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Thursday, 9 September 2010

Oman Shares Climb to Two-Week High on Bank Dhofar Stake Sale: Qtel Gains - Bloomberg

Oman shares advanced to the highest in more than two weeks, led by Dhofar International Development & Investment Holding Co. and Al Anwar Holdings SAOG. Qatar Telecom QSC. gained, raising the country’s benchmark index.

Dhofar International surged the most in almost three months after it sold a 2.5 percent stake in Bank Dhofar SAOG. Al Anwar, the sultanate’s investor in manufacturing companies, increased the most since July. Oman’s MSM30 Index gained 0.3 percent to 6,301.83, the highest since Aug. 23, at the 1 p.m. close in Muscat. Qatar’s QE Index advanced 0.8 percent.

The Islamic holy month of Ramadan, when Muslims fast from sunrise to sunset and business activity slows, ends tomorrow with the celebration of Eid. Exchanges in the United Arab Emirates, Kuwait and Saudi Arabia are already shut for the holiday. Oman and Qatar’s bourses will close from Sept. 12.

Emirates's Record A380 Jet Order Is `Not Enough,' Clark Says - Bloomberg

Emirates, the world’s biggest airline by international traffic, said its order for 90 Airbus SAS A380 superjumbos won’t be enough to take up the demand for its services.

The jets on order “are well spoken for and frankly, the way things are going for us at the moment, the 90 certainly won’t be enough,” President Tim Clark said in a phone interview today. “Demand for our services seems to be continuing to grow apace. We’re moving forward very robustly.”

The carrier, already the biggest customer for Airbus’s 517- seat plane, has expanded its traffic growth sixfold in the last decade by connecting international passengers through its Dubai hub. Emirates is also the biggest operator of Boeing Co.’s 777 long-range jet.

Eid mubarak to all readers - regular service resuming from a.m. 10th September, 2010

Idea not selling stake to Etisalat

Emirates Telecom Corp, UAE's biggest phone company, also called Etisalat, has recently been in the news for its intentions to buy a stake of two Indian telecom service providers.

Earlier it was reported to be eyeing a stake in Reliance Communications. The company has already denied such a move in the near future.
And now it is rumored to be seeking a stake in Idea Cellular. Jamal Al-Jarwan, chief executive officer for international investments at Etisalat has been reported to have said said, "There are many options in India, and we are not excluding Idea Cellular." But he did not say that he is talking to Idea, or has any firm plans to buy stake in the operator.

Rajat Mukarji, Idea Cellular's official spokesperson has denied plans to sell to Etisalat. He said the company has not been approached by Etisalat and added, "These are pure speculations. We have not been approached by Etisalat".