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Energy & Utilities
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DEWA repays Islamic bond
18 Jun 2013 at 6:43pm
Dubai Electricity and Water Authority (Dewa) has said it has repaid a Dhs3.2bn ($871m) sukuk that was issued in June 2008, Zawya Dow Jones has reported. “The payment of the maturity proceeds along with interest was made on June 17, 2013,” the state-owned utility said. Dewa earlier this year sold a $1bn, five-year Islamic bond to refinance existing debt and fund new investments.
Total acquires 80% stake in Kurdistan block
18 Jun 2013 at 6:43pm
France's oil major Total has acquired an 80% stake in an exploration block in Iraq's Kurdistan, in a move that reinforces the company's position in the semi-autonomous region where crude reserves are plentiful, Reuters has reported. According to the deal, the Kurdistan Regional Government (KRG) will own the remaining 20%. "This participation in an operated exploration block was contemplated at the time Total made its move in Kurdistan during the summer 2012," Total said.
Egypt awards Russia's Litasco gasoil supply deal
18 Jun 2013 at 6:42pm
Egypt's state oil company has awarded Russia's Lukoil's trading arm Litasco the bulk of a tender for delivery of gasoil to the Mediterranean port of Alexandria in the second half of the year, Reuters has reported, citing traders. Petroineos, BP and Glencore were also winners, they said. Litasco will provide 15 cargoes, BP five, Glencore five and Petroineos three cargoes over the six-month period from July, one of the sources said.
Egypt, Sudan to buy oil shipments from Iraq on credit
17 Jun 2013 at 1:48pm
Iraq has agreed in principle to provide both Egypt and Sudan with crude oil, to be purchased on credit, Mena has reported. Iraq will start sending the shipments once the two countries obtain letters of credit from international banks and Iraq's cabinet issues its final approval of the deal.
Kahramaa to offer tender documents online
17 Jun 2013 at 1:47pm
Qatar General Electricity and Water Corp (Kahramaa) has launched a new e-service to facilitate the participation of companies and business organisations in public tenders, the Peninsula has reported. Set to start from June 24, the e-service will pave the way for hassle-free transactions by allowing companies to buy tender documents online by registering at Kahramaa’s website. It will also require information such as name of the company, e- mail, phone and fax, Commercial Registration (CR) number and its expiry date among others.
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Jodan: Lower House endorses 2013 state budget bill
18 Jun 2013 at 9:07pm
Prime Minister Abdullah Ensour told deputies on Tuesday that the lifting of electricity subsidies is purely a government decision and that they will not be held accountable for it.
Oman: 25% increase in non-oil exports
18 Jun 2013 at 8:51pm
Oman's non-oil exports has increased by 25% in the last few months and is poised to grow further according to the Public Establishment for Industrial Estates (PEIE).
U.N. recommends bringing Iraq closer to ending 1990s sanctions
18 Jun 2013 at 5:11pm
U.N. Secretary-General Ban Ki-moon on Tuesday recommended bringing Iraq one step closer to ending all U.N. sanctions imposed on Baghdad more than two decades ago after former leader Saddam Hussein invaded Kuwait In 1990.
Middle East investors now more active in managing capital
18 Jun 2013 at 12:09pm
While other markets are busy finding ways to stem capital flight, there is a growing trend of Middle Eastern investors keeping their money at home and taking control of their assets.
India s rupee closes at record low to US dollar, UAE dirham
18 Jun 2013 at 12:09pm
India's rupee on Tuesday closed at an all time record low of 58.78 to the dollar ahead of a US Federal Reserve meeting on Wednesday where a decision could be taken on scaling back the Fed's $85 billion-a-month (Dh312.13 billion) asset purchase programme as the world's largest economy gains traction.
France's Hollande open to Iranian presence at Syria talks
18 Jun 2013 at 10:14am
French President Francois Hollande on Tuesday opened the door to Iran attending a Syria peace conference, but reiterated that there was no future for Syrian President Bashar al-Assad.
Morocco c.bank keeps benchmark interest rate unchanged
18 Jun 2013 at 10:00am
Morocco's central bank kept its key interest rate unchanged at 3.0% on Tuesday, forecasting inflation would stay in line with its price stability objective and as the government maintains the current subsidy system.
DMCC CEO: Growth in Dubai JLT Free Zone to continue apace
18 Jun 2013 at 8:50am
The number of companies operating in Dubai's Jumeirah Lakes Towers free zone should continue to grow rapidly as trading companies flock to Dubai to take advantage of its low business costs and advantageous positioning between Africa, Asia and Europe, the chief executive of the Dubai Multi Commodities Center said.
EU mismanaging EUR1bn aid programme to Egypt-report
18 Jun 2013 at 8:14am
The European Union is failing to ensure that hundreds of millions of euros in aid to Egypt is used effectively and to make the Islamist government tackle corruption and human rights abuses, a European Court of Auditors report said.
Morocco central bank keeps benchmark interest rate unchanged
18 Jun 2013 at 8:06am
Rabat, June 18 (Reuters) - Morocco's central bank kept its key interest rate unchanged at 3.0 percent on Tuesday, forecasting inflation would stay in line with its price stability objective and as the government maintains the current subsidy...
Oman needs to consider fiscal reforms as priority - c.bank
18 Jun 2013 at 7:38am
Oman should consider fiscal reforms as a priority because continued growth in public spending may be unsustainable in the long run, its central bank said.
Fitch: Kuwait court ruling may cause short-term delay to reforms
18 Jun 2013 at 4:12am
Some short-term delay in public investment and economic reform may result from Sunday's ruling by the Kuwaiti constitutional court and the consequent dissolution of the government-friendly parliament, Fitch Ratings says.
Egypt's currency devaluation has further to go - CE
18 Jun 2013 at 3:28am
Egypt's currency is expected to devalue further by the end of year to reach EGP 7.5 Egyptian pounds to the U.S. dollar, Capital Economics says.
Exploring Oman s Achilles heel
18 Jun 2013 at 3:20am
Moody's latest survey underlines an urgent need for the sultanate to prop up its economy through diversification.
Russia: Syria talks mustn't imply regime "capitulation"; Iran sanctions could...
18 Jun 2013 at 2:34am
The planned peace conference in Geneva to end the conflict in Syria should not imply any capitulation on the part of the regime of Syrian President Bashar al-Assad, Russian Foreign Minister Sergei Lavrov was quoted as saying .
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Economy
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Qatari bourse to start trading government bonds tomorrow
18 Jun 2013 at 6:45pm
Qatar Exchange has said trading of government bonds issued by the central bank is set to start on June 20, as part of measures to deepen the Gulf state's debt market and diversify investment tools for banks and other institutions, Reuters has reported. Four government bonds will initially be available for trading and future quarterly issues are expected to be listed, the exchange said. It launched trading of government Treasury bills in December 2011.
Arab countries report 9.8% rise in FDI
18 Jun 2013 at 6:45pm
The Arab Investment and Export Credit Guarantee Corp (DHAMAN) has said that despite unrest in some Arab countries foreign direct investment into Arab states rose by 9.8% last year, but remained well below its level in 2010, Saudi Gazette has reported. Arab states attracted FDI worth $47.1bn last year, compared with $42.9bn in 2011, which was 28.5% lower than the figure of $66.2bn in 2010, said Kuwaiti-based DHAMAN. Saudi Arabia topped the list of inflows with $12.2bn, or 25.8% of the total even though its share dropped by 25% from the previous year, it said. Inflows to the UAE rose 25% to $9.6bn, or 20.8% of the total, the report said.
Oman inflation drops to lowest level since December 2009
18 Jun 2013 at 6:44pm
According to figures released by Oman's National Centre for Statistics and Information (NCSI), the sultanate's annual inflation, based on the consumer price index (CPI), dropped to 1.2% in April, the lowest level since December 2009 when it hit a low of 0.9%, Muscat Daily has reported. The price of foodstuff, which accounts for over 30% of Oman's CPI basket, fell 0.8% in April from the previous month, while the same increased 1.5% on a year-on-year basis. Rents, water, electricity and fuel costs, which account for over 21% of the consumer price basket, rose 0.6% year-on-year in April, but fell 0.2% on a monthly basis, the data showed.
Lebanon's public debt hit $59bn in April
18 Jun 2013 at 6:44pm
The Association of Banks in Lebanon has said the country's public debt has grown by nearly $5bn during the term of former premier Najib Mikati’s cabinet, The Daily Star has reported. “Based on the statistics provided by the Finance Ministry, the public debt rose by $5bn, 60% of which is foreign currency,” head of the association, Makram Sader, told the daily. Sader blamed the rise of the debt on a number of factors, including the failure of Parliament to pass a number of important laws over the last four years. “Furthermore, the Parliament did not approve a single budget over the past four years although the endorsement of budgets, imposing of taxes and allocating new funds is part of the work of the Parliament,” he said.
Sabic gains on good news from its UK plant
18 Jun 2013 at 6:40am
The Tadawul All-Share Index closed 0.84% to reach 7,526.29 points. Saudi Basic Industries Corporation, the world's biggest producer of petrochemicals and better known as Sabic, advanced 0.84% to reach SR93.25. Earlier in the day, Arab News reported that after nearly 20 years of under-investment, Sabic UK Petrochemical’s ethylene liquefaction plant on Teesside has witnessed a dramatic turnaround and is on track to make productivity gains of more than £10m a year, following an intensive reliability program with change management specialists, reliable manufacturing. "Just 18 months after embarking on its manufacturing excellence program with Reliable Manufacturing, plant breakdowns and performance issues have been dramatically reduced. Communication between the plant’s two sites has improved, saving the company more than £1m a year," said the report. Ninety-eight shares gained in Riyadh, while 38 stocks declined.
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Kingdom Holding seeking partnership with Emaar to build world's mile-high tower
18 Jun 2013 at 6:48pm
Prince Alwaleed bin Talal has invited Dubai's biggest real estate developer Emaar Properties, chaired by Mohammed Alabbar, to partner with his investment firm Kingdom Holding to build a mile-high skyscraper that would be the world's tallest building by far, Reuters has reported. "Right now we are discussing and evaluating the possibility of building a 1.6-km tower," Alwaleed told the news service. "We also need good partners. I invite Emaar and Alabbar to join forces with us and see how we can build the ultimate one-mile tower somewhere in the world."
Coldwell Banker launches operations in Oman
18 Jun 2013 at 6:48pm
US-based global provider of real estate services, Coldwell Banker has announced the launch of its Oman operations, Muscat Daily has reported. The company's operations in the sultanate will provide professional real estate services like residential renting, buying and selling services, commercial renting, market research and property valuation, and property and facility management.
Dubai to build 68 housing units in Barsha for Emirati families
18 Jun 2013 at 6:48pm
The Mohammad Bin Rashid Housing Establishment has launched the construction of 68 housing units within the housing project of Barsha, which will include 1,040 houses fit for small families, Wam has reported. Sami Gargash, Executive Director of the Establishment, gave directives to accelerate the completion of the housing, and pointed out that the date of completion will be announced soon, the report said.
TDIC sells Phase I of Saadiyat Beach Residences to MPREI
17 Jun 2013 at 1:59pm
Abu Dhabi's Tourism Development & Investment Co (TDIC) has sold the first phase of Saadiyat Beach Residences to Mubadala Pramerica Real Estate Investors (MPREI), a 50-50 joint venture between Abu Dhabi investment fund Mubadala and US-based Prudential Financial. The deal comes after state-owned TDIC, which is also building local branches of the Louvre and Guggenheim museums on the island, warned last month it might have to sell assets this year. Phase One of the development consists of 285 units over three separate five-story buildings, each containing 95 units in a mix of one, two and three-bedroom apartments. Under terms of the acquisition, the property is subject to a five-year leaseback to TDIC, in which the company will manage leasing the residences on behalf of MPREI. Phase One, which was launched in the fourth quarter of 2012, is currently 80% leased.
DSI mulling dual listing in Saudi
17 Jun 2013 at 1:59pm
Drake and Scull International (DSI) has said it may consider an additional listing of its shares on Saudi Arabia's Tadawul bourse, although the Dubai-based construction firm does not have any imminent plans for it, Reuters has reported. "It's a logical thing to do. I recognise there is a potential in the Saudi market," DSI chief executive Khaldoun Tabari told reporters in Dubai, without providing a timeline for any potential listing.
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