2003
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Coca-Cola in Iraq JV talks
Coca-Cola executives held talks with three potential Iraqi business partners this week aimed at setting up a joint venture in this country of 26m consumers, reported Reuters. The US global drinks giant was in Baghdad at the invitation of local holding group Hikmet Kubba and Sons.
New US-Iraq Project Office
The Pentagon has opened a new Project Management Office to handle contracts funded by a USD18.7bn appropriation by the US Congress, reported Reuters. It plans to award 24 new contracts in Iraq by February next year, 17 of which will be for construction. The PMO is a response to complaints over the handling of contracts in Iraq.
Jordan trade deficit widens
Jordan's trade deficit widened by 16.5 per cent to USD1.9bn in the first nine months of 2003, according to the Department of Statistics. Exports were up 2.7 per cent to USD1.65bn while imports surged 10.3 per cent to USD4bn. The war in Iraq was a big factor this year.
Trade Bank of Iraq opens
The new USD100m Trade Bank of Iraq will open for business next week, reported Reuters. The bank is to provide letters of credit vital to the rejuvination of trade, and is run by a consortium led by JP Morgan that also includes Standard Chartered, NBK, ANZ and Bank Millennium.
100m euro German Islamic bond
The East German state of Sachsen-Anhalt is planning to launch a 100m euro Islamic bond with Citibank, according to the German Trade Review report on AME Info. Officials report strong initial demand and that the sukuk may be increased. They hope the issue will also attract Arab investors to look at direct investment in Sachsen-Anhalt.
Gold, euro gain versus dollar
Gold reached USD396.90 per ounce on Tuesday and the euro traded at USD1.899 after a US Government report showed that foreign purchases of US securities fell to a five-year low in September. The US needs to sell bonds and securities to finance its massive trade deficit.
UAE bourse gains 0.4pc
The UAE's main Emnex Index gained 0.4 per cent to close at 2,882.39 on Tuesday, and is now up by 31.5 per cent since the start of the year. The bourse is selling on a market price/earnings ratio of 17.82 and 2.97 per cent yield. Brokers say the UAE market is the cheapest of the GCC stock markets.
Borouge tilts at Asian markets
Abu Dhabi Polymers Company has forecast higher demand for polyethylene in key Asian markets. Borealis is a USD1.2bn pioneering joint venture between Adnoc of Borealis of Denmark. CEO Harri Bucht told Gulf News China is the company's largest export market, and that cash flow was now positive in its second year.
Dubai, Saudi jewellery rival
Dubai is catching up with Saudi Arabia as the largest manufacturer of jewellery in the Middle East, said Chairman of the Dubai Gold and Jewellery Group Tawhid Abdullah. He was speaking at the launch of the group's second conference to be held in Dubai from December 6-7.
DMCC diamond exchange by-laws
The Dubai Metals and Commodities Centre has finalised the by-laws to establish a diamond bourse, and has applied to the World Federation of Diamond Bourses for membership. CEO Tawfique Abdullah said the first phase of the exchange would be up and running in the first half of next year and would be located with gold and commodity bourses at the DMCC which is under construction.
Bahrain MPs quiz Gulf Air
Bahrain MPs have claimed that they have a constitutional right to investigate the regional carrier Gulf Air in which Bahrain holds a 33 per cent stake, reported Gulf News. MPs allege the replacement of Bahrainis by expatriates, and that expatriate pilots earn more thn Bahrainis. They were responding to a statement from Gulf Air which said MPs had no such rights.
Three women join DCCI board
For the first time three women have been appointed to the new board of the Dubai Chamber of Commerce and Industry by the Ruler Sheikh Maktoum bin Rashid Al Maktoum. They are Sheikha Lubna Al Qasimi, Rajaa Easa Saleh Al Gurg and Amna Khalfan Al Jallaf.
MPs to debate Project Kuwait
The Kuwait parliament's finance committee will discuss the controversial Project Kuwait plan to invite foreign oil companies to develop the country's northern oil fields after the Eid holiday, local papers reported. ChevronTexaco, ExxonMobil and BP are expected to lead consortiums bidding for the multi-billion dollar project.
Air Arabia, a second Airbus
Air Arabia took delivery of its second Airbus A320 aircraft yesterday which it claims has two inches more legroom than on some airlines. Officials said tickets on Air Arabia are 20-50 per cent cheaper than other carriers. Its leading price to Muscat and Bahrain is Dhs292 and Dhs296 respectively for Eid.
Allianz, USD85m Mideast premiums
German insurance giant Allianz expects to boost revenues from its Dubai based Middle East operations from USD70m last year to USD85m in 2003. Facultative reinsurance will represent 30 per cent of this total. Allianz transferred its treaty underwriting to Dubai last month.
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