and the rest of the world, said it plans to....(More...)

DUBAI — The Dubai International Financial Centre (DIFC), the financial and business gateway between the Middle East, Africa and South Asia (MEASA) region and the rest of the world, said it plans to reduce the cost of doing business at the centre to encourage the future growth and expansion of its clients.
The centre, which attracted new companies from emerging markets such as China, Malaysia and the Indian subcontinent in 2010, hopes to attract more companies from these markets after reducing its charges, according to a statement issued by the DIFC on Tuesday.
“The DIFC is committed to undertaking a regular review of its pricing model to ensure it remains competitive,” the tax-free business park said in the statement to the Nasdaq Dubai bourse.
“The DIFC, with its modern infrastructure, free zone status and self-governing laws and courts, is globally recognised as the pre-eminent and favoured financial centre in the region,” DIFC Governor Ahmed Humaid Al Tayer said in the statement.
Al Tayer said the DIFC has achieved a very encouraging performance so far this year, especially in light of the global economic slowdown of the 
last two years.
The DIFC community comprises of 745 active registered companies, including 297 regulated and 374 non-regulated companies and 74 retailers. During the first six months of 2010, the number of companies at the DIFC remained constant despite the economic downturn.
While a small number of firms have withdrawn over the past, a significant number of firms from across the world continue to join the centre.
The DIFC is witnessing a huge interest from Asian companies looking to Dubai as the gateway to the Middle East and Africa region, the statement said.
Abdulla Al Awar, chief executive of the DIFC Authority said: “We are now embarking on a new phase of growth and continue to act as a gateway between the MEASA region and the world’s capital markets. Our focus is to expand and grow our existing client partnerships.
“We will continue to attract new companies to the centre, as evidenced by the strong pipeline of applications currently being processed. We will also continue to develop the DIFC’s legal and regulatory framework and its physical infrastructure to enhance the support the centre provides for the economic growth of the region.” (Less...)

GENEVA - World trade continued to rebound strongly in the first half of this year, rising by over a quarter from year-ago levels, with emerging economies showing particularly powerful export growth,....(More...)

GENEVA - World trade continued to rebound strongly in the first half of this year, rising by over a quarter from year-ago levels, with emerging economies showing particularly powerful export growth, World Trade Organization figures showed on Wednesday.
Trade typically grows and contracts at much faster rates than the overall economy, but the WTO data confirm the strength of the global recovery in the first half of this year.
Global exports of merchandise goods, measured by value in current dollars not adjusted for price changes, were 25.8 percent higher in the second quarter than a year earlier, after a 25.7 percent rise in the first quarter, WTO statistics showed.
That meant trade in the first half of the year was about 25 percent higher by value than a year earlier, but still below its mid-2008 peaks.
The second-quarter rise in Russia and other former Soviet republics was 43.9 percent, and in Asia 37.5 percent.
Even North America, including Mexico, outpaced the global figure, with a rise of 28.5 percent, but export growth in Europe at 13.2 percent grew at only half the overall global rate.
The figures are based on monthly statistics from about 70 economies representing about 90 percent of world trade.
They show that merchandise trade actually declined in April and May, then rose in June. However, such monthly figures are highly volatile because of seasonal factors for which they are not adjusted.
Global exports in the second quarter were 7 percent higher than in the first quarter of this year, the WTO said.
Global exports contracted in value terms by 23 percent in 2009 to $12.15 trillion.
The WTO expects they will grow by over 10 percent in volume terms this year after shrinking by 12 percent in 2009. (Less...)

The global recession, which crippled the world’s economic backbone with burst stock and real estate market bubbles, may have not exposed deep structural problems in the Indian economy, but the....(More...)

The global recession, which crippled the world’s economic backbone with burst stock and real estate market bubbles, may have not exposed deep structural problems in the Indian economy, but the realty sector in India had borne the brunt of weakened consumer and business confidence. The domestic demand for residential and commercial properties had contracted to historic lows—a development, which experts say, was exacerbated by external shocks.
The real estate sector is, however, poised for a lift-off, with Indian economy’s strong demographic fundamentals, and massive infrastructure investment providing the basis for growth, and a positive outlook for most sectors assciated with the realty market, believes market watchers. The government too is confident that the slump in the real estate market is not something that would have a long-term impact.
The residential sector, particularly, offers the greatest potential across the nation, federal Minister for Urban Affairs S Jaipal Reddy told Khaleej Times. “It’s one sector—whether in urban or rural India—that can singularly change the face of our economy. With strong economic fundamentals, the Indian economy is geared up to face any challenge,” he asserts.
Though the trends for first quarter financial results this fiscal suggest that real estate volumes would drop on a quarter-on-quarter basis because of high property prices, which has adversely affected affordability, the drop in residential volumes will be offset by increased property prices in the coming months, says analysts.
“We believe the residential segment will continue to drive revenue of real estate companies. Volumes for commercial and retail segments will continue to remain subdued,” says Angel Securities, a leading Mumbai-based institutional investment services firm. “Banks are currently offering competitive mortgage rates, but we expect interest rates to inch up on the Reserve Bank of India’s concerns over real estate inflation,” the firm’s director (research) Lalit Thakkar tells this correspondent.
He is, however, positive on the long-term outlook of the realty sector, with growing disposable income, shortage of 25 million houses in India and reasonable affordability. “In the current scenario, we expect stability in residential prices, with an exception of certain micro markets where prices have overheated, and an uptick in the commercial segment towards the end of 2011 fiscal.”
Even the Confederation of Indian Industry (CII) and Jones Lang Lasalle Meghraj have suggested in their reports that commercial lease, and rental space in India will witness a low occupancy rate till 2011. “Indeed, most cities in India have already witnessed an increase in the volume of lease transactions in the first querter of 2010 with NCR (National Capital Region) -- Delhi, Mumbai and Hyderabad—having recorded more than a million 
sq ft of leases each.”
“It is believed that Gurgaon (NCR), Thane and Navi Mumbai (Mumbai) have led all micro-markets in rental depreciation, thus proving very attractive for many occupiers,” says the CII report. Gurgaon is a clear winner when it comes to occupier demand, and availability of options due to sufficient quality supply, steep rental depreciation and flexible approach of developers (led by leading real estate developer DLF), says the report.
“It also scores high on a fair mix of retail, residential and hospitality concentration, MRTS transportation and regional connectivity, aided by proximity to the international airport. Noida (NCR) comes close as a second alternative, especially for IT occupiers, boasting an excellent infrastructure and lower rentals,” says Abhishek Kiran Gupta, Head (Research & REIS), Jones Lang LaSalle Meghraj.
Moving ahead, both Gurgaon and Noida would compete for tapping occupier demand, he points out, adding that “with India’s economic recovery well under way, its commercial real estate market is beginning to stabilise”. “Apart from charting today’s lucrative micro-markets in terms of commercial real estate, our report also affirms that the commercial property landscape will remain favourable for tenants in 2010, and that landlords will have greater influence towards the beginning of 2011,” he says. “We believe that Gurgaon will continue to maintain its leadership position in the future.”
Notwithstanding, Gurgaon’s top developer DLF’s first quarter 2011 results are marginally below market’s expectations on account of higher interest and depreciation expenses. DLF reported worst residential volumes (1.44mn sq ft) since 2009 fiscal on account of subdued new launches and delays in approvals. DLF’s development volumes have stood at 1.9mn sq ft (down 28.8 per cent year-on-year and 47.8 per cent quarter-on-quarter) because of subdued new launches. DLF says the delay in getting approvals has slowed down the process of new launches.
Yet it has launched over 5,000-square foot apartments in posh Greater Kailash II in New Delhi—one of the city’s tony addresses—priced at an astonishing Rs 10 crore (Rs 100 million) and more, which comes to over Rs20,000 a sq ft. Of these 60 under-construction flats, DLF has sold more than 25 to buyers through its “strictly by invitation” policy for luxury homes. Besides, DLF’s The Magnolias, a 410-apartment complex on an 18-hole golf course, has caused quite a stir in the real state sector across India.
In 2010, the number of millionaires in India grew by 25 per cent, rated as the second fastest in the world after Singapore. Realising that the market for super-luxury homes are on the rise, more and more developers are coming up with million-dollar homes, on an average costing over Rs 50 million, in formats ranging from condominiums, and suburban town houses to golf villas. In Gurgaon alone, there are a large number of such construction on sale. Most have been booked in advance despite the slowdown and escalating prices.
It is widely believed that some of the best residences on the market in Delhi (NCR) and Mumbai today are more expensive than those in Dubai. Going by prices per sq ft, London is the most expensive at $8,000, followed by New York at $4,000, Hong Kong at $3,000, Delhi and Mumbai at $2,000 and Dubai just a little less than that.
Despite the slowdown in the real estate sector, and averaging prices of residential and commercial properties, Indians staying abroad with an eye on investing in the real estate business in India may not have all the reason to rejoice. With the surge in the bank rate and cash reserve ratio (CRR), as per the new credit policy, the interest on housing loans are all set to increase in the time of the slump. The increase in the interest rates on housing loans and other such lending apparatus may not bring a smile to consumers, at least for now. (Less...)

DUBAI — DIFC Investments, part of the group which operates Dubai’s tax-free business hub, said its unit will make a periodic profit distribution on its $1.25 billion Islamic bond on time, a....(More...)

DUBAI — DIFC Investments, part of the group which operates Dubai’s tax-free business hub, said its unit will make a periodic profit distribution on its $1.25 billion Islamic bond on time, a statement said on Wednesday.
The amount to be repaid for the three month period from June 14 to September 13 by Dubai Sukuk Centre is $2.88 million, a statement posted on Nasdaq Dubai exchange said.
DIFC Investments has been grappling with a debt pile of more than $3 billion, hurt mainly by a fall in the value of its investments.
In a note earlier in August, J.P. Morgan Securities said the government of Dubai may write off its $1 billion loan to the state-owned entity in exchange for shares and infuse additional capital of up to $600 million to help the struggling group restructure its debt. (Less...)

Qatar Exchange kept its upward trend for the fifth straight day, yesterday adding 24.46 points or 0.34 percent to 7,250.61 points from 7,226.15 on Tuesday. The volume of shares traded fell to....(More...)

Qatar Exchange kept its upward trend for the fifth straight day, yesterday adding 24.46 points or 0.34 percent to 7,250.61 points from 7,226.15 on Tuesday.

The volume of shares traded fell to 4,334,766 from 4,749,111 on Tuesday and the value of shares was down to QR145,983,085.20 from QR147,350,885.05 on Tuesday.

Top gainers were Gulf warehousing which was up 2.78 percent to QR18.60, while Doha Bank rose 1.95 percent to QR47.50. Vodafone Qatar added 0.64 percent to QR7.90 and National Leasing gained 0.59 percent to hit QR34.40.

Qatar National Bank climbed 1.6 percent and Doha Bank added two percent.

“Banks have been the prime target for traders during Ramadan and QNB is the sector leader, so it’s no surprise to see the stock appreciate,” said Mohamed Abu Ghoush, head of equities brokerage at Ahli Bank.

The Banking and financial sector gained 76.34 and the insurance sector fell 7.20 points.

The industrial sector was down 43.22 points and the services sector was up 1.21 points.

Meanwhile, Petrochemicals led Saudi Arabia’s index to a two-week high yesterday, tracking rising oil prices, but volumes may be too low for these gains to signal the start of a more sustained rally.

Most other Middle East market also advanced, with Dubai ending a three-day losing streak.

Saudi Basic Industries Corp (Sabic) rose 1.5 percent as Saudi Arabia’s petrochemicals index gained 1.4 percent. “This is purely linked to oil,” said Saleh Al Onazi, vice-president of principal investment at Swicorp in Riyadh.

Oil was up 1.3 percent at $72.84 a barrel at 1238 GMT after Chinese manufacturing growth accelerated last month, easing concerns over a world economic recovery.

Saudi banks also gained. Samba Financial Group and Al Rajhi Bank added 1.2 and 0.7 percent respectively. Saudi’s index rose 0.9 percent.

“Banks are up because they have low exposure to international markets,” said Onazi. “There is usually a rally after Ramadan, so maybe some people are taking speculative positions now ... we are into a fourth month of trading between 6,000 and 6,300 points and volumes are setting new lows.”

These conditions make an imminent rally unlikely, Onazi said, but Musa Haddad, head of Mena equity desk at National Bank of Abu Dhabi, was more bullish, forecasting Middle East markets would outperform their global peers from now until year-end.

“We could soon see a flow of funds from international investors coming into Mena markets, so now is a good time to start building positions,” said Haddad.

He predicted foreign investors would rotate cash into underperforming Middle East markets as world and emerging equities stumble.

“It’s cyclical as international investors move money from one region to another,” said Haddad. “We’ve traded sideways for a long time on low volumes, but a shift is slowly happening and should be accelerated after Ramadan.”

Dubai’s du rose 4.3 percent to 2.18 dirhams, the telecom operator’s highest close since June 22.

“Du, although a defensive play, has shown some good momentum,” said Haddad. “It has broken resistances at 2.11 and 2.16 and could reach 2.24.”
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Aldar Properties was among the top gainers yesterday as higher volumes returned to regional markets. “There is interest saying the last week of Ramadan will be a positive one,” said Saad al....(More...)

Aldar Properties was among the top gainers yesterday as higher volumes returned to regional markets.

“There is interest saying the last week of Ramadan will be a positive one,” said Saad al Chalabi, an institutional trader at AlRamz Securities based in Abu Dhabi.

Aldar saw more than 10 million shares change hands and the price rose 1.7 per cent to Dh2.28.

“Now that the results are out of the way, we are seeing a turnaround on the stock and foreigners are net buyers,” Mr al Chalabi said. “When the market refuses to go lower the only way is up, so you can’t pass on an opportunity.”
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Telecom services provider Nawras, a subsidiary of Qatar Telecom Qtel, yesterday announced to launch initial public offer (IPO) on September 15, the size and price of which is likely to be announced....(More...)

Telecom services provider Nawras, a subsidiary of Qatar Telecom Qtel, yesterday announced to launch initial public offer (IPO) on September 15, the size and price of which is likely to be announced on September 7.

The company, which is a subsidiary of Qatar Telecom (Qtel), has decided to adopt bookbuilding process to decide the price of the offering, which will be based on actual demand. Bookbuilding is an interactive mechanism by which institutional investors relay indications of demand and price preference to the bookrunners.

Morgan Stanley ,BankMuscat and QNB Capital have been appointed joint lead managers with Morgan Stanley and BankMuscat confirmed as bookrunners on the transaction, while the prospectus and application form for the IPO will be available at BankMuscat, National Bank of Oman (NBO), Oman Arab Bank and AhliBank.

Announcing the company’s plans to proceed with a listing of its shares on the Muscat Securities Market (MSM) Ross Cormack, Chief Executive Officer of Nawras, said: “This is an exciting day for the whole Nawras family, especially our valued customers, as this is the first step towards a stock exchange listing through which all of our stakeholders can actively take part in our future.”

Elaborating the long and successful journey of telecommunication service in Oman, Cormack said Nawras always believed in the policy of “be public and be positive with a mission to enrich the lives of people through far better services.”

The mission of the IPO is to list on MSM 260,377,690 shares. “For the last five years we have been dedicated to enriching the lives of people in Oman by providing them with better communications products and services.”

“In this time we have grown rapidly to serve nearly two million customers, and counting, representing 45 per cent of the Omani mobile market at the end of June 2010.

With our unrelenting focus on customers, we have delivered innovative products and pleasingly different services – and we are determined to continue doing so,” he said. The IPO, according to Cormack, is expected to be the biggest since 2005 and by this Nawras aims to be in the list of top five companies in Oman.

The bookbuilding, he said was another Nawras first, which is International method for pricing equity offerings to balance the chain of demand and supply as also to have a fair way of pricing.

Commenting on the timing of the IPO, Yahya al Jabri, Executive President of Capital Market Authority (CMA), said the timing was perfect as MSM did not see an IPO for the last three years and he was confident the Nawras IPO was going to be a success. Subject to CMA approval, the offering will represent up to 40 per cent of the company’s total share capital.

Retail and institutional investors will be able to participate in the offering, which will be the first IPO of 2010 in Oman and the first since the Sohar Power Company IPO in July 2008.

Nawras intends to consider declaring dividends with respect to Financial Year 2010 onwards, with the first dividend payment therefore occurring in 2011 at the earliest.
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Foreign and institutional investors remained net buyers on the Dubai Financial Market (DFM) in August 2010 while GCC and UAE nationals were by far net sellers, indicating varying risk perceptions in....(More...)

Foreign and institutional investors remained net buyers on the Dubai Financial Market (DFM) in August 2010 while GCC and UAE nationals were by far net sellers, indicating varying risk perceptions in a depressed market.

Foreign investors bought shares worth Dh779.2 m in August, comprising 52.3 per cent of the total value of stocks traded in the month, according to trading statistics for August released by DFM on Wednesday.

The value of stocks sold by them rose to Dh728.8 million, comprising 49 per cent of the total value of stocks on the bourse, thus showing a net investment inflow of Dh50.4 m.

DFM overall performance decreased by 1.9 per cent to reach 1483.7 points at the end of August 2010 compared to 1512.4 points at the end of July. The market capitalisation fell by 2.4 per cent to reach Dh189.3 billion compared to Dh194 billion at the end of July.

The value of shares traded during the month fell to Dh1.5 billion from Dh2.3 billion recorded during July, a decrease by 35 per cent.

Total volume of shares traded decreased by6 29.2 per cent to 1.1 bn against 1.5 bn shares in July 2010. Correspondingly, the number of transactions executed during August 2010 fell by 26.1 per cent to reach 23,700 compared to 31,100 deals carried out during July.

The real estate and construction sectors ranked first in terms of the value of traded shares followed by the transportation sector and investment and financial services sectors. The real estate counters accounted for transactions worth Dh936.8 m, comprising 62.9 per cent of the total value of shares traded in the market.

The value of stocks bought by institutional investors reached Dh570.5 million comprising 38.3 per cent of the total value of stocks traded during the period. They sold shares worth Dh409.2 m, constituting 27.5 per cent of the total value of stocks traded during the month. Net institutional investment on the market reached Dh161.3 m, as aggregate buy.

Individual investors comprised the largest chunk of trading as they bought stocks worth Dh917.85 m and sold Dh1.079 bn worth of shares.
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Buying support from domestic institutions extended the bull-run on Qatar’s bourse for the fifth day yesterday as the index touched a three-month high.Strong buying interest was visible in large....(More...)

Buying support from domestic institutions extended the bull-run on Qatar’s bourse for the fifth day yesterday as the index touched a three-month high.

Strong buying interest was visible in large caps as the 20-stock benchmark settled 0.34% higher at 7,250.61 points.

QNB, Doha Bank, Zad Holdings and Gulf Warehousing were seen favourites in the market, which is up 4.23% year-to-date.

The indices of lenders and services rose 0.69% and 0.02%, while those of insurance and industry lost 0.64% and 0.11% respectively.

Of the 42 stocks, 16 gained, while 14 declined, seven were unchanged and five were not traded.

Market capitalisation rose 0.90% or more than QR3bn to QR388.36bn mainly on 1.34% and 0.86% jumps in large and micro cap equities respectively.

Total trading volume fell 9% to 4.33mn equities and value by less than 1% to QR145.98mn but transactions gained 4% to 2,620.

Banks and financial institution saw its trading volume rise 17% to 1.92mn equities, value by 79% to QR75.35mn and deals by 39% to 972.

The insurance sector’s trading volume however plummeted 70% to 0.08mn shares, value by 74% to QR4.44mn and transactions by 52% to 101.

The industrial sector’s trading volume tanked 38% to 0.37mn shares, value by 32% to QR17.33mn and deals by 22% to 393.

The services sector saw its trading volume plunge 12% to 1.97mn stocks and value by 22% to QR48.87mn whereas transactions were up 5% to 1,154.

Local institutions were increasingly bullish as their net buying (in terms o value) surged to 10.82% from 3.04% in the previous day.

A higher 20.76% of them bought equities against 16.58% on Tuesday, while a lower 9.94% sold compared with 13.54%.

Foreign institutions continued to be profit-takers but with lesser intensity as their net selling fell to 3.43% from 6.66% in the previous day.

A much higher 30.34% of them were into buying against 16.43% on Tuesday and a much higher 33.77% into selling compared with 23.09%.

Local retail investors turned bearish as they were net sellers to the tune of 5.11% against net buyers of 3.22% in the previous day.

A much lower 37.64% of them were into buying stocks against 52.69% on Tuesday and a lower 42.75% into offloading compared with 49.47%.

Non-Qatari individual investors turned profit-takers as they were net sellers to the extent of 2.28% against net buyers of 0.41% in the previous day.

A lower 11.26% of them purchased equities against 14.31% on Tuesday and a marginally lower 13.54% sold compared with 13.90%.

Actively traded stocks (in terms of volume) were Masraf Al Rayan (1.10mn shares), Nakilat (328,055), Gulf Warehousing (324,750), Barwa (301,287) and Vodafone Qatar (224,938).
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Petrochemicals led Saudi Arabia’s index to a two-week high yesterday, tracking rising oil prices, but volumes may be too low for these gains to signal the start of a more sustained rally. Most....(More...)

Petrochemicals led Saudi Arabia’s index to a two-week high yesterday, tracking rising oil prices, but volumes may be too low for these gains to signal the start of a more sustained rally.

Most other Middle East market also advanced, with Dubai ending a three-day losing streak and Qatar reaching a three-month high.

Saudi Arabia’s index rose 0.9% to 6,159 points

Dubai’s benchmark rose 0.2% to 1,487 points. Abu Dhabi’s index fell 0.3% to 2,492 points.

Kuwait’s index dropped 0.2% to 6,678 points. Oman’s index edged up 0.05% to 6,260 points. Bahrain’s index rose 0.3% to 1,423 points.

Saudi Basic Industries Corp (Sabic) rose 1.5% as Saudi Arabia’s petrochemicals index gained 1.4%.

“This is purely linked to oil,” said Saleh al-Onazi, vice-president of principal investment at Swicorp in Riyadh.

Oil was up 1.3% at $72.84 a barrel at 1238 GMT after Chinese manufacturing growth accelerated last month, easing concerns over a world economic recovery.

Saudi banks also gained. Samba Financial Group and Al-Rajhi Bank added 1.2 and 0.7% respectively. Saudi’s index rose 0.9%.

“Banks are up because they have low exposure to international markets,” said Onazi. “There is usually a rally after Ramadan, so maybe some people are taking speculative positions now ... we are into a fourth month of trading between 6,000 and 6,300 points and volumes are setting new lows.”

These conditions make an imminent rally unlikely, Onazi said, but Musa Haddad, head of Mena equity desk at National Bank of Abu Dhabi, was more bullish, forecasting Middle East markets would outperform their global peers from now until year-end.

“We could soon see a flow of funds from international investors coming into Mena markets, so now is a good time to start building positions,” said Haddad.

He predicted foreign investors would rotate cash into underperforming Middle East markets as world and emerging equities stumble. “It’s cyclical as international investors move money from one region to another,” said Haddad. “We’ve traded sideways for a long time on low volumes, but a shift is slowly happening and should be accelerated after Ramadan.”

Dubai’s du rose 4.3% to 2.18 dirhams, the telecom operator’s highest close since June 22. “Du, although a defensive play, has shown some good momentum,” said Haddad. “It has broken resistances at 2.11 and 2.16 and could reach 2.24.”

Abu Dhabi National Energy Co (Taqa) fell 2.5% after its former chief executive sued the firm.
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The Abu Dhabi market ADX fell Wednesday by 0.27% to 2,491.65 points. Aabar Investments (off 1.97% at Dhs1.50) received today approval from the regulator SCA to delist its shares on September 8 as....(More...)

The Abu Dhabi market ADX fell Wednesday by 0.27% to 2,491.65 points. Aabar Investments (off 1.97% at Dhs1.50) received today approval from the regulator SCA to delist its shares on September 8 as Aabar will continue to operate as a private joint stock company. Gains in the real estate sector failed to lift the market as energy bellwether Taqa ended 2.50% lower at Dhs1.19. Former Taqa CEO Peter Barker-Homek demands a compensation of $460 million from his former employer, The National reported, as the U. S. American claims he was allegedly forced to resign under pressure with the threat of being imprisoned.
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Stocks at the Dubai Financial Market ended on a mixed note, as the DFM Index closed 0.19% higher at 1,486.52 points. Logistics provider Aramax, which currently a Middle Eastern wide aid program for....(More...)

Stocks at the Dubai Financial Market ended on a mixed note, as the DFM Index closed 0.19% higher at 1,486.52 points. Logistics provider Aramax, which currently a Middle Eastern wide aid program for flood victims in Pakistan, was the most liquid stock, gaining 1.16% at Dhs1.74. Investment bank Shuaa Capital (off 2.17% at Dhs0.90) announced today that it had appointed Amer Halawi as Head of Research. Twelve stocks gained value, 11 lost and five shares closed unchanged.
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Kuwait's equities witnessed mixed trends yesterday. Blue chips edged higher sending market cap. weighted indices northwards, whilst price indices moved southwards. Four out of the eight sectors....(More...)

Kuwait's equities witnessed mixed trends yesterday. Blue chips edged higher sending market cap. weighted indices northwards, whilst price indices moved southwards. Four out of the eight sectors managed to eke out some gains.

Global General Index (GGI) closed 0.40 points down (0.20 percent) during the day at 202.01 point as the Market capitalization was up for the day reaching KD33.39mn. On the other side, Kuwait Stock Exchange Price Index managed to close down losing a 10.70 point (0.16 percent) to its value and closed at 6,677.90 point.

During the session, 106 companies were traded. Market breadth was skewed towards decliners as 39 equities retreated versus 27 that advanced, while 146 stocks remained unchanged during the trading session. Trading activities ended on a mixed note today as volume of shares traded on the exchange decreased by 0.68 percent to reach 132.57mn shares, and value of shares traded increased by 14.72 percent to stand at KD28.66mn. The Service Sector was the volume leader today, accounting for 24.18 percent of total shares and the Service Sector also was the value leader, with 48.17 percent of total traded value.

Kuwait International Bank was the volume leader yesterday, with a total traded volume of 12.52mn shares. Mobile Telecommunication Co. (ZAIN) was the value leader, with a total traded value of KD11.96mn. In terms of top gainers, Safwan Trading & Contracting Company was the biggest gainer for the day, adding 6.56 percent and closed at KD0.260. On the other hand, Al Safwa Holding Group was the biggest decliner, dropping by 8.62 percent and closed at KD0.027. The advance was broad-based with 4 out of 8 sectors closing in positive territory. Services stocks spearheaded advancers, clocking 0.85% in sector gains. Mobile Telecommunication Co. (ZAIN). and Agility Co. added 1.67 & 2.30 percent respectively.
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UAE bourses on Wednesday closed mixed as the Dubai Financial Market ended a three-day losing streak. Telecoms operator du, the bourse operator DFM Co and Aramex lifted the sentiments on the exchange.....(More...)

UAE bourses on Wednesday closed mixed as the Dubai Financial Market ended a three-day losing streak.

Telecoms operator du, the bourse operator DFM Co and Aramex lifted the sentiments on the exchange. Du surged 4.31 per cent to Dh2.18, its highest finish since June 22. DFM Co rose 0.7 per cent to Dh1.44 while Aramex advanced 1.22 per cent to Dh1.74.

The Dubai Financial Market’s General Index rose 2.85 points, or 0.19 per cent, to 1,486.52 points. Out of 28 stocks traded yesterday, 12 posted gains while five remain unchanged and 11 declined as investors exchanged 41.45 million shares worth Dh52.56 million on the exchange.

“Du, although a defensive play, has shown some good momentum,” said Musa Haddad, head of MENA equity desk at National Bank of Abu Dhabi. “It has broken resistances at 2.11 and 2.16 and could reach 2.24.”

Emaar Properties advanced 0.61 per cent to Dh3.28 while Arabtec gained 1.22 per cent to Dh1.66. On the negative side, Shuaa Capital dropped 2.17 per cent to 0.90 fils and Air Arabia fell 0.63 per cent to 0.79 fils.

ADX remains bearish

The Abu Dhabi Securities Exchange’s General Index remained bearish and closed 6.87 points down to 2,491.65 points. Abu Dhabi National Energy Co, popularly known as Taqa fell 0.8 per cent after its former chief executive filed a case against the firm.

Abu Dhabi Commercial Bank lost 1.18 per cent and First Gulf Bank fell 0.4 per cent.

In terms of value and volume, Aldar remained on top as its 6.73 million shares worth Dh15.34 million traded on the exchange yesterday.
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Company Name : International Agricultural Products
ISIN Code : EGS07061C012
Currency : LE
F/S Period : From 01/07/2009 to 30/06/2010
Net Profit : 8,196,536
F/S Period: From 01/07/2008 to 30/06/2009
Net Comparative Profit : 2,881,114
Audit Status : Audited
Source : International Agricultural Products

Arab News Saudi Arabia topped the GCC as a country with the list of the six safest banks in the Middle East out of ten in the region. The banks descending order in the GCC are Samba Financial Group,....(More...)

Arab News
Saudi Arabia topped the GCC as a country with the list of the six safest banks in the Middle East out of ten in the region. The banks descending order in the GCC are Samba Financial Group, Saudi Arabia, Qatar National Bank, National Commercial Bank, Riyad Bank, Al-Rajhi Bank, Saudi Arabia, Kuwait Finance House, Kuwait, Saudi British Bank (SABB), and Banque Saudi Fransi, Saudi Arabia.

US-based Global Finance Magazine has named the top 10 "Safest Banks in Asia" in an exclusive survey to be published in the October 2010 issue. The banks were selected through a comparison of the long-term credit ratings and total assets of the largest banks. Ratings from Moody's, Standard & Poor's and Fitch were used.

The full report covers the safest banks in Western Europe, Central and Eastern Europe, Asia, the Middle East, North America, Latin America and Australasia. "More than ever, customers around the world are viewing long-term creditworthiness as the key feature of the banks with which they do business," said Joseph D. Giarraputo, publisher of Global Finance. "These banks have solid capital positions and superior risk management capabilities."

This is the 11th year Global Finance has named the world's best Internet banks. Details on all first round winners will be published in the September issue. First round winners include best corporate/institutional Internet banks and best consumer Internet banks at the country level. The regional and global winners for these categories will be announced at an awards ceremony in New York City in November and published in the December issue of Global Finance. Also announced were regional winners in sub-categories.

Winners were chosen among entries evaluated by a world-class judging panel. Global Finance editors were responsible for the final selection of winners in the first round. (Less...)

Oman's Nawras could raise between $550m to $600m in its long-awaited initial public offering, Reuters has reported, citing a source close to the matter. The company is to offer 260 million shares as....(More...)

Oman's Nawras could raise between $550m to $600m in its long-awaited initial public offering, Reuters has reported, citing a source close to the matter. The company is to offer 260 million shares as it divests 40% of its capital but no fresh equity is being issued to investors, the source said. Nawras has a capital base of 650 million shares. The IPO is expected to launch on September 15 and will be open for a month. (Less...)

Bloomberg Emirates, the world’s biggest airline by international traffic, needs more than $28 billion through 2017 to expand its fleet of Boeing Co. and Airbus SAS jets, almost double the amount....(More...)

Bloomberg
Emirates, the world’s biggest airline by international traffic, needs more than $28 billion through 2017 to expand its fleet of Boeing Co. and Airbus SAS jets, almost double the amount raised since 1996.

Financing requirements for the 12 months through March 2011 will be $1.3 billion, and total about $27 billion for the following six years, Gary Chapman, Emirates’ president of group services in charge of finances, said in an interview in Dubai.

Emirates, which will take delivery of two aircraft each month for the next six years, operates a fleet of 150 jets and has firm commitments for a further 203 planes. The carrier, which is building up a fleet of 90 Airbus A380 aircraft with 45,000 seats, is using its base in Dubai to create a global network to compete with Singapore Airlines Ltd., Air France-KLM Group and Deutsche Lufthansa AG.

“With the activity that we have coming up, we’ve got to leave no stone unturned,” Chapman said yesterday. The financing plan is “substantial because it’s pretty close to double what we’ve done in the previous 14 years.”

Since starting operations 25 years ago, government-owned Emirates has raised $21.6 billion to finance its expansion, according to the carrier’s web site. It has done this via operating leases, export credit agencies, commercial asset- backed debt and non-conventional sources such as Islamic funding.

Emirates is weighing all “customary financing vehicles” including going to the capital markets, Chapman said. The airline is also looking at enhanced equipment trust certificates, a debt instrument that allows a carrier to take possession of an asset and pay for it over time, he said. (Less...)

Dr. Ahmed Nazif Prime Minister received on August 30th 2010 Dr. Farouk al-Oqda governor of the central bank who turned in three reports on the performance of the banking sector during the past....(More...)

Dr. Ahmed Nazif Prime Minister received on August 30th 2010 Dr. Farouk al-Oqda governor of the central bank who turned in three reports on the performance of the banking sector during the past period.
Dr. Magdi Radi, spokesman for the cabinet said the first report on the increase of credit in a remarkable way during the last four months from March till June 2010 as it reached LE.28.8 billion, the matter which reflected the confidence in the Egyptian economy and future.
The second report said the volume of credit at the central bank reached LE464 billion which constituted 40 percent of the Gross National product which reach LE1.2 trillion.
The third report showed the increase of Foreign Currency reserve which reached $35.3 billion. (Less...)

Dubai: Danube Building Materials, a leading supplier of construction and building materials, said it seeks to leverage the anticipated growth in local demand as the UAE construction market is....(More...)

Dubai:

Danube Building Materials, a leading supplier of construction and building materials, said it seeks to leverage the anticipated growth in local demand as the UAE construction market is poised for rebound.
The company said it is upbeat on growth prospects amid a recent report from the Dubai Chamber revealing that $714.8 billion worth of construction projects are either at design stage or already underway in the UAE.
Following the opening of its 22nd global store in India in July this year, Danube also revealed expansion plans towards Qatar and other parts of Saudi Arabia and Oman, as well as in China.
The report further revealed that over the course of 2010, a large amount of construction and infrastructure projects are due to be awarded.
With a view to partake in the construction upturn, Danube plans to leverage its nine retail facilities in the country, as well as its latest Dh50 million manufacturing facility sprawling over 1.3 million sq ft area in TechnoPark, which will be functional by early 2011.
“Our confidence in the UAE construction market has never wavered, as indicated by our continuous expansion activities across the country and our investments in growing the presence of ‘Danube Buildmart' in major shopping malls,” said chairman Rizwan Sajan.
“We are pleased that our strong belief in the potential of the UAE market will be rewarded by the positive developments and increasing prospects in the construction industry. Our strategic initiatives during the challenging period of recession have further strengthened our position to leverage the upcoming opportunities,” he noted.
According to him, the role played by building materials suppliers in the UAE was pivotal in the level of quality, design and aesthetic standards of the iconic projects being built in the country.
'Herein lies our commitment to our customers – to provide them with the best building materials that will help them achieve their vision for their projects,' he added.-TradeArabia (Less...)

Saudi Gazette Saudi Arabian M3 money supply growth, an indicator of future inflation, slowed to a more than seven-year low in July.M3 money supply growth, which includes demand deposits and currency....(More...)

Saudi Gazette
Saudi Arabian M3 money supply growth, an indicator of future inflation, slowed to a more than seven-year low in July.

M3 money supply growth, which includes demand deposits and currency outside banks, eased to 2.3 percent in July, compared with 3.4 per cent the previous month, the central bank said on its website on Monday. July bank claims on the private sector advanced an annual 4.9 per cent compared with 4.4 percent in June, according to the central bank data.

Credit growth remains “weak although positive,” said Monica Malik, Dubai-based chief economist at EFG-Hermes Holding SAE.

“The slowing in total deposit growth, with the negative real interest rates, is also impacting money supply growth.”

The world’s largest oil supplier is spending more than $400 billion over five years to strengthen the economy and help finance infrastructure projects. The Saudi Industrial Development Fund has provided loans to companies seeking to finance expansion projects with tighter lending conditions in the Arab world’s biggest economy.

M1 money supply growth, a narrower measure that excludes longer-term deposits and money market funds, slowed to 20.6 percent in July from 21.2 percent in June, the Saudi Arabian Monetary Agency said. M2 money supply growth, which includes time and savings deposits, slowed to 5.1 percent in July from 6.9 per cent in June.

Economic activity is expected to increase toward the end of the year with the end of the summer and of Ramadan, Malik said. “This is likely to see some pick up in money supply growth as government spending goes up again, and we also expect to see stronger private sector credit growth,” she said.

Banque Saudi Fransi said in its report Monday on Monetary Watch that in July, broad money supply (M3) contracted slightly (-0.07 percent) from June, while the annual rate of growth fell to 2.3 percent. M2 money supply growth also fell to 5.1 percent in July from 6.9 percent in June. The slowdown in money supply growth can be linked to a 4.7 percent monthly drop in time and savings deposits in July.

However, M1, reflecting liquid funds including currency outside of banks and demand deposits, grew 2.1 percent, the bak said.

The report forecast growth in broad money supply of 7 percent in 2010 as higher rates of credit growth and decent macro-economic continue to filter through into the wider economy. (Less...)

The UAE’s non-oil sectors are making positive growth that increases their contribution to the gross domestic product (GDP), said Sheikha Lubna Bint Khalid Al Qasimi, Minister of Foreign Trade.....(More...)

The UAE’s non-oil sectors are making positive growth that increases their contribution to the gross domestic product (GDP), said Sheikha Lubna Bint Khalid Al Qasimi, Minister of Foreign Trade.

Addressing a delegation from Stern School of Business, New York University Abu Dhabi, Sheikha Lubna stressed the vibrancy and firmness of macro and micro economic indicators for non-oil sectors.

According to her, UAE non-oil foreign trade stood $180 bn in 2009.

She said the UAE was enjoying a broad trade openness ensuring its strong integration with world economies.

She also highlighted the UAE pivotal role as a meeting point between the western economies and emerging Asian economies.

''Buoyed by a 71 per cent growth in non-oil sectors, the UAE economy grew by 1.3 per cent last year despite the world economic slowdown,' she added.

The minister also spoke of the UAE's economic, trade, energy and investment strengths and potentials.

During the meeting, Mahmoud Mahmoud, Director of Commercial Policies at the Ministry of Foreign Trade, gave a presentation on UAE trade policies which he said, are based on openness and aim at achieving balance and stability in international markets. (Less...)

Dubai: Abu Dhabi will be the home city in the Middle East for Intermat, the international exhibition for machinery, materials and equipment for construction and infrastructure, the first edition of....(More...)

Dubai:
Abu Dhabi will be the home city in the Middle East for Intermat, the international exhibition for machinery, materials and equipment for construction and infrastructure, the first edition of which will be held next year.
“Abu Dhabi is the perfect choice to host the Middle East edition of Intermat. The city is expanding rapidly and the infrastructure projects and developments here are truly world class,” said Maryvonne Lanoë, Intermat exhibition manager.
“This provides the perfect backdrop for the world’s construction industry to showcase their services and products.”
The first Intermat Middle East will take place from March 28 to 30, 2011 in the Abu Dhabi National Exhibitions Company centre in Abu Dhabi and will be co-located with the Arabian Construction Week.
Intermat Middle East will take advantage of the Arabian Construction Week’s track record of attracting high quality visitors and delegates and its proposition which is complementary to that of Intermat, to draw numerous visitors from the Middle East, Africa, the Gulf, Iran and the countries bordering the Black and Caspian Seas.
In developing a trade event for the UAE, French event organiser Comexposium and its partners will give professionals from across the world’s road and urban infrastructure and interurban transport industries the opportunity to penetrate the Mena markets, whose major project portfolio totals $3 trillion.
In 2010, the UAE will form the largest market in the region with 1,600 projects underway in construction, non-residential buildings, civil engineering/infrastructures and tourism.
Intermat is joining forces with Mecom Forums, a Clarion Events partner, an international company located in the UAE, to launch its Middle East event.
“Our new partnership with Intermat now ensures that we are providing a totally unique exhibition platform within the Middle East,” said Christopher Hudson, managing director, Mecom Forums - a Clarion Events partner.
“Four dedicated trade shows and four international summits co-located and running at the same time will ensure that we are providing the first of its kind platform for construction professionals in the Middle East,” he added.
Intermat, the largest exhibition in France and the second largest construction sector exhibition worldwide, has existed for 25 years and takes place every three years in Paris. – TradeArabia (Less...)

Carrefour, the world’s second-largest retailer, returned to profit in the first half of 2010 and said it’s confident of achieving full-year objectives, boosted by cost cutting and cheaper....(More...)

Carrefour, the world’s second-largest retailer, returned to profit in the first half of 2010 and said it’s confident of achieving full-year objectives, boosted by cost cutting and cheaper purchasing.

Net income was 82 million euros ($103.7 million), compared with a loss of 58 million euros a year earlier, the Paris-based company said. So-called activity contribution, a measure of operating profit, rose 7.6 percent to 1.1 billion euros, meeting the company’s forecast, Carrefour said.

The retailer said market share at stores open at least a year increased in France, where it aims to win customers from rivals such as Auchan by cutting prices, offering more of its own products and investing in discounts. Sales in Europe were “satisfactory” in July and “a little bit weaker” in August, chief executive officer Lars Olofsson said at a presentation. Costs were reduced by 236 million euros in the first half, almost half of Carrefour’s 500 million-euro target for 2010.

“The company looks well on track to deliver on its savings program,” James Grzinic, an analyst at Jefferies International Ltd. in London, said in a note. He rates the stock “buy.”
Carrefour fell 52 cents, or 1.4 percent, to 35.59 euros as of 1:04 p.m. in Paris trading, mirroring declines across Europe. The stock earlier rose as much as 2 percent.

The first-half figures included one-time costs of 384 million euros tied to the closure of 16 Belgian stores and inventory write-offs in Brazil. Excluding these and some other items, net income was about 519 million euros, Jefferies’ Grzinic said, beating his estimate of 456 million euros.

Full-year one-time costs will rise to 600 million euros from a previous estimate of 500 million euros, chief financial officer Pierre Bouchut said at the presentation.

Activity contribution for the year should rise to about 3.1 billion euros from last year’s 2.8 billion euros, the company said, repeating a forecast it made in July.

In France, first-half earnings rose 16 percent to 513 million euros. The retailer’s domestic market share rose by 0.8 percentage point on a like-for-like basis and was stable at 24 percent overall. Carrefour will accelerate price cuts in the second half of 2010 to lure more French shoppers, Olofsson said. This won’t come at the expense of operating margins in France, which will continue to improve, he said.

In the rest of Europe, profit decreased 5.3 percent to 298 million euros, hurt by a 1.6 percent decline in sales, price cuts in Spain, and a 36 million-euro charge tied to job losses in Belgium, Carrefour said. Austerity measures stemming from the debt crisis are affecting Carrefour’s business in southern Europe, the company said last month.

Carrefour, which last week opened two pilot superstores in France, is shifting its international focus to markets where the company can have a leading position, such as China and Brazil. First-half revenue gained 6 percent to 43.7 billion euros.

In Latin America, activity contribution dropped 4.8 percent to 141 million euros. Profit was reduced by costs of 69 million euros for inventory write-offs and accounting adjustments in Brazil, Carrefour said. For the full year, one-time costs in Brazil will reach about 80 million euros, Chief Financial Officer Pierre Bouchut said at the presentation.

Activity contribution increased 28 percent to 144 million euros in Asia, led by China and Thailand. Carrefour sees the “first signs” of a turnaround in Taiwan and a rebound in Thailand, Olofsson said.

Carrefour will continue to expand in key markets such as Brazil, China, Indonesia and Turkey either by opening new stores or by acquisitions or strategic partnerships, Olofsson said.

Net debt was 11.3 billion euros as of June 30, down 58 million euros from a year earlier, Carrefour said. The retailer is committed to maintaining an A- debt rating, Bouchut said.

Carrefour defines activity contribution as gross margin from current operations, minus selling, general and administrative expenses, depreciation and amortisation. (Bloomberg) (Less...)

Standard & Poor's Ratings Services assigned its 'BBB' counterparty credit and insurer financial strength ratings to Qatar-based Doha Bank Assurance Company LLC (DBAC). The outlook is stable. "The....(More...)

Standard & Poor's Ratings Services assigned its 'BBB' counterparty credit and insurer financial strength ratings to Qatar-based Doha Bank Assurance Company LLC (DBAC). The outlook is stable.

"The ratings on DBAC reflect the company's strategic importance to its parent Doha Bank (A-/Stable/A-2), strong capitalization, and strong liquidity," said Standard & Poor's credit analyst Neil Gosrani.

These positive factors are partially offset, however, by the company's marginal competitive position, which is still emerging as it is a newly established company, and the fact that it is restricted to the limited size of the Qatari market. These positive factors are also partially offset by the inherent execution risks of developing a new business with rapid and ambitious growth plans.

Our opinion of DBAC being strategically important to its parent Doha Bank is based on strongly declared support, capital commitment, and the involvement of designated senior executives from Doha Bank in the strategic decisions of DBAC. In addition to providing client referrals, Doha Bank provides administrative and back-office support, and is financially committed to the growth and development of DBAC.

"The stable outlook reflects our expectation that DBAC will see rapid growth in line with its business plan and through the acquisition of a retail license in the near term, while continuing to maintain a combined ratio of around 90%," added Mr. Gosrani.

We expect DBAC to continue to develop its competitive position in the Qatari market by building on its parent's client base. We also expect capitalization to remain at least strong.

Positive ratings momentum will be linked to the positive development in the company's competitive position and earnings. A negative rating action may result from a continuing delay to secure a retail license, a decline in the quality of earnings, a weakening in financial strength, or a downgrade of its parent, Doha Bank. (Less...)

Khaleej Times The Dubai International Financial Centre (DIFC), the financial and business gateway between the Middle East, Africa and South Asia (MEASA) region and the rest of the world, said it....(More...)

Khaleej Times
The Dubai International Financial Centre (DIFC), the financial and business gateway between the Middle East, Africa and South Asia (MEASA) region and the rest of the world, said it plans to reduce the cost of doing business at the centre to encourage the future growth and expansion of its clients.

The centre, which attracted new companies from emerging markets such as China, Malaysia and the Indian subcontinent in 2010, hopes to attract more companies from these markets after reducing its charges, according to a statement issued by the DIFC on Tuesday.

“The DIFC is committed to undertaking a regular review of its pricing model to ensure it remains competitive,” the tax-free business park said in the statement to the Nasdaq Dubai bourse.

“The DIFC, with its modern infrastructure, free zone status and self-governing laws and courts, is globally recognised as the pre-eminent and favoured financial centre in the region,” DIFC Governor Ahmed Humaid Al Tayer said in the statement.

Al Tayer said the DIFC has achieved a very encouraging performance so far this year, especially in light of the global economic slowdown of the ?last two years.

The DIFC community comprises of 745 active registered companies, including 297 regulated and 374 non-regulated companies and 74 retailers. During the first six months of 2010, the number of companies at the DIFC remained constant despite the economic downturn.

While a small number of firms have withdrawn over the past, a significant number of firms from across the world continue to join the centre.

The DIFC is witnessing a huge interest from Asian companies looking to Dubai as the gateway to the Middle East and Africa region, the statement said.

Abdulla Al Awar, chief executive of the DIFC Authority said: “We are now embarking on a new phase of growth and continue to act as a gateway between the MEASA region and the world’s capital markets. Our focus is to expand and grow our existing client partnerships.

“We will continue to attract new companies to the centre, as evidenced by the strong pipeline of applications currently being processed. We will also continue to develop the DIFC’s legal and regulatory framework and its physical infrastructure to enhance the support the centre provides for the economic growth of the region.” (Less...)

Bloomberg
Galfar Engineering & Contracting SAOG, an Omani construction company, said it won two contracts with a combined value of 39.5 million rials ($103 million).

The contracts are for a road project and construction of a hotel, Galfar said in a statement to the Muscat bourse today.

Reuters Saudi state-run mining firm Maaden and US partner Alcoa awarded 1.03 billion riyals ($274.7 million) worth of contracts for a mega aluminium complex in Saudi Arabia, Maaden said on Tuesday.....(More...)

Reuters
Saudi state-run mining firm Maaden and US partner Alcoa awarded 1.03 billion riyals ($274.7 million) worth of contracts for a mega aluminium complex in Saudi Arabia, Maaden said on Tuesday.

The contracts are mainly to provide equipment for the rolling mill at Ras Azzour on the Gulf coast, where the two companies plan to build the world's largest fully integrated aluminium complex.

The contracts were awarded to Germany's SMS Siemag and BWG Bergwerk, Austria's Ebner and US Wagstaff, Maaden said in a statement on the Saudi bourse website.

The joint venture is to be a fully integrated industrial complex, with a bauxite mine at Ba'aitha as well as an alumina refinery, an aluminium smelter and a rolling mill.

The smelter and rolling mill are set to start production by the end of 2013, Maaden said. (Less...)

Gulf Daily News Saudi state-run mining firm Maaden and US partner Alcoa awarded 1.03 billion riyals ($274.7 million) worth of contracts for a mega aluminium complex in Saudi Arabia. The contracts are....(More...)

Gulf Daily News
Saudi state-run mining firm Maaden and US partner Alcoa awarded 1.03 billion riyals ($274.7 million) worth of contracts for a mega aluminium complex in Saudi Arabia.

The contracts are mainly to provide equipment for the rolling mill at Ras Azzour on the Gulf coast, where the two companies plan to build the world's largest fully integrated aluminium complex.

The contracts were awarded to Germany's SMS Siemag and BWG Bergwerk, Austria's Ebner and US Wagstaff, Maaden said. (Less...)

Arab News Etihad Etisalat (Mobily) has won a contract to execute an exploratory project for the Communications and Information Technology Commission’s (CITC) Comprehensive Service Fund. Mobily was....(More...)

Arab News
Etihad Etisalat (Mobily) has won a contract to execute an exploratory project for the Communications and Information Technology Commission’s (CITC) Comprehensive Service Fund.

Mobily was reportedly the only contender to have passed all evaluation criteria to win the contract.

The contract was signed in Riyadh on Sunday by Abdulrahman Al-Jaafari, governor of CITC and chief executive of the fund, and Mobily CEO Khalid Al-Kaf.

The project aims to provide voice and broadband Internet connectivity to residents of Khulais and Al-Kamel in Makkah province, and Mahd Al-Dhahab in Madinah province. Mobily is expected to carry out the project at a cost of SR50 million.

“We are working toward implementing the directives of Custodian of the Two Holy Mosques King Abdullah to carry out comprehensive development throughout the Kingdom, with a long-term strategic outlook for the economy,” said Jaafari. “We want to play our part in achieving balanced and sustainable progress and bridge the developmental gaps between regions.”

Kaf said Mobily would draw upon all of its resources and expertise to serve the residents of the areas covered by the project. “The fact that we own the region’s biggest broadband network will definitely help in providing quality services to remote areas, so we can enrich the lives of residents with services that exceed their expectations,” said Kaf.

Mobily’s infrastructure in the Kingdom is solid and includes a 12,000-km fiber optics network. (Less...)

Dubai's DIFC, the free zone international financial centre, will help Abu Dhabi set up its financial district if needed, its chief executive officer said. “Our strategy is always to collaborate....(More...)

Dubai's DIFC, the free zone international financial centre, will help Abu Dhabi set up its financial district if needed, its chief executive officer said.

“Our strategy is always to collaborate with Abu Dhabi and the federal authorities,” Abdulla Mohammed Al Awar said in an interview in Dubai today.

“One financial centre is not sufficient” for the Middle East, North Africa and South Asia region, and DIFC is prepared to share its experience of operating the center in the past six years.

Dubai set up DIFC in 2004 to attract international banks, asset managers and insurers to help diversify its economy. Abu Dhabi, the richest of the seven states that make up the United Arab Emirates and holder of about 8% of the world’s oil reserves, is also boosting investments in industry, tourist attractions and infrastructure to diversify away from oil.

The DIFC community comprises of 745 active registered companies, with 297 regulated and 374 non-regulated companies, and 74 retailers. Currently, 16 of the world’s top 20 banks have established a presence at the DIFC; meanwhile 8 of the world’s largest asset managers of the 5 world’s largest insurers are also based at the DIFC.

International banks such as Goldman Sachs Group Inc., Citigroup Inc. and HSBC Holdings Plc., which have their regional offices in the DIFC, have boosted their presence in the Middle East over the past five years as rising oil wealth has boosted demand for financial advice. Bahrain and Doha in Qatar have also set up financial districts to attract foreign banks.

Abu Dhabi’s plan to develop a financial district is still in the “early stages” and may not clash with Dubai’s ambitions as “there are opportunities for various niches,” Al Awar said. Most companies that have set up offices in the DIFC “have a footprint across the region from Africa to the Middle East, South Asia and some even cover Europe,” while Abu Dhabi’s financial center may be more focused at its own economy, he said.

Abu Dhabi’s state-owned Mubadala Development is creating a new business hub on Sowwah Island, a project that could serve as the emirate’s financial hub.

“Rivalry is something of the past, given what has happened in the global economic crisis,” Marwan Ahmad Lutfi, deputy CEO and head of business development, said. “The more global companies there are in this region the better it is.” (Less...)