2003
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Bahrain, positive forex rating
Standard and Poor's Rating Services has moved its foreign currency outlook rating for Bahrain from stable to positive. This reflects the improved prospects for the fiscal position, transparency and structural reforms, said the agency. It praised the stability and well-developed financial system of Bahrain.
US joins Dubai Airshow 2003
The US Government is an official participant at the Dubai Airshow 2003 and more than 80 US companies will showcase their aircraft and defence equipment. This huge US presence at the airshow, which starts this weekend, is a noted contrast to the virtual absence of US firms two years ago.
Bahrain, new insurance push
The Bahrain Government is making a new push to become an insurance powerhouse and has established an Insurance Market Development Committee. Its aim is to tap into the huge Saudi Arabian market when reforms are implemented. GCC insurance spending per capita is only USD60 compared with USD2,500 in the UK.
Terroism threatens Saudi FDI
Foreign investors are rethinking their plans in the wake of recent terrorist attacks in Saudi Arabia, economist Ihsan bu Hulaiga told Gulf News. He said there was now a wait-and-see attitude and that the next few months would be crucial because if more attacks occur the reputation of the Kingdom will be damaged.
GCC freight rates rocket
The Baltic Dry Index for dry bulk cargo has risen 140 per cent in the past 11 months, with a major impact of Gulf freight rates, reported Gulf News. The steel trade has been particularly affected and around half the recent price hike is down to freight rates. Huge demand from China for raw materials is the reason for this inflation.
Vodafone Egypt profits surge
Vodafone Egypt, a subsidiary of Vodafone Group has posted a 142 per cent rise in profit to USD85.6m for half-year to the end of September, ahead of listing on Egypt's stock exchange later this month. We will be listing this month, but we cannot yet disclose the exact date, officials told Reuters.
Engineers shot dead in Iraq
The Washington Group has stopped work on upgrading electric power transmission towers in Iraq after two engineers involved in the project were killed and two more wounded in a roadside ambush, reported MEED. A spokesman said that security measures needed to be re-evaluated before work could restart.
BCFC, USD40m syndicated loan
Bahrain Commercial Facilities Company has signed a USD40m syndicated loan facility with a consortium of local and foreign banks. BNP Paribas is the lead arranger for the five-year loan at one per cent over Libor which is for general financing purposes.
Dollar down, gold up again
The US dollar has continued to weaken against the euro and is now trading above USD1.20. This helped to propel gold to a new high of USD403.30 per ounce. Meanwhile, traders await tomorrow's news on interest rates from the European Central Bank and Bank of England. Australia raised its interest rates yesterday.
HSBC, new Saudi investment arm
HSBC is to start a majority-owned investment banking venture in Saudi Arabia, and has applied for a licence. Officials said the new bank would specialise in project finance, mergers and acquisitions, succession planning and equity capital markets. Saudi British Bank, in which HSBC has a 40 per cent stake, will hold a minority interest.
Alwaleed buys 49pc of LBC
Saudi Prince Alwaleed bin Talal has bought a 49 per cent stake in the top Lebanese television station LBC International for USD98m from Saleh Kamel, chairman of Arab Radio and Television. He commented LBC is a private, independent company with a clear line, and I believe in objectivity.
Six bid for Kuwait aviation
Six firms have submitted applications to establish aviation companies in Kuwait, Minister of Commerce Abdullah Al Taweel told The Kuwait Times. He said the first would be set up in mid-2004, and emphasised the suitability of Kuwait as a launch pad for business in neighbouring Iraq.
Dubai light rail opens 2009
The Dubai light rail project, a 50km network across the widely scattered emirate, will be 30 per cent underground, and be competitively priced, officials told Khaleej Times. A maximum payload of 40-50,000 passengers per hour will travel the USD2.5bn railway which is set to open in 2009.
US dollar into uncharted waters
The US dollar sank into uncharted waters on Monday with the greenback sinking to USD1.2041 to the euro. But better than expected US manufacturing data helped the dollar to claw back some of its losses later in the day. However, the USD1.20 barrier appears to have been decisively breached this week.
First Baghdad hypermarket opens
Baghdad has got its first taste of Western consumerism with the opening of a hypermarket next to the German embassy. The two-storey building has 40 suppliers mainly for goods manufactured in Jordan, Syria and Lebanon, Iraq's traditional trading partners.
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