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Saturday, 4 December 2010

Saudi Shares Climb Most in Four Weeks as Crude Oil Approaches $90 a Barrel - Bloomberg

Saudi Arabian shares, led by petrochemicals, rose the most in almost a month after U.S. and European stocks rallied and oil prices surged to a 25-month high on a weaker dollar.

Saudi Basic Industries Corp., the world’s largest petrochemical maker, and National Industrialization Co., the petrochemical producer known as Tasnee, paced the advance. The 146-company Tadawul All Share Index rose 1.2 percent, the most since Nov. 6, to 6,421.86, at the 3:30 p.m. close in Riyadh.

“It is not surprising to see a strong opening in the Saudi market especially in the petrochemical sector, given the strong performance of the international markets in equities and oil reaching close to the $90” level, said Fuad Aghabi, investment director at Ajeej Capital in Riyadh.

Dar Al Arkan Says It Can Pay $2.1 Billion Debt Without Tapping Bond Market - Bloomberg

Dar Al Arkan Real Estate Development Co., Saudi Arabia’s biggest property company by market value, can repay 7.8 billion riyals ($2.1 billion) of debt maturing within five years without tapping the bond market again, according to its general manager.

“We are on sound footing to manage all of our debts,” Saud Al Gusaiyer said in an interview in Riyadh Dec. 1. The loans are “nothing compared with our assets.”

Rental income from properties in Mecca, Medina and Riyadh will generate 300 million riyals a year and the company plans to raise money by selling residential properties and land in its portfolio, though not fixed assets, Al Gusaiyer said. Dar Al Arkan has total assets worth 23 billion riyals, according to its third-quarter balance sheet.

Disney sells Miramax to Qatar-linked group, United States Industries - Maktoob News

Entertainment giant The Walt Disney Company has sold its Miramax Films subsidiary to an investment group including Qatar Holding LLC, the group announced Friday.

Filmyard Holdings LCC, whose partners also include Thomas J. Barrack Jr., Colony Capital LLC and Ronald Tutor, paid 663 million dollars for the film company, it said in a statement.

The sale includes the rights to 700 films including Oscar-winners "Chicago," "Shakespeare in Love" and "No Country for Old Men," as well as non-film assets and the "Miramax" name.