2002
- The news you choose »
- Login to Add to Watchlist
Egyptian paint firm, Dutch interest
An unidentified Dutch firm has expressed interest in buying the Egyptian state's 40 per cent stake in Paints and Chemicals Industries, reported Reuters. Under Egyptian law any company buying a stake from the state has to buy a further 25 per cent of the amount purchased in the open market.
US exports to Saudi slump
US exports to Saudi Arabia fell by 25.6 per cent in the first nine months of the year to USD3.46bn, reported AFP. However, the decline in Q3 was 16.6 per cent, suggesting that the slump is weakening. In 2001 US imports from the kingdom totalled USD13.3bn compared with exports of USD5.9bn to Saudi Arabia.
Bahrain offshore bank assets static
Assets held by Bahrain's offshore banking units were almost unchanged on a year ago at the end of Q3. Bahrain Monetary Agency figures showed assets totalled USD89bn. Analysts said they were surprised that OBU assets had not grown over the past year.
ABN Amro buys BCP stake
ABN Amro, one of the largest foreign banks in the Gulf, has bought a five per cent stake in Portugal's largest private bank, Banco Comercial Portugues, reported Reuters. A statement described the acquisition as a financial investment and denied that this was a prelude to a full bid.
MSM at highest level for 2003
Oman's Muscat Securities Market finished last week up 2.8 per cent to close at 192.24 points, its highest level so far this year. The sale of a 49 per cent stake in BP Oman helped to boost interest in Omani stocks, although BP Oman shares were unchanged on the week. The MSM is shut this week for the Eid holidays.
Bahrain foreign trade advances
Bahrain has seen total trade this year reach USD3.9bn at the end of the third quarter, reported the Bahrain Tribune, without providing comparative figures. Q3 exports were up by USD117m on USD1.3bn in Q3. Total oil exports stood at USD2.5bn while non-oil exports were USD1.25bn.
Orascom Telecom shares up
Orascom Telecom shares surged by 5.9 per cent on Monday to close at 7.72 pounds, helped by a report that the firm was getting nearer to disposing of unwanted assets, reported Reuters. There was also talk of better revenues in Syria and Pakistan. OT's sub-Saharan assets held by its Telecel unit have been a persistent cause for concern.
Gold holds on to most of its gains
Gold prices eased slightly from the price spike last Friday which left gold at USD329 per ounce. On Monday gold closed at USD324 with investors concerned that the United States may be moving to a soft-dollar economic policy to escape its downturn. Traders thought gold would push higher again before the end of the year with military tensions still high in the Middle East.
Dr Azad Moopen, DHC expansion
Dr Azad Moopen's Group is to set up in the upcoming Dubai Healthcare City as part of a USD13.6m expansion plan, reported Gulf News. The group is also to commission a 60-bed speciality hospital near to Safa Park by mid-2004 and open in Qatar. Other plans include a chain of GCC parmacies called Medshop with at least 50 outlets. The group already has the largest pharmacy chain in the UAE.
NBAD bonds offer up to 11.25 per cent
The National Bank of Abu Dhabi has launched its 12th series of guaranteed Tharwa Bonds, which offer an annual return of up to 11.25 per cent subject to stock market performance. The five-year, fixed term bonds require a minimum investment of USD5,000. For details visit www.nbad.com.
USD500,000 NFT private equity deal
Lebanon's New Food Technology has successfully raised USD500,000 in a private equity placement, reported Gulf News. NFT is the owner and operator of DipENCrunch, a fast food chain. The placement was organised by Arab Finance Corporation and oversubscribed, according to NFT.
Rak Ceramics, tenth plant opens
Ras Al Khaimah's Rak Ceramics has commissioned its tenth tile plant, its second this year, reported Gulf News. From a start-up 11 years ago Rak Ceramics now has ten plants and is one of the world's largest tile producers. The UAE firm's first plant in China will be commissioned next year.
Abu Dhabi to let 502 new projects
Abu Dhabi is about to call for tenders on 502 construction projects, mainly for various residential and commercial buildings, reported Gulf News. This will mark a partial lifting of a ban on certain types of construction in the emirate, and the start of a new era of growth for Abu Dhabi. Residential costs have recently soared on a shortage of accomodation.
ABN Amro, Dubai bond debut
The Dubai Government's first bond issue is likely early next January, reported MEED. ABN Amro is financial adviser for the bond, and bankers expect a USD545m, five-year local currency issue. A lead arranging group for the bond will be announced soon, but the bond will not be rated as Dubai is not sovereign.
Dresdner, Barclays sue Saudi Arabia
Dresdner and Barclays Bank have filed a lawsuit against the Saudi Arabian ministry of finance and the ministry of defence to recover USD48m, reported MEED. The action arises from a USD900m loan to finance the leasing of military compounds which included a sovereign guarantee. The second annual repayment on the loan was not received, and the case filed in a New York court follows months of efforts to secure the repayment.
It looks like you are using a Mac - check out our 
Web Feeds