2003
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Mohammed, GCC summit big success
Dubai Crown Prince General Sheikh Mohammed bin Rashid Al Maktoum declared the GCC summit meeting in Kuwait this week the most successful ever. The summit agreed an anti terrorism pact, and ordered a feasibility study for a pan-GCC road system. It also reaffirmed a commitment to monetary union.
Russia offers Iraqi debt deal
Russia yesterday offered to write-off 65 per cent of Iraq's USD8bn debt after signals that Russia was in a good position to revive pre-war contracts, reported Reuters. Officials said President Putin had made the offer at a meeting with the head of the Iraqi Governing Council Abdul Aziz Al Hakim at the Kremlin.
Three Bahrain banks upgraded
Moody's Investors Service has upgraded its ratings for foreign currency deposits at Gulf International Bank, National Bank of Bahrain and the Bank of Bahrain and Kuwait. This follows the recent upgrade of sovereign debt ratings for the Kingdom.
Dubai Bank CEO resigns
Dubai Bank CEO Ahmed bin Brek has resigned to set up his own business. He was instrumental in setting up the bank which is a wholey owned subsidiary of Emaar Properties. A statement said he hoped to make use of his relationships from a long career in the financial services industry.
ABC exits Spain, Bahrain focus
Arab Banking Corporation is selling its majority USD1.2bn stake in the Spanish bank Banco Atlantico. A statement said this was part of a new strategy to focus on Arab related businesses where ABC has a competitive advantage. Banco de Sabadell is the buyer.
Jordan, exports hit USD1.8bn
Jordan has posted a two per cent increase in exports for the first ten months of the year to USD1.8bn. The USA was the top export market at USD534m, reflecting the free trade agreement between the two countries. But exports to Iraq fell by 41 per cent to USD215m due to the war.
USD12bn Saudi surplus 2004
Saudi Arabia will use the USD12bn surplus recorded this year to pay down public debt or put the money into reserves, said a statement from Finance Minister Ibrahim Al Assaf. Unofficial estimates put reserves at USD80bn, while public debt stands at USD178bn.
Saudi trade deals to join WTO
Saudi Arabia has concluded seven bilateral trade deals, bringing the total to 24, which move the Kingdom closer to accession to the World Trade Organisation. Negotiations are advanced with other WTO members, in particular a trade agreement with top trading partner the USA.
UAE bourse compels disclosure
The Emirates Securities and Commodities Authority has written to the 43 UAE listed companies requiring them to report final financial results before the end of January. Traditionally results have trailed agms not held until March or April. This is part of the ESCA's work to upgrade the performance of the UAE stock market.
EBG to add Islamic banking arm
Emirates Bank Group is planning to turn its Middle East Bank subsidiary into an Islamic Bank, reported Gulf News. The move reflects the growth of Islamic banking in the local marketplace. EBG already operates its MeBank retail arm and investment division Emirates Financial Services.
Kuwaiti stocks pass 4,700
Kuwaiti stocks romped past the 4,700-point barrier yesterday on news that some listed firms had won UN reparations. The Kuwait Stock Exchange index ended at 4,701.10, a new all-time high, up 1.2 per cent on last week's close. The index is 97.9 per cent up since the end of 2002.
Gold up, dollar falls again
Gold is now close to its previous peak of USD417 an ounce reached in 1996, and brokers say the price is underpinned by the weakening US dollar. The greenback fell to USD1.24 to the euro and to 107.45 yen last week, and is expected to fall further this week.
FNC decision on DIFC welcome
UAE business leaders have welcomed the decision of the Federal National Council last week to approve constitutional ammendments to allow the creation of the Dubai International Financial Centre. Now the ammendments have gone to the President for final assent.
Solidere, 2003 sales lower
Lebanon's biggest company Solidere has reported that 2003 sales were likely to fall short due to the Iraq war. But officials told Reuters that activity had now picked up over the summer. Solidere has rebuilt downtown Beirut since its creation in 1994 by Lebanese Prime Minister Rafiq Hariri.
Oger, USD550m Aramco job
Saudi Aramco has awarded a USD550m contract to an alliance between International Power of the UK and Saudi Oger to establish four independent power and water plants in the Kingdom. Three Saudi banks will lead financial closure by February 2004. Contractors will be Mitsui and Hyundai with completion in 2006.
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