Main headlines

June 17, 2013

Jazeera Airways
11:48 GMT

The National Bank of Kuwait (NBK), DVB Bank, and Jazeera Airways Group (JAG) today (17 June) announced a $90 million commercial facility for funding JAG’s aircraft purchases through a structured facility led by NBK and DVB Bank SE.k

The facility will be the world's largest chemical complex ever built in a single phase
11:44 GMT

Sadara Chemical Co, a joint venture between Saudi Aramco and Dow Chemical , has signed a fundraising package for the $19.3 billion petrochemical complex it is building in the east of the kingdom, three banking sources said on Sunday.

The loan was partly provided by the IFC and partly by DEG
11:41 GMT

United Arab Emirates-based water and waste-water specialist Metito has secured long-term financing to support expansion plans in Indonesia, Egypt and China.

Promoters will divest 40 per cent of their holding in the company
11:39 GMT

Omani insurer Al Madina Insurance Company is planning to float an initial public offering (IPO) in the fourth quarter of this year in an attempt to change its status to a Shari’ah-compliant Takaful firm.

Central Bank of Qatar
11:36 GMT

Qatar's central bank has tightened its curbs on how much banks can invest in stocks and bonds, according to a circular released by the central bank.

Tunis is also in talks with Qatar about the Gulf deositing at the Tunisian central bank
06:13 GMT

Tunisia has won $1.2 billion in funding from the Saudi-based Islamic Development Bank (IDB), aimed at backing industrial, agricultural and trade projects in the country whose finances have been weak since a revolution two years ago.

The statement gave no timeframe for the capital increase or the regulatory approval process.
06:00 GMT

Palm Hills, Egypt's second-biggest listed property developer, plans to increase its capital by 600 million Egyptian pounds ($85.8 million) through a rights issue.

Moody's Investors Service has upgraded Jebel Ali Free Zone FZE's (JAFZ) Corporate Family Rating (CFR)
06:00 GMT

Moody's Investors Service has upgraded Jebel Ali Free Zone FZE's (JAFZ) Corporate Family Rating (CFR) to Ba3 from B1, Probability of Default Rating (PDR) to Ba3-PD, and the rating on the US dollar-denominated trust certificates (Sukuk) issued by JAFZ Sukuk to Ba3.

no changes to the plan or the amount of aid the country is seeking
05:30 GMT

Egypt's government is in the late stages of verifying its economic reform programme with the International Monetary Fund before obtaining a $4.8 billion IMF loan, its central bank governor said on Saturday.

June 16, 2013

Emirates Securities Market
14:00 GMT

Stock markets in the UAE and Qatar gained on Wednesday after the MSCI upgraded the two countries to emerging market status. This is likely to attract increased attention from foreign investors.

The board of the subsidy fund said subsidies burned up 53.36 billion dirhams in 2012
13:01 GMT

Morocco will cut subsidy spending by 20 percent to 42 billion dirhams ($5 billion) or less in 2013 - depending on international commodities prices, the general affairs minister said on Friday.

UDC is the developer of a man-made island in Doha
12:46 GMT

United Development Co (UDC) , the developer of a man-made island in Doha, said on Thursday that is raising a 1.56 billion riyals ($428.4 million) loan facility from Qatar National Bank.

The 489-seat Emirates A380 offers 14 Private First Class Suites, 76 lie-flat beds in Business Class and 399 spacious seats in Economy Class
12:43 GMT

Emirates on Wednesday announced an upgrade of service from Dubai to Los Angeles with the introduction of the A380 starting on December 2, this year.

Desktop PCs are projected to fall by 5 per cent for the year
12:40 GMT

Cannibalisation of tablet computers is again going to make a big dent in computer (portable and desktop) sales in the UAE in the second quarter.

Oil tanks
11:50 GMT

The UAE’s May oil output rose 1.1 per cent over April to 2.73 million barrels per day (bpd), latest data from the Paris-based International Energy Agency (IEA) showed.