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Wednesday, 8 September 2010

MIDEAST STOCKS-Qtel at 2-yr high ahead of unit IPO; mkts rise | Reuters

Qatar Telecom (QTEL.QA) (Qtel) hit a two-year high on Wednesday, a day after Oman unit Nawras said it could raise as much as $608 million from its 40 percent initial public offering. [ID:nLDE68607M]

Qtel climbed 1.3 percent to its highest finish since August 4, 2008, while Qatar National Bank (QNBK.QA) rose 1.4 percent and Industries Qatar (IQCD.QA) added 0.7 percent.

Doha's index .QSI rose 0.4 percent to be within 0.2 percent below Sunday's 17-week peak."

Citadel buys out partners in Saudi Arabia copper/gold project

Emerging gold and base-metals producer Citadel Resources plans to take full ownership of the Jabal Sayid copper/gold project, in Saudi Arabia.

Citadel would pay its joint-venture (JV) partners Abdul Hadi Al Qahtani and Partners Maritime and Oilfield Services and Dr Said Al Qahtani $112,5-million for the outstanding 30% in Bariq Mining, the owner of the project.

The JV partners would be paid in a combination of up to 50% cash and shares. If 50% of the agreed price is paid in shares, the combined interest of the two JV partners in Citadel would increase to around 14,5%."

Kuwait names bourse head as new regulator chief | Reuters

Kuwait's cabinet has passed a draft decree appointing the current director of the country's stock exchange as the head of the new stock markets regulator, the state news agency reported on Wednesday.

The draft decree appoints Saleh al-Falah as chairmain of the regulator's board of comissioners, minister of trade and industry Ahmad al-Haroun was quoted by KUNA as saying.

The draft appointing Falah comes after months of delay and at least 18 candidates turning down the post."