Mena Report back issues from June 2008:
Bahrain Stock Exchange: Positive indicators during May.
Jun 01, 2008 ... The Bahrain All Share Index ended the month of May on a positive note when compared to the previous month, closing at 2,874.02. Therefore, increasing on a MoM basis by 1.14%. Market capitalization increased by 1.15% at the end of May to reach approximately BD11.2bn (US$29.68 billion) ....
UAE & Saudi Arabia dominate regional retail landscape.(Dubai International Exhibition Centre.)
Jun 01, 2008 ... Retail City 2008, the three-day industry showcase for investment and development of retail real estate for the US$ 100 billion regional retail sector, opened today (Sunday 1stJune) at the Dubai International Exhibition Centre. Opening the event for the third successive year was ...
Q1 2008 auto parts trade valued at AED 5.3 billion up 33%.
Jun 02, 2008 ... The latest Statistics released by Dubai World indicated a year on year 30% increase in Dubai's total direct trade in auto parts and accessories which were valued at AED 18.2 billion in 2007. This was announced at the Automechanika Academy taking place at the with Automechanika Middle East, ...
Al-Bayader gears up production ahead of completion of new QR17 million facility in Doha Industrial Area.(Al Bayader International )
Jun 03, 2008 ... As part of its new QR17 million (US$4.7 million) productions and logistics facility, scheduled for completion in the new Doha Industrial Area next year, Al Bayader International, has commissioned two new production units. The Expandable Polystyrene (EPS) production lines started turning ...
Bahrain Stock Exchange lists US$20 million "SICO Gulf Equity Fund".
Jun 03, 2008 ... Director of Bahrain Stock Exchange (BSE), Mr. Fouad Rashid issued a resolution on Monday 2nd of June 2008 to list "SICO Gulf Equity Fund", issued by SICO Fund Company III, at the Exchange as of Tuesday 3rd of June 2008. The "SICO Gulf Equity Fund" is an open-ended fund with a ...
DAMAC to develop 170 million sq feet master development in Kurdistan, Iraq.(Damac Properties)
Jun 03, 2008 ... DAMAC Properties - the luxury lifestyle provider and a leading private sector master developer - today announced its plans in Kurdistan, Iraq, with the launch of the Tarin Hills master development in Erbil. Located in the Kurdistan Region of Iraq, the project is a conglomeration of ...
Saudi Arabia: AFICO completes factory expansion, plans construction of new facility.
Jun 03, 2008 ... Arabian Fiberglass Insulation Co. Ltd., (AFICO), a joint venture between Owens Corning and Zamil Industrial Investment Company and a sector business of Zamil Industrial, recently announced the completion of a major capacity expansion at its manufacturing facility located in Dammam, Saudi ...
Define Properties launched with total asset of AED 1.7 Billion.
Jun 03, 2008 ... Newly launched property development company, Define Properties, has entered the market with a flying start after selling their entire first project Niki Lauda, off plan, before either company or building launched. During its launch press conference held yesterday at Burj Al Arab, Define ...
Arab World: Governments still dominate Terrestrial TV landscape.
Jun 03, 2008 ... The boom in the supply of free to air satellite TV channels in the Arab World has reduced the audiences for terrestrial TV. Yet local terrestrial TV stations are still alive in the region, but regulations and market dynamics have insured that -except in a few countries- the number of ...
Global Investment House: Insurance sector - Kuwait economic & strategic outlook.
Jun 04, 2008 ... Global Investment House - Kuwait Economic & Strategic Report -Insurance Sector- Among the Gulf Cooperation Council (GCC) countries, Kuwait was one of the earliest to witness the establishment of insurance companies, while in countries like Oman and Qatar they were established as late as ...
Khaleeji Commercial Bank to establish building materials company.
Jun 04, 2008 ... Khaleeji Commercial Bank (KHCB), a Bahrain based Islamic private bank, announced today the intention to establish a building materials company to serve the construction wholesale and retail markets in the Gulf, Middle East and North Africa. The new company, which will be called Binaa, is ...
Orascom Telecom announces US$186 million tender offer for own shares.
Jun 04, 2008 ... Orascom Telecom Holding S.A.E. ("OTH") has announced the commencement of a cash tender offer pursuant to which it offers to purchase up to 12 million of its ordinary shares (including ordinary shares represented by global depositaryshares ("GDSs")) at a purchase price of EGP83 per ordinary ...
Qatar: Egyptian firm to set up cables factory.(El Sewedy Cables)(Brief article)
Jun 04, 2008 ... Egypt's El Sewedy Cables has announced the establishment of a power cables factory in Qatar with a total investment cost of US$ 150 million and production capacity of 30,000 tons per year. Operations are expected to commence by end of 2009- beginning of 2010. The project, which ...
Jordan bourse: Non-Jordanian investors control 15.8% of overall trading value.(Brief article)
Jun 04, 2008 ... The total value of shares that were bought by Non-Jordanian investors since the beginning of the year 2008 until May 2008 was JD1387.3 million, representing 15.8% of the overall trading value, while the value of shares sold by them amounted to JD1277.1 million. As a result, the net of ...
Algeria: New ammonia plant to be built.
Jun 04, 2008 ... Algeria's state-run oil and gas company Sonatrach on Monday signed a partnership agreement with Spain's Fertiberia to establish a new an ammonia plant in the port city of Arzew, which is located 22 miles from the western Algerian city of Oran. The cost of this project amount to US$1 ...
Oman: MoU signed to expand Salalah Port.
Jun 05, 2008 ... Salalah Port Services Co. (SAOG), the operator of the Port of Salalah, has signed an MOU with the Government of Oman to expand the present container handling facilities by constructing additional 1350 meters of quay wall. This will extend the total container terminal quay length to 3,555 ...
WHO report says one in four males in UAE are smokers.
Jun 05, 2008 ... Twenty one years have passed since World No Tobacco Day was first introduced by the World Health Organisation (WHO) to draw global attention to the widespread prevalence of tobacco use and to its negative health effects. Despite the progress made, WHO estimates that there are more than one ...
Dresdner Bank to join the Dubai International Financial Centre.
Jun 05, 2008 ... Dresdner Bank has expanded its presence in the Near and Middle East region with the formation of a subsidiary in Dubai. The new company "Dresdner Bank (DIFC) Limited" has received a license from the Dubai Financial Services Authority to establish its office the Dubai International ...
GGICO open one of the regions largest aluminium factories.
Jun 05, 2008 ... Gulf General Investment Company (GGICO), a Dubai based investment company, officially inaugurated one of the largest aluminium extrusion factories in the region in an opening ceremony attended by the vice chairman of DUBAL, Ahmed Humeid Al Tayer yesterday. National Aluminium ...
DFM: Foreign investors purchase AED 2.899 billion worth of shares last week.(Dubai Financial Market)(Brief article)
Jun 07, 2008 ... Dubai Financial Market announced today that the value of shares bought by foreign investors, or non-UAE nationals, during last week (June 01- June 05) reached AED 2.899 billion comprising 35.8 per cent of the total value of stocks traded during the period. The value of stocks ...
Omanoil opens three new filling stations across the Sultanate.
Jun 08, 2008 ... Oman Oil Marketing Company (omanoil), a leading Omani fuel and lubricants marketing companies, recently inaugurated three new filling stations across the Sultanate in Awqad Salalah, Samail and Sur Al Hadid. To mark the occasion, 240 quickshop vouchers worth two Rials each were distributed ...
Qatar Telecom to acquire interest in PT Indosat Tbk (Indosat) from Asia Mobile Holding Pte Ltd.
Jun 08, 2008 ... Qatar Telecom QSC ("Qtel") and Singapore Technologies Telemedia Pte Ltd ("ST Telemedia"), a leading information-communications company with operations in the Asia-Pacific, the Americas and Europe, have announced that their jointly held subsidiary, Asia Mobile Holding Pte. Ltd. ("AMH"), ...
International General Insurance Holdings Limited announces 2007 year end results.(Financial report)
Jun 09, 2008 ... International General Insurance Holdings Limited () today reported earnings for the full year ended March 31, 2008. Net earnings increased 38 percent for the 2007 fiscal year to US$ 20.4 million, compared to US$ 14.8 million for the year before. Net underwriting profit also ...
Saffar Capital receives DFSA license to operate in DIFC.(Dubai Financial Services Authority)
Jun 10, 2008 ... Saffar Capital, a regional financial services firm, today announced that the company was issued a license to operate as an authorised firm in the Dubai International Financial Centre (DIFC). The license, granted by the Dubai Financial Services Authority (DFSA), allows Saffar to ...
Qatari construction sector set to reach QAR 33 billion by 2012.
Jun 11, 2008 ... Qatar's construction sector is set to reach QAR 33billion (USD 9.06 billion) by 2012, according to studies conducted by Business Monitor, and with over 800 new towers slated to go up in Doha over the next 10 years, the market has been identified as one of the busiest construction areas in ...
Algeria: GE awarded contract to build new power plant.
Jun 11, 2008 ... A new planned power plant featuring GE Energy's F-class gas turbine technology will help meet the rapidly growing energy needs of eastern Algeria when it enters service at the end of 2011. Algerian electric company Shariket Karhaba Koudiet Eddraouch Spa, owned by Sonelgaz and ...
Tamweel offers commercial financing for Fortune Tower at Jumeirah Lakes Towers.
Jun 14, 2008 ... Tamweel PJSC, the UAE's largest provider of real estate finance, today announced that it will offer commercial finance to businesses interested in buying office space in the Fortune Tower, located in Jumeirah Lakes Towers (JLT), Dubai. Fortune Tower offers nearly 350,000 square ...
Dubai: Landmark Gulf Group - Kurt Geiger open doors.
Jun 15, 2008 ... Kurt Geiger, Europe's largest luxury shoes specialist today unveils its shoe collections at an exclusive fashion show, being held at Intercontinental Hotel Dubai. Showcasing highlights from the current Spring / Summer collections, Kurt Geiger reveals a coveted selection of glamorous, ...
Interactive cinema lobby advertising arrives in the region.
Jun 15, 2008 ... BrandPlay and CineStar Cinemas (MAF Greater Union LLC) have joined forces with Motivate Val Morgan to offer a new and innovative platform for interactive cinema lobby advertising. The recently inked deal with BrandPlay will put motion-sensitive ad panels on the floors and walls ...
Distinctive new look for Abu Dhabi and Al Ain airports.(Abu Dhabi Airports Company )
Jun 16, 2008 ... As part of an ongoing branding initiative to promote Abu Dhabi to millions of airport users, Abu Dhabi Airports Company (ADAC) has launched a new distinctive identity for both its international airports in Abu Dhabi and Al Ain that connects it to the brand of Abu Dhabi. The move is part of ...
Memon Investments to launch 10 projects valued at AED 2.5 billion in the second half of 2008.
Jun 16, 2008 ... Memon Investments, a leading Dubai-based property developer and part of the international business conglomerate, the Memon Group of Companies, has announced its plans to launch ten projects collectively valued at AED 2.5 billion in the second half of 2008. The developer further announced ...
Kuwait Business Town Towers move ahead.(Brief article)
Jun 16, 2008 ... Kuwait Business Town Towers, designed by KEO International Consultants, is set to become one of the most recognizable landmarks on the Kuwait Skyline. The iconic design is comprised of two towers- one 40 storeys and the other 36 storeys- that dynamically interact with each other as they ...
Montblanc opens its largest Middle East boutique in Kuwait.
Jun 16, 2008 ... Sustained by robust growth in the global luxury retail business, luxury goods manufacturer Montblanc, recognized worldwide for its classic timepieces, jewelry, leather goods and writing instruments opened an exclusive boutique in Kuwait's Avenues Mall Phase II recently. The boutique is the ...
Ithmaar Bank sells 2.47 per cent of BBK stake to Global Investment House.
Jun 17, 2008 ... Ithmaar Bank, a Bahrain-based investment bank with global reach and Global Investment House, headquartered in Kuwait, have mutually agreed to rebalance their stake in BBK as part of their continued strategic cooperation as major shareholders. Ithmaar Bank has announced that it has sold 20 ...
Kanoo Travel opens new office in Burj Dubai Business Square.
Jun 17, 2008 ... As part of their ongoing expansion plans, Kanoo Travel, the largest travel company in the Middle East, has announced the opening of their latest office at the Burj Dubai Business Square. The new office, located in Building 1, will cater to the travel and holiday requirements of companies ...
Emaar Healthcare Group partners with US-based Methodist International.
Jun 17, 2008 ... Emaar Healthcare Group (EHG), the health care subsidiary of Emaar Properties PJSC, has entered into a strategic partnership with Methodist International (MI), the international subsidiary of The Methodist Hospital in Houston, Texas. The tie-up was the result of EHG's global search for ...
Saudi investors of Abraaj Capital sell their 30 per cent stake in National Air Services to Kingdom Holding Company.(Company overview)
Jun 17, 2008 ... Saudi investors of Abraaj Capital, led by Sheikh Abdulrahman Ali Al Turki, Chairman of Abraaj Capital, the premier investment firm specialising in private equity investment in the Middle East, North Africa and South Asia (MENASA) region, announced today the sale of their 30 per cent stake ...
UAE inflation rate reached 11.1 per cent in 2007.
Jun 17, 2008 ... Sultan Bin Saeed Al Mansouri, UAE Minister of Economy, has announced that the country's inflation rate reached 11.1 per cent in 2007, influenced by increases in the prices of goods and services. This figure was derived by measuring the percentage change in prices of a representative basket ...
UAE mortgage market becoming increasingly complex.
Jun 18, 2008 ... The UAE's mortgage market is becoming increasingly complex, according to industry experts, with mortgage application approvals considered to be the top reason for delays in the buying process. What property buyers look for, beyond rates or the reputation of the lender, is the ...
Gulf Navigation PJSC enters into two Joint Ventures with Stolt-Nielsen S.A.
Jun 18, 2008 ... Gulf Navigation Holding PJSC has announced that it has entered into two 50/50 joint ventures with Stolt-Nielsen Indian Ocean Middle East Service Ltd (wholly owned subsidiary of Stolt-Nielsen S.A. (SNSA). The first joint venture, Gulf Stolt Tankers, will own three and operate six new 44,000 ...
UAE mortgage market becoming increasingly complex.
Jun 18, 2008 ... Summary: The UAECOs mortgage market is becoming increasingly complex, according to industry experts, with mortgage application approvals considered to be the top reason for delays in the buying process. The UAECOs mortgage market is becoming increasingly complex, according to ...
Gulf Navigation PJSC enters into two Joint Ventures with Stolt-Nielsen S.A.
Jun 18, 2008 ... Summary: Gulf Navigation Holding PJSC has announced that it has entered into two 50/50 joint ventures with Stolt-Nielsen Indian Ocean Middle East Service Ltd (wholly owned subsidiary of Stolt-Nielsen S.A. (SNSA). Gulf Navigation Holding PJSC has announced that it has entered ...
Morgan Stanley expands asset management presence in Middle East.
Jun 18, 2008 ... Summary: Morgan Stanley (NYSE: MS) announced today that it has named Michael Samaha Co-Head of Middle East and North Africa (C[pounds sterling]MENAC[yen]) Sales and Business Development for Morgan Stanley Investment Management (MSIM). Mr Samaha, based in the FirmCOs office in the Dubai ...
Sahara Centre unveils new phase of AED 5bn Sahara City project.
Jun 19, 2008 ... Summary: Sahara Centre, the leading family shopping as well as entertainment destination in the UAE and one of SharjahCOs most prominent landmarks, today announced the launch of new expansion phase of its AED 5 billion Sahara City project Co the largest real estate and commercial project ...
Al Khayyat, Rasmala Investments and RHT acquire 13 per cent stake in Taaleem.
Jun 19, 2008 ... Summary: Al Khayyat, Rasmala Investments and RHT Partners have made a major foray into the UAE's education sector through their acquisition of 13 per cent stake in Taaleem, the new brand identity of Madaares PJSC, a private joint stock company specializing in enhancing quality and ...
ABC Islamic Bank in US$100 million general syndication for Kuwait,COs ,C[pounds sterling]Munshaat,C[yen].
Jun 19, 2008 ... Summary: ABC Islamic Bank (the Initial Mandated Lead Arranger and Bookrunner) has successfully closed syndication for a US$100 million, 3-year Syndicated Revolving Murabaha Financing Facility on behalf of Munshaat Real Estate Projects Company K.S.C. (Closed). ABC Islamic Bank ...
Saudi Arabia: Bank deposits on the increase.
Jun 19, 2008 ... Summary: Total bank deposits in Saudi Arabia went up by 6.1 percent to SR761.6 billion during the first quarter of 2008 Total bank deposits in Saudi Arabia went up by 6.1 percent to SR761.6 billion during the first quarter of 2008 compared to an increase of 6.3 percent during ...
Egypt: Agrium says construction of disputed plant will go ahead.
Jun 19, 2008 ... Summary: CanadaCOs Agrium Inc. has announced that EAgrium has apparently been cleared by the Egyptian Parliamentary Committee of all substantive issues regarding its disputed project in Egypt. CanadaCOs Agrium Inc. has announced that EAgrium has apparently been cleared by the ...
ABC Islamic Bank in US$100 million general syndication for Kuwait's "Munshaat".
Jun 19, 2008 ... ABC Islamic Bank (the Initial Mandated Lead Arranger and Bookrunner) has successfully closed syndication for a US$100 million, 3-year Syndicated Revolving Murabaha Financing Facility on behalf of Munshaat Real Estate Projects Company K.S.C. (Closed). The signing ceremony held at Arab ...
Saudi Arabia: Bank deposits on the increase.
Jun 19, 2008 ... Total bank deposits in Saudi Arabia went up by 6.1 percent to SR761.6 billion during the first quarter of 2008 compared to an increase of 6.3 percent during the preceding quarter. Bank deposits achieved an annual rise of 24.35 percent at the end of the first quarter of 2008. ...
Egypt: Agrium says construction of disputed plant will go ahead.
Jun 19, 2008 ... Canada's Agrium Inc. has announced that EAgrium has apparently been cleared by the Egyptian Parliamentary Committee of all substantive issues regarding its disputed project in Egypt. The Canadian fertilizer producer said in a statement that "The Previous claims of substantial deficiencies ...
MEA receives its first A330-200 aircraft directly purchased from Airbus.
Jun 21, 2008 ... Lebanon's national carrier, Middle East Airlines (MEA) has taken delivery of its first A330-200 aircraft directly purchased from Airbus. The aircraft was handed over to Mohamad El-Hout, Chairman and Director General, MEA, by Habib Fekih, President, Airbus Middle East, in a delivery ...
MEA receives its first A330-200 aircraft directly purchased from Airbus.
Jun 21, 2008 ... Summary: LebanonCOs national carrier, Middle East Airlines (MEA) has taken delivery of its first A330-200 aircraft directly purchased from Airbus. LebanonCOs national carrier, Middle East Airlines (MEA) has taken delivery of its first A330-200 aircraft directly purchased from ...
Emaar Morocco completes Tinja sales centre; to unveil Aldea apartments shortly.
Jun 22, 2008 ... Summary: Emaar Morocco, the country-subsidiary of Emaar Properties PJSC, has completed a dedicated sales centre for Tinja, a 300 hectare (3 million sq m) resort community near Tangiers. The sales centre will host the sale of Aldea apartments in Tinja offering spectacular views of the ...
Abu Dhabi Ports Company, Borouge sign MoU to provide port services at Khalifa Port.
Jun 22, 2008 ... Summary: Abu Dhabi Ports Company (ADPC) the master developer of ports, industrial and trade and logistics zones, signed a Memorandum of Understanding (MOU) with Borouge, the leading provider of innovative value-creating plastics solutions, to provide port services at the planned Khalifa ...
Emaar Morocco completes Tinja sales centre; to unveil Aldea apartments shortly.
Jun 22, 2008 ... Summary: Emaar Morocco, the country-subsidiary of Emaar Properties PJSC, has completed a dedicated sales centre for Tinja, a 300 hectare (3 million sq m) resort community near Tangiers. The sales centre will host the sale of Aldea apartments in Tinja offering spectacular views of the ...
Abu Dhabi Ports Company, Borouge sign MoU to provide port services at Khalifa Port.(Memorandum of Understanding)(Borouge Private Ltd.)
Jun 22, 2008 ... Summary: Abu Dhabi Ports Company (ADPC) the master developer of ports, industrial and trade and logistics zones, signed a Memorandum of Understanding (MOU) with Borouge, the leading provider of innovative value-creating plastics solutions, to provide port services at the planned Khalifa ...
Sweet Homes sells 40 per cent of commercial and residential towers within ,CyAjman Uptown,CO project.
Jun 22, 2008 ... Summary: Sweet Homes, a leading UAE-based developer and multi-service provider to the real estate sector, announced that it has sold 40 per cent of the seven commercial and residential developments within its AED 2.5 billion CyAjman UptownCO project. Collectively valued at AED 1.3 billion, ...
Global establishes a brokerage subsidiary in Jordan.
Jun 22, 2008 ... Summary: Global Investment House C[pounds sterling]GlobalC[yen] announced today that six years after GlobalCOs entry into the Jordanian market and its effective contribution to the Jordanian economy, Global recently launched a brokerage subsidiary under the name Universal Brokerage which ...
Foreign investors purchase AED 1.753 billion worth of shares on DFM during the last week, and sold AED 2.116 billion.
Jun 22, 2008 ... Summary: Dubai Financial Market announced today that the value of shares bought by foreign investors, or non-UAE nationals, during last week (June 15- June 19) reached AED 1.753 billion comprising 39.4 per cent of the total value of stocks traded during the period. Dubai ...
Kuwaiti economy set to gain US$350 million in additional revenues by reducing software piracy rate.
Jun 22, 2008 ... Summary: The Kuwaiti economy is looking at potentially adding USD 350 million to its national economy by reducing its software piracy rate, as recent IDC studies revealed that a minimum 10 percentage point drop in the countryCOs current piracy activity can rake in significant earnings from ...
Ajman Bank PJSC begins trading on Dubai Financial Market.
Jun 22, 2008 ... Summary: Dubai Financial Market (DFM) has announced the listing of Ajman Bank PJSC. Trading of the companyCOs shares begins today, Sunday, June 22, 2008, under the trading symbol C[pounds sterling]AJMANBANK,C[yen] which will appear on DFM screens, trading systems and publications. ...
NBK Capital buys 40% of leading Saudi transport company, Hanco.
Jun 22, 2008 ... Summary: NBK Capital, a top regional investment bank, has acquired 40% ownership in Al-TalaCOa International Transportation Company Ltd, (Hanco), a leading Saudi car rental, leasing and fleet maintenance company. NBK Capital will also help Hanco finance additional growth plans and improve ...
Saudi Aramco, Total sign agreement to establish Jubail Refining and Petrochemical Company.
Jun 22, 2008 ... Summary: The Saudi Arabian Oil Company (Saudi Aramco) and Total Sunday signed the Shareholders Agreement and other core agreements for the establishment of their joint venture, the Jubail Refining and Petrochemical Company. The Saudi Arabian Oil Company (Saudi Aramco) and Total ...
Mayadeen sign five new contractors for ,C[pounds sterling]Landmark,C[yen] projects in Shams Abu Dhabi.
Jun 23, 2008 ... Summary: National Ranges Company K.S.C.C. (Mayadeen), a listed Kuwaiti shareholding company, has signed five major contracts for its two projects in Shams Abu Dhabi project, Aurora and Dari. National Ranges Company K.S.C.C. (Mayadeen), a listed Kuwaiti shareholding company, has ...