2002
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Kuwait courts foreign oil investors
Kuwait intends to make good its promise of 1991 to invite foreign oil companies to develop crude oil production and is to ask five companies to form a consortium to boost output, reported AP. The emirate has set a target of doubling oil output by 2010 but such moves have been frustrated by its democratically elected parliament over the past decade. Oil minister Sheikh Ahmed Fahd Ahmed Al Sabah said it would be less economic if we do it on our own.
Regional branding, retail future
Only the retail brands that establish a full GCC presence over the next five years will survive, Al Ghurair Retail president Abdul Aziz Al Ghurair told Gulf News. He said the retail market would become more competitive, not less. His own group is rolling out 10 Mexx fashion stores across the region, with another 22 in the pipeline.
Egypt Cement, USD216m bond
The Egyptian Cement Company has launched a USD216m bond in local currency to refinance all its existing project loans, reported Gulf News. Citibank Egypt is advisor, Commercial International Bank joint arranger and Banque Misr underwriter. This pioneering bond will materially improve the financial structure of the company, and maybe the first of many, said a spokesman.
Gold price hike hits Dubai traders
Dubai's gold traders are reeling from the impact of a sudden increase in the gold price, reported Gulf News. In the past week the yellow metal has increased in value by seven per cent to USD342 per ounce on mounting international tensions and the poor US economy.
Emaar, biggest mall in the Mid East
Emaar Properties is awaiting government approval to set up another mega mall in Dubai, reported Gulf News. Chairman Mohammed Alabbar said the mall would be among the largest in the world, but gave no details as to likely cost and location. He said formal approval for the new project was expected within a week.
StanChart, free air tickets with loan
Standard Chartered Bank is offering a free Emirates air ticket with every personal loan in the UAE. This unique promotion adds to the attractive conditions available on SCB personal loans, such as first repayment after 75 days, higher loan amounts, free credit life insurance and a free pre-approved credit card.
Invesco targets Mid East expansion
Invesco, part of the Amvescap group, one of the world's leading fund management groups has announced the appointment of Cormac Sheedy as associate director, international development, with specific responsibility for developing its business in the Middle East. He joins from the Bank of Ireland Asset Management where he built a 16-year career across the Bank's various divisions. He has considerable experience of working with institutions and developing business in the Middle East.
GCC single currency on schedule
The GCC states are on schedule to align their economies by 2005 so that a single currency can be introduced by 2010, Governor of the UAE Central Bank Sultan bin Nasser Al Suwaidi told a seminar in Abu Dhabi. But he said the currency was not the only goal, it was rather a way to achieve concrete integration and better use resources. He noted that the GCC currency could be a nucleus for a common Arab currency.
Oil price jumps above USD28
Benchmark Brent crude oil jumped by USD1.09 to USD28.30 per barrel on Monday as it became clear that the Venezuelan strike situation was not improving. The strike is now in its third week and is increasing pressure on oil supplies at a time of heightened tension over Iraq. This is the highest oil price for two months.
Etisalat, USD800m investment
UAE telecoms monopoly Etisalat's board has approved plans to invest USD800m over the next two years in network development, reported Gulf News. At the end of November Etisalat had 1.09m fixed lines, 2.38m mobile phone subscribers and 291,734 Internet subscribers. On the horizon is a 3G mobile network in 2004.
Mid East mergers, acquisitions fall
Merger and acquisition activity in the Middle East fell by 37 per cent to USD5.8bn in 2002, according to a report from KPMG. However, this fall in activity was cushioned by a rise in private equity transactions. But KPMG expressed optimism that mergers and acquisitions would take off shortly in the region after the worst year for a decade.
Saudi must speed up reforms
Economists have called on Saudi Arabia to speed up economic reforms including fiscal changes to deal with a chronic budget deficit and rising public debt, reported AFP. The kingdom expects a USD10.4bn budget deficit for 2003 despite high oil prices. It now faces high population growth, low economic growth and repayment of its public debts, said economist Ihsan BuHulaiga.
New SIPC plants for Jubail City
Saudi International Petrochemical Company has inked an engineering and construction procurement contract with Saudi Arabian Kent to build two new petrochemical plants in Jubail Industrial City. The methanol and butanediol plants will take 20 months to complete. SIPC has already awarded other contract packages to international contractors.
Abu Dhabi floats airline plan
Gulf Air chairman Sheikh Hamdan bin Mubarak Al Nahyan told a conference in Dubai that Abu Dhabi planned to launch its own airline, but no time frame had been set. He also repeated the pledge that Gulf Air will return to profitability in 2005 the same year that Abu Dhabi airport's new terminal opens.
Arabian Ranches, strong response
Emaar Properties launch of its 3,000 acre Arabian Ranches residential project received a strong response on Monday, reported Gulf News. On the same day rival Union Properties announced that The Tower, the tallest residential building in the Middle East, was full. Emaar officials said they were extremely happy with the response to the Arabian Ranches. Earlier projects have been sold out.
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