Google+ Followers

Saturday, 18 December 2010

Qatar May Cancel Dreamliner Order If Delayed, Dow Jones Reports - Bloomberg

Qatar Airways may cancel its orders for the Boeing 787 Dreamliner if there are further delays to its delivery, Zawya Dow Jones reported, citing the chief executive officer of the Persian Gulf state’s carrier, Akbar Al-Baker.

The airline, which has added 10 new routes in the last year, has five Airbus A380s on order and its board is considering ordering more, the news service cited Al-Baker as saying. The first delivery of the A380 will be in 2013, the news service reported.

Qatar Airways has ordered 30 of Boeing’s Dreamliners and has options for another 30, the news service reported.

AFP: UAE law eases 'sponsor' grip on foreign workers

The United Arab Emirates has eased its tough rules for foreign workers who want to change employer, loosening the controversial "sponsor" system in force in the Arab states of the Gulf.

"An employee with an expired contract can obtain a new work permit and shift to another employer" without having to wait six months and have his sponsor's consent, the labour ministry said.

The new regulation takes effect in January and will "replace the current formalities of transfer of sponsorship for expatriate workers," it said in a statement carried by the Emirati state news agency WAM.

Exclusive: Bahrain releases UK bankers in Saad/AHAB case | Reuters

Bahrain has released four Britons held in the country for 18 months after the banks they worked for collapsed, in a meltdown that has caused a multi-billion dollar row between two Saudi families.

The four -- who worked at banks related to the empires of businessman Maan Al-Sanea and the Algosaibi family he is now in conflict with -- all returned from Bahrain this week, sources close to the matter told Reuters.

The men had been ordered not to leave the small island nation off the coast of Saudi Arabia, pending investigations after Awal Bank and The International Banking Corporation (TIBC) were put into administration in the middle of 2009.

Saudi Shares Climb to Seven-Month High on Oil Prices, U.S. Economy Outlook - Bloomberg

Saudi Arabian shares rose to a seven-month high, following U.S. stock and oil prices higher, after a week when economic data in the world’s largest economy signaled the recovery may strengthen next year and boost fuel demand.

Saudi Basic Industries Corp., the world’s largest petrochemicals maker, known as Sabic, and Al Rajhi Bank, the kingdom’s largest publicly traded lender by market value, paced the advance. The Tadawul All Share Index gauge gained 0.7 percent, to 6,546.91, the highest level since May 19, at 12:13 p.m. in Riyadh. The gauge has risen 3.6 percent since the start of December.

“Continued positive performance from the U.S. markets and oil during the weekend has given support for a positive open in the Saudi market,” said Fuad Aghabi, investment director at Ajeej Capital in Riyadh.

Weekly Market Analysis (Week 51) — Weekly Index Review — GCC Market Analytics

The weekly market analysis pages have been updated for trading week 51 (December 19th - December 23rd). Use the links below to view the individual market analysis pages:

The table below shows the market outlook based on each study.
Visit the links above to view the full analysis reports for all GCC markets.

Dubai’s DIC Names Smoot CEO, Confirms Debt Agreement - BusinessWeek

Dubai International Capital LLC, an investment company owned by the emirate’s ruler, appointed David Smoot as chief executive officer, replacing Anand Krishnan, who retired, the company said.

Smoot, 41, was promoted from his role as chief investment officer, which he held for two years, Dubai International said in an e-mailed statement today. Smoot, previously a managing director at Morgan Stanley, is the chairman of three firms in which the Dubai company has investments, according to the statement.

Krishnan was named CEO in September 2009 after previously serving as chief operating officer and chief financial officer since 2006, according to the company website. No one answered the phone in his office.

Qatar World Cup to Spur Loans Rebound From Five-Year Low: Islamic Finance - Bloomberg

Islamic loans in the Middle East will rebound in 2011 from a five-year low, said HSBC Holdings Plc, this year’s biggest lender, as accelerating economic growth and Qatar’s building for the soccer World Cup boosts spending.

Syndicated loans dropped 19 percent this year to $6.5 billion, according to data compiled by Bloomberg. Loans peaked at $24 billion in 2007, before the worst financial crisis since the Great Depression. Borrowers from the Middle East dominated the market in 2010, receiving all but one of the 14 loans tracked by Bloomberg in Europe, the Middle East and Africa.

“We have a number of transactions in the pipeline” which may close in the first half of next year, Mohammed Dawood, Dubai-based director of debt capital markets at HSBC Amanah, said in a telephone interview from Abu Dhabi on Dec. 15. “We’ll definitely do more loan deals in 2011 compared to this year.”

Nasdaq prices $370M debt sale to fund buyback - Bloomberg

Exchange operator Nasdaq OMX Group Inc. said Friday it priced an underwritten public offering of $370 million of 5.250 percent senior notes due 2018.

Net proceeds will be used to repay senior unsecured indebtedness that it expects to incur to finance the purchase of about 22.8 million shares of its common stock from Borse Dubai Limited, its largest stakeholder.

Nasdaq had announced the buyback on Thursday, surprising investors because it was buying more shares than had been expected.