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Energy & Utilities
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Saudi Arabia plans $107bn investment in electricity
15 May 2012 at 11:44pm
The Saudi deputy electricity minister has said the ministry has revised up its estimates for the amount it will invest in power projects over the next decade to more than SR400bn ($106.6bn) from SR300bn, Reuters has reported. "Some time (ago) we announced SR300bn and we increased it due to the latest developments especially in the housing sector and also the new infrastructure funded by the government," Saleh al-Awaji told the news service.
Iraq seeks help managing oilfield water injection projects
15 May 2012 at 11:43pm
Dhiya Jafaar, head of Iraq’s state-run South Oil Co has said international consultancy firms have been invited to bid for a contract to help manage its multibillion-dollar oilfield water injection projects, Reuters has reported. "We have already sent letters to specific consultancy services companies and we expect to receive their offers soon," Jafaar told the news service. "The winning company will help us to manage implementing the water injection project," he said. The water injection scheme aims to help raise extraction rates and maintain reservoir pressure to overcome declines in production at fields such as West Qurna, Majnoon, Zubair and Rumaila.
Oil prices may fall in Q3, says Citigroup
15 May 2012 at 11:26pm
Citigroup Inc. has said oil prices may fall in the third quarter, as economies weaken in Europe and Asia and Saudi Arabia produces surplus crude, Bloomberg has reported. Increased crude production from Saudi Arabia and Iraq may be a “major downside risk to prices” if the economic crisis worsens, said Citigroup analyst in New York, Edward Morse. “Saudi Arabia continues to push prices lower” by cutting June official selling price differentials to Asia and increasing output to about 10 million barrels a day, Morse said. “What’s most dangerous to prices would be a repeat of conditions in 1997-1998, when Saudi overproduction coincided with an unexpected Asian financial crisis that hit hard at demand.”
Dana Gas seeks deal on sukuk
15 May 2012 at 11:25pm
Sharjah-based Dana Gas has said it is interested in reaching a consensual deal to repay the remainder of a $1bn Islamic bond maturing in October, and confirmed it had hired advisers to weigh up various options for the repayment, Reuters has reported. Dana said yesterday it had hired Deutsche Bank, Blackstone Group and law firm Latham & Watkins to advise on options for discussions with sukuk holders and their advisers. The bondholders have hired law firm Linklaters, one source familiar with the matter said.
Tapping oil reserves 5 years away in Lebanon
14 May 2012 at 11:26pm
Lebanon’s water and energy minister, Gebran Bassil has said tapping oil reserves is around five years away, despite the progress made over the last two years, The Daily Star has reported. The country’s gas reserves are located in deep waters, he said, urging the government to expedite legal and administrative processes leading to their excavation.
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Greece, Europe concerns to weigh on Gulf markets
16 May 2012 at 9:45pm
Heightened concerns about the likelihood of Greece exiting the euro zone and the impact that could have on Europe is likely to keep stocks in the Gulf region in a tight range Thursday.
Islamists pan gov't over planned price rises
16 May 2012 at 9:11pm
In a statement issued yesterday, the political arm of the Muslim Brotherhood, the largest opposition group in the Kingdom, criticised the rising prices of basic commodities, the "slowdown" of "true
Egypt's Brotherhood goes into election hamstrung
16 May 2012 at 8:51pm
Egypt's Muslim Brotherhood has activated its formidable grassroots ahead of next week's presidential vote, but the Islamists may have hemorrhaged the support that helped them take parliament earlier this year.
UAE exposed to sinking Eurozone
16 May 2012 at 5:00pm
Thursday, May 17, 2012 Gulf News Dubai: Amid a lack of local catalysts heading into the traditionally quiet summer months, UAE equity markets have been left vulnerable to the economic uncertainty in the Eurozone. The Dubai Financial Market (DFM) General...
UAE economy grew 4.9% on high oil prices, safe haven status in 2011
16 May 2012 at 5:00pm
The UAE's GDP is estimated to have grown 4.9 per cent last year, said the latest report by the International Monetary Fund (IMF), adding that the UAE economy continues to recover from the fallout of the global downturn.
Stock markets battered
16 May 2012 at 2:01pm
Wednesday, May 16, 2012 Dubai Nearly Dh13 billion in value has been wiped off Dubai’s benchmark stock exchange in the last three weeks amid calls for greater transparency and volatile world markets. Local investors have witnessed a bloodbath since...
Syria accused of new 'massacre,' UN observers evacuated
16 May 2012 at 6:45am
Syrian forces were accused Wednesday of having "executed" 15 civilians, as the office of envoy Kofi Annan said members of a UN observer team were evacuated a day after a bomb blast hit their convoy.
Top 10 Stories On Zawya Dow Jones On May 16 At 1340 GMT
16 May 2012 at 6:42am
Wednesday, May 16, 2012 The following is a list of top 10 business stories published by Zawya Dow Jones on Wednesday at 1340 GMT. 1. MSCI ADDS DUBAI'S ARABTEC HOLDING TO FRONTIER MARKETS INDEX MSCI Inc. (MSCI) has added several Persian Gulf stocks...
UAE annual inflation in April up at 0.80% vs 0.64% in March
16 May 2012 at 6:03am
Annual inflation in the United Arab Emirates rose slightly to 0.80% in April, compared with 0.64% in March, on the back of a small increase in food prices, according to the National Bureau of Statistics.
Several wounded in renewed Lebanon clashes
16 May 2012 at 5:53am
Several people were wounded as new clashes erupted on Wednesday between the army and rival neighbourhoods in Lebanon's northern city of Tripoli, a security official said.
Iraqi bourse reflects recovery struggle
16 May 2012 at 5:22am
Wednesday, May 16, 2012At the Baghdad headquarters of the Iraq stock exchange, Taha Abdulsalam broke off suddenly from the conversation and grabbed the walkie-talkie by his desk to call security.Disturbed by the sound of loud chatter from the ground...
DFM achieves 100% compliance in quarterly results disclosure of UAE companies
16 May 2012 at 4:48am
Dubai Financial Market (DFM)announced that its UAE listed companies recorded 100% compliance in disclosing their Q1 - 2012 financial results within the deadline of 45 days from the end of the period.
Most Gulf markets end lower; EU concerns, oil drag
16 May 2012 at 3:20am
Most Gulf stock markets end lower Wednesday amid rising concerns about the euro zone.
Iran calls for rallies against Saudi-Bahrain union
16 May 2012 at 2:27am
Iran has called on its people to stage rallies after this week's Friday prayers to protest against what it described as a US plan to annex Bahrain to Saudi Arabia.
Reestimate of budget items dictates drastic austerity measures -- minister
15 May 2012 at 10:25pm
Briefing the Lower House on the current economic situation in Jordan, Minister of Finance Suleiman Hafez said that based on some budget assumptions that have not been achieved and decisions
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Economy
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Tadawul market ends (almost) even
16 May 2012 at 7:05am
Like the Dubai market, the Tadawul All-Share Index failed to sustain yesterday's rebound and slipped 0.06% to close at 7,099.9 points Wednesday, which marks the last trading day of the week in Riyadh. Petrochemical leader Sabic continued to shed value, closing off half a percentage point at SR95.75. Two of the top gainers were insurers. Allianz Saudi Fransi Cooperative Insurance Company advanced the most (up 5.53%). Over the week, the Tadawul bourse lost 1.62%. The gauge's year-to-date gain shrank to 10.93%, down from 22.10% during the first quarter.
Etisalat shares stand firm, while Abu Dhabi market slips
16 May 2012 at 5:17am
The ADX Index fell by a quarter percentage point Wednesday, finishing at a four-month low at 2,467.21 points amid a global sell-off on the Eurozone's debt crisis. Etisalat ended flat at Dhs8.73. Aldar Properties dived three percent. Abu Dhabi National Energy Company, known as Taqa, gained against the trend (up 1.69%). Around 53m stocks were traded, valued at Dhs65.5m.
Kuwaiti investors dump bank shares on contagion fears from Europe
16 May 2012 at 4:55am
The KSE Market Index plummeted 3.63% to 6,437.72 points. Markets were shaken worldwide as more traders pushed the panic button and sold shares in anticipation of a Greece's financial collapse.
Financials in particualr dragged the measure down, as the country's largest National Bank of Kuwait or NBK fell 1.85%. Ahli Bank of Kuwait dived 3.3% to KD0.570. Investors Holding Group posted the largest gain (up 13.20%). Oil prices hit a 7-month low Wednesday, weighing on the sentiment in Kuwait, because the northern Gulf state's federal budget relies by 95% on oil revenues.
FTSE NASDAQ Dubai UAE 20 Index dives two percent
16 May 2012 at 4:16am
Shares of global maritime port operator Dubai Ports (DP) dropped by 4.90% Wednesday, closing at $10.46, as global bourses were rocked once again by ongoing fears that Greece might be forced to leave the Eurozone. News that bank customers withdrew Eur700m or $898m form their account fueled speculations of a bank run in Hellas might be imminent. In addtion, DP World has asked rating agency Standard and Poor's to withdraw its rating. The last S&P rating on DP World was 'BB/B' with outlook stable. DP World claimed that its peers were rated in a different way by S&P, thefore the agency's was of judging DPW were inappropriate. Due to an ongoing sell-off at local markets DFM and ADX in Dubai and Abu Dhabi, the FTSE NASDAQ Dubai UAE 20 Index closed off 2.03% at at 1573.00. This gauge measure the performance of the 20 liquid stocks listed on DFM, the Abu Dhabi Securities Exchange and NASDAQ Dubai. "It has been designed as a hedging and investment mechanism for GCC and international investors," the NASDAQ Dubai said.
Grexit-fears spoil Dubai market rebound
16 May 2012 at 3:15am
The DFM General index failed to sustain its tiny recovery from yesterday, closing 1.36% lower at 1,466.08 Wednesday. Very negative input from Asian and European markets on Greece's possible farewell to the Eurozone weighed on the gauge. In addition, Asian investors dumped the Euro and fled into the greenback, pushing the U. S. dollar's external value up to a five-month high. Dubai Investment Company and Union Properties were the only advancing shares out of 27 traded stocks. Emaar fell 1.70%, while the DFM, the only Arab bourse being listed, dived four percent. Earlier in the day, the DFM said that its UAE listed companies recorded 100% compliance in disclosing their Q1 – 2012 financial results within the deadline of 45 days from the end of the period. Trading remained dull Wednesday, as 78m shares worth Dhs90.8m changed hands.
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Drake & Scull's Q1 profit falls 18%
16 May 2012 at 12:11am
Dubai-based construction firm, Drake & Scull International (DSI) has posted an 18% fall in quarterly profit, falling short of analysts' estimates, due to higher costs, Reuters has reported. The MEP firm made a first-quarter net profit of Dhs37.6m ($10.24m) in the quarter ended March 31, down from Dhs45.9m in the year-earlier period. Analysts had forecast average quarterly profit of Dhs56.5m.
Egypt's Palm Hills posts $2.7m net loss in Q1
16 May 2012 at 12:09am
Egypt's second-largest listed developer, Palm Hills has reported a net loss of EGP16.3m ($2.7m) in the first quarter of 2012, Reuters has reported. The luxury real estate developer had posted a net loss of EGP36.2m in the same period a year earlier.
Egypt developer Talaat Moustafa sees 2.5% profit climb
14 May 2012 at 11:34pm
Egypt's largest listed property developer, Talaat Moustafa Group (TMG) has reported a 2.5% rise in first-quarter net profit, as sales rebounded from the same period of 2011, when they were disrupted by political turmoil, Reuters has reported. Net profit grew to EGP173.7m ($28.8m) in the quarter, compared with last year's EGP169.4m, and sales jumped to EGP1.08bn from EGP568m in the same period a year earlier. The firm's total revenues dropped 5.4% to EGP1.3bn from EGP1.37bn in the same period last year.
Arabtec denies Aabar Investments majority stake
14 May 2012 at 11:34pm
Dubai-based construction firm, Arabtec has denied a report in a local newspaper that shareholder Aabar Investments had taken a majority stake in the company, 7Days has reported. The article on May 12, 2012, includes incorrect information, Arabtec said, adding that Aabar’s actual stake in Arabtec is 20.76%.
Omran floats tenders for convention centre project
14 May 2012 at 11:33pm
Oman’s public tourism development firm, Omran has floated tenders for the second package of the Oman Convention and Exhibition Centre (OCEC) project, with 13 companies so far registering interest, Muscat Daily has reported. The second package comprises the construction of exhibition halls, car park and energy centre. The deadline for tender submissions is June 18. The winner will build column-free exhibition halls with a total floor space of 22,000sq m, which can be divided into five halls. Construction of the exhibition halls is expected to be completed in 2014, Omran said.
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