2003
- The news you choose »
- Login to Add to Watchlist
Hyundai, USD400m Iraq orders
Hyundai Engineering expects to win USD400m worth of orders for upgrading and renovating aging power plants in Iraq, reported Asia in Focus. A joint venture with a Japanese company for the renovation of a 1,200MW plant and transformer station that Hyundai built before the Gulf War in 1991 should be signed soon.
Qatar Islamic, 20pc growth
Qatar International Islamic Bank hopes to maintain 20 per cent growth per annum, General Manager Abdel Bassit Al Shebei told a staff dinner, reported The Peninsula. Last year the bank made a USD14m net profit. He said QIIB would expand its branch network in Qatar and progress had been made with the newly formed British Islamic Bank in the UK.
Kuwait, discount airline approval
Kuwait's Council of Ministers has approved the establishment of private passenger and discount airlines and freight companies. Loss-making national carrier, Kuwait Airways is the only Kuwait-based airlines at the moment and is preparing for partial privatisation.
Arab Bank buys Atlas Investments
Arab Bank is to acquire Atlas Investment Group in a strategic transaction to substantially enhance its investment banking activities. The bank is now focused on separate and specialised strategic business units including global banking, retail banking, private banking, global treasury and investment banking.
KSE suspends IFA trading
The Kuwait Stock Exchange has halted trading in shares of International Financial Advisers until the Central Bank approves the investment house's financial results, reported Reuters. In the past the bourse has temporarily suspended trading in shares of listed companies when there is a delay in issuing results.
Iraq sovereignty, end of June
Iraq's US-appointed Governing Council announced that a transitional government will take over by the end of June from the US-led powers, a far swifter restoration of Iraqi sovereignty than first envisaged, reported Reuters. The policy change follows mounting casualties by US occupying forces.
US-Saudi trade stabilises
US exports to Saudi Arabia stablised in the first nine months of 2003, after plunging last year. The value of US exports to the kingdom was USD3.4bn in the first nine months compared with USD3.5bn a year earlier. But this was from a low base as US exports to Saudi Arabia fell by 30 per cent in the first half of 2002.
USD13.6bn Saudi budget surplus
National Commercial Bank economists expect the kingdom to post a USD13.6bn budget surplus this year, only its second surplus in 20 years. Oil revenues will come in at USD77.6bn compared with the budget estimate of USD45.3bn. Expenditure will grow from USD55.7bn to USD64bn.
USD190m Tabreed syndication
The Central District Cooling Company has increased the size of a syndicated commercial loan led by HSBC from USD122m to USD190m. Lead arrangers are National Bank of Abu Dhabi, Union National Bank, First Gulf Bank, Abu Dhabi Investment Company, Gulf International Bank, Standard Chartered and the Bank of Bahrain and Kuwait.
Misr profits slump 57pc
Egypt's Misr International Bank has posted a 57 per cent slump in 9-month profit to USD10.8bn due to a sharp devaluation in the local currency in January. However, analysts noted that if devaluation losses were eliminated, the bank was actually performing better than last year.
NBD to launch merchant bank
The National Bank of Dubai is planning to launch a merchant banking arm to capitalise on upcoming capital market developments in the UAE, reported Gulf News. The creation of the Dubai Regional Exchange is expected to lead many more companies to public flotation.
Gold heads for USD400 an ounce
Gold prices seemed set to breach the psychologically important USD400 per ounce barrier this week with the US dollar weakening and continued geopolitical worries over Iraq and Saudi Arabia. However, traders thought the move above USD400 might be short lived.
Saudi stocks ignore bombing
The Saudi Arabian stock market quickly shrugged off the bombing in Riyadh last week and closed up 0.8 per cent with the all-share index at 4,106.91 points. Turnover was up by 12 per cent to USD2.7bn with Saudi Electricity Company the most active stock. Bakheet Financial Advisors said investors eyes were now on a big budget surplus.
Prince Abdullah, KSA, FDI steady
Governor of the Saudi Arabian General Investment Authority Prince Abdullah bin Faisal bin Turki Al Saudi told Reuters that recent bombings in Saudi Arabia would not impact foreign direct investment in the long term. He said investments would be stalled but not cancelled and that the kingdom was essentially safe for business.
BBK, Al Khaleej Islamic ambition
The Bank of Bahrain and Kuwait is planning to revive the dormant Al Khaleej Islamic Investment Bank. The bank was formerly a joint venture with The International Investor. Officials told Gulf News all options were being examined to create a bank handling Islamic products exclusively.
It looks like you are using a Mac - check out our 
Web Feeds