2003
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US Congress, Syria sanctions
The US Congress has overwhelmingly approved legislation giving President Bush wide ranging powers to impose sanctions on Syria. These range from restricting US exports and business investment to downgrading diplomatic links and banning travel. The US can also freeze Syrian assets and restrict flying rights for Syrian aircraft over US airspace.
Saudi determined to boost FDI
Saudi Arabia has not abandonned foreign direct investment after scrapping the USD25bn Saudi Gas Initiative earlier this year. Yesterday the Red Sea refinery of Rabigh was presented for a USD4bn investment to create a huge petrochemicals complex by 2008. A statement said private and foreign investment would be sought in this landmark project.
Insurance emiratisation dilemma
The insurance sector is lagging behind banking in its efforts towards emiratisation. Officials told Gulf News that a two-day weekend and single work shift are vital to attracting UAE nationals to the sector. Only around 200 nationals are employed out of 4,400 staff working in the sector.
Fujairah Port transformation
Fujairah Port is undergoing a transformation, General Manager Moosa Murad told Gulf News. By early 2005 the port will be able to accomodate two vessels of up to 180,000 dwt or a Suez-max tanker. Captain Murad said the port presently receives 6,000 vessels per annum of which 80 per cent buy bunker fuel.
IMF, UAE insurance regulation
The International Monetary Fund has called for regular contact between the UAE Central Bank and the insurance regulatory body in its financial system stability assessment, reported Gulf News. Its action plan also recommends that the Central Bank pre-approve holding of more than five per cent in listed banks, although the IMF generally praised the operations of the UAE Central Bank.
BoE warns on inflation
The Bank of England has raised its forecast for both growth and inflation. It expects inflation to rise above 2.5 per cent in two years' time. The report reinforced expectations that interest rates will increase again in the UK very shortly. Some economists believe similar pressures are building in the US economy which will impact on GCC interest rates.
ExecuJet expands fleet
Dubai based executive jet company ExecuJet is adding a USD45m Bombadier Global Express jet and USD3.5m Pilatus PC-12 turboprop to its fleet. ExecuJet expects to double its sales in the next year, and reports a surge in demand for all its business services in the past two months.
National Industries, 9-month hike
Kuwait based National Industries has posted a tripling of net profits to USD214.5m in the first nine months of the year. The company holds extensive interests in the building materials, petrochemical and engineering sectors. Gains in profitability came across the board and appeared to justify recent optimism about the profits outlook for Kuwaiti companies.
Jordan, aviation privatization
The Jordan Civil Aviation Authority is to undertake a second study into restructuring and privatization next year after obtaining a USD3m grant from the European Union, reported The Jordan Times. Work is already underway to prepare for the privatization of the country's three airports.
Bahrain, USD142m trade surplus
The Bahrain Monetary Agency released figures showing that the kingdom's trade volume surged to USD6.9bn, leaving a USD142m trade surplus, at the end of the third quarter. Total exports at the end of Q3 stood at USD3.5bn The figures reflect the impact of high oil prices on the Gulf states.
ADSM bigger than Egypt bourse
The Abu Dhabi Securities Market, just one out of three UAE bourses, now has a bigger market capitalisation than Egypt and is worth USD30bn. But the ADSM trails behind Saudi Arabia at USD143bn and Kuwait at USD56bn. However, if the ADSM is combined with the Dubai Financial Market and Over-the-counter trading, the UAE bourse is snapping at the heels of Kuwait.
Record year for UAE banks
The UAE commercial banks are set for a record year after record profits in the first nine months, reported Gulf News. Analysts pointed to a 72 per cent rise in profits at the National Bank of Dubai, and a 20 per cent increase at the National Bank of Abu Dhabi. High oil prices and a strong domestic economy have more than compensated for the impact of the war in Iraq.
New AD airline takes off
Etihad Airways, the UAE's new national carrier, will take off today on a maiden flight from Abu Dhabi to Beirut. The airline will fly three times a week to Beirut and add Damascus as its next destination. It has two Airbus A330-200 aircraft and is pitching for the premium economy and business passenger market.
USD2bn Doha airport expansion
Qatar has unveiled its USD2bn plan for Phase One of the new Doha International Airport at the World Travel Market in London. Half the site will be reclaimed from the sea and a new 130,000 square metre terminal built with 24 gates. Completion is scheduled for late 2008.
ESCA new logo, reform symbol
The Emirates Securities and Commodities Authority, which oversees the UAE bourses, will have a new logo from next week. This is seen as a symbol of the reforms now underway. These include the unification of the Abu Dhabi and Dubai trading platforms, and the listing of all public shareholding companies.
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