June 17, 2013
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.
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) 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.
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
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.
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.
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.
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.
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.
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.
It turned out to be largely negative for investors yesterday, as Saudi Arabia's benchmark stock index (TASI) recorded a decline of 4.32 percent, which is the biggest intra-day decrease in more than one year.
An expert here believes that the Kingdom is likely to spend all its oil on electricity in the country by 2031 if current consumption continues, and has called for an urgent program to harness solar energy.
The Saudi Industrial Development Fund (SIDF) has approved more than 3,480 loans worth SR 106 billion for 2,475 projects, the SIDF chief has disclosed.
The International Monetary Fund has warned that Dubai is risking another boom-to-bust business cycle by pushing up its debt to boost short-term growth at the cost of the medium term outlook, in a statement concluding its annual mission to the UAE.
June 13, 2013
Egypt's bourse tumbles to an 11-month low as investors fret about the possibility that it could eventually be excluded from the MSCI Emerging Market Index used by many international fund managers.