Main headlines

June 18, 2013

Financial close of the main financing is expected to occur during the third quarter of 2013
06:19 GMT

Sadara Chemical Company (Sadara) yesterday announced the signing of a number of definitive financing agreements for an additional funding of approximately SR 39.37 billion ($ 10.5 billion).

Jordan remains the main source of remittance inflows to Oman
06:00 GMT

A World Bank report has shown that the sultanate received US$39mn in remittances from Omani expatriates in 2012, ranking it 145th out of the 165 countries for which there is remittance inflow data.

Among the top losers were Al Batinah Dev Inv Holding
05:00 GMT

The general index of the Muscat Securities Market (MSM) gained 0.40 per cent to close at 6509.94 points on Tuesday.

Personal-care items and services dropped by seven per cent in April, on month
05:00 GMT

Helped by moderating global commodity prices and a strong US dollar, to which Oman keeps its currency pegged, the sultanate's annual inflation fell to a 40-month low in April.

June 17, 2013

Dar Al-Arkan Real Estate topped the volume chart
12:07 GMT

The Saudi stock market turned green yesterday, recovering half percent from the biggest dip of previous day.

Some say the price increases have nothing to do with a rising demand for sheep, but fodder prices that have been rising over the past year
11:55 GMT

The prices of livestock over the past few days have been steadily rising across the Kingdom as consumers try to offset costs ahead of Ramadan.

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.