2003
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USD40m Borouge expansion
Abu Dhabi Polymers is to invest USD40m in an expansion of capacity by 130,000 tonnes a year. Borouge, a joint venture between Adnoc and Denmark's Borealis, has appointed Technimont as engineering contractor for the project which is due for completion in Q2 2005.
Saudi boosts spending 9pc
The Saudi Arabian budget approved yesterday for next year includes a nine per cent rise in planned expenditure to USD61.3bn, although actual expenditure for this year is likely to have exceeded initial estimates. For 2003 the government said GDP would rise by 6.4 per cent at fixed prices to USD211bn.
Post-Saddam boom expected
The US dollar, Treasuries and global stock market are likely to get an uplift today from euphoria following the capture of Saddam Hussein. But oil prices may ease due to a reduction of political risk. But analysts believe a post-Saddam rally in financial markets will be short lived as economic fundamentals come into play.
GFH, Bahrain realty offshoot
Gulf Finance House is to set up a full commercial Islamic banking subsidiary in Bahrain to handle real estate related business, announced the Bahrain Monetary Authority which has granted its licence. The new bank will have a capital of USD80m and offer financing and investment products related to real estate.
RakBank raises its capital
An extraordinary meeting of RakBank shareholders yesterday approved a 13.45% rise in the bank's paid-up capital to USD85m. The bank will also allocate 500,000 new shares to reward employees. Profits in the first nine-months of this year hit USD18.3m compared with USD20.4m for the whole of 2003.
Adib, NIC, USD53m mall loan
Abu Dhabi Islamic Bank and the National Investment Corporation have joined forces to offer USD53m in finance for the second phase of the Marina Mall in Abu Dhabi. The deal was signed by Executive Council Member Dr Sheikh Sultan bin Khalifa Al Nahyan and NIC Chairman Abdul Rahman Abdul Malek.
Saddam Hussein captured alive
Former Iraqi leader Saddam Hussein has been captured alive in his hometown of Tikrit and DNA tests have confirmed his identity, Iraqi and US officials told the Wall Street Journal. Further information on this breaking news story is awaited.
Syria faces US sanctions
Syria is facing economic isolation after US President George W. Bush signed a law providing for economic and diplomatic sanctions last week. The law restricts US exports and business investments and imposes travel restrictions on Syrian diplomats in the US.
Bush fails to rescue the dollar
At the end of last week President George W. Bush came to the aid of the ailing US dollar suggesting the strengthening economy should help the greenback. But that did not stop the dollar falling to a record low of USD1.23 on Friday, partly due to remarks from Treasury Secretary John Snow which appeared to contradict Mr. Bush.
USD533m Saudi Arabian IWPP
Saudi Aramco has announced plans for a USD533m power station to be built and operated by the private sector. A statement said the state oil giant would work with an international partner on the 1,000MW plant to serve four of its facilities in the east by 2006. This will be the first independent power and water project in the Kingdom.
UAE, IPOs set to boom
The UAE is in for a spate of initial public offerings, reported Gulf News. Emirates Building Systems, Dubai Investments and M'Sharie have been shortlisted for IPOs, according to officials. Many other companies are apparently carrying out feasibility studies for an IPO.
IMF critical of Lebanon
The IMF has called on Lebanon to implement economic reforms to reduce its USD30bn debt mountain. Officials said the opportunity represented by the Paris 2 debt rescheduling was now beginning to close. They noted that privatization should be at the heart of reform.
EU to challenge US on Iraq jobs
The European Commission is set to challenge a US ban on Iraq war opponents from bidding for a share in the USD18.6bn reconstruction programme, reported Reuters. An EC spokesman said 26 contracts would be examined for compatibility with World Trade Organisation rules.
Fed prepares to hike rates
The US Federal Reserve kept interest rates at a 45-year low yesterday but began to prepare the ground for rate rises, which analysts think might start in the middle of next year. Policymakers said that the threat of deflation had eased. Analysts saw this as a sign that policy direction would change soon.
New MD for the KIA
The Kuwait Investment Authority has announced that Bader Al Saad is to be its new Managing Director. He said his focus will be to get to know administrations, sections and officials and review investment policies. The KIA handles the huge investment portfolio of Kuwait.
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