Main headlines

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.

The rial was trading at around 33,300 per dollar
06:19 GMT

The Iranian currency, the rial, rose further on Thursday on hopes the country's economy could improve under its next president, a relative moderate elected last week.

The GCC economies would continue to benefit from high oil prices
06:00 GMT

The GCC economies are expected to grow at 5.6 per cent by the end of this year, said a report citing a top regional banking official.

June 20, 2013

Qatar foreign trade saw rise according to figures
11:00 GMT

In April 2013 Qatar’s trade balance of goods showed a surplus of QAR 35.2 billion, i.e. an increase of QAR 0.8 billion, (2.2 per cent) compared to the same period of 2012, accordint to the QSA.

Offshore drilling site
10:03 GMT

State-owned Abu Dhabi Marine Operating Co (Adma-Opco) has awarded a 2.8 billion dirhams ($766 million) contract to a local firm to develop an offshore field as its expands production of crude oil.

Tunisia's national flag
10:00 GMT

Tunisia's first issue of a sukuk (Islamic bond) is likely to be postponed to next year, adding to pressure on government finances, because of disruptions to legislative business.

The total lPO was valued at SR 5.3 billion in 2012 and SR 1.7 billion in 2011
06:00 GMT

The subscriptions to IPOs (initial public offerings) in the Saudi stock market dropped drastically during the year, according to a recent economic study.