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Tadawul: Banking stocks suffer losses (GulfBase.com - 02/09/2014)

The Saudi stock market was in the red on Tuesday, reversing after a 5-day surge and dropping 0.62 percent for the day. The Tadawul All-Share Index (TASI) opened on a negative note and plunged to a maximum decline of 90 points, closing at 11,048.19. Large

Emirates NBD Egypt economic update (CPI Financial - 02/09/2014)

“The Central Bank of Egypt (CBE) voted in favour of keeping interest rates on hold at its latest meeting on September 1, with the overnight deposit and lending rates remaining at 9.25 per cent and 10.25 per cent respectively. The decision follows the

IdealRatings releases Sukuk screening solution and Sukuk indicies (CPI Financial - 02/09/2014)

IdealRatings, Inc. has announced the launch of the first Sukuk Shari’ah Screening Solution. The research-based online screening service is designed to serve Islamic investors and treasuries aiming to balance their portfolios with low risk fixed income

SR1.5 trillion: KSA bank deposits hit all-time high (Arab News - 02/09/2014)

Total bank deposits in the Kingdom hit a new all-time high above SR1.5 trillion for the first time in July, says a report. Bank deposits climbed by 1.7 percent in July to cross the SR1.5 trillion mark. This lifts the year-on-year growth rate to 14.5

SEC awards Siemens largest SVC contract (Saudi Gazette - 02/09/2014)

Siemens, the global powerhouse which innovates the electrical world and operates in the fields of energy, infrastructure, industry and healthcare, signed two contracts with Saudi Electricity Company (SEC) for the construction of SVCs at Madinah East,

Economic guides point to Kingdom’s sustained growth (Saudi Gazette - 02/09/2014)

Saudi Arabia’s economic indicators last July point toward a sustained developmental growth in the Kingdom, Jadwa Investment said in its Saudi Chartbook for this month. It said the economic data for July was strong with the non-oil PMI expanding at the

Maritime sector contributed 4.6% to Dubai GDP (Gulf News - 02/09/2014)

Dubai’s maritime sector directly contributs 4.6 per cent to Dubai’s GDP, or the equivalent of Dh14.4 billion, according to Sultan Bin Sulayem, Chairman of Dubai Ports, Customs and Free Zone Corporation and President of the Dubai Maritime City Authority

US delegation discusses SAGIA’s role (Arab News - 02/09/2014)

Saudi Arabian Investment Authority’s (SAGIA) value proposition for investors and the changes that have been made over the years to the registration process for international firms were highlighted at a presentation held here before a US visiting

SAMA unveils new rules for consumer lending (Reuters - 02/09/2014)

Saudi Arabia’s central bank has published new consumer lending regulations which give it the power to cap retail lending at individual banks and limit the fees that banks can charge. The rules could dent profit growth at banks, especially those that rely

Viva Kuwait aims to list by year-end (Reuters - 02/09/2014)

Viva Kuwait, the country’s second biggest mobile phone operator by subscribers, plans to list on the Kuwait Stock Exchange by year-end, nearly six years after it completed an initial public offer of shares, the company’s chairman said on Monday. The

CBI ramps up SME support facility to Dh1b (Gulf News - 02/09/2014)

Dubai-based Commercial Bank International (CBI) on Monday announced that it has allocated financing amounting to Dh1 billion this year in support of small to medium size enterprises (SMEs) operating in UAE across various economic segments. “We are seeing

Qatar to relinquish hold as world leader in LNG exports (Arab News - 02/09/2014)

Over the last decade, the discovery of massive quantities of unconventional gas resources around the world has spurred a renaissance within global energy markets, redirecting international attention to natural gas as a leading source of energy supply.

Saudi stock trajectory slows down (Reuters - 02/09/2014)

Saudi Arabia’s stock benchmark, the Tadawul All Share Index, which has been in an uptrend since the Kingdom’s regulator said in July it would open the market to direct foreign investment early next year, added just 0.04 percent on Monday to close at

Meethaq to host seminar on role of Islamic banking in dev. economy (Oman Daily Observer - 02/09/2014)

Meethaq, the pioneer of Islamic banking in Oman from Bank Muscat, is hosting a seminar on the ‘Principles of Islamic Economy and Development’ on September 7, at Hilton Salalah Hotel. The seminar to be addressed by Meethaq Sharia Supervisory Board

Meraas seeks up to $4bn loan (Reuters - 02/09/2014)

Meraas Holding, a state-owned property firm that is developing some of Dubai’s most ambitious real estate projects, is in talks with banks to raise up to $4bn, sources aware of the matter said yesterday. Dubai has bounced back rapidly from a debt crisis

UAE, Thailand enjoy strong trade relations (The Gulf Today - 02/09/2014)

The United Arab Emirates and Thailand enjoy strong trade relations and the volume of trade between the two countries stood at $20.51 billion in 2013, said Napadol Thongmee, Assistant Director General at Thailand’s Department of International Trade

FRiENDi plans to unveil 4G service in Oman (Times of Oman - 02/09/2014)

FRiENDi Mobile, the third largest mobile service provider in Oman, is planning to launch 4G (fourth generation of mobile telecommunication technology) service within a year, besides setting up exclusive flagship stores in different regions to support

Aldar sells Marina Square tower on Abu Dhabi’s Reem Island (The National - 02/09/2014)

Aldar has completed the sale of a block of 202 flats on Abu Dhabi’s Reem Island to a joint venture between two Dubai-based investment companies. The Abu Dhabi-listed developer said that it would use the cash from the sale of the 44,424 square metre B2

ADIB and Barclays conclude sale of UAE Retail Banking business (Gulf News - 02/09/2014)

To ensure an uninterrupted service, clients will be supported by 145 staff who have joined ADIB from Barclays while continuing to operate out of their branches in Dubai and Abu Dhabi Abu Dhabi Islamic Bank (ADIB) and Barclays announced the formal

Ma’aden, Alcoa joint aluminum plant starts commercial operations (Reuters - 02/09/2014)

Saudi Arabian Mining Co (Ma’aden) said on Monday its joint aluminum smelter with US-based Alcoa has started commercial operations. The $10.8 billion aluminum plant at Ras Al-Khair, on the Gulf coast of the Kingdom, had experienced issues during the

UAE stakeholders close ranks to ensure usage of ‘green diesel’ (Saudi Gazette - 02/09/2014)

Emirates National Oil Company (ENOC) has joined hands with governmental stakeholders to implement the UAE Federal Cabinet decision no. 37 of 2013, on making the use of the environment-friendly ‘Green Diesel’ mandatory across the UAE. A stakeholder

Qalaa and CPC conclude Sphinx Glass transaction (Saudi Gazette - 02/09/2014)

Construction Products Holding Company (CPC) and Qalaa Holdings marked recently the completion of their EGP1.3 billion ($180 million) transaction on Sphinx Glass. The celebration marked the final conclusion of a transaction through which Saudi Arabia’s

Masdar delivers Samoa’s 1st wind farm (Saudi Gazette - 02/09/2014)

Samoan Prime Minister Tuilaepa Aiono Sailele Malielegaoi inaugurated the country’s first wind farm. Delivered by Masdar, Abu Dhabi’s renewable energy company, the 550 kWe project is the second completed under the United Arab Emirates’ (UAE) $50 million

LED sales in UAE to log double-digit growth (Saudi Gazette - 02/09/2014)

With restrictions on the import of incandescent bulbs to the UAE for use in residential areas in place and their sales to be prohibited from Dec. 31, 2014, as per the directives of the Emirates Standardization & Metrology Authority (ESMA), LED lighting

nomic cost of Omani power sector subsidy put at RO 1 billion for 2014 (Oman Daily Observer - 02/09/2014)

The economic cost of subsidising Oman’s rapidly expanding power generation and related water desalination sector is projected at RO 973.7 million in 2014, according to the findings of the Authority for Electricity Regulation, Oman (AER). This compares

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