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Energy & Utilities
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Archer opens offices, repair centre in Dubai, Doha
19 Jun 2013 at 2:52pm
Global oilfield service company Archer has announced the opening of a support office in Dubai, a downhole tool repair centre in Jebel Ali, and a country office in Doha, Qatar. The Dubai office will act as a central hub for carrying out work with existing and potential customers across the eastern hemisphere, more specifically in Africa, the Middle East, and Southeast Asia, Archer said.
Iran cancels local drilling rigs deal, to buy from China
19 Jun 2013 at 2:52pm
The North Drilling Company of Iran has cancelled contracts with local manufacturers and signed a contract with Chinese manufacturers to build 14 onshore and offshore drilling rigs, Mehr news has reported. Chinese financiers will secure 80% of the required fund for manufacturing the rigs, said NDC managing director Hedayatollah Khademi. The rigs are expected to be delivered within the next two years, Khademi added.
Egypt reshuffles management of energy firms
19 Jun 2013 at 2:52pm
Egypt has reshuffled several officials at the top of state-owned companies in the energy sector, in a bid to tackle the deepening fuel crisis that is gripping the country, Dow Jones has reported. The move is aimed at “improving the performance of the petroleum sector, and giving it a push to cope with the demands of the current situation [in the country],” said the oil ministry. Among the key management changes, Taher Abdel Reheem, the deputy chairman for production at Egyptian Natural Gas Holding Co, or EGAS, was appointed the chairman of Egypt’s main gas company. A further eight state-owned firms saw senior management changes including Gulf of Suez Petroleum Co and Suez Oil Co, the ministry said.
Iraq to boost output by 45% by 2014-end
19 Jun 2013 at 2:51pm
Thamir Ghadhban, energy adviser to Iraq’s prime minister has said the government aims to boost oil production by nearly 45% by the end of 2014, and that Baghdad had lost confidence in Kurdistan after the region stopped exporting oil through the federal pipeline system, Reuters has reported. Baghdad’s ambitious 4.5 million barrels per day (b/d) target relies on new oil pumped from southern oilfields and higher flows from ones already producing, Ghadban said. “The 4.5 million barrels a day is based on the development of the resources within the 15 governorates excluding Kurdistan because of this issue,” Ghadhban, a former oil minister of Iraq, said at an energy conference in London.
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.
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South Sudan proposes $5.6 billion budget for new fiscal year
19 Jun 2013 at 12:53pm
By Andrew Green JUBA, June 19 (Reuters) - South Sudan's government has proposed a 17.33 billion South Sudanese pound ($5.6 billion) budget for the 2013/2014 fiscal year starting next month, a minister said on Wednesday, expecting oil flows to...
Local and global trends boost Gulf banks
19 Jun 2013 at 7:00am
Powerful economic trends combine to strengthen the region's local banks while humbling their foreign rivals.
Suicide bomber embraces and kills Sunni politician in Iraq
19 Jun 2013 at 5:05am
A suicide bomber blew himself up as he embraced a Sunni Muslim political leader in northern Iraq on Wednesday, killing the man and four of his family a day before elections in the area.
Syrian rebels launch attack to block northern highway
19 Jun 2013 at 4:42am
Rebels attacked a main highway in northern Syria on Wednesday, opposition groups said, to try to choke off a major supply line for President Bashar al-Assad's forces in the region.
INDICATORS - Lebanon - June 19
19 Jun 2013 at 4:41am
BEIRUT, June 19 (Reuters) - Below is a table of the latest Lebanese economic statistics. Figures are provided by the central bank, finance ministry and ratings agencies. Newly updated information denoted by (*). -----------------------LEBANESE...
INDICATORS - Yemen - June 19
19 Jun 2013 at 2:53am
(last updated on June 13, updates marked *) ------------------------------------------------------------------------------- KEY INTEREST RATES DEPOSIT rate 15 pct last change Feb 7, 2013 former rate 18 pct...
INDICATORS - Bahrain - June 19
19 Jun 2013 at 2:53am
(last updated on June 2, marked *) ------------------------------------------------------------------------------- KEY INTEREST RATES REPO 1WK DEPO rate 2.25 pct 0.50 pct last change Sept 15, 2009 Sept 15, 2009 former...
INDICATORS - Oman - June 19
19 Jun 2013 at 2:52am
(last updated on June 19, updates marked *) ------------------------------------------------------------------------------- KEY INTEREST RATES WEEKLY CDs O/N REPO rate CBOMAN 1.00 pct OMCDFIX1M= OMRONRR=...
INDICATORS - Qatar - June 19
19 Jun 2013 at 2:29am
(last updated on June 13, 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 - June 19
19 Jun 2013 at 2:28am
(last updated on June 19, 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...
INDICATORS - United Arab Emirates - June 19
19 Jun 2013 at 2:25am
(last updated on June 13, 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
================================================
Egypt current a/c deficit to March USD3.9bn
19 Jun 2013 at 2:25am
Egypt's current account deficit shrank in the nine months to the end of March to USD 3.9 billion compared to $7.1 billion in the same period a year earlier, the central bank said in a statement.
INDICATORS - Saudi Arabia - June 19
19 Jun 2013 at 2:25am
(last updated on June 17, updates marked *) ---------------------------------------------------------------------------- KEY INTEREST RATES REPO REVERSE REPO rate 2.00 pct 0.25 pct last change Jan 19, 2009 June 16, 2009...
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).
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Economy
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Investment Dar seeking 50% debt cut
19 Jun 2013 at 2:56pm
Kuwait's Investment Dar Co has asked creditors to take a 50% writedown on its debt, as it seeks to meet repayments after defaulting on a loan three years ago, Bloomberg has reported, citing three people familiar with the matter. Under the optional plan, creditors will receive a cash payment totaling 5.7% of their outstanding debt and a portion of a new Islamic loan equal to about 44% of their current exposure, the people said, asking not to be identified as details aren’t public. Investment Dar’s stake in Aston Martin and real estate holdings will be among assets backing the new credit facility, according to the people.
Kuwait inflation climbs in April to 2.8%
19 Jun 2013 at 2:56pm
According to official data by Kuwait's statistics office, the Gulf country's inflation rose to 2.8% year-on-year in April from 2.2% in March, mainly due to a sharp rise in food and housing prices, Reuters has reported. The housing costs rose 3.2% year-on-year but fell 0.1% month-on-month in April, while the food prices jumped 4.9% on an annual basis and rose 1.2% from the previous month, the data showed.
IMF's online economics training to become available globally
19 Jun 2013 at 2:55pm
The International Monetary Fund (IMF) is planning to make its training sessions on financial policy and debt sustainability available online this year to government officials worldwide, Reuters has reported. IMF financial workshops are meant to help governments address economic dilemmas and are currently held in eight training centers worldwide, meaning officials must travel and remain onsite for weeks, said Sharmini Coorey, director of the IMF's Institute for Capacity Development. The classes will be in English, but may carry subtitles in other languages. They will open first to government officials within the next few months, with plans to open them to the broader public in 2014, said Coorey.
UAE market regulator sees 'many advantages' in bourse merger
19 Jun 2013 at 2:55pm
Abdulla al-Turifi, CEO of the Securities and Commodities Authority (SCA) has said a potential merger between the two main stock exchanges of Dubai and Abu Dhabi would have “many advantages” for the country’s financial sector, Reuters has reported. “In case the two markets are merged into one it will have many advantages, although the SCA has not seen any negative aspects in the current situation of having two markets,” head of the UAE's equities market regulator said.
Tadawul market fails to recover losses from the beginning of the week
19 Jun 2013 at 6:17am
The Tadawul All-Share Index closed Wednesday trading unchanged at 7,526.26 points, which marks the last trading day of the Saudi Arabian work week. Whilst the gauge rose steadily in the sessions since Sunday, the GCC bellewether index failed to recover last Saturday's day-loss of 4.23%, the biggest drop in 2 years after the King's early return from a private holiday fuelled speculations over new tensions in regards to the conflict in Syria. Sabic fell 0.27% to SR93. Saudi Indian Company for Co- operative Insurance, known as Wafa Insurance, posted the biggest increase, ending up 9.95% at SR168.50.
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Indiabulls plans GCC expansion
19 Jun 2013 at 2:59pm
Indian conglomerate Indiabulls has announced plans to set up offices across the region by the end of this year, Gulf Daily News has reported. The firm has interests in real estate and infrastructure, as well as power and financial services. "After a successful debut of Indiabulls' international operations in Dubai last year, we would like to be present across all GCC locations by end of the year," Indiabulls Middle East and North Africa (Mena) region head, Santosh Tandel told the daily.
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.
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