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Energy & Utilities
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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.
Kuwaiti oil executives suspended over Dow Chemical penalty
17 May 2013 at 2:03pm
The Kuwaiti cabinet has decided to suspend several senior oil executives over a $2.2bn penalty paid to Dow Chemical for scrapping a joint venture and ordered a judicial investigation into the matter, AFP has reported. The cabinet also announced the appointment of a new chief executive officer for state-owned Kuwait Petroleum Corp (KPC), and said it has taken "the necessary measures to suspend senior officials at (state-owned) Petrochemicals Industries Co (PIC)," which arranged the joint project with Dow Chemical before it was scrapped by the government in December 2008.
Oman's Renaissance reports 140% surge in quarterly income
15 May 2013 at 5:02pm
Oman’s Renaissance Services has posted a 140% surge in net profit for the first quarter ended March 31, 2013, to OR4.8m, compared with OR2m in the same period last year, Muscat Daily has reported. Revenue in the quarter grew 11.9% to OR68.5m from OR61.2m in the same period last year.
KRG, Exxon in exploration partnership with Turkish firm
15 May 2013 at 5:01pm
Turkey’s prime minister Tayyip Erdogan has said a Turkish firm is partnering with the Kurdistan Regional Government (KRG) and Exxon Mobil to carry out oil exploration in northern Iraq, Reuters has reported. Texas-based Exxon was the first to sign up for exploration deals with the KRG. “Our oil company already has an agreement with Exxon Mobil in place ... This is a step with the KRG on exploration work,” Erdogan said.
Japanese JV awarded Ras Laffan 2 deal
15 May 2013 at 5:01pm
The Qatari government has awarded a joint venture of Chiyoda Corp and CTCI Corp an Engineering, Procurement, Supply, Construction and Commissioning (EPSCC) contract for the Laffan Refinery 2 (LR2) Project, the second condensate refinery at Ras Laffan Industrial City, the Peninsula has reported. Similar to the existing Ras Laffan Refinery (LR1), which started production in September 2009, LR2 will have a processing capacity of 146,000 barrels per stream day and will also be operated by Qatargas. To be constructed adjacent to the existing refinery, LR2 will have a daily production capacity of 60,000 barrels of naphtha, 53,000 barrels of jet fuel, 24,000 barrels of gasoil and 9,000 barrels of liquefied petroleum gas (LPG).
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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 *)
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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
=================================================
Bahrain needs to cut public debt after 2012 spending boost -IMF
16 May 2013 at 3:08am
Bahrain, which last year boosted state spending to quell political unrest, urgently needs to reform its economy to stop its debt burden becoming unsustainable, IMF said.
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Economy
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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.
Qatar Exchange loses slightly
16 May 2013 at 6:11am
The QE 20 Index fell 0.20% to 8,916.90 points Thursday. Qatar National Bank or QNB closed off 0.90% to QR141.70. Qatar Navigation gained the most (up 3.26% at QR69.60) .
Record gaining streak halted in Manama
16 May 2013 at 5:22am
The Bahrain All-Share Index slipped 0.05% to 1,147.85 in a dull trading session on Thursday. The market measure advanced 8 consecutive sessions from May 2 to May 14. Al Salam Bank fell 2.38% to BD0.082. Islamic bank Ithmaar was the most liquid share, finishing flat at $0.25. Year-to-date, the Bahrain gauge has gained 7.72%.
Aldar Properties finishes week at 3-year high
16 May 2013 at 3:12am
The Abu Dhabi market measure ADX General Index consolidated at a 4-year high, closing up 0.10% at 3,514.17 Thursday. The biggest developer in the sheikhdom, Aldar Properties, surged 4.30% to hit Dhs1.70, the higest level since Feb. 2010. Dr. Giyas Gokkent, the chief economist and head of research at National Bank of Abu Dhabi (off 0.80% at Dhs12.40) said earlier today inflation in the housing sector in Abu Dhabi was down 0.6% year-on-year in April, with a relative contribution of minus 0.2% to CPI (up 0.6% at 1.1% in April).
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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.
Egypt's Palm Hills swings to profit
15 May 2013 at 5:06pm
Egypt’s second-largest listed developer, Palm Hills Development (PHD) has reported a consolidated net income of EGP45.3m ($6.5m) in the first quarter of 2013, compared with a net loss of EGP16.3m in the same period last year, Ahram has reported. PHD was battered by legal troubles over its land bank and client cancellations following the country’s 2011 revolution. In March, the developer won a $59m contract with Orascom Construction Industries (OCI) to implement the Golf View luxury housing project in West Cairo.
Union Properties' quarterly net income down 2.2%
15 May 2013 at 5:06pm
Dubai developer Union Properties has blamed a slump in housing sales for a 2.2% decline in first-quarter net profit, Reuters has reported. The firm made a first quarter net profit of Dhs21.9m ($5.96m), slightly lower than Dhs22.4m it posted in the corresponding period last year. Revenue from sales of homes and property management plunged to Dhs25.8m from Dhs159.8m in the prior-year period, Union Properties said.
Talaat Moustafa posts 19.8% drop in Q1 net profit
15 May 2013 at 5:05pm
Egyptian real estate developer Talaat Moustafa Group (TMG) has reported a 19.8% drop in net profit in the first quarter of 2013 to EGP139.4m ($20m), Reuters has reported. TMG's profit for the first quarter of 2012 was EGP173.7m, the firm said.
DSI rules out selling stake in company
14 May 2013 at 7:26pm
Khaldoun Tabari, the chief executive of Dubai-based Drake and Scull has ruled out plans to sell his stake in the company, but said there will be more partnerships on projects with builder Arabtec, Reuters has reported. "I have heard the speculation," said Tabari on the sidelines of a conference in Abu Dhabi. "I am not interested in selling my stake. Our shares are out in the market and our company is doing well. We have always worked closely with Arabtec and will continue to do so. You are going to see more announcements of us working closely with Arabtec."
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