Energy & Utilities
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 Kahramaaís 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.
Oman awards Saudi Arabia's NPCC $98m power project contract
17 Jun 2013 at 1:47pm
Oman has awarded Saudi National Contracting Co (NCC) a OR37.7m ($97.9m) contract to build the first major power transmission line in Musandam governorate, Oman Daily Observer has reported. The transmission line will be built in tandem with the governorateís first natural gas-based power plant, which is currently the subject of a competitive tender. Electricity from the power plant, which is expected to be sized at around 120 MW, will be supplied to towns and villages in Dibba and Khasab, supplanting diesel-based electrical generation for the first time in the governorate.
Opec expects oil demand to grow in H2 2013
11 Jun 2013 at 4:19pm
Opec has said that global oil demand is set to grow more quickly in the rest of 2013 than during the first half due to economic recovery and higher seasonal consumption, Reuters has reported. World oil demand would expand by 900,000 barrels per day (bpd) in the second half of 2013, up from 700,000 bpd in the first six months, the organisation said. For 2013 as a whole, Opec forecast world oil demand would grow by 780,000 bpd, slightly lower than last month's estimate of 790,000 bpd.
Oman's oil exports rose 3.9% in May
11 Jun 2013 at 4:19pm
Oman's oil and gas ministry has said the country's crude oil and condensates production in May rose 0.97% to 28,132,011 barrels, an average of 907,484 barrels per day (bpd), compared with the previous month, Oman Daily Observer has reported. The sultanate's total crude oil exports in May also climbed 3.9% to 26,808,230 barrels, an average of 864,782 bpd, compared with April, said the ministry. China topped the list of importers in May with 61% of the total production, followed by Taiwan with 15%, it said.
UPDATE 1-Morocco c.bank keeps benchmark interest rate unchanged
18 Jun 2013 at 10:00am
(Add details) 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...
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
* Budget expansion may be unsustainable * Echoes IMF report last week * Govt could look at tax exemptions, new revenue sources * Effort under way to minimise spending on fuel subsidies By Martin Dokoupil DUBAI, June 18 (Reuters) - Oman should consider...
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 .
Public debt in Lebanon reaches USD59bn in April
17 Jun 2013 at 11:45pm
Lebanon's public debt swelled by nearly USD 5 billion during the term of former premier Najib Mikati's Cabinet, the secretary-general of the Association of Banks in Lebanon said. "Based on the statistics provided by the Finance Ministry, the public debt rose by USD 5 billion, 60% of which is foreign currency," Makram Sader told The Daily Star.
Tehran-Muscat transactions hit USD250m
17 Jun 2013 at 9:37pm
Iran and Oman have increased trade transactions to USD 250 million in the last Iranian year (ended March 20), the director of Trade Promotion Organization of Iran for Persian Gulf said.
Syria, economy dominate G8
17 Jun 2013 at 9:07pm
The war in Syria dominated the start of the G8 summit in Northern Ireland as Western leaders upped pressure on Russia to back away from its support.
'Marsa Zayed project to go ahead as planned'
17 Jun 2013 at 8:52pm
Abu Dhabi-based developers of the USD 10 billion Marsa Zayed project in Aqaba expressed anger over "baseless" accusations by some media outlets but pledged to go ahead with its implementation as planned.
Jordan: MPs brand electricity price hike 'unconstitutional'
17 Jun 2013 at 8:51pm
A group of MPs submitted a twofold plan to the government to increase revenues and reduce expenditures, amid parliamentary dissatisfaction over a planned electricity hike.
'USS Stockdale, crew to leave Jordanian waters after exercise
17 Jun 2013 at 8:50pm
The commander of the USS Stockdale battleship on Monday commended the professionalism and dedication of Jordanian naval troops taking part in the Eager Lion military exercise.
Obama pledges more humanitarian aid for Syrians, refugees
17 Jun 2013 at 4:57pm
U.S. President Barack Obama announced more than USD 300 million in new humanitarian aid on Monday to address the Syrian crisis and to help neighboring countries cope with the 1.6 million refugees who have fled the civil war.
Egypt investment minister aims for 7% growth in two years
17 Jun 2013 at 1:44pm
Egyptian Investment Minister Yehya Hamed said he aimed to boost Egypt's anaemic economic growth to as high as 7% in two years by improving the environment for private investors.
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 Petrochemicalís 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 plantís 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.
NASDAQ Dubai-listed Depa ends flat as market is neutral to DSI comments
18 Jun 2013 at 4:14am
The FTSE NASDAQ Dubai UAE 20 Index closed up 0.47% at 2687.03 points. While DP Wolrd rebounded by 0.88% to close at $16, interior design company Depa Lmited closed flat at $0.41. On Monday, Khaldoun Tabari, the CEO of DFM-listed construction firm Drake and Scul International or DSI revealed that he owns a 10% (personal) stake in Depa shares. DSI, Depa and Arabtec Construction, the UAE's biggest contractors, increased the level of cooperation amid rising synergies. Arabtec holds 24% in Depa but its CEO Hasan Ismaik said on April it was not keen in buying a stake in DSI. One month ago, Tabari was named director of Depa's board, appointed by Arabtec.
Jazeera Airways shares take a break from rising
18 Jun 2013 at 4:04am
The Kuwait Sstock Exchange Market Index ended insignificantly lower at 8,075.58 points on Tuesday. Shares of budget carrier Jazeera Airways ended even at KD0.500. On Monday, the National Bank of Kuwait, DVB Bank, and Jazeera Airways Group announced a $90m commercial facility for funding JAG's aircraft purchases through a structured facility led by NBK and DVB Bank. Year to date, Jazeera Airways rose 56.25% on value.
Abu Dhabi's Finance House hits 5-month high
18 Jun 2013 at 3:41am
The ADX General Index advanced 0.45%, closing Monday trading at 3,659.54 points. Finance House posted the biggest increase, ending up 14.75% to reach Dhs3.89, the highest level since Feb. 17 2013. Aldar Properties and Sorouh Real Estate fell to Dhs2.34 (off 2.10%) an Dhs2.93 (down 1.68%), respectively. Both developers said earlier in the month their merger would become effective between June 20 and June 30. Market breadth remained positive at the ADX where 20 shares advanced, while 10 stocks declined. Some 228.8m stock worth Dhs470m changed hands.
DFM shares close even despite new Dubai, Abu Dhabi bourses merger rumors
18 Jun 2013 at 3:30am
Shares of the Dubai Financial Market (DFM) which are listed on the DFM finished flat at Dhs1.96 on Tuesday. The DFM is the sole Arab market floated on an exchange. Earlier in the day, reports made the round that the UAE has revived a proposal to merge its two main stock exchanges, the DFM and the ADX in Abu Dhabi, in a state-backed deal that could boost trade in the local market and attract more foreign investment to the Gulf country, as Reuters has reported. The merger was not a question of "if" but "when", Reuters quoted a "source".
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.
Oman awards contracts to boost sports infrastructure
17 Jun 2013 at 1:58pm
The Omani government has signed contracts for new sports infrastructure projects in Musandam governorate, Oman Daily Observer has reported. The agreements include works on the Khasab sports complex in the governorate, which comprise a football stadium, a gallery which can accommodate up to 11,610 people and 600 dignitaries in addition to a lounge to receive dignitaries, locker rooms, conference hall and television studios, fitness halls and parking lots for 260 cars. It also includes the establishment of a sports centre in Lima with a multipurpose hall for basketball, volleyball and handball, in addition to rest rooms and separate entrances for players, public and dignitaries.
Solidere says 2012 profit dropped 90%
17 Jun 2013 at 1:58pm
Lebanese property developer Solidere has posted a 90% drop in net profits in its Lebanon operations in 2012, or $163m, to $16m due to a huge drop in land sales, The Daily Star has reported. "This year-on-year decrease in the bottom line in 2012 can be attributed to a substantial decline in revenues from land sales (down to $50m from $242m) as slightly higher revenues from rented properties and rendered services, which come at less favourable margins, were not enough to offset the [drop]," the report said.
Saudi Binladin completes SR1.3bn Islamic bond issuance
11 Jun 2013 at 4:24pm
Saudi Fransi Capital (SFC) has announced the completion of the fifth Saudi Binladin Group sukuk issue for SR1.3bn, Saudi Gazette has reported. The proceeds from the private Islamic bond issuance will be used to fund projects, sources close to the matter said earlier this month.