2003
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Gold passes USD416 an ounce
The gold price reached an eight-year high of USD416 in morning trading on Tuesday. However, some analysts expect a correction in the gold price soon, before it resumes its upward march. Gold has gained 19 per cent in the past year in US dollar terms but much less versus the euro.
USD9bn Syria budget passed
The Syrian parliament has passed a USD9bn draft budget for 2004, up 12 per cent on the previous year. The parliament held a late session on Monday night to discuss and ratify the annual budget. This comes against a background of a renewed threat of US economic sanctions.
USD1.30 euro in prospect
Finance Ministers from the G7 nations will meet next week with the collapsing US dollar high on the agenda. Sources told Reuters that USD1.30 was now seen as a pain barrier, and that the authorities would take action at that point. On Monday the euro past USD1.25 for the first time.
Top brand prices to rise in GCC
The top end of GCC retailing will see some sharp price increases in the New Year due to the weakening US dollar, reported Gulf News. Luxury brand retailers said that in 2003 they had absorbed currency rises but would not be able to do so in 2004.
Orascom, USD680m finance
Orascom Telecom of Egypt has announced the closure of a USD680m financing deal to pay for its Algerian mobile licence. The loan adds USD544m to Orascom's debt. But analysts said it was a mark of confidence in the company's future that it had obtained such international funding.
Mashreqbank, euro term notes
Mashreqbank is to launch a euro medium term note programme with Banc America and Morgan Stanley as joint arrangers. This takes the bank into global capital markets and provides additional flexibility in financing. Mashreqbank is the largest privately owned bank in the UAE.
ABC targets Iraq, Libya
Arab Banking Corporation has declared plans to enter the promising markets in Iraq and Libya. The news follows the recent sale of its banking interests in Spain netting more than USD1bn, and a stake in a Taiwan bank. ABC said the time was right for investment in the Arab world.
USD1.25 to the euro
The euro moved above USD1.25 for the first time yesterday as the greenback continued its five week fall into the holiday period. Traders said the dollar did not appear to have found a bottom yet. There has also been no sign of action from the European Central Bank.
AD, USD10bn industrial plans
Abu Dhabi is looking for USD10bn in investment from local and foreign sources to develop its emerging industrial zones. Economic Department Chairman Sheikh Hamed bin Zayed Al Nahyan told a conference that USD1.4bn had already been invested in the first industrial city at Musaffah, and five more would follow.
AMF, USD244m loan to Egypt
The Arab Monetary Fund has provided a USD244m loan to Egypt to support its economic reform programme. This brings the total number of loans to Egypt from the Abu Dhabi based AMF to nine with a total value of USD751m. Also USD677m of credits have been extended to Egypt by the Arab Trade Financing Programme supported by the AMF.
Bahrain, first private power scheme
The Bahraini Cabinet yesterday approved the Kingdom's first private electricity power station, reported Bahrain Tribune. The 400MW power station project will now be floated for private sector investment. But the sale of electricity will be state controlled to ensure reasonable charges.
Riyadh Daily closing down
The English language Riyadh Daily newspaper is to close on January 1 due to huge losses and a lack of readership, reported Gulf News. The last newspaper to close in the region was Emirates News a few years ago. Saudi Arabia still has two other English language papers, Arab News and the Saudi Gazette.
Dubai, USD50m for Jeddah port
The Dubai ports authority is investing USD50m in new equipment for the South Container Terminal in Jeddah which it manages, reported Gulf News. Ten new gantries and two new cranes will arrive next August. Jeddah is set to be the first port in the Kingdom to exceed one million TEUs this year.
Bahrain approves insurance centre
Bahrain has approved the creation of an International Insurance Centre which will be located in the Bahrain Financial Harbour complex. Finance Minister Abdullah Saif said the insurance industry had tremendous potential for growth and for creating high quality jobs for Bahrainis.
USD500m UAE Navy boats, ADSB
Abu Dhabi Shipbuilding has won a USD500m order to build six advanced corvettes for the UAE Navy. The six Baynunah Class vessels will be designed by Constructions Mechaniques de Normandie which will also build the first one in France. The rest of the 70m corvettes will be built in Abu Dhabi.
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