Saudi Output Rises to Highest in at Least 23 Years, OPEC
(Bloomberg
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31/05/2012)
Oil output by the Organization of Petroleum Exporting Countries rose in May to the highest level since 2008 as Saudi Arabia pumped crude at the fastest pace in at least 23 years, a Bloomberg survey showed. OPEC production gained 20,000 barrels to an
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Emirates offers special fares for economy & business class passengers
(AME Info
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31/05/2012)
Emirates Airline, one of the fastest growing airlines in the world, is offering passengers in Egypt special Economy and Business Class fares to Dubai for a limited time only. The offer is valid for booking on 23 June and for outbound travel on or before
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Risk management ‘vital for bank boards’
(Trade Arabia
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31/05/2012)
Risk management has become a top priority for bank boards in the wake of the ongoing financial crisis, said experts at a risk seminar in Bahrain. Most world markets and sectors continue to be adversely impacted, including the Islamic finance sector,
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Dubai’s Nakheel Has First-Quarter Profit as Market Recovers
(Bloomberg
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31/05/2012)
Nakheel PJSC, the state-controlled builder of artificial islands off Dubai’s coast, reported a first-quarter profit after a year-earlier loss as it delivered more completed properties to buyers. Net income totalled 362 million dirhams ($98.6 million) in
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UAE cbank open to lending limit exemptions
(Reuters
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31/05/2012)
The United Arab Emirates' central bank could grant exemptions to some banks over planned lending limits to sovereign and state-linked entities, pushing compliance beyond the September 30 deadline, its chairman told a local newspaper. The regulator said
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Dubai govt backs $1bn loan for DIFCI
(Reuters
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31/05/2012)
The Dubai government will partly guarantee the $1 billion loan which DIFC Investments will use to repay its $1.25 billion Islamic bond maturing in June, two sources said on Thursday. The government support consists of a shortfall guarantee of up to $470
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Saudi non-oil export resilient
(Saudi Gazette
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31/05/2012)
Though the price of oil is headed for its biggest monthly decline since December 2008 amid European worries and as dollar soared to a 22-month peak against the European single currency, growth in the Saudi non-oil export has been robust in recent months
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Gulf taps Malaysian investors for sukuk as risk aversion rises
(Reuters
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31/05/2012)
Companies in the Gulf region are looking at issuing Islamic bonds that target Malaysian investors as a way to diversify funding sources and tap Asian demand for Middle East debt. Bahrain-based lender Gulf International Bank, owned by the government of
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Kuwaiti crude rises 37 cents to $103.90 per barrel
(Agencies
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31/05/2012)
The price of Kuwaiti crude oil came up 37 US cents to trade for 103.90 US dollars per barrel (pb) Tuesday compared to last Monday's $103.53 pb, said Kuwait Petroleum Corporation (KPC) on Wednesday. The hike in crude price in the global oil market follows
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Saudi Logistics celebrates new ISO certification
(Saudi Gazette
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31/05/2012)
SAUDI Logistics, a subsidiary of Banaja Holdings and an exclusive logistic company for the Healthcare industry in Saudi Arabia, has successfully upgraded its ISO certificate from ISO 9001:2000 to ISO 9001:2008. The latest, prestigious certificate is
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Qatar ‘commits to invest in $3bn Malaysian plantation firm IPO’
(Gulf Times
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31/05/2012)
Malaysian state-owned plantation firm Felda Global Ventures Holdings has secured commitments from 10 cornerstone investors, including Qatar Holding, the global investment arm of the Qatar Investment Authority, and Malaysia’s Employees Provident Fund for
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Emirates to expand multi-aircraft docking facility in Dubai
(WAM
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31/05/2012)
Emirates airline has signed a contract with local UAE firm Excel, based in Ajman, supported by Gunzburger Steigtechnik of Germany, to develop an additional multi-aircraft docking system in their Dubai engineering facility. This new operation, located in
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‘Aramco seeks $12.5bn debt for Dow project’
(Gulf Times
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31/05/2012)
State-owned oil giant Saudi Aramco is seeking to raise $12.5bn in debt to help finance its joint venture with Dow Chemical, according to a report in Project Finance International (PFI), a unit of Thomson Reuters. Saudi Aramco has sent an information
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Dubai’s direct trade with US rises to Dh61b
(Khaleej Times
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31/05/2012)
Ahmed Butti Ahmed, the Executive Chairman of Ports, Customs and Free Zone and Director General of Dubai Customs, received Justin Siberell, the USA Consul in Dubai, who called to bid farewell at the end of his term of duty in the UAE. During the visit,
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Economic outlook buoyant
(Arab News
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31/05/2012)
The Kingdom’s economic performance has been exceptionally strong and the outlook remains buoyant, according to the International Monetary Fund (IMF). Inflation would likely remain at around 5 percent, although the IMF urged Saudi authorities to monitor
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Etihad Guest to become multi-airline programme
(Khaleej Times
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31/05/2012)
Etihad Guest, Etihad Airways’ award-winning loyalty programme, will expand to become a multi-airline programme in June 2012. The new development will see Seychelles Plus, the Air Seychelles frequent flyer programme, becoming fully integrated into Etihad
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DED agency draws up outreach programme
(Khaleej Times
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31/05/2012)
Dubai Exports, the export promotion agency of the Department of Economic Development has drawn up a sector-wise outreach programme for 2012 to interact closer with industry clusters and address their export-related needs more effectively. A major feature
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Gulf Air in codeshare deals with German, French railways
(Arab News
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31/05/2012)
Gulf Air passengers flying to Frankfurt and Paris can now enjoy seamless travel to and from 13 cities across Germany, and 19 cities across France, thanks to the codeshare agreements between the airline and Germany’s airport railway QYG and the French
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UAE is following progress of national investment in Egypt
(WAM
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31/05/2012)
Despite the current circumstance, Egypt has tremendous attractive investment opportunities, according to UAE Minister of Economy Sultan bin Saeed Al Mansouri. Al Mansouri said during a meeting on Wednesday with the chairman of the National Bank in Dubai,
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Unification of GCC’s capital markets discussed
(Arab News
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31/05/2012)
The Ministerial Committee of the Financial Markets of the Gulf Cooperation Council (GCC) states held its third meeting in Riyadh on Wednesday, under the chairmanship of President of Saudi Capital Market Authority (CMA) Abdulrahman Al-Tuwaijri, SPA
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China’s top agency gives AA credit rating to Kuwait
(KUNA
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31/05/2012)
Dagong Global Credit Rating Co, Ltd, China’s leading credit rating agency, yesterday assigned a local and foreign currency sovereign credit rating of AA to Kuwait, each with a stable outlook, the official Xinhua News Agency reported. “The rating reflects
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INDEX KSA brings out the finest range
(Arab News
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31/05/2012)
INDEX KSA, described as the inaugural Saudi Arabian edition of the region's largest interiors and design exhibition, opened its doors at the Jeddah Centre for Forums and Events yesterday. Jeddah Chamber of Commerce and Industry's Secretary General Adnan
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Financial cushion to help GCC ease Greek exit shock
(Khaleej Times
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31/05/2012)
The financial cushion enjoyed by GCC governments will help mitigate any adverse consequence of a more acute shortage of bank liquidity in the likely event of a Greek exit from the European Monetary Union, analysts at Standard Chartered said. The GCC
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The case for sukuk remains compelling
(Arab News
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31/05/2012)
After a long period of relatively minimal bond market activity, the period of the global economic crisis has seen bonds and sukuk increasingly claim their place as the third pillar of the traditionally heavily bank-dominated GCC financial markets. While
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UAE central bank open to some lending limit exemptions
(Reuters
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31/05/2012)
The United Arab Emirates’ central bank could grant exemptions to some banks over planned lending limits to sovereign and state-linked entities, pushing compliance beyond the September 30 deadline, its chairman told a local newspaper on Wednesday. The
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