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Energy & Utilities
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Oman's Sharqiyah Desalination launches IPO
18 May 2013 at 2:18pm
Oman’s first independent water project (IWP), Sharqiyah Desalination Co (SDC) has floated an initial public offering (IPO) of 2.282 million shares, Times of Oman has reported. SDC has a paid-up capital of OR6.52m, said Xavier Joseph, CEO of the company. The shares will be available only to the individual investors and will close on June 13.
Saudi's NWC planning JVs with private firms by 2015
18 May 2013 at 2:18pm
Saudi Arabia’s National Water Co (NWC) is planning to form joint ventures with private sector partners to deliver various water and sewage services in the kingdom’s major cities, Saudi Gazette has reported. “The proposed joint venture will provide national operation and maintenance (O&M), treated sewage effluent (TSE) services, TSE district cooling and O&M services for cities,” said senior manager for asset services at the NWC, Yahya Al-Yousef. “The joint venture will also work together on local TSE pilot schemes. We are planning to form partnerships with the private sector by 2015,” he said.
Oman's Al Suwadi, Al Batinah Power planning IPOs by mid-2014
18 May 2013 at 2:17pm
Oman’s Al Suwadi Power Co and Al Batinah Power Co are likely to launch their initial public offerings (IPOs) by mid-2014, Muscat Daily has reported. "There will be two IPOs, each offering 35% of shares. Currently we are reviewing the exact timing for the IPO and in a few months we will be sitting down to formulate the plans," the CEO of Al Suwadi Power, Bernard Esselinckx, told reporters. Both firms are owned by a consortium comprising GDF Suez (46% stake), Multitech, part of Suhail Bahwan Group (22%), Japan's Sojitz (11%) and Yonden (11%) and Oman's Public Authority for Social Insurance (10%).
Total looking to re-develop Qatari oilfield
18 May 2013 at 2:17pm
Opec has said French oil major Total is looking to re-develop Qatar’s offshore Al Khalij oil field in a bid to stabilise and boost its recovery rate, Gulf Times has reported. Total recently negotiated a 25-year extension to its licence to operate the field. The deal was due to expire in 2014. Production from the field, which was as high as 50,000 bpd in 2005 and 40,000 bpd in 2008, currently stands at around 25,000 bpd. Total discovered the field in 1991 after signing up for a 25-year operating license two years before.
Lamprell sees debt restructuring deal sealed by June-end
17 May 2013 at 2:04pm
UAE-based oil rig maker Lamprell has said it is on track to restructure its debt and agree revised covenants by the end of June, as the company recovers from a 2012 loss, Reuters has reported. The LSE-listed company was stung last year after moving into riskier areas such as wind turbine vessels, where operational difficulties led to a series of profit warnings. Lamprell’s order book at the end of April 2013 was $1.2bn, with its bid pipeline at the same point in the order of $4bn.
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Abu Dhabi population tops 2.5m in 2013
18 May 2013 at 12:15pm
Saturday, May 18, 2013 Abu Dhabi: Abu Dhabi city’s population is increasing by one person every two minutes and 48 seconds, according to figures released recently by the Abu Dhabi Statistics Centre (Scad). The total population of the capital has...
Enraged by kidnapping, Egyptian police block Gaza border
18 May 2013 at 4:06am
Egyptian police angered by the kidnapping of seven colleagues by Islamist gunmen kept a crossing into the Gaza Strip closed again on Saturday, stranding hundreds of Palestinian travellers, witnesses said.
Qatari inflation seen near steady despite housing market pressure
17 May 2013 at 9:25pm
Qatar's inflation is not expected to rise "significantly" beyond the average of 3.8% this year although there is a build-up of pressures in the housing market, according to Beltone Financial.
Tunisia, hardline Islamists in standoff over Sunday gathering
17 May 2013 at 1:05pm
Tunisia's government on Friday barred the radical Islamist group Ansar al-Sharia from staging a weekend rally in the central city of Kairouan, saying the organisation, which openly supports al Qaeda, posed a "threat to public security."
Moody s squeezes Lebanese banks, bonds
16 May 2013 at 11:45pm
Moody's negative outlook of both Lebanon's sovereign bonds and banks' deposit ratings is seen as another strong message that the political vacuum and failure to implement reforms can no longer be ignored.
U.S. adds sanctions on Syria, labels rebel chief a terrorist
16 May 2013 at 2:08pm
The U.S. government on Thursday blacklisted four Syrian government ministers, an airline and a television station it said helped the Assad government in its two-year crackdown on opposition forces.
Knowledge-based economy to contribute 5% of GDP by 2021
16 May 2013 at 12:15pm
The knowledge-based economy will contribute 5% to the UAE's gross domestic product (GDP ) by 2021, Sultan Bin Saeed Al Mansouri, Minister of Economy, told media on the sidelines of The Second Forum of Economic Policies.
Investment banking salaries on the rise
16 May 2013 at 11:29am
There is one advantage to making the switch to Dubai and that's the promise of tax free earnings, which are still increasing.
INDICATORS - Saudi Arabia - May 16
16 May 2013 at 7:59am
(last updated on May 16, updates marked *) ---------------------------------------------------------------------------- KEY INTEREST RATES REPO REVERSE REPO rate 2.00 pct 0.25 pct last change Jan 19, 2009 June 16, 2009...
INDICATORS - Yemen - May 16
16 May 2013 at 7:50am
(last updated on April 14, updates marked *) ------------------------------------------------------------------------------- KEY INTEREST RATES DEPOSIT rate 15 pct last change Feb 7, 2013 former rate 18 pct...
INDICATORS - Bahrain - May 16
16 May 2013 at 7:50am
(last updated on April 29, marked *) ------------------------------------------------------------------------------- KEY INTEREST RATES REPO 1WK DEPO rate 2.25 pct 0.50 pct last change Sept 15, 2009 Sept 15, 2009 ...
INDICATORS - Oman - May 16
16 May 2013 at 7:49am
(last updated on May 13, updates marked *) ------------------------------------------------------------------------------- KEY INTEREST RATES WEEKLY CDs O/N REPO rate CBOMAN 1.00 pct OMCDFIX1M= OMRONRR=...
INDICATORS - Qatar - May 16
16 May 2013 at 7:49am
(last updated on May 16, marked *) ------------------------------------------------------------------------------- KEY INTEREST RATES DEPOSIT REPO LENDING rate 0.75 pct 4.50 pct 4.50 pct last change Aug 10, 2011 Aug 10,...
INDICATORS - Kuwait - May 16
16 May 2013 at 7:47am
(last updated on May 8, marked *) ------------------------------------------------------------------------------- KEY INTEREST RATES DISCOUNT O/N REPO 1-WK REPO 1-MO REPO rate 2.00 pct 0.75 pct 1.50 pct 2.00 pct last change Oct 4,...
INDICATORS - United Arab Emirates - May 16
16 May 2013 at 7:46am
(last updated on May 16, marked *)
-------------------------------------------------------------------------------
KEY INTEREST RATES REPO LIQUIDITY SUPPORT FACILITY
rate 1.00 pct 1.50 pct
last change Jan 18, 2009 Aug 31, 2009
former rate 1.50 pct 2.50 pct
=================================================
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Economy
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UAE inflation in April down to 0.9%
18 May 2013 at 2:19pm
According to data from the UAE National Bureau of Statistics, consumer prices in the country fell to 0.9% year-on-year compared with the previous month, Reuters has reported. The housing and utility costs, which account for over 39% of consumer expenses, fell 0.1% year-on-year and remained unchanged month-on-month in April, while food prices, which make up nearly 14% of the basket, rose 2.5% on an annual basis but dipped 0.2% from the previous month, the data also showed.
Arqaam Capital seeking KSA, SA expansion deals
18 May 2013 at 2:19pm
Riad Meliti, the chief executive of Dubai-based Arqaam Capital has said the investment bank plans to expand into sub-Saharan Africa by the fourth quarter this year and may look at acquisitions in Saudi Arabia as part of its push into fast-growing emerging markets, Reuters has reported. “We’re also making a push into sub-Saharan Africa, basically the triangle of South Africa, Kenya and Nigeria. The plan is to open an office in South Africa by the fourth quarter of 2013,” Meliti said. “Organic and inorganic options are available but it all depends on the right opportunity,” Meliti said.
Tadawul market starts with gains into the week
18 May 2013 at 9:37am
Amid a bullish market breadth, the Saudi Stock Exchange ended 1.14% higher at 7,229.02 Saturday. Backwind from a the best reading in U. S. consumer sentiment in 6 year as reported last Friday raised the mood in Riyadh. Sabic climbed to a 1-month high, ending up 0.75% at SR92. The insurance sector recovered from its baisse it saw last week and gained 5.31%, the highest advance among the industry segments. Saudi Hollandi Bank lost the most, finishing down 1.97% at SR29.80. 143 stocks advanced, while 9 declined. Earlier last week, Burkhard P. Varnholt, the CIO of Swiss bank Sarasin & Co. Ltd. said on the global stock market rally "we may assume that it will last for at least another five years, because the political costs of its suspension grow disproportionately every year."
IMF tells Bahrain to 'urgently' cut public debt
17 May 2013 at 2:05pm
The International Monetary Fund (IMF) has said that Bahrain, which last year boosted state spending, urgently needs to reform its economy to stop its debt burden becoming unsustainable, Reuters has reported. The kingdom raised its original 2012 expenditure plan by almost 19% in September 2011 after protesters took to the streets of the capital Manama to demand reforms. "Overall fiscal deficits are projected to widen and public debt is estimated to continue on a rising path that could become unsustainable, reaching 61% of GDP as early as 2018," the IMF said in a report, following regular consultations with the kingdom.
Depa shares soar after Arabtec influence clarified
16 May 2013 at 7:05am
The FTSE NASDAQ Dubai UAE 20 Index closed 0.10% lower at 2578.71. Dubai-based interior design firm Depa Limited jumped 10% in value to close at $0.44. Arabtec Construction, which has a 25% stake in Depa Limited said earlier in the day, 4 Arabtec top managers, among them Arabtec CEO Hasan Abdullah Ismaik, have been voted to the board at Depa following the interior design firm's annual general meeting, Construction Weekly reported.
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Emaar in talks with DWC to develop Golf Course District
18 May 2013 at 2:22pm
The master developer of Dubai World Central, Dubai Aviation City Corp (DACC) has said it is in talks with Emaar Properties to develop its Golf District that will host hundreds of villas surrounding an 18-hole golf course, Gulf News has reported. “We are currently negotiating with a number of developers, especially Emaar Properties to develop parts of our residential communities,” said the executive chairman of DACC, Khalifa Suhail Al Zaffin. “Our talks with Emaar is currently focused on the Golf District which we want to start this year.” The Golf District, launched in 2008 as DWC Golf City which was later rebranded, is a 15 sq km development that will become high-end residence for those working at the Al Maktoum International Airport, Aviation City, DWC headquarters and other senior officials working in the private sector companies based at the DWC.
Imdaad allocates Dhs200m for expansion
18 May 2013 at 2:22pm
Jamal Abdulla Lootah, the chief executive of Imdaad has said the UAE-based facilities management firm hopes to maintain up to 6% growth in revenues this year and plans to invest up to Dhs200m on expansion in the next three years, Khaleej Times has reported. “We achieved around 5% growth in the first quarter of 2013 and the trend is expected to continue for the rest of the year,” Lootah told the daily. “We will invest between Dhs150m to Dhs200m by 2016 for more new offices, branding of the company, training of staff and labour accommodation,” he said.
Emaar says villa sales doubled in Q1
18 May 2013 at 2:22pm
The developer of the world’s tallest tower in Dubai, Emaar Properties has said its first-quarter revenue from villa sales has doubled from a year earlier, Bloomberg has reported. Revenue climbed to Dhs308.7m ($84m) in the three months ended March 31, from Dhs154m a year earlier, the developer said. Income from the sale of apartments, land and commercial units rose to Dhs634.7m from Dhs612m, while rental income increased to Dhs749.2m from Dhs651.8m, said Emaar.
Qatar Holding acquires 40% of Italy's Porta Nuova
18 May 2013 at 2:21pm
Qatar Holding has agreed to buy a 40% stake in Milan’s real estate development project Porta Nuova for an undisclosed sum, Reuters has reported. Qatar Holding will subscribe to newly issued shares with the remaining 60% staying in the hands of the current sponsors of the project, Porta Nouva developer, Hines Italia SGR, and Qatar Holding said.
Egypt, Damac settle disputes
17 May 2013 at 2:08pm
Egypt has said it had settled disputes with the Dubai-based developer Damac involving projects dating back to the Mubarak era, an agreement the government hopes will reassure prospective investors, Reuters has reported. The settlement, which covered two disputes involving housing projects near Cairo and the third involving a piece of land on the Red Sea, means that Damac would withdraw a suit against Egypt filed with the Washington-based International Centre for Settlement of Investment Disputes.
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