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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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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
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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).
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.
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.
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.
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Economy
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Bahrain Islamic Bank gains as new chairman is appointed
19 Jun 2013 at 5:32am
The Bahrain All-Share Index closed 0.17% lower at 1,202.39 points on Wednesday. Bahrain Islamic Bank or BisB was the sole gaining share, ending up 0.74% at BD0.136. Earlier in the day, BisB said its board of directors held a meeting on Tuesday, "after completion of all formalities related to the purchase of The Investment Dar shares, which represents 51.6% of BisB capital, by National Bank of Bahrain (NBB) and SIO with 25.8% each." In addition, it has been agreed that Abdul Razak Abdulla Hasan Al Qassim will take the helm as the new Board of Directors Chairman, replacing Khalid Abdulla Al Bassam "who has expressed his intention of quitting his position after eight years in the job so as to concentrate in his other businesses." BisB's rival Gulf Finance House lost the most, finishing off 5.88% at $0.16.
Qatar bourse loses steam ahead of half-year earnings season
19 Jun 2013 at 5:25am
The QE 20 Index slipped 0.22% to 9,340.01 points on Wednesday. Qatar's top lender Qatar National Bank or QNB added 0.40%, while the Gulf state's number two Commercial Bank of Qatar, known as CBQ, declined 0.42% to QR70.70. Dlala Brokerage and Investment Holding Company ended off 0.18% at QR28.15. Earlier in the day, Dlala said as per the results of its board of directors’ meeting held on June 18, the board has elected Nasser Hamad Al Sulaiti as Chairman and Jaber Hajjaj Al Shahwani as Vice Chairman.
Abu Dhabi bourse hits new 2013-high as FGB soars further
19 Jun 2013 at 5:09am
The ADX General Index advanced 0.15% to reach 3,664.99 points on Wednesday, despite a negative market breadth. Higher oli prices (up $0.99 at $103.24) helped maintaining the positive momentum. First Gulf Bank was the most liquid share that gained in value, closing up 1.24% at Dhs16.30, well above its 5-year high. Earlier in the day, FGB announced that it has extended its working hours of all its retail branches in the UAE. Abu Dhabi Ship Building lost the most, finishing a thin trading session down 9.86% at Dhs1.28. Some 124m shares were traded, valued at Dhs316.5m.
Dubai market fails to climb above 2,400 points
19 Jun 2013 at 2:50am
The Dubai equity market measure DFMGI added 0.58% to reach 2,392.85 points on Wednesday, although market breadth was negative. Arabtec advanced for the third consecutive day, ending 5.07% higher at Dhs2.28, the highest level since Feb. 28. 2013. Insurance company ARIG dived 9.85% to Dhs1.19. DFM fell for the second day, finishing off 1.53% at Dhs1.93. DMF's price decline plays down rumors spread earlier this week that the DFM, the only listed Arab bourse, and its sister market ADX in Abu Dhabi have "revived" plans to join forces. Ten shares advanced, while 13 declined. Some 378m shares valued at Dhs562m changed hands.
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.
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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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