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US recession would have slight impact on Gulf
Bankers and finance professionals anticipate only short-term setbacks for the Gulf region if the credit crunch escalates into a full-blown recession, reported Gulf News. John W Snow, former US Secretary of Treasury and Chairman of Cerberus Capital Management, a private equity firm, said a US recession would have only a marginal impact on the Gulf due its strong liquidity position. Meanwhile, Monica Malik, an economist with EFG Hermes, said that although a slowdown in the US economy will adversely impact the oil demand from the US, the shortfall will be covered by demand from Asia.
Saudi boycott on milk fails to drop sales
Results of the five-day campaign boycotting local fresh milk and dairy producers are in and has proven to have had no impact whatsoever on sales, according to leading Saudi dairy companies and store owners Kingdomwide, reported Arab News.
KFAED to grant Egypt $105m loan
Kuwait Fund for Arab Economic Development (KFAED) will present Egypt with a loan worth $105m to contribute to the financing of expanding an electricity generating station north of the country, reported KUNA.The fund and the Egyptian government will sign the loan agreement today. KFAED Director General Abdulwahab Al-Bader said that the Fund would also sign an agreement on the implementation arrangements with the West Delta Electricity Production Company which is carrying out the project.
Kuwait farm owners demand compensation
A number of farm owners have asked the Public Authority for Agricultural Affairs and Fish Resources for compensation, following the authority's destruction of a number of chickens on their farms, reported Kuwait Times. The farm owners said that they had documents proving that authority inspectors had destroyed the chickens and not yet provided compensation.
Egypt's GASC seeks wheat
The Egyptian state's main wheat buying agency said it wanted to buy 55,000 to 60,000 tonnes of U.S., French, Australian, Canadian, German, Argentine and/or Kazakhstan wheat for shipment Feb. 5 to 20, reported Reuters. Tenders should reach Egypt's General Authority for Supply Commodities (GASC) to start the bid today.
Egypt's first private industrial park
Turkish President Abdullah Gul inaugurated Egypt's first private industrial park and Egypt said it hoped the project would attract $4bn of investments in the next four years, reported Reuters. The Polaris industrial park, which occupies 2 million square meters in Sixth of October City west of Cairo, is a joint venture between the two countries, whose economic relationship has taken off in the past two years.
DFM, ADSM end lower
The Dubai Financial market ended the day lower, down 149.20 points, or 2.37%, to end on 6,142. Mazaya was the day's big gainer, up 5.56%. Meanwhile, the Abu Dhabi Securities Market also ended lower, down 50.34 points, or 1.02%, to end on 4,880. Foodco had the index's biggest loss, down 7.27%.
Saudi inflation hits 12-year high
Saudi Arabia's annual inflation hit a 12-year high in November, giving the largest Arab economy negative interest rates, reported Reuters. Inflation in the kingdom accelerated for the seventh straight month in November, hitting 6%, up from 5.35% in October. Inflation was spurred by a 15.4% jump in rents in November.
Rasmala buys 51% of Capital Industries
UAE-based Rasmala Investments has announced that it has acquired a 51% stake in Capital Industries & Investments, a Dubai-based private equity firm focusing exclusively on investments in mid-size construction-related manufacturing businesses. CII plans to invest over Dhs1bn ($272m) in mature businesses and in joint ventures in the MENA region over the coming year.
Kuwaiti group to invest $10bn in Philippines
A group of Kuwaiti companies plans to invest more than $10bn in infrastructure projects in the Philippines, reported Reuters. The firms plan to develop airports, ports, railways, power stations and telecommunications in the Southeast Asian state. Kuwait's Al Abraj Holding said the group would set up a holding company in Europe, of which the Kuwaiti partners would own 75% and Argon, the only non-Kuwaiti firm in the group, 25%. Kuwaiti partners include International Leasing & Investment and Al Mal Investment.
Qatar's per capita income to hit $70,754
A new report by the Intenational Monetary Fund said Qatar's per capita income will jump 12.5% to $70,754 for 2007, reported The Peninsula. The estimated figure for 2006 stood at $62,9214. The report also said that the country's Gross Domestic Product (GDP) will rise 12% per annum all the way to 2012.
KIA invests $5bn in Citigroup and Merrill Lynch
The Kuwait Investment Authority has invested $5bn in Citigroup and Merrill Lynch as the US finance companies cope with mortgage losses, reported Bloomberg. The KIA bought $3bn of convertible preferred securities from Citigroup and $2bn of convertible preferred stock from Merrill.
Damas plans IPO in 2008
UAE-based jewellery chain Damas plans to sell a portion of its shares to the public by the end of the year, reported Khaleej Times. Ammar Alkudairy, CEO of Amwal Al Khaleej, a Saudi private equity firm which owns 23% of Damas, said the jewellery chain would be 'selling a minority stake to the public in 2008 in Dubai.' He did not say what percentage of the shares would be floated.
Dewa seeks $1bn Islamic loan
Dubai Electricity and Water Authority (Dewa) is seeking to obtain an Islamic loan of about $1bn after postponing a plan to sell its first international bonds, reported Bloomberg. The utility has hired ABN Amro Holding, Dubai Islamic Bank and Standard Chartered to help get its loan in the next few weeks. Dewa last year proposed selling as much as $2.5bn of conventional and Islamic bonds as it seeks to increase power production.
DFM up sharply, ADSM has slight gain
The Dubai Financial Market rose sharply today, Tuesday, gaining 182.18 points, or 2.98%, to finish on 6,291. National Industries Group was the day's big gainer, up 14.71%. Meanwhile, the Abu Dhabi Securities Market had a slight gain, up 37.61 points, or .77%, to finish on 4,930. Bank of Sharjah Convertible Bonds was the index's big gainer, up 10%.
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