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Saturday, 14 January 2012

Saudi Stock Market close - January 14, 2011

General Index
Intraday 3 month
Daily Statistics
General Index6494.77
Change (%)0.13%
T. Volume315318385
T. Companies 151

From Arabian Business: Qatar eyes progress on $3.3bn Space City project

Qatar will move forward with plans to establish a $3.3bn Space City once the project has won approval from authorities, a senior official has said.

Abdul Aziz Mohamed Al Noaimi, chairman of Qatar Civil Aviation Authority (QCAA), said the space city would be built in the Al-Khor area of the Gulf state.

In comments published by state news agency QNA, Al Noaimi said: “There is a plan for space city in Al-Khor area the details of which will be revealed after it gets formal approval from the top authorities in the state.”

Greek Official: UAE Show Interest in State Assets - ABC News

Greece's deputy prime minister says investors from the United Arab Emirates have shown interest in the debt-crippled country's massive state asset sale program, during a joint economic forum near Athens.

Theodore Pangalos said Thursday that potential investors are focusing on real estate deals, which are expected to account for about half of the euro50 billion ($63.7 billion) program. So far, Greece has only raised euro1.56 billion ($1.99 billion).

Pangalos said Greece planned to hold another economic forum this month with Qatar, which was involved in so-far fruitless talks to develop a large former airport site in southern Athens.

Arab investors keep an eye on annual corporate results - Financial Services - Zawya

Arab stock markets closed week mixed as investors awaited the release of annual corporate results particularly of blue chips, financial analysts said Friday.
They expected regional markets to remain under pressure in the coming months from political turmoil as represented by the "Arab Spring" revolts and the standoff between Iran and western powers over Tehran's nuclear program.
"I believe Middle East bourses will continue to suffer in the new year from the fallout of Arab uprisings and the political turmoil resulting from western threats to Iran," Nizar Taher, chief of brokerage at the Jordan Ahli Ban k, told Arab News.

gulfnews : Central bank denies secret Mubarak accounts

Egypt's central bank has denied local media reports claiming that former president Hosni Mubarak held $9 billion (Dh33.1 billion) in secret accounts, the bank said in an emailed statement sent on Thursday.
The local Egyptian daily newspaper Youm 7 published reports citing the former deputy head of the Central Auditing Agency, Assem Abdul Moety, claiming that Mubarak stored over $9 billion in three secret Central Bank accounts, which are now frozen. He also told the privately owned newspaper $8.7 billion was deposited in the first of Mubarak's personal accounts in 1992.
But the Central Bank said in its statement that this money was originally deposited in a state account titled "Amounts Received from Arab States" between 1990 and 1992 by five Arab countries as non-refundable grants to Egypt, totalling $4.6 billion at the time.

Crude Oil Falls to Three-Week Low as EU May Delay Embargo on Iran Imports - Bloomberg

Oil dropped to a three-week low after two European Union officials said an embargo on Iranian crude imports may be postponed for six months.
Crude fell 0.4 percent as officials said that the ban would be delayed to allow nations to find new supply. International Atomic Energy Agency inspectors will go to Tehran to discuss Iran’s nuclear program, two diplomats said. Futures also declined after French Finance Minister Francois Baroin said Standard & Poor’s is stripping France of its AAA credit rating.
“We’re still digesting the Iran news,” said Chris Dillman, an analyst and broker at Tradition Energy in Stamford, Connecticut. “Prices dropped on the news that the EU had pushed back the embargo and may fall further when we get more information about the inspectors’ visit. Anything that reduces tension with Iran sends prices lower.

UPDATE 2-UK's Cameron in Saudi says world will keep open oil route | Reuters

British Prime Minister David Cameron said the world would "come together" to prevent Iran closing the Strait of Hormuz oil shipment route and that Russia should take a tougher stance against Syria during his visit to Saudi Arabia on Friday.

Iran last month threatened to blockade the strategically vital strait if it was subjected to any new international sanctions over its nuclear programme, which it says is for civilian use, but which Western countries believe is aimed at building an atomic bomb.

"In terms of the Straits of Hormuz, it is in the interests of the whole world that those straits are open and I'm sure if there was any threat to close them the world would come together and make sure they stayed open," said Cameron in a television interview also attended by Reuters.