Main headlines

June 26, 2013

Saudi Arabian Monetary Agency (SAMA)
07:07 GMT

Reserve assets of Saudi Arabian Monetary Agency (SAMA) increased by 16 percent in May to SR 2.57 trillion, the highest in its record for three consecutive months, according to Al-Eqtisadiah newspaper.

June 25, 2013

Back in Saudi, the Ministry of Housing awarded six infrastructure projects worth more than $1bn USD
11:46 GMT

Construction and transport sector contracts worth over $39 billion have been awarded for projects in the GCC in the first half of 2013, Qatar Rail is the top ranked awarding client and ABV Rock is the top ranked contractor by value of contracts awarded.

Qatari Emir Sheikh Hamad bin Khalifa al-Thani awaits for France's President Francois Hollande prior to a welcoming ceremony at the Diwan Emiri as part of a two-day official visit in Doha on June 23, 2013 (BERTRAND LANGLOIS/AFP/Getty Images)
11:08 GMT

Qatar's emir Sheikh Hamad bin Khalifa al-Thani said on Tuesday he was transferring power to his son, Crown Prince Sheikh Tamim, taking the rare step for a Gulf Arab ruler of voluntarily ceding power to try to ensure a smooth succesion.

Stack of 50 euros bills
06:00 GMT

France and Qatar launched a mixed Franco Qatari fund on Sunday to invest €300 million in small and medium sized French companies, in a bid to quash concerns raised by a previous Qatari plan to invest specifically in French suburbs.

Meeting at Dubai Stock Market
06:00 GMT

As mounting concern about the United States reducing fiscal stimulus continued to spur a selloff in most emerging markets, Dubai’s benchmark stock index dropped the most in more than a year.

Arabtec
06:00 GMT

Arabtec Holding on Sunday said the subscription period for its $650 million equity rights issue has been extended to July 4, 2013.

June 24, 2013

The transactions took almost a year to complete due to the complex structures
10:29 GMT

Two units of Saudi Arabia's Fawaz Alhokair Group have signed sharia-compliant financing facilities worth 4.6 billion riyals ($1.2 billion) to fund real estate developments, a statement said on Sunday.

the Swiss bank failed to pay him for helping it become lead arranger on a $9 billion asset sale by the Kuwaiti telecommunications operator Zain
10:24 GMT

A Kuwaiti sheikh is suing UBS AG for $21.4 million, alleging the Swiss bank failed to pay him for helping it become lead arranger on a $9 billion asset sale by the Kuwaiti telecommunications operator Zain, a Dubai court heard on Sunday.

Mubadala and RDIF are each committing $1 billion
06:23 GMT

The Russian Direct Investment Fund (RDIF) and Mubadala Development Company (Mubadala), the Abu Dhabi-based investment and development company, have announced the launch of a $2 billion co-investment fund to pursue opportunities in Russia.

June 23, 2013

Last August, the IMF approved a $6.2 billion precautionary line of credit for Morocco over two years while urging reforms of its subsidy and pension systems
13:19 GMT

Morocco will begin deregulating prices for some basic goods in the next two weeks, its first step towards reducing subsidies, its general affairs minister told Reuters.

All 11 economists in a Reuters survey had forecast that the bank would keep rates unchanged
12:10 GMT

Egypt's central bank left its main overnight interest rates unchanged as expected on Thursday, as economic growth remains tepid more than two years after the uprising that ousted Hosni Mubarak.

Artificially low government-controlled prices typical across the energy-rich Gulf region have discouraged new projects needed to meet its rapidly rising demand for natural gas
11:45 GMT

BP has agreed a price for any gas produced from Oman's Khazzan project as part of a commercial framework agreement with the government, the British energy company said on Thursday.

Spot gold was down 4 per cent at $1,296.60 an ounce at 1454 GMT
11:44 GMT

Gold plunged to its lowest in more than 2-1/2 years on Thursday, with investors exiting in droves after the U.S. Federal Reserve gave its most explicit signal yet that it plans to bring the era of easy money to an end.

Jebel Ali Free Zone FZE's (JAFZ)
11:34 GMT

Fitch Ratings has affirmed Jebel Ali Free Zone FZE's (JAFZ) Long-term Issuer Default Rating (IDR) at 'B+', with a Stable Outlook.

First Gulf Bank building
10:20 GMT

First Gulf Bank (FGB) has signed an agreement to acquire Dubai First, the consumer financial services business, from Dubai Financial Group for AED 601 million in cash.