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Saturday, 8 December 2012

Saudi Arabia's Nominal GDP to Reach New Record Level in 2012 - MENAFN

Saudi Arabia's budget and external surpluses are expected to reach a new record level in 2012 due to high level of average daily production in three decades and a record level of average crude prices for the year.

Budget surplus is expected to reach SR 493 billion in 2012 with total revenue of SR 1.24 trillion and spending of SR 746 billion, the Saudi daily (Arab New) reported Saturday, citing a report by Al-Rajhi Capital. It expects the surplus to shrink to SR 220 billion in 2013. However, surplus is expected to rise slightly to SR 232 billion in 2014.

Trade balance is expected to reach SR 944 billion (40 percent of GDP) in 2012 which will decline to SR 669 billion (28 percent of GDP) in 2013. However, it is expected to remain flat in 2014 at SR 678 billion (27 percent of GDP). Similar trend is expected in current account balance as it will peak in 2012 at SR 609 billion (26 percent of GDP) to decline to SR 329 billion (14 percent of GDP) in 2013 and SR 328 billion (13 percent of GDP) in 2014.

Savola to issue sukuk | A1SaudiArabia.com

The Savola Group in an extraordinary general meeting Wednesday agreed to delegate to the Board the authority to issue debt instruments including bonds or Sukuk through one or more tranches or a series of issues under one or more programs as established by the Board from time to time based on the times, terms and amounts determined by the Board, the group’s Managing Director Dr. Abdulraouf M. Mannaa said.
The company said in a statement that the “EGM approved the issuance of tradable debt instruments such as bonds or sukuk by the company through one or more tranches or a series of issues under one or more programs based on the times, terms and amounts determined by the board whether within or outside the Kingdom of Saudi Arabia, provided that its total outstanding value do not exceed, at any time, the company’s paid-up capital, and to delegate to the board the authority to issue such instruments without reverting to the GA and that the Board is entitled to take all necessary procedures and actions for the issuance of such instruments including obtaining the necessary regulatory approvals. — SG

Kuwait's Burgan Bank gets Turkish regulator approval for buy - Yahoo! News Maktoob

Burgan Bank has received approval from Turkey's banking regulator for its planned purchase of Eurobank's Turkish arm, Kuwait's state news agency reported on Saturday.
Burgan said in April it planned to buy a 99.26 percent stake in Eurobank Tekfen. It will acquire 70 percent of the lender from Tekfen's Greek partner EFG Eurobank in a $355 million deal, while the remaining 29.26 percent stake will come from Tekfen Holding for an unknown sum.
Turkey's Banking Regulation and Supervision Agency (BBDK) said in a statement on its website it had approved the sale.
Eurobank Tekfen was put up for sale in July, as EFG Eurobank, Greece's second largest bank, sought to strengthen its capital base. Burgan Bank, the commercial banking arm of Kuwait Projects Co, said it will use internal funds for the deal.

Saudi Stock Market close - December 8, 2012

General Index
Intraday  3 month  

* market data delayed by 20 min.
 Daily Statistics
 Date08/12/2012
 General Index6778.09
 Change (%)0.73%
 Change48.90
 T. Volume155706584
 T. Companies 158
   Advanced115
   Declined19
   Unchanged19
   UnTraded5


Saudi Shares Climb to 3-Week High on Safco, Mobily Announcements - Bloomberg

Saudi Arabian shares rose to the highest level in almost three weeks, led by petrochemicals and telecommunication stocks responding to company announcements.
Etihad Etisalat Co. (EEC), the second-largest telecommunications operator in Saudi Arabia, jumped to a six-year high, while Saudi Arabian Fertilizer Co. (SAFCO), owned 43 percent by Saudi Basic Industries Corp., rose to the highest in more than four years.
The Tadawul All Share Index (SASEIDX) gained 0.8 percent to 6779.19 at 1:15 p.m. Riyadh time, the highest level since Nov. 18.

GCC summit will not announce Gulf union | GulfNews.com

The Gulf Cooperation Council (GCC) Summit this month in Bahrain will not announce the union of the six member states, Bahrain’s foreign minister has said.
“The summit on December 24 to 25 will not declare the union,” Shaikh Khalid Bin Ahmad Al Khalifa on Saturday told the Manama Dialogue, an international security conference held annually in the Bahraini capital.
“It was made very clear in May at the GCC Advisory Summit that the announcement of the union would be at a special summit to be held in the Saudi capital,” the minister said.

Riyadh property market set to develop strongly, says Cluttons report - bi-me.com

Cluttons, the real estate specialist, which has enjoyed a dedicated Middle Eastern presence since 1976, today announces its most recent market report for the Kingdom of Saudi Arabia.

This report is released in conjunction with the firm’s participation at Cityscape Riyadh 2012 and covers the office, retail and hospitality sectors in some detail.

In summary, the report finds that the real estate market in the Kingdom, in particular Riyadh, is currently being driven by a number of master-developed projects which will increase the volume of stock in the marketplace significantly.

Sharjah Biz Forum ropes in Movers & Shakers of Russia & GCC - 8 December 2012 - Arabinform.org

The who’s who of the GCC and Russian government and business community will address the inaugural Russia-GCC Business Forum that will be held at Expo Centre Sharjah from December 17 to 19, 2012.
By bringing together personalities who wield considerable power and influence in their respective industries and sphere of activity, the Russia-GCC Business Forum aiMs. to become an effective and prestigious platform to boost bilateral trade and enhance co-operation between businesses, government departments and other entities.
Local and regional business executives who have confirmed their participation in the forum include Dr. Ahmed Saif Belhasa, Chairman of Belhasa Group; Mrs. Fatima Al Jaber, Chairperson of Emirates Businesswomen Council; Mr. Badr Jafar, President, Crescent Petroleum; Mr. Saleh Al Aroud, Chairman, Al Aroud Group; and Dr. Azza Ibrahim Almulla, Attorney, Almulla Lawyers & Legal Consultants, among others.

Dubai's DAE cancels five Boeing freighter planes - Transport - ArabianBusiness.com

A Dubai-based customer has cancelled part of an order for 10 747-8 freighters from US plane manufacturer Boeing.
Dubai Aerospace Enterprise (DAE) cancelled five of its 10 orders for 747-8 freighters. DAE also has orders for seven 777 freighters, Reuters reported, citing the plane maker.
According to latest order information posted on Boeing's website, customers have cancelled orders for six planes worth nearly $1.9bn at list prices, and booked orders for two planes worth $700m.

Dubai World Tribunal orders Penguin Marine Boat Services to pay Nakheel Dh10m - Emirates 24/7

The Dubai World Tribunal has ordered Penguin Marine Boat Services, the company in charge of sea transport logistics for The World islands, to pay Dh10 million to a Nakheel subsidiary.

In their judgment, passed on December 6, Sir Anthony Evans and Sir John Chadwick, two members of the special tribunal, said: “The tribunal holds that the claimant (The World) is entitled to judgment for the amount… Dh7.5 million, together with the further installment that became due on April 2011, making a total of Dh10 million.”

Penguin Marine had applied to the Tribunal in January 2011 for injunctions restraining The World from obtaining payment under two guarantees: a performance guarantee limited to Dh5 million and an advance payment guarantee of Dh1.86 million. Their application was dismissed in May 2011.

Moody's downgrades three Dubai banks - Banking & Finance - ArabianBusiness.com

Moody's Investors Service has downgraded three Dubai-based banks, including the emirate's largest Emirates NBD, on concerns about problem loans.
The rating agency also put a fourth bank on watch for a possible downgrade owing to high levels of non-performing loans (NPLs).
Moody's lowered long-term ratings for Commercial Bank of Dubai and Emirates NBD to Baa1 from A3, Moody's said in a statement.