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Saturday, 9 June 2012

Qatar to pay $1.25b to Jordan through GCC fund — Hassan | The Jordan Times

Qatar has pledged to pay its $1.25 billion contribution to the Gulf fund to Jordan soon, a senior official said on Saturday.

The fund was allocated by the Gulf Cooperation Council (GCC) during last year’s summit to support development projects in the Kingdom.

Saudi Arabia, the UAE, Kuwait and Qatar decided to extend $5 billion over a five-year period to support development schemes in Jordan. Each GCC nation will pay $1.25 billion.

Discounts starting for start-ups - The National

Regional start-ups will soon be able to get the kind of bulk discounts enjoyed by larger companies, through a scheme being launched by a Middle Eastern entrepreneurs' platform.

Wamda, which invests in early-stage ventures and supports entrepreneurship in the Arab world, is launching a discount card that can be used for travel, hotel stays, insurance and other services.

Habib Haddad, the chief executive, said the Wamda Card would save local entrepreneurs "thousands of dollars" a year.

Abu Dhabi's big developers in the spotlight - The National

Investors will be looking for cues from Abu Dhabi's biggest property developers, Aldar Properties and Sorouh Real Estate, on the status of their proposed US$15 billion (Dh55.09bn) merger.

This week marks the end of the three-month period both developers said they would take to prepare a study to be put before their boards.

Sorouh is due to hold its board meeting tomorrow at its headquarters after local markets close.

Euro crisis a threat to UAE economy - The National

The IMF yesterday warned that the UAE could face further headwinds from Europe as the crisis on the continent switched focus to Spain.

European ministers yesterday discussed a potential rescue package for Spain, which would make it the fourth member of the 17-nation euro zone to seek external funds.

The IMF said Spanish banks would need to set aside at least €37 billion (Dh169.97bn), but officials told The Wall Street Journal the number could be as high as €100bn.

Reselling the India story: road shows kick off in the Gulf - NY Daily News

Road shows highlighting India's growth potential to attract sovereign funds and other investors kicks off in five Gulf countries of Saudi Arabia, the United Arab Emirates, Kuwait, Bahrain and Oman Sunday.

The marketing campaign takes off at a time when the India growth story has taken a beating following softening of the growth rate to 5.3 percent -- the lowest in nine years-- from a high of nine percent prior to the 2008 global financial crisis.

'A lot of people are ill-informed about India's potential. We want to tell investors, look, it is a robust economy with high savings, demand and investment opportunities,' R. Gopalan, economic affairs secretary, told reporters earlier this week.

PM urged to help Dubai duo | Herald Sun

A LIBERAL Senator has called upon Julia Gillard to personally intervene to help two Victorian businessmen facing prison in Dubai after a Victorian Supreme Court judge found accusers had given false statements to the court.

On Friday Justice Clyde Croft dismissed a lawsuit brought by Queensland property developer Sunland over a failed property deal in Dubai.

He said Sunland chairman Soheil Abedian's statements to court could not be believed and that the company's Middle East chief "could not be relied upon as a reliable witness of truth".

Saudi Stock Market close - June 9, 2012

General Index
Intraday  3 month  
 Daily Statistics
 General Index6663.03
 Change (%)0.03%
 T. Volume281440041
 T. Companies 156

Saudi Arabian Shares Advance on Bets Drop Overdone; Oil Climbs - Bloomberg

Shares rose in Saudi Arabia, OPEC’s biggest oil producer, as crude posted its first weekly jump since April and investors bet declines prompted by Europe’s debt crisis were overdone.
Al Rajhi Bank (RJHI), the kingdom’s largest lender by market value, rose 1.4 percent, while Saudi Basic Industries Corp. (SABIC), the world’s biggest petrochemical maker, known as Sabic, gained 0.8 percent. The Tadawul All Share Index (SASEIDX) rose as much as 1.4 percent before trading up 0.3 percent at 6,683.76 as of 2:06 p.m. in Riyadh. The gauge lost 4.5 percent last week, its fifth weekly slide.
“Investors realize that the measure’s drop was exaggerated, so the market is correcting itself,” said Riyadh- based Turki Fadaak, head of research at Albilad Investment Co. “The measure was falling because of what’s happening in Europe, not because of anything fundamental in Saudi Arabia.”

Tanzania invites UAE to explore for oil and gas | Agricultural Commodities | Reuters

Tanzania's president has invited investors from the United Arab Emirates to join the rush for oil and gas in the east African nation, after recent gas discoveries along its coastline, the president's office said on Saturday.

Together with oil finds in neighbouring Kenya and Uganda, significant gas finds in southern Tanzania have raised the profile of the region in the global energy industry.

"We invite investors to come work with us in oil and gas exploration ... and even in investing in industries that will add more value by producing gas-related products," a statement from President Jakaya Kikwete's office quoted him telling a delegation from the UAE.

The Times of Oman: Assets of commercial banks in Oman up 21per cent

Banking sector continued its robust performance consistent with overall growth of the economy. Total assets of commercial banks increased by 21.5 per cent to RO19.17million in April 2012 compared to RO15.78 million in April 2011.

Cash on hand and deposits of commercial banks with the Central Bank of Oman (CBO) stood higher at RO1,165.2 million at the end of April 2012 compared to RO977.1 million in April 2011.

On a year-on-year basis, total credit expanded by 20.8 per cent to RO13,312.8 million at the end of April 2012 and accounted for 69.4 per cent of the total assets.

Banks to pay fine for bad loans - The National

Banks will soon be punished for offering loans to people who cannot pay them back, the governor of the Central Bank has told the FNC.

Sultan Al Suwaidi told FNC members at their session last month that a new law protecting UAE consumers' rights was in the works and would soon be put to the council for approval. It would include fines for banks that lend to borrowers who cannot afford to repay, he said. He did not provide details of how this system might work.

Members told the governor that banks were taking too much of debtors' salaries as repayment, despite three existing laws - under federal, human resources and pension law - that cap debt payments at a third of salary.

Emirates' new pipeline could avoid oil chokepoint

By night, the lights of dozens of ships anchored off this eastern Emirati port create the mirage of a far-off city at sea.

The crowded anchorage reflects Fujairah's rise as one of the world's busiest maritime refueling stations. Soon it will also become a vital new exit route for Arabian crude oil destined for world markets.

The United Arab Emirates is nearing completion of a pipeline through the mountainous sheikhdom that will allow it to reroute the bulk of its oil exports around the Strait of Hormuz at the mouth of the gulf, the path for a fifth of the world's oil supply.