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Saturday, 5 May 2012

Business - Dubai Economic Council reviews draft of bankruptcy law

The Dubai Economic Council, or DEC, has reviewed and discussed both the drafts of financial restructuring and bankruptcy law, and commercial companies law, and the most important developments in this regard.
In the presence of Shaikh Ahmed bin Saeed Al Maktoum, President of the Dubai Civil Aviation Authority, Chairman of the Emirates Group and Chief Executive of Emirates airline, the DEC held the first hearing session 2012, which was headed by Juma Al Majid, the Chairman of the Council. The meting also reviewed and discussed policy recommendations for the DEC on the future of Dubai’s development.

“The financial restructuring and bankruptcy law is an introduction to legal reform and enhanced development programmes,” Shaikh Ahmed said. Hani Al Hamli, secretary-general of DEC, and representatives of both public and private sectors in the Emirate of Dubai also attended the meeting. A team from the Legal Affairs Department of the Government of Dubai, led by Dr Loay Belhoul, director-general of the department, Ministry of Finance’s executives, Dubai Courts, in addition to DEC Secretariat’s executives also attended the meeting.

gulfnews : GCC Focus: Mighty Saudi economy getting stronger

Numerous indications point to the steady growth of the Saudi economy, thereby further strengthening the global position of the kingdom's gross domestic product (GDP). These factors include relatively high oil prices, solid oil output, and strong spending.
To be sure, nominal or market prices of Saudi Arabia's GDP amounted to $577 billion (Dh2 trillion) in 2011, or number 20 worldwide. This is an exceptional achievement by virtue of placing Saudi GDP ahead of several European economies including those of Sweden, Poland, Belgium, Norway and Austria, to name a few.
Undisputedly, Saudi Arabia's GDP is the largest in the Arab world. This partly explains the fact that the kingdom is the sole Arab country in the G20, in turn comprising the largest economies in the world.

Saudi Stock Market close - May 5, 2012

General Index
Intraday  3 month  
 Daily Statistics
 General Index7450.26
 Change (%)-1.27%
 T. Volume484438903
 T. Companies 154

Saudi Shares Drop Most in More Than Two Weeks on Oil, U.S. Jobs - Bloomberg

Saudi Arabian shares fell the most in more than two weeks after oil slipped below $100 a barrel for the first time since February and a decline in U.S. job additions fueled concern the country’s economic growth may slow.
The Tadawul All Share Index (SASEIDX) dropped 1.3 percent, the most since April 15, to 7,450.26 at the 3:30 p.m. close in Riyadh. Saudi Basic Industries Corp. (SABIC), the world’s biggest petrochemicals maker also known as Sabic, also declined the most since April 15. Al-Rajhi Bank (RJHI), the country’s largest lender by market value, retreated 1 percent.
“Petrochemicals are leading declines because of the drop in the price of oil and the U.S. jobs report, which fell below expectations,” Turki Fadaak, head of research at Albilad Investment Co., said by phone from Riyadh. “But we don’t expect an extended retreat as fundamentals remain strong in the Saudi market.”

STOCK NEWS MIDEAST-Saudi down after fall in oil prices, global stocks - Yahoo! News UK

Saudi Arabia's bourse falls in early trading after a drop in oil prices and global stocks, weighed by petrochemical and banking shares.
The index of the largest Arab stock market is down 1.6 percent, as the petrochemical sector benchmark drops  2 percent and the banking index loses 1.5 percent.
Heavyweights Saudi Basic Industries Corp (SABIC) and Al Rajhi Bank are down 1.9 percent and 1.3 percent

Egypt's EFG and Qatar's Qinvest to create regional investment bank - Ahram Online

Egypt's EFG Hermes said on Friday it had sealed an agreement first announced in March to form a region-wide investment bank with Qatar's Qinvest.

Qinvest will control 60 percent of the new bank, which will be called EFG Hermes Qatar, and provide $250 million to increase its capital.

EFG-Hermes will control the remaining 40 percent and have the right to sell its shareholding to QInvest at any time after 12 months but before 36 months from the signing for 1 billion Egyptian pounds ($165.4 million).

For Big Oil, the Libya Opening That Wasn't -

Some big oil companies hoped regime change in Libya, and a sense of political opening elsewhere in the Middle East and North Africa, would bring relief in some of the tough terms they had agreed to in partnership deals with national oil companies.

That hasn't happened.

As Libya's Moammar Gadhafi fell last year with the help of the West and an interim regime took the reins, the hope among some oil companies was that they would receive new tax breaks and a better share of fields' output in current and future deals.