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Saudi picks French RATP
(Reuters - 31/01/2010)

Saudi Public Transport Co (Saptco) said yesterday it has teamed up with an affiliate of France's Regie Autonome des Transports Parisiens (RATP) to bid for public transport projects. Saudi Arabia is spending $400 billion in the five years to end-2013 on

(Gulf Daily News - 31/01/2010)

A BD7 million ($18.6m) convertible bonds offer by Esterad Investment Company will close Today. Shareholders registered on December 31 last year and the general public in Bahrain and the region can subscribe until today. The bond embeds a call option on

Ahli United boosts stake in Egyptian subsidiary
(Gulf Daily News - 31/01/2010)

Ahli United Bank (AUB) has increased ownership stake in its Egyptian subsidiary. It has increased its share from 35.3 per cent to 79.6pc in Ahli United Bank, Egypt (AUBE), through a formal tender offer to all its shareholders. AUB and AUBE chairman Fahad

YU opens SABB Investment Research Center
(Arab News - 31/01/2010)

Under the “SABB in the Community Programs” initiative, the Saudi British Bank (SABB), in collaboration with the Al-Yamamah University (YU), established an “SABB Investment Research Center at YU” last week. This initiative comes within the framework of

Alsorayai to raise SR243 million from IPO
(Arab News - 31/01/2010)

Saudi-based floor covering manufacturer Alsorayai Trading and Industrial Group will raise SR243 million ($64.8 million) from an initial public offering that starts Monday, the IPO’s financial adviser said. “We priced the shares at SR27 each,” a

Bank of Sharjah to Start $200 Million Property Fund, 24/7 Says
(Bloomberg - 31/01/2010)

Bank of Sharjah PJSC, a commercial lender in the United Arab Emirates, is considering a plan to start a $200 million fund in February to invest in the real-estate industry, Emirates Business 24/7 reported, citing Executive Director and General Manager

Al Omaniya Financial net profit rises 11.3pc
(Oman Daily Observer - 31/01/2010)

Al Omaniya Financial Services SAOG has announced RO 3.675 million as net profit as per the preliminary unaudited management estimates for the year 2009. The net profit is higher by 11.3 per cent over the previous year 2008. The total assets of the

Zamil Industrial signs Murabaha facility with NCB for subsidiary
(Saudi Gazette - 31/01/2010)

Eastern District Cooling Co. Ltd., a wholly-owned subsidiary of Zamil Industrial Investment Company (Zamil Industrial), has signed with the National Commercial Bank (NCB), the first non-recourse project financing done in the region for a district cooling

BankMuscat supports expedition to conquer Mount Aconcagua
(Oman Daily Observer - 31/01/2010)

BankMuscat has announced support to Hamed al Harthy, Omani adventurer, on an attempt to conquer Mount Aconcagua in Argentina. The 6962-metre peak is the highest mountain outside Asia and one of the seven summits of the world. Al Harthy, an avid

Arabtec Holding Wins Tower Contract Valued at $193 Million
(Bloomberg - 31/01/2010)

Arabtec Holding PJSC, the biggest construction company in the United Arab Emirates, said it won a building contract valued at 710 million dirhams ($193 million) in the initial stage. The Dubai-based company’s Arabtec Construction unit received a “letter

National Bank of Oman gives away grand prizes
(Oman Daily Observer - 31/01/2010)

National Bank of Oman (NBO) has so far announced 30 winners of RO 1000 during the first 3 weeks of January 2010 and the Bank will be announcing 10 winners of RO 1,000 every week during the current year. This week’s Al Kanz draw was conducted at NBO’s

Arabtec wins $193m Dubai tower contract
(Reuters - 31/01/2010)

Dubai contractor Arabtec said on Sunday it won a 710 million UAE dirham ($193.3 million) contract to build a tower in Dubai. The contract value is for the first stage of the project. The project will take 38 months to complete, it said in a statement.

Qatar Shipping, Navigation boards back merger
(Reuters - 31/01/2010)

Qatar Shipping Company and Qatar Navigation are proceeding with a merger after their board of directors approved the deal, a joint statement said on Saturday. Qatar's government has ordered Qatar Shipping and Qatar Navigation to merge to protect the

Bahrain's Batelco fourth quarter net profit falls 1%
(Business Intelligence - 31/01/2010)

Bahrain Telecommunications Co (Batelco) made a fourth-quarter net profit of BD25.52 million, Reuters calculations showed on Thursday, just below the 25.88 million it posted a year earlier. The calculation was based on the company's statement that it made

Property firms could be on shaky ground
(Business Intelligence - 31/01/2010)

Shares of Sorouh Real Estate rose slightly yesterday even after Abu Dhabi’s second-largest developer posted a 39 per cent drop in fourth-quarter net profit. The question is whether the numbers signal more trouble for other regional property firms. Sorouh

VIVA to give big offers at upcoming InfoConnect 2010
(Al Watan - 31/01/2010)

Kuwait''s leading telecommunication provider VIVA will be giving big offers at the upcoming Info Connect exhibition being held at the Kuwait Exhibition Grounds from Jan. 31 to Feb. 6, 2010. This was announced in a press release on Saturday. Talking of

Al Rajhi Capital issues 'Dividends: Fruits of investment' report
(AME Info - 31/01/2010)

The Al Rajhi Capital Research Department has issued a strategy report comparing two baskets of stocks on the Saudi stock exchange: 15 with a high dividend payout, and 15 with a low dividend payout. The full report is available on its website. Dividends

Aramex looks to expand in China through JV
(Reuters - 31/01/2010)

Dubai-based logistics firm Aramex is in talks with a Chinese company to finalise a joint venture deal, as it looks to expand in one of the world's fastest-growing economies, its chief executive said on Sunday. Fadi Ghandour also said he saw indications

ADCB Owed Total of $2.7 Billion by All Dubai World Entities
(Bloomberg - 31/01/2010)

Abu Dhabi Commercial Bank PJSC, the third-largest bank in the United Arab Emirates, has about $2.7 billion in outstanding loans to Dubai World entities, including those that aren’t affected by the company’s restructuring. “This includes commitments to

Zain eyes $600m loan for Saudi network
(Reuters - 31/01/2010)

Kuwait telecoms operator Zain is in talks with foreign lenders to obtain a loan worth up to $600 million to expand it Saudi Arabian network, a Kuwaiti paper reported on Sunday. "Zain is in serious talks to obtain a loan worth between $500 million and

Batelco targets $265m profit in 2010
(Reuters - 31/01/2010)

Bahrain Telecommunications Co (Batelco) expects full year profit in 2010 to be at least 100 million Bahrain dinars ($265.3 million), its chief executive said on Sunday. "Our target is again to achieve a triple digit million profit, that is a hundred

Gulf Navigation Net Falls 82% as Shipping Rates Drop (Update1)
(Bloomberg - 31/01/2010)

Gulf Navigation Holding PJSC, Dubai’s only publicly traded oil-tanker owner, said full-year profit fell 82 percent as shipping traffic and freight rates declined because of the global economic crisis. Net income dropped to 26.6 million dirhams ($7.2

Saudi Gasco Signs $39.7 Million in Contracts to Raise Production
(Bloomberg - 31/01/2010)

National Gas & Industrialization Co., the liquefied-petroleum gas distributor in Saudi Arabia known as Gasco, signed 149 million riyals ($39.7 million) in contracts to raise production by 10 percent at seven plants. The duration of the contracts is for

Union National Bank Quarterly Net Climbs to 222 Million Dirhams
(Bloomberg - 31/01/2010)

Union National Bank PJSC, a state- controlled lender in the United Arab Emirates, said fourth- quarter profit surged to 222.1 million dirhams ($60 million)from 65.8 million dirhams in the year-earlier period, according to a statement on Abu Dhabi’s

Major shareholder ups stake in Al Rajhi Bank
(Reuters - 31/01/2010)

A major shareholder in Al Rajhi Bank boosted his stake in the Islamic lender to 14 percent from a previous 13.9 percent, bourse data showed on Sunday. Saleh Abdulaziz Saleh Al-Rajhi bought an extra 1.5 million shares in the bank on Saturday, the data