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Monday, 3 December 2012

Oil groups receive Kurdistan payments -

Two companies that produce oil in Iraqi Kurdistan, Genel Energy and DNO International, said they had received long-delayed payments for oil exports from their Kurdish fields, ending a long wait that had unnerved investors.
But DNO’s share price fell in trading in Oslo, reflecting disappointment at the size of the payment.
DNO, based in Norway, and Genel, which is run by the former head of BP Tony Hayward, have been the casualties of a dispute between the Iraqi central authorities in Baghdad and the Kurdistan Regional Government over oil and land rights in the autonomous region.

Goldman hires Barclays banker to run Saudi business: sources | Reuters

Goldman Sachs Inc (GS.N) has hired Omar Mohammady to run the its Saudi Arabian investment banking business, a key role for global banks operating in the Gulf Arab region, three banking sources said.

Saudi national Mohammady, previously with Barclays Plc (BARC.L), will replace Rayan Fayez, who moved to J.P. Morgan Chase Inc (JPM.N) in June as co-chief executive and head of its investment bank for Saudi Arabia, the sources said, speaking on condition of anonymity as the matter is not public.

Mohammady will begin in his Goldman role later in December, one of the sources said, adding he will join the firm as an executive director.

MIDEAST STOCKS-Egypt resumes decline as judiciary conflict with state rises - Yahoo! News Maktoob

Egypt's bourse dropped on Monday, edging towards last week's four-month low on fears of fresh protests and intensifying conflict between the judiciary and government bodies, while Gulf bourses were mixed.
Cairo's benchmark index fell for a third session in the last four, dropping 1.4 percent.
Several supporters of President Mohamed Mursi protested outside Egypt's highest court on Sunday, forcing it to adjourn its work indefinitely.

UAE October oil output at 2.67 million barrels per day |

The UAE, on average, produced 2.67 million barrels per day (bpd) in October, 0.74 per cent lower than its output in September, latest data from the Paris-based International Energy Agency (IEA) showed.
“In the first quarter of 2013, increased capacity is expected from a steady ramp up in production from Iraq (320,000 bpd) as well as start-up of project expansions in the UAE (220,000 bpd),” said the IEA, which advises 28 industrialised countries on energy policy.
The UAE has a sustainable oil production capacity of 2.79 million bpd at present, according to the IEA.

MENA stock markets close - December 3, 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)

Nationals’ Defaulted Debts Settlement Fund allocates Dh1.4billion - Khaleej Times

The Higher Committee of the Nationals’ Defaulted Debts Settlement Fund approved on Monday an amount of Dh 1.494billion to settle the defaulted debts owed by UAE citizens to various banks.
Deputy Minister of Presidential Affairs and Chairman of the Higher Committee presided over a meeting of the committee at the ministry headquarters and reviewed reports presented by six national banks that included National Bank of Abu Dhabi, Abu Dhabi Commercial Bank, First Gulf Bank, Abu Dhabi Islamic Bank, Union National Bank and Al Hilal Bank.
Opening the discussions, the committee lauded the directives of the President His Highness Shaikh Khalifa bin Zayed Al Nahyan to guarentee the citizens all means of decent life and relieve them of the burden of debts that impede their stable family life. They also praised the diligent follow-up of the implementation of the President’s directives by Deputy Prime Minister and Minister of Presidential Affairs, Shaikh Mansour bin Zayed Al Nahyan.

Saudi Arabia 1-Year Yield Rises Most on Record as Lending Grows - Bloomberg

Saudi Arabia’s one-year local- currency borrowing costs rose the most on record at an auction today as accelerating loan growth in the largest Arab economy puts pressure on interest rates.
The average yield on one-year securities advanced five basis points, or 0.05 percentage point, the most since Bloomberg started tracking the data in March 2010, to a record 0.684 percent. Six-month notes yielded 0.555 percent, up four basis points, the data show. The kingdom only discloses the amounts raised at T-bill auctions on a monthly basis.
Saudi Arabia’s interest rates have climbed this year as government investment programs valued at more than $500 billion spurred lending. Bank loans to private businesses expanded 15 percent in October, the fastest pace in almost four years, according to central bank data. The three-month Saudi interbank offered rate, a benchmark used by banks to price loans, has gained 20 basis points this year to 0.98375 percent today, the highest since April 2009, data compiled by Bloomberg show.

Saudi BLOMINVEST, Maskan Arabia sign contracts for real estate development fund in Riyadh -

Saudi BLOMINVEST and Maskan Arabia signed contracts for the first, second and third phases to develop the entire project of BLOMINVEST-MASKAN ARABIA REAL ESTATE DEVELOPMENT FUND in northern Riyadh, which is intended for the building of 292 residential units worth 475 million riyals.

These contracts include the implementation of all infrastructure utilities, construction and electro-mechanic works, and the finishing works of the project.

CEO of BLOMINVEST Abdullah Al-Rashoud and CEO of Maskan Arabia Eng. Hossam AL Rashoudi signed the contracts on behalf of the two companies. These phases include digging and preparing the land of the project, construction and electro-mechanic works, as well as the finishing works. The project has quality advantages, making it the leading housing project in terms of location, quality and durable construction and elegant design.

BREAKINGVIEWS-CWC extracts royal premium from Batelco - Yahoo! News Maktoob

Bahrain's top telco will pay $1 bln, or roughly one third more than the market expected, for the UK firm's Monaco and Island unit. The deal will transform both buyer and seller but the rich price stretches the business logic for Batelco's big international leap.

STOCKS NEWS MIDEAST-Saudi edges higher as petchems gain - Yahoo! News Maktoob

Shares in Saudi Arabia extend gains, heading for their fourth straight rise since last week's 10-month low after
concerns about the king's health faded.
Petrochemical stocks gain with the sector's index up 0.3 percent. Saudi Basic Industries Corp (SABIC)
adds 0.3 percent.
Insurance stocks, the usual haven of retail traders, are also up. The sector climbs 0.5 percent.

BRIEF-Bahrain's Batelco reaches deal to buy CWC's Monaco and Islands unit | Reuters

Bahrain Telecommunications Co BSC :
* Says to buy CWC's Monaco and Island business unit
* Bahrain's Batelco says deal value excluding put and call agreements for remaining CWC stake at $680 million
* Batelco says bought options to buy remaining 75 pct interest in Monaco telecom for additional $345 million

Azerbaijan: Less Oil, More Dependence on Oil Money |

You might not think that money from oil would be a problem for Azerbaijan, one of the former Soviet Union’s largest energy producers. But when oil production drops, and election-year demands for money increase, the picture changes.

Next year, for the first time in its history, the country’s State Oil Fund will post a multi-billion-dollar deficit. For economists, the question is what to do about it.

Azerbaijan’s 2013 budget, up for a parliamentary vote on November 30, is expected to increase by roughly 12 percent to 19.15 billion manats or $24.4 billion. As it has since 2009, the State Oil Fund (SOFAZ), which oversees investment of the country’s oil revenues, will provide the lion’s share (59.3 percent) of that sum, via a direct transfer of 11.4 billion manats, or $14.5 billion.

New UAE pipeline bypasses Strait of Hormuz for ensuring oil export to Asian markets

The United Arab Emirates has laid down a 400 km pipeline from Habshan fields in Abu Dhabi to Fujairah terminal on the Gulf of Oman, which has the capacity of exporting 2 million barrels oil per day to Asian markets in case of any disruption in its shipment from the Strait of Hormuz.

This was stated by an official of the Fujairah government while talking to journalists from different countries, who were there at the invitation of National Media Council to attend 41th anniversary celebrations of UAE National Day. The day was celrebrated across the country on Sunday as Emiratis hung national flags at their residences showing their patriotism.

The UAE has started using the new pipeline in July this year, which was constructed by China from which three fourth of the country's production of oil can be exported, which is about 2 million barrels a day. The UAE is also increasing Fujairah's storage and off-loading capacities.