Kuwait Stock Exchange Daily Morning Brief 27-05-2012

News & Views

• Dow Chemical said it was awarded $2.16bn in damages after Kuwait's Petrochemical Industries Co. dumped it from a $17bn JV in 2008. Dow said the arbitration award from International Chamber of Commerce holds that the Kuwaiti-owned company was liable and the awarded damages don't include interest and costs.
• Sumitomo Chemical Corp. and Saudi Aramco have decided to proceed with the second phase of Rabigh petrochemical project, with an estimated investment of about $7bn.
• Saudi Arabia's Mortgage Finance Co. and Bidaya are set to launch a local real estate finance firm with a capital of SAR 1bn ($267mn). The JV aims to facilitate the purchase of residential units for Saudi citizens.