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Thursday, 29 November 2012

British industry in line for £1bn boost from Kuwait - Telegraph

The Foreign and Commonwealth Office said it was working with the Kuwaiti government to enhance Kuwait’s homeland security.
Under the agreement, the British Government would manage the project and award contracts to British companies on Kuwait’s behalf.
It is understood the partnership would be worth around £100m to £150m every year for the next seven years to the UK.

MENA stock markets close - November 29, 2012

 ExchangeStatus IndexChange  
 TASI (Saudi Stock Market)
 DFM (Dubai Financial Market)
 ADX (Abudhabi Securities Exchange)
 KSE (Kuwait Stock Exchange)
 BSE (Bahrain Stock Exchange)
 MSM (Muscat Securities Market)
 QE (Qatar Exchange)
 LSE (Beirut Stock Exchange)
 EGX 30 (Egypt Exchange)
 ASE (Amman Stock Exchange)
 TUNINDEX (Tunisia Stock Exchange)
 CB (Casablanca Stock Exchange)
 PSE (Palestine Securities Exchange)

Dubai Shares Advance on Emaar Mall Plan, Saudi King’s Health - Bloomberg

Dubai stocks rose the most in two months after Emaar Properties PJSC (EMAAR) said it’s expanding the world’s largest mall and amid optimism the Saudi king’s health is improving after he underwent back surgery.
Emaar, developer of the world’s tallest skyscraper, gained 1.6 percent after saying it will add a new shopping boulevard, residences and hotels to the Dubai Mall. Arabtec Holding Co. (ARTC), the United Arab Emirates’ biggest publicly traded construction company, advanced the most in a week. The DFM General Index (DFMGI) climbed 1.2 percent, the biggest gain since Oct. 1, to 1,607.90 at the 2 p.m. close in Dubai, trimming this month’s decline to 0.7 percent. Dubai’s market will close beginning Dec. 2 for a two-day national holiday.
Emaar rallied to a one-month high on Nov. 25 after Dubai’s government said the company will help build a district called “Mohammed Bin Rashid City,” named after the emirate’s ruler, a plan that includes a mall surpassing the Dubai Mall in size.

STOCKS NEWS MIDEAST-Dubai stocks rise, trimming monthly losses - Yahoo! News

Dubai's index ends higher on the final day's trading in November, but Thursday's gains are not enough to prevent the measure from posting its first monthly loss since June as investors cut risk amid regional political tensions.
The benchmark climbs 1.2 percent to finish at 1,608 points, trimming November's losses to 0.7 percent. It is up 18.8 percent year-to-date.
"There wasn't any main catalyst for a downturn, but despite that we saw selling due to international and regional factors affecting local sentiment," says Marwan Shurrab, vice-president and chief trader at Gulfmena Investments.

Egypt: investors nervous as politicians prepare new constitution | beyondbrics

With Egypt on political tenterhooks on Thursday as president Mohamed Morsi prepared to address the nation, investors were understandably nervous.

Egyptian shares slumped 2.6 per cent at the opening before recovering slightly to trade 0.9 per cent down on the day, and have lost 12.3 per cent since Morsi (pictured) last week precipitated the latest crisis by assuming increased powers.

Domestic bond prices, which had held onto the gains made earlier in the year, slumped on Wednesday, with the the yield on the benchmark 10-year issue soaring from 14.86 per cent on Tuesday to 15.50 on Wednesday. On Thursday the yield eased to 15.25 per cent.

High-tech route is ‘the only way’ for petrochemicals industry - The National

The head of the world's biggest petrochemicals company yesterday urged his Arabian Gulf-based rivals to spend more on technology to strengthen the industry.

"To sustain [our] level of growth, we need to bring in change.

"The only way is by adopting a technology-driven approach to remain competitive in an ever-changing market place," said Mohamed Al Mady, the chief executive of the Saudi Basic Industries Corporation (Sabic).

Global shipyard demand starts to sink - The National

Up to 45 per cent of global shipyards will have no orders to work on at year-end, according to research by analysts at Deutsche Bank, carried out for the world's biggest shipbuilder, Hyundai Heavy Industries.

The work, published in the latest edition of the South Korean industrial giant's journal, New Horizons, also shows that global commercial ship orders were down 48 per cent year on year, in the first nine months of this year and the order backlog fell to half of the level of the first half of 2008.

Global shipbuilding has been going through a downturn for the past four years, said the research, with the downturn being felt more in the commercial shipbuilding industry, where demand is driven by fixed asset investments and growth in global trade.

Water issue critical for the GCC |

The upcoming GCC summit in Manama will discus several issues related to political and security conditions in the region. The current events, especially the situation in Syria and threats facing the Gulf, will top the summit’s agenda.
However, economic cooperation will not be given the same attention it had in the previous summits for several reasons, including challenges facing the GCC countries, requiring more intra-GCC coordination and solidarity.
Meanwhile, economic integration of the bloc will not be completely achieved, despite several achievements such as Free Trade Zone, Customs Union and the free movement of commodities and professional workers among the GCC countries.

How to turn around airlines and make them profitable |

James Hogan, President and Chief Executive Officer of Etihad Airways – the man from Down Under – is right now on top of the world. And that is for a number of reasons.
First, he has successfully turned around two airlines – Gulf Air and Etihad Airways –one after the other and made them profitable during the last nine years. Hogan made his leadership mark in 2005 when he had brought Gulf Air to the black from being years in the red following a three-year turnaround period from 2002. He then led Etihad Airways from 2006 to make it profitable last year.
These were achieved at a time when the global aviation industry has been reeling from multiple challenges such as increased competition, high oil prices, dwindling profit margins and low yield.