Sadara Chemical Co, a joint venture between Saudi Aramco and Dow Chemical, raised SAR7.5 billion ($2 billion) from the sale of an Islamic bond to fund a large petrochemical complex in the east of the Kingdom.
The Islamic bond, or sukuk, which has a lifespan of 16 years, was priced at 95 basis points over the six-month Saudi interbank offered rate (Saibor), a statement from Sadara said on Tuesday.
The sale is part of a $12.5 billion debt to fund the construction of the project, which will produce more than 3 million tonnes of petrochemicals each year when completed in 2016.
Read more: http://gulfbusiness.com/2013/04/saudi-aramco-dow-jv-raises-2bn-from-sukuk/
March data signals a further increase in output and new orders in the UAE's non-oil producing private sector but the rates of expansion eased slightly from February. Meanwhile, output charges fell for the first time in four months and purchasing activity continued to increase.
March data signals a further increase in output and new orders in the UAE's non-oil producing private sector but the rates of expansion eased slightly from February. Meanwhile, output charges fell for the first time in four months and purchasing activity continued to increase.
The headline seasonally adjusted HSBC United Arab Emirates PMI™ (Purchasing Managers Index) - a composite indicator designed to provide a single-figure snapshot of the performance of the non-oil private sector - posted 54.3 in March, down slightly from 55.4 in February, and pointed to a further solid improvement of operating conditions in the UAE. While March data marked the forty-third successive improvement, the latest reading was the lowest in four survey periods.
Read more: http://www.cpifinancial.net/news/post/19706/growth-in-uaes-non-oil-producing-sector-slows-says-hsbc-uae
Saudi Arabian Oil Minister Ali al- Naimi said demand for crude will hold strong from Asian buyers as the U.S. produces more of its own fuel.
“The expectations of energy demand and growth are still positive,” al-Naimi said today in a speech in Doha, Qatar, carried by official Saudi Press Agency. “I was in Hong Kong recently and I felt optimism towards the future growth of the region.”
Saudi Arabia, the biggest producer in the Organization of Petroleum Exporting Countries, kept output unchanged in March from February at 9 million barrels a day, according to a Bloomberg survey. Demand for OPEC crude was estimated to average 29.7 million barrels a day in 2013, OPEC said in a monthly report on March 12. That’s a drop of 400,000 barrels a day from last year and down 100,000 barrels a day from February’s report, it said. OPEC supplies about 40 percent of the world’s crude.
Read more: http://www.bloomberg.com/news/2013-04-01/saudi-arabia-s-al-naimi-sees-demand-holding-strong-in-asia.html
National Life and General Insurance Company has achieved a remarkable premium income of OMR44 million in 2012, indicating a growth of 24.7 per cent over the previous year.
National Life is moving strongly ahead in life and medical insurance while also establishing itself as a strong composite insurer in the Sultanate.
Being the market leader in the Sultanate in life and medical insurance, National Life is also growing rapidly in the Dubai market.
Read more: http://www.timesofoman.com/News/Article-12407.aspx
GCC banks are likely to report four percent YoY earnings growth in 1Q13, SICO Research’s latest report on GCC Banks 1Q 2013 result revealed Tuesday.
It said weaker earnings are forecast for Saudi banks on the back of lower fee income and tightening margins, yet Saudi banks’ long term fundamentals remain strong.
SICO expects KSA banks’ aggregate 1Q13 earnings to moderate to 2.6 percent YoY, as strong balance sheet growth will be offset by lower margins due to stiff competition and lower fee income. Saudi stock market turnover declined to $100 billion in 1Q13 from $279 billion in 1Q12, which is likely to adversely impact their trading-related fee income. On the other hand, Saudi banks’ balance sheet growth is likely to remain robust, with loans and deposits growing at 12.6 percent YoY in 1Q13.
Read more: http://www.saudigazette.com.sa/index.cfm?method=home.regcon&contentid=20130403159641
Qatari Finance and Economy Minister Youssef Kamal expects the country’s budget spending will stay at the current level for the next four years and may drop after 2017.
He said Qatar plans to boost government spending by 18 per cent to $57.8 billion during the current fiscal year as the country steps up a big infrastructure building programme.
“The budget… until the year 2015 or 2017 will be the same level, but later on it could go down again because most of the infrastructure would be completed at that time,” Kamal told reporters on the sidelines of a meeting of Arab finance ministers and central bankers in Dubai.
Earlier, Qatar’s central bank said it planned to issue QR3 billion of conventional bonds and QR1 billion of Islamic bonds in the local currency every quarter.
Read more: http://www.khaleejtimes.com/kt-article-display-1.asp?xfile=/data/uaebusiness/2013/April/uaebusiness_April46.xml§ion=uaebusiness
Emirates Aluminium (Emal) and ECL France joined together to celebrate the installation of the first Pot Tending Machine (PTM) for the project’s Phase II expansion.
The PTM is one of fifteen such machines that will operate on the new potline at Emal, which, once completed, will be the longest single potline in the world at 1.7 kilometers.
The PTM is designed to increase performance in terms of safety, productivity and reliability as well as reducing environmental impact. The machine also has complete wireless controls that allow the operators to handle almost 100 per cent of the crane function in the pot room. As part of the Phase II development plans, ECL has supplied Emal with equipment for the potroom comprising of 15 PTMs, 2 transfer gantries, 1 cathode transport crane, 2 lifting beams, 16,200 anode clamps and pair of J-hooks for activities connected with the operation of reduction cell.
Read more: http://www.khaleejtimes.com/kt-article-display-1.asp?xfile=/data/uaebusiness/2013/April/uaebusiness_April51.xml§ion=uaebusiness
Oman’s finance minister signaled that budget policy would become more conservative, after several years in which the global financial crisis and political pressures prompted the government to boost spending sharply.
Since 2011, the government has hiked spending on welfare and job creation schemes.
It has also spent heavily on infrastructure such as airports and ports, to diversify the economy before oil revenues fall. Oman’s oil reserves are not as big as its wealthy neighbors’; oil firm BP has estimated they could run out in 17 years.
Read more: http://www.arabnews.com/news/446830
Alawwal Capital is the latest client to come onboard with ITS
The solutions to be employed as part of the agreement include ETHIX-Portfolio, ETHIX-Fund, ETHIX-GL, and ETHIX-Connect.
In a rapid paced environment, Alawwal Capital recognises the value of the wide breadth of offering and business and technological capabilities offered by ETHIX total solution in general and ETHIX Investment in particular to support the end to end management of their banking transactions and their investment business activities. ETHIX is a comprehensive, flexible and integrated solution, which helps achieve operational excellence and facilitates reaching out to existing and potential customers and meet their diverse needs. The deal boosts ITS’ position in the Saudi market as a leading banking solutions provider and being the best choice for investment institutions.
Read more: http://www.cpifinancial.net/news/post/19702/alawwal-capital-ksa-signs-a-landmark-deal-with-its
DAMAC Properties, a Middle East luxury private developer, is launching phase two of a $1 billion luxury hotel and serviced residences to Saudi investors, following a sell-out event in Dubai.
‘DAMAC Towers by Paramount’ is being developed on platinum real estate in Dubai overlooking the Burj Khalifa and the world’s largest mall. More than 200 units were snapped up in just a few hours, making it one of the most sought-after projects in the region.
Developed by DAMAC Properties in collaboration with Paramount Hotel & Resorts (PHR-FZ-LLC), the project offers an ambience and reflection of the Hollywood glamour and California cool lifestyle, synonymous with Paramount Pictures over the past 101 years.
Read more: http://www.cpifinancial.net/news/post/19698/damac-properties-launches-phase-two-of-damac-towers-by-paramount-in-ksa
Arab communities have been facing several challenges in light of the regional economic blocs in the world that require economic and social integration, according to Sheikh Hamdan bin Rashid Al-Maktoum, deputy ruler of Dubai and UAE minister of finance.
The real growth rate in the Arab region decreased 4.6 percent in 2010 to 2.4 percent in 2011, while the foreign debt rates in some Arab countries ranged between 22 percent to 86 percent and the foreign financial flows dropped from $ 20 billion to $ 16 billion, Sheikh Hamdan said in his address to the two-day Arab finance ministers and central bankers meet that opened at Grand Hyatt here.
“The Arab world needs $ 80.65 billion in agricultural investment to close the widening food gap” he added.
Read more: http://arabnews.com/news/446878
Saudi Arabia is planning to invest $ 109 billion over the next 20 years in order to take advantage of its excellent solar resources and diversify its energy mix, according to Alexander Lenz, president — the Middle East and Southeast Asia region, Conergy Asia & ME Pte. Ltd. This is because the “Kingdom believes sustainable energy is imperative for its future growth,” Lenz told Khalil Hanware of Arab News in an exclusive interview.
“They (the Kingdom) plan to purchase electricity generated not only from solar resources (PV and solar thermal) but also wind, geothermal and waste-to-energy plants. Their cumulative target of renewable capacity is anticipated to be more than 54,000 megawatts by 2032 with 41,000 coming from solar,” said Lenz, who previously held senior corporate management roles with Conergy AG as VP of business development.
Read more: http://www.arabnews.com/news/446879
Under the auspices of Minister of Commerce and Industry Tawfiq Al-Rabiah, the Saudi Industrial Property Authority (MODON) organizes today the 3rd Industrial opportunities forum at the Park Hyatt Hotel in Jeddah
Many participants will join the forum, including the various government agencies and private industrial sectors. They include Saudi Electricity Company, the National Water Company, Saline Water Conversion Corporation, Saudi Aramco, Tasnee, and Gulf Organization for Industrial Consulting.
Read more: http://www.arabnews.com/news/446885
A footwear brand that sells a pair of shoes every 20 seconds in Britain is inching into the UAE.
Hotter Shoes, which sells about 1.8 million pairs each year in the United Kingdom, has struck a deal with Jawad Business Group, based in Bahrain, to sell its shoes in nine Shoe Citi stores in Dubai, Abu Dhabi, Bahrain, Qatar and Oman.
"We're going through a test phase at the moment, which is to introduce the product and the brand and then we will get some responses to that and we will evolve our strategy from there," said Peter Taylor, the managing director of Hotter Shoes.
"Ultimately, though, we believe that there's a real opportunity to open up free-standing stores in the region."
Read more: http://www.thenational.ae/thenationalconversation/industry-insights/retail/uks-hotter-shoes-steps-up-in-uae#ixzz2PNiyYDXg
The first oilfield to be developed in Abu Dhabi without foreign shareholders is moving ahead with US$2.4 billion (Dh8.81bn) in contracts awarded, including plans for falcon-shaped islands.
Abu Dhabi National Oil Company (Adnoc) holds a 100 per cent interest in the Sarb development, unlike at other fields in the emirate where it retains a 60 per cent majority and spreads the risk and capital investment among the emirate and its foreign partners.
Abu Dhabi Marine Operating Company (Adma), which is carrying out the work for Adnoc, yesterday announced it had awarded a $1.89bn contract to Hyundai Engineering & Construction and a separate $515.4 million package to Petrofac to develop the Satah Al Razboot field.
Read more: http://www.thenational.ae/thenationalconversation/industry-insights/energy/adnoc-awards-2-4bn-sarb-contracts#ixzz2PNii0mac
Kuwait government is determined to enforce law to crack down on crime and address status of expatriates living here illegally, while building more hospitals and further improve health care for citizens. Deputy prime minister and interior minister Sheikh Ahmad Humoud Al- Sabah and his ministry’s officers briefed a cabinet meeting on Monday about implementation of recommendations by MPs during a recent parliamentary session over the security situation in Kuwait.
Sheikh Ahmad and the officers said the interior ministry would develop role of police stations and addressing status of expatriates whose residencies have expired, Minister of state for cabinet affairs and minister of state for municipal affairs, Sheikh Mohammad Abdullah Al-Sabah, said in a statement after the cabinet meeting, chaired by His Highness the Prime Minister Sheikh Jaber Mubarak Al- Hamad Al-Sabah.
Read more: http://news.kuwaittimes.net/2013/04/02/kuwait-govt-to-enforce-law-improve-health-care-more-hospitals-in-the-offing/
Middle East airlines have maintained strong growth in air freight, registering 12.3% gain year-on-year and 0.8% month-on-month in February, International Air Transport Association has said in its latest report.
“Airlines in the region continue to benefit from increased trade activity with emerging economies in Asia and Africa,” Iata said.
Iata data shows air cargo maintained modest improvement in demand that began in the fourth quarter of 2012.
Seasonally adjusted cargo volumes are 2.5% above the October 2012 low point. Comparisons with February 2012 performance, however, show a 6.2% decline.
Read more: http://www.gulf-times.com/business/191/details/347781/middle-east-airlines-maintain-strong-growth-in-air-freight
In its markets with “fixed infrastructure,” Ooredoo is deploying fibre-enabled integrated services that facilitate new revenue opportunities, Group CEO Dr Nasser Marafih has said.
“We are tailoring fibre to meet each market’s needs and continuing to invest ahead of demand in order to deliver the leading customer experience, such as our QR1bn investment in the Ooredoo fibre network in Qatar,” Marafih said in the company’s latest annual report.
Ooredoo, he said, has made “significant progress” in its fast-paced network modernisation programme, which will transform the customer experience for a potential audience of more than 250mn people.
Read more: http://www.gulf-times.com/business/191/details/347786/ooredoo%e2%80%99s-network-modernisation-to-benefit-250mn-users
Qatar Chemical and Petrochemical Marketing and Distribution Company (Muntajat) which has taken over the marketing, sales and distribution of Seef products, now accounts for about 70% of the country’s chemical and petrochemical products’ export.
HE the Minister of Energy & Industry, Dr Mohamed bin Saleh al-Sada, who is also the chairman of Muntajat said: “Muntajat will play a key role in achieving Qatar’s National Vision 2030 by contributing to social, human, economic and environmental development.”
“Today, the petrochemical industry is a key driver of Qatar’s growth, positioning the country as a global player in this sector. The downstream products created by gas feedstock are delivering value by diversifying Qatar’s export portfolio beyond LNG.
Read more: http://www.gulf-times.com/business/191/details/347787/muntajat-takes-over-seef-exports-in-strategic-move
