2007
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IDA approves grant for Yemen
The World Bank office in Yemen has announced that the executive directors of the International Development Association approved a $500.93m International Reform Development Policy Grant for Yemen, reported Yemen Times. The policy-based operation's main objective is to support the Yemeni government's reform efforts to accelerate growth and reduce poverty. The grant's two main pillars are supporting non-oil growth by reforming the investment climate and strengthening governance via improved public finance management and civil service reform.
Royal Jordanian Airline sets IPO price
Jordan has announced that the offer price of the 59,905,079 existing shares worth JD1 each in Royal Jordanian, representing 71 per cent of its total issued share capital being sold in the initial public offering by the Government, has been set at JD3.08 per Offer Share. It gives the airline a market capitalisation of JD260m.
Gulf sewage sludge for farms
New technologies will enable GCC countries to make better use of its sewage sludge, speakers told MEED's Wastewater Treatment & Reuse 2007 conference in Abu Dhabi.
Oman and Vietnam set up economic cooperation
Oman and Vietnam are to establish a joint committee to step up economic and investment cooperation, reported Khaleej Times. The new body will also encourage public and private sectors in the two countries to establish joint ventures.
Oman lifts ban on Bangladeshi workers
Oman has lifted an informal ban on taking workers from Bangladesh, saying that it will recruit skilled manpower from the country, reported Reuters. Around 150,000 Bangladeshis, mostly labourers, are working in Oman now. They all went there before the ban, which was never formally announced, took effect in 1995. Remittances from more than 5 million Bangladeshis working across the world hit a record $5.98bn in the 2006/07.
Jordan exports rise 10.7% in 10 months
The Jordanian Department of Statistics has said the value of the national exports rose by 10.7 per cent and the re-exports by 10.5% during the first 10 months of 2007, compared to the same period of 2006, reported MENAFN. Similarly, the value of imports has risen by 14% during the same period.
Saudi expects surplus of $10.7 bn in 2008 budget
Saudi Arabia has projected a 2008 budget of $120bn, with a surplus of $10.7bn, reported AFP. The finance ministry, in a statement, set revenues at $120bn against spending of $109.3bn.
Turkey to plant citrus in Egypt
Turkish fresh fruit producers are heading to Egypt, after the Egyptian government opened its agricultural land of 250,000 acres to investors in return for a low, long-term lease, reported the Turkish Daily News. Mustafa Turkmenoglu, Executive Board Chairman of the Aegean Exporters' Association plans to produce citrus crops and fresh grapes in an area spanning 20,000 acres in Cairo and Alexandria. His company aims to export citrus fruit to Russia, Ukraine and the EU countries.
DFM down, ADSM, Tasi up
The Dubai Financial Market (DFM) fell 1% today, Monday, to close on 5,626.2 points. Al Firdous Holding was once again the day's best performer, rising 11.2% to end on Dhs2.9. The Abu Dhabi Securities Market (ADSM) finished in the green, up 0.5%, at 4,507.8 points. In Saudi Arabia, the Tadawul All Share Index (Tasi) ended the day 2.5% higher at 10,281.3 points.
QIA sweet on Cadbury
The Qatar Investment Authority (QIA) has formed a special purpose vehicle with the US based firm Trian, which is owned by billionaire Nelson Peltz, and has acquired a minority stake in Cadbury Schweppes, reported the Financial Times. The QIA's involvement has helped Trian to lift its stake in Cadbury from 3.4% to almost 5%. It is believed both Trian and the QIA may look to increase this further.
Saudi inflation hits ten year high
Saudi Arabia's inflation rate has reached a ten year high due in part to escalating rental and food costs, reported Reuters citing the Central Department of Statistics. Inflation hit almost 5.4% in October up from 4.9% the month before. The kingdom is severely hamstrung in its fight to control inflationary pressure by its US dollar peg and its shadowing of the Federal Reserve's monetary policy.
$6bn capital for Saudi water company
The National Water Company (NWC), a new government entity that will take over sewage treatment networks in four Saudi cities from January 2008, will have an initial paid-in capital of $6bn.
Saudis to spend $54bn on water
Saudi Arabia aims to spend a $54bn on expanding and operating the kingdom's water network in 2008-2020. Speaking at MEED's Wastewater Treatment & Reuse 2007 conference in Abu Dhabi, Saudi Arabia's Deputy Water & Electricity Minister Loay al-Musallam said: "We plan to spend $37bn on capital projects and $17bn on operating the network." A further $40bn will be spent in the water desalination sector.
New Saudi water tariff debated
A new water tariff structure for Saudi Arabia is under serious study, Saudi Arabia's Deputy Water & Electricity Minister Loay al-Musallam told MEED's Wastewater Treatment & Reuse 2007 conference in Abu. "We are submitting a new tariff to the cabinet," he said. "It will take one-two years to do. It is very important to prepare the different stakeholders for the change."
Dinar unchanged as dollar gains
Kuwait's Central Bank decided to leave the dinar reference rate unchanged on Sunday after the US dollar gained some ground against the yen, according to agency reports. The Gulf state's currency has appreciated by almost 5.5% since May 19, the day before it ditched its peg to the greenback and opted for a basket of unspecified currencies. The bank said the weak dollar is fanning inflation rates in the country.
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