Friday, 27 May 2011
National Commercial Bank (NCB) said Tadawul All Share Index (TASI), Saudi Arabia’s main equity index has stagnated and is facing a strong resistance level.
Citing market figures, it said that during post-regional political outbursts, the index has peaked at end of April at 6,724 and has been hovering around 6,700.
Holders were invited to offer to exchange their existing notes for new senior notes with a maturity date of May 31, 2018.
On May 18 it was announced that the new notes would pay a margin of 150bp over three-month US dollar Libor.
Officials from the Dubai Electricity and Water Authority (Dewa) plan to visit Japan and Europe next month to pitch a US$1.5 billion (Dh5.5bn) power and water desalination project to banks, said Waleed Salman, Dewa's vice president of strategy and business development.
The company selected potential bidders this week for the project. HSBC is advising.
The Gulf airline has five of the world's largest passenger jets on order, worth $375 million each at current list prices.
It could also place an order for A330 freighters.
In country after country, al-Jazeera's widely admired reporting is seen to stir revolution in the Arab world.
At the same time, that has not stopped the conundrum that Qatar is coming to the aid of other autocratic regimes.
The flurry of activity, including two Gulf sukuk issues in the past week - by Islamic Development Bank and Sharjah Islamic Bank - and several more in the pipeline, were seen as signs the sukuk market may be embarking on a recovery.
"The recent sukuk issues could be the beginning of what may be a resurgence of the sukuk market in this region," said Chavan Bhogaita, head of the markets strategy department at National Bank of Abu Dhabi.
One swallow does not make a summer and the same might be said for a Dubai real estate recovery. There have been some good signs recently, namely a fall in mortgage rates, a stabilization of rents and asking prices, a new source of demand from Arab uprising refugees and an increase in second-hand property sales.
But it is a bit early to say if this is more than a temporary upturn that will be dashed by the huge upcoming supply of property of all types in Dubai. The completion of the super-tall Torch tower in Dubai Marina this month, for example, brought another 675 apartments into the Dubai inventory.