June 26, 2013
Dubai's state-owned property firm Nakheel, is in talks with banks to refinance loans worth 8 billion dirhams ($2.2 billion) that are due in 2015, the chairman of the company said on Wednesday.
The cost of insuring Egypt's debt against default has risen to record highs in the five-year credit default swap market, according to Markit, on concerns about political unrest.
The value of Saudi Arabia exports of nonoil commodities for the first quarter (Q1) of the current year 2013, reached SR 46.84 billion, compared to SR 47.84 billion, or a decrease of 2.1 percent, according to the Central Department of Statistics and Information (CDSI).
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
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.
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.
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.
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 Holding on Sunday said the subscription period for its $650 million equity rights issue has been extended to July 4, 2013.
June 24, 2013
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.
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.
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
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.
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.
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.