2004
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Bahrain-US pact angers GCC
Gulf States are angered by Bahrain's recent bilateral trade deal with the US, and argue that such a deal should be for the whole GCC, reported Reuters. Foreign Ministers will again debate the issue at a meeting next month. The GCC is a trading bloc with a five per cent common external tariff and members think this means multilateral and not bilateral deals.
USD380m Bahrain power finance
The Al Ezzel Power Company has completed a USD380 million limited-recourse financing for the construction of the first ever private power plant in Bahrain. The USD500m plant will produce more than 950MW of power per day by mid-2007. HSBC and Societe Generale led the loan which included ANZ, Bayerische Landesbank, Calyon, Gulf International Bank, ING, Mashreqbank, Mizuho, RBS and Standard Chartered.
Court tells NBO to reveal loans
The Omani Primary Court has told the National Bank of Oman to produce original loan documents in a case that the bank has filed against some borrowers, reported Gulf News. Controversy surrounds lending practices in the late 1990s at the NBO whose CEO Aubyn Hill later absconded.
NBS profit up 11pc, USD19.5m
The National Bank of Sharjah has posted a profit of USD19.5m for the first nine months of the year, up 11 per cent on the same period in 2003. Q3 profits were up 67 per cent at USD7.4m. A new suite of Sharia compliant products helped to lift retail profits.
Record level for the euro
The euro passed USD1.31 for the first time yesterday, and gold advanced from USD447.40 to USD448.05 an ounce. Analysts now think the US dollar is heading towards USD1.35 and will take gold prices with it. Meantime, US light crude traded at just over USD50 a barrel, continuing its recovery from the recent sell-off.
Etisalat boosts UAE bourse
A strong rally in Etisalat shares, which saw the UAE telecom giant's stock advance by 10 per cent yesterday, has powered the whole UAE stock market into a new bull phase. Analysts said winning licences in Saudi Arabia and Sudan had fuelled interest in the stock. The Emnex Index has recovered from a short sell-off and is now up 57 per cent this year.
KSA stocks pass 8,000 mark
Saudi Arabia's stock market index has surged through 8,000 points to a new record thanks to investor optimism that strong oil prices and corporate profits will extend into next year. The index closed 1.5 per cent up at 8,086.29 points, ahead more than 82 per cent since the start of the year after rising 76 per cent in 2003.
Dollar down, gold, oil up again
Gold prices headed towards the USD450 barrier yesterday, closing at 447.40 per ounce, while the US dollar resumed its decline with USD1.31 to the euro in sight. Meanwhile, oil prices also rebounded to hover perilously close to USD50 a barrel again, ending a recent fall in prices.
Etisalat, new Sudan company
Etisalat is to form a new company in Sudan and plans to invest USD200m over the first two years of the venture, reported Gulf News. Etisalat has not named its new partners, saying only that they are from the UAE and Sudan. Yesterday the Kanartel consortium led by Etisalat won a licence for a second fixed line network.
Arab Financial Forum in Bahrain
The London based Arab Financial Forum has launched in Bahrain and will hold annual meetings for business leaders and experts. Officials said the forum would link decision-makers and opinion-formers from the public and private sectors.
First Islamic, USD460m UK water
Bahrain based First Islamic Bank has bought the UK's South Staffordshire water company for USD460m. Shareholders representing 86.5 per cent of the public company have accepted the offer which is First Islamic's first public to private equity transaction.
Hariri to address Dubai event
Former Lebanese Prime Minister Rafiq Al Hariri is to address the Arab Strategy Forum, which will be held from December 13-15, on the theme The Arab World in 2020. He will speak on the possibilities of achieving greater integration between Arab economies.
EIA Chairman resigns, new elections
Emirates Insurance Association has established a five-member interim panel to oversee running of the association until fresh elections are held in January, reported Gulf News. An EGM was held yesterday following the resignation of Chairman Juma Saif Al Bakhit after a disagreement with the Ministry of Planning and Economy.
New UAE cabinet takes office
The newly appointed UAE Cabinet took the oath before President Sheikh Khalifa bin Zayed yesterday. New ministers are Major General Sheikh Saif bin Zayed Al Nahyan, Sheikh Mansour bin Zayed Al Nahyan, Sheikha Lubna Al Qasimi, Mohammed bin Dha'en Al Hamili, Sultan bin Saeed Al Mansouri and Dr. Ali bin Abdullah Al Ka'abi.
UAE Labour Ministry reforms
New UAE Labour Minister Dr Ali bin Abdullah Al Ka'abi has pledged that customer service and a straightforward approach will be the themes of his ministry, reported Gulf News. He also said procedures would be simplified to a one-stop shop for applications with electronic queuing and a website introduced.
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