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Saturday 16 April 2011
Saudi Stock Market close - April 16, 2011
UPDATE 1-Kuwait launches firm to invest in Egypt economy - Reuters
The Kuwait Investment Authority (KIA), the Gulf Arab state's sovereign fund, has launched a company with 1 billion Egyptian pounds ($167.8 million) to invest in Egypt's economy, an official said on Saturday.
"A 1 billion Egyptian pounds company was launched two weeks ago after getting the approval from Egypt," said Bader al-Ajeel, executive director of the general reserve sector at KIA.
"This firm will act as KIA's investment arm in Egypt... Current Kuwaiti investments there (in Egypt) might be put under this firm's umbrella in the future," he said.
"A 1 billion Egyptian pounds company was launched two weeks ago after getting the approval from Egypt," said Bader al-Ajeel, executive director of the general reserve sector at KIA.
"This firm will act as KIA's investment arm in Egypt... Current Kuwaiti investments there (in Egypt) might be put under this firm's umbrella in the future," he said.
Saudi Shares Rise as Oil Price Climbs; Al Rajhi, Samba Drop After Earnings - Bloomberg
Saudi Arabian shares swung between gains and losses after worse-than-estimated earnings at Saudi banks offset optimism surging oil prices would further bolster the economy of the world’s largest crude producer.
Al Rajhi Bank (RJHI), Saudi Arabia’s largest publicly traded lender by market value, and Samba Financial Group (SAMBA) tumbled, while Saudi Basic Industries Corp. (SABIC), the world’s largest petrochemicals maker, climbed to the highest level in three months.
The 146-company Tadawul All Share Index advanced less than 0.1 percent to 6,606.83 at 12:56 p.m. in Riyadh, the gauge’s largest gain since April 13, as more than two stocks climbed for every one that dropped.
Al Rajhi Bank (RJHI), Saudi Arabia’s largest publicly traded lender by market value, and Samba Financial Group (SAMBA) tumbled, while Saudi Basic Industries Corp. (SABIC), the world’s largest petrochemicals maker, climbed to the highest level in three months.
The 146-company Tadawul All Share Index advanced less than 0.1 percent to 6,606.83 at 12:56 p.m. in Riyadh, the gauge’s largest gain since April 13, as more than two stocks climbed for every one that dropped.
Qatari gas provider says it''s sending over 60 extra tanker loads of gas to Japan after quake (ML-Qatar-Japan-Gas) | Oilweek Magazine
A Qatari state-controlled gas producer says it´s agreed to send Japan more than 60 extra tanker shipments of liquefied natural gas to help power the Asian nation in the wake of its tsunami disaster.
Qatargas Operating Company said Saturday the shipments represent about 4 million tons of the super-cooled fuel, or enough to provide electricity to five million Japanese homes.
It didn´t say how much it would charge for the gas, which will be shipped over the next 12 months.
Qatargas Operating Company said Saturday the shipments represent about 4 million tons of the super-cooled fuel, or enough to provide electricity to five million Japanese homes.
It didn´t say how much it would charge for the gas, which will be shipped over the next 12 months.
Kuwait expects 6 pct return on property portfolio | Reuters
The Kuwait Investment Authority, the Gulf Arab state's sovereign fund, expects a minimum return of 6 percent from its 1 billion dinar ($3.62 billion) 5-year real estate portfolio, a KIA official said on Saturday.
"The returns could vary according to market conditions... the minimum returns expected over 5 years is 6 percent," said Khaled al-Hassoun, real estate manager at KIA.
"The returns could vary according to market conditions... the minimum returns expected over 5 years is 6 percent," said Khaled al-Hassoun, real estate manager at KIA.
China sovereign wealth fund head sees global slowdown in 2012 | Reuters
The global economy may slow down or even fall into recession again in 2012, Lou Jiwei, the head of China's $300 billion sovereign wealth fund, said on Saturday.
"We are relatively optimistic about 2011, but for 2012, it is possible there will be a big drop in economic growth or even recession," Lou, chairman of China Investment Corp , told the Boao Forum for Asia on the southern Chinese island of Hainan.
Lou said major economies may change their current pro-growth policies in the fourth quarter of this year, hurting economic performance.
"We are relatively optimistic about 2011, but for 2012, it is possible there will be a big drop in economic growth or even recession," Lou, chairman of China Investment Corp , told the Boao Forum for Asia on the southern Chinese island of Hainan.
Lou said major economies may change their current pro-growth policies in the fourth quarter of this year, hurting economic performance.
Kingdom Holding says still owns contested Egyptian land | Reuters
Saudi's Kingdom Holding said on Saturday it had not given up contested land in southern Egypt and had spoken to Egypt's public prosecutor about a settlement.
"Kingdom Holding did not give up the land in the Toshka project and still owns it... and it has not been confiscated by any party," the firm, majority owned by Saudi billionaire Prince Alwaleed bin Talal, said in a bourse statement.
The statement comes four days after the Egyptian state news agency said that Alwaleed has given up a claim to the land in Egypt.
"Kingdom Holding did not give up the land in the Toshka project and still owns it... and it has not been confiscated by any party," the firm, majority owned by Saudi billionaire Prince Alwaleed bin Talal, said in a bourse statement.
The statement comes four days after the Egyptian state news agency said that Alwaleed has given up a claim to the land in Egypt.
Kuwait to seek seizure of Iraq oil assets
Kuwait Airways will seek compensation from Iraq for having allegedly stolen its aviation equipment and 10 aircrafts worth $1.2 billion during the first Gulf war, according to reports.
Christopher Gooding, a Kuwait Airways lawyer, told Iraqoilreport.com that following the end of international legal protections on Iraqi oil assets on June 30, 2011, the company will seek to enforce a 2006 English Supreme Court ruling against Iraqi Airways.
“From the First of July, it’s open season...we can enforce against any assets, including oil tankers and oil assets,” Mr. Gooding said.
Christopher Gooding, a Kuwait Airways lawyer, told Iraqoilreport.com that following the end of international legal protections on Iraqi oil assets on June 30, 2011, the company will seek to enforce a 2006 English Supreme Court ruling against Iraqi Airways.
“From the First of July, it’s open season...we can enforce against any assets, including oil tankers and oil assets,” Mr. Gooding said.
VimpelCom Completes Wind Merger, Plans Egypt, North Korea Unit Spinoffs - Bloomberg
VimpelCom Ltd. (VIP), Russia’s third- largest wireless carrier by subscribers, completed its merger with Wind Telecom SpA to create the world’s sixth-largest phone company by subscriber numbers.
Operations in Egypt and North Korea will be spun off to shareholders in Wind’s Orascom Telecom Holding SAE (ORTE) unit, North Africa’s biggest mobile network operator, while the company will work to keep Orascom Telecom’s Djezzy unit in Algeria, Amsterdam-based VimpelCom said today in a statement. Wind Chief Executive Officer Khaled Bichara will become president and coordinate actions aimed at cost savings of $2.5 billion.
“If we show a semblance of success, which I’m sure we will, that will probably motivate other companies to follow in our path” of creating bigger phone operators, VimpelCom CEO Alexander Izosimov said today in a telephone interview.
Operations in Egypt and North Korea will be spun off to shareholders in Wind’s Orascom Telecom Holding SAE (ORTE) unit, North Africa’s biggest mobile network operator, while the company will work to keep Orascom Telecom’s Djezzy unit in Algeria, Amsterdam-based VimpelCom said today in a statement. Wind Chief Executive Officer Khaled Bichara will become president and coordinate actions aimed at cost savings of $2.5 billion.
“If we show a semblance of success, which I’m sure we will, that will probably motivate other companies to follow in our path” of creating bigger phone operators, VimpelCom CEO Alexander Izosimov said today in a telephone interview.