2003
- The news you choose »
- Login to Add to Watchlist
KSE up 100pc this year
The Kuwait Stock Exchange closed the first trading day of the week at 4,757.10 points, up one per cent. The index is now 100.3 per cent higher than its 2002 close of 2,375.3 points, and is probably the best performing stock market in the world for 2003.
Saudi American name change
The Saudi American Bank has changed its name to Samba and taken out huge adverts in local newspapers to announce the change, reported Arab News. The name Samba reflects the close relation between the bank and its clients, says the advert. But the bank which is partly owned by Citibank did not elaborate further.
EFF pays 10pc dividend
The Emirates Flagship Fund, the renamed Emirates Equity Fund, has declared a 10 per cent dividend, payable half in stock and half in cash. The EFF is the largest UAE mutual fund and wholey owned by Emirates Financial Services, the investment arm of Emirates Bank Group.
Citibank to exit Oman
Citibank is closing down in Oman after the recent sale of its small loan portfolio to BankMuscat. A statement said customers in Oman will now be serviced from the UAE and Bahrain. No reason for the decision by the largest bank in the world to leave Oman was given, except to say this followed an internal review.
Iraq, USD5.6bn power bids next month
The US-led interim government will invite tenders worth a total of USD5.6bn for the reconstruction of the power sector in Iraq next month. The news was announced by Iraqi Energy Minister Ayham Al Samarrai yesterday who arrived in Cairo yesterday for talks about supplying power to Iraq through the Jordanian grid.
Suez Canal posts record revenue
The Suez Canal earned USD2.6bn in revenue this year, up from USD1.9bn in 2003. This 32 per cent surge was due to a rise in European coal imports, particularly from Australia, said officials, and growth in oil tanker traffic. This was the first time in 134 years that revenues rose beyond USD2bn.
IFFCO, USD125m HSBC, WestLB loan
Dubai based International Foodstuffs has inked a USD125m financing package with HSBC and WestLB at 1.75 per cent over Libor. The five-year loan is to refinance existing debts and is likely to be syndicated to other local banks. IFFCO imports foodstuffs and also has top brands Tiffany, Noor and Khaleej.
ADSM adopts evening session
The Abu Dhabi Securities Market is to adopt an evening session from 4.30-7pm on a trial basis from February 1 for two to three months. The move is a response from requests from major investors. Brokers said it should help to boost trading volumes as optimism rises about the outlook for the UAE bourse in 2004.
US dollar, new euro low
The US dollar hit a new low against the euro for the year on Wednesday and closed at almost USD1.25. News that US new home sales fell in November sealed the decline of the greenback. Durable goods orders were also way below market expectations and news of the first US case of mad cow disease put the dollar under pressure too.
Saudi GDP to shrink in 2004
Saudi Arabia is likely to see a contraction in GDP next year due to a fall in oil prices, according to the National Commercial Bank. The bank projects a fall in average oil prices from USD28 to USD23.50 next year. But last year a predicted budget deficit turned out to be a huge surplus.
Saudi, Iraqi debt talks premature
Saudi Foreign Minister Prince Saud Al Faisal said that talk of Iraqi loan write-offs would have to wait until an independent government was in power. He told Saudi television that there is not scope for serious dialogue unless there is an Iraqi government. Iraq owes the Kingdom USD45-55bn.
Saudi intellectuals urge reform
A petition from more than 100 Saudi intellectuals has been presented to the government, reported Reuters. It calls for an elected parliament, an independent judiciary and equal rights for women. Foreign Minister Prince Saudi Al Faisal said the Kingdom was committed to reforms but that change would take time.
Iran budgets for 7.5pc growth
The draft Iranian budget presented yesterday aims to secure 7.5 per cent economic growth in the next financial year. The USD127bn budget is 10.5 per cent higher than in the current year, including USD16bn in oil revenue. Reducing unemployment is the government's main priority.
Air freight charges up 5-10pc
The 55 airlines operating through the UAE have been allowed to raise air freight charges by five to 10 per cent from January 1. The action reflects fuel and security surcharges. Air freight to the subcontinent will cost 5-6 per cent more, and other destinations will go up by 10 per cent.
AD leads UAE bourse growth
The Abu Dhabi Securities Market saw turnover surge from USD362m to USD861m in the first eleven months of the year. By comparison the Dubai Financial Market only increased turnover from USD686m to USD756m. Brokers said the outlook for further growth in 2004 is excellent.
It looks like you are using a Mac - check out our 
Web Feeds