VW drops on Qatar placement speculation
(Reuters
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20/01/2010)
Shares in Volkswagen (VW) fell on Tuesday after traders pointed to speculation about a placement by major shareholder Qatar. At 1024 GMT, preferred shares in VW were three percent lower, underperforming the DJ Stoxx Automotive Index which was down 1.2
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Qatar: Rental market seen 'flat' but pick up expected
(AME Info
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20/01/2010)
Qatar's residential rental market remained relatively flat over the last three months of 2009 but witnessed a marginal increase in interest from tenants assessing the market towards the end of the quarter, according to major regional and international
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Pak-Qatar Family Takaful Wins Award
(Global Islamic Finance
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20/01/2010)
Pak-Qatar Family Takaful Limited (PQFTL) has received the 2009 Best Use of Technology award from CPI Financial, UAE. Robin Amlot, CPI Financials Managing Editor, presented the award to P. Ahmed, CEO of PQFTL at a Gala Dinner hosted by Emirates Tower in
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Kuwait crude drops to $75.27 Monday
(Agencies
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20/01/2010)
Kuwait crude was down by 1.12 US dollars on Monday in comparison to Friday''s sales to come to $75.27 per barrel (pb). Price, though declining at present, is in a recovery phase with signs of a reviving global economy and increase in demand. The decline
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Kuwait to invest into new industries over next 5 yrs
(Arab Times
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20/01/2010)
Having moved out of the “noughties”, Kuwait is looking to mark the coming decade by investing heavily into new industries and supporting infrastructure over the next five years. The government has announced it intends to spend at least $121bn on major
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IDB seeking to increase size of MTN
(Arab News
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20/01/2010)
The Islamic Development Bank is currently in the process of increasing the size of its medium-term note (MTN) program. This will enable it to go for more issuance of sukuk (Islamic bonds) as and when required under its new resource mobilization strategy.
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Aramco set to build oil refinery
(Gulf Daily News
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20/01/2010)
Saudi Arabia yesterday said state-owned Aramco would build an oil refinery in an underdeveloped province bordering Yemen, rather than private firms that had bid for the delayed project. The Jizan refinery is far from Saudi Arabia's producing fields and
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CPC wins $349m Riyadh university work
(Trade Arabia
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20/01/2010)
Construction Products Holding Company said its subsidiary has won a SR1.3 billion ($349.3 million) sub contract from Saudi Binladin Group for MEP work at Princess Noura Bint Abdurrahman Girls University being developed in Riyadh. Saudi Bin Laden is the
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Nakheel Pays Coupon on $750m Bond
(Khaleej Times
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20/01/2010)
Property developer Nakheel, owned by Dubai World, on Tuesday said it had paid the coupon on its $750 million bond maturing in 2011. The payment was $10.3 million, company spokeswoman said on Tuesday. Nakheel has two bonds outstanding — a Dh 3.6 billion
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UAE Economy Set to Record 2.5pc Growth in 2010
(Khaleej Times
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20/01/2010)
The UAE economy will record 2.5 per cent growth this year after a challenging 2009 and Dubai will lead as a business hub in the Gulf region, one of the leading investment banks in the MENA region said. The economy is forecast to benefit from a pickup in
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UAE recovery to be weaker than rest of Gulf: report
(Bloomberg
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20/01/2010)
Economic growth in the UAE will be slower than in other Gulf Arab states as a slump in real estate and Dubai’s debt problems stem growth, EFG- Hermes Holding SAE said. “Given the structural challenges faced by the economy, including the correction in the
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Dubai’s debt could reach $170 billion
(Agencies
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20/01/2010)
The total debt of cash-strapped Dubai could be as much as $170 billion, much higher than earlier reported, according to a report by EFG-Hermes regional investment bank. “The total debt held by Dubai Inc could well be in the range of $130-170 billion,”
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Dubai’s Nakheel Pays Interest on $750 Million Bond (Update1)
(Bloomberg
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20/01/2010)
Nakheel PJSC, the developer of palm- tree shaped islands off Dubai’s coast, paid the coupon on a $750 million bond as its parent Dubai World negotiates with lenders to change terms on about $22 billion of debt. The payment was $10.3 million on the bond
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Real estate sector shows early signs of stabilisation
(Business 24|7
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20/01/2010)
House price increases of seven per cent and one per cent in the third quarter and fourth quarter of 2009 respectively in Dubai is indicative of early signs of price stabilisation in the emirate, revealed a latest report. According to Colliers
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Johnson Controls studying Dewa plan
(Business 24|7
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20/01/2010)
Johnson Controls Middle East, an energy and operational efficiency player for buildings, is examining a proposal for turbine inlet cooling for power stations, which has been floated by Dewa. "This is a new niche segment," said Magdy Mekky, Vice-President
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US$7 billion in GCC hotel projects under construction
(Business Intelligence
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20/01/2010)
Even with revenue and room rates falling, hotels in the Middle East are faring better than the rest of the world in the global downturn and rank higher when compared with Europe, Asia-Pacific and the Americas, according to a Deloitte analysis of STR
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Masdar, E.ON to set up new carbon project JV
(Trade Arabia
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20/01/2010)
Abu Dhabi-based Masdar and E.ON, one of the world’s leading utility companies, have signed an agreement to establish a joint venture company focused on developing carbon emission reduction projects on the global market. Masdar, a wholly-owned subsidiary
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Dubai Holding eyes Oman unit stake sale
(Reuters
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20/01/2010)
Dubai Holding, owned by the ruler of the emirate, is in informal talks to sell its 41-percent stake in Oman National Investment Corp Holding (ONIC), three sources familiar with the matter said. The talks are currently in preliminary stages and a written
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DPG Announces Key Sponsorship Of Dubai Shopping Festival 2010
(DubaiCityGuide
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20/01/2010)
Dubai Properties Group (DPG), a member of Dubai Holding, today announced its sponsorship of the 15th edition of Dubai Shopping Festival (DSF), the annual retail and entertainment extravaganza that attracts millions of visitors from around the world. The
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Dubai transport Department to spend $2.9bn in 2010
(Reuters
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20/01/2010)
Dubai plans to spend as much as 10.5 billion dirhams ($2.86 billion) on transport infrastructure projects in 2010 as the emirate looks to stimulate the economy, its chairman said on Wednesday. "We have 10.5 billion dirhams budget for this year and we
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Dubai World Removes Istithmar CEO Jackson Amid Crisis (Update1)
(Bloomberg
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20/01/2010)
Dubai World replaced the chief executive officer of its private equity unit Istithmar World, the owner of luxury retailer Barneys New York, as the state- owned company seeks to renegotiate about $22 billion of debt. David Jackson was replaced by
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Abu Dhabi bailout of Dubai half what was reported
(Birmingham Star
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20/01/2010)
Dubai has revealed that half of its $10 billion bail-out from Abu Dhabi had actually been taken from money held over from a previous deal. Dubai now says that the total included $5 billion raised from two Abu Dhabi banks in November. It had been supposed
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Nakheel Pays Coupon on $750 Million 2011 Bond, Spokesperson Says
(Bloomberg
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19/01/2010)
Nakheel PJSC, the property developer owned by Dubai World, paid the coupon on its $750 million bond maturing in 2011, said a company spokesperson, who declined to be identified because of company policy. The payment was $10.3 million.
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Kuwait Cabinet Approves Supreme Petroleum Council (Update2)
(Bloomberg
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19/01/2010)
Kuwait’s cabinet approved a new Supreme Petroleum Council, the national oil industry’s highest decision-making panel, with a one-year term, Oil Minister Sheikh Ahmed al-Abdullah al-Sabah said today. “The decree for forming a new supreme petroleum council
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Freezone Sohar attracts international investor interest
(Oman Daily Observer
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19/01/2010)
International investors are keenly eyeing opportunities to set up operations at Freezone Sohar (FzS), an ambitious free zone venture taking shape alongside the Port of Sohar. The project, according to Jamal T Aziz, Deputy CEO of Sohar Industrial Port
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