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Saturday, 10 December 2011

Saudi Stock Market close - December 10, 2011

General Index
Intraday 3 month

* market data delayed by 20 min.
Daily Statistics
General Index6302.84
Change (%)0.81%
T. Volume225166425
T. Companies 150

Alara to acquire 75pc of equity in Oman copper-gold project | Oman Observer

Australian minerals development and exploration firm Alara Resources Limited (Alara) has announced that it has secured rights to acquire up to a 75 per cent interest in Pilatus Resources Oman LLC (Pilatus) which currently holds three Exploration Licenses in the Samayil Ophiolite of Oman.

The licenses cover 80 square kilometres over the prospective Al Ajal, Washihi and Mullaq Copper-Gold Project areas. These prospects are located on the Samayil Ophiolite belt which hosts Cypress type VMS deposits. The three license areas are approximately 80-160km east and southeast of Alara's Daris Copper-Gold Project (Block 7)1 and Awtad Copper-Gold Project (Block 8)2.

This project is the third (after Daris Block 7 and Awtad Block 8) of a number of copper-gold opportunities Alara is currently pursuing in Oman. The company will target mineralisation based on previous drilling and geophysics of 2.5 million tonnes at 1.3 per cent copper equivalent to 4.5 million tonnes at 1 per cent copper equivalent (which includes gold credits) across the existing areas of drilling within the three licence areas.

Oman committed to open markets | Oman Observer

The Sultanate will attend the three-day Eighth ministerial conference of the World Trade Organisation (WTO), scheduled to be held in Geneva on Thursday. The Sultanate’s delegation to the conference will be led by Shaikh Saad bin Mohammed al Saadi, Commerce and Industry Minister.

Khalid bin Said al Shuaibi, Director-General of Organisations and Trade Relations at the Commerce and Industry Ministry, said that on the sidelines of the co-ordination meetings of the members of OIC, the minister will highlight the importance of co-ordination between OIC and WTO, and will clarify Sultanate’s stance and its commitment to the multilateral commercial systems, its keenness to open markets and not to take any protective measures that may hamper the flow of the trade exchange.

In a statement to Oman News Agency (ONA), he added that the minister will also meet heads of a number of international organisations in Geneva including WTO, the World Intellectual Property Organisation (WIPO) and UNCTAD to discuss the existing co-operation between the Sultanate and these organisations in the economic and commercial fields.

DIG transfers management of real estate portfolio | Reuters

Dubai Investment Group (DIG) has appointed private equity firm Silverpeak Real Estate Partners to manage its U.S. and German real estate portfolio, the acting chief executive of the group said on Friday.

DIG is the real estate and asset management arm of Dubai Group, which is part of Dubai Holding, the investment holding company owned by Dubai's ruler, Sheikh Mohammed bin Rashid Al Maktoum.

"Dubai Investment Group, a subsidiary of Dubai Group, has engaged Silverpeak Real Estate Partners to manage its U.S. & German commercial real estate portfolio," said CEO Fadel Al Ali said in a statement.