#GCC and #MiddleEast Finance News: 30 Jun 2011

Thursday 30 June 2011

UAE sovereign bond by end-2012 likely - Emirates 24/7

The UAE may issue its first ever sovereign federal bond toward the end of 2012 after a public debt law is signed this summer, the financial affairs minister said on Wednesday.

The UAE's top advisory council passed a new public debt bill in December with an aim of establishing a debt market in the world's No. 3 oil exporter. The legislation needs presidential approval before becoming law.

"The law will be signed this summer hopefully and will take effect immediately so we will be in a position if we need to issue any bonds toward the end of 2012," Obaid Humaid Al Tayer said on the sidelines of a financial conference.

Abu Dhabi's TDIC to meet bond investors next week - London South East

Abu Dhabi's Tourism Development and Investment Co (TDIC), which isbuilding the Louvre and Guggenheim museums in the UAE capital, plans to meet fixed income investors starting next week, leads said on Wednesday.

The meetings in Asia, Europe and the Middle East kick off on July 6 and come as a pair of other United Arab Emirates' firms shelved touted bond issuances due to market conditions.

The meetings will be arranged by HSBC, RBS, BNP Paribas, Standard Chartered and National Bank of Abu Dhabi.

gulfnews : Abu Dhabi's TDIC plans to meet potential investors next week

The meetings in Asia, Europe and the Middle East kick off on July 6 and come as a pair of other UAE firms shelved touted bond issuances due to market conditions.

The meetings will be arranged by HSBC, RBS, BNP Paribas, Standard Chartered and National Bank of Abu Dhabi.

Kuwait lawmakers approve $71 bln budget for 2011/12 - Maktoob News

Kuwait's parliament approved on Wednesday a state budget of 19.4 billion dinars ($70.7 billion) for the 2011/12 fiscal year, the biggest since at least 2003 and a 19 percent jump from the previous year.

Parliament's budget committee has opposed a government plan to raise spending by additional 1.8 billion dinars mainly on wage and benefit increases for Kuwaiti citizens, which would have taken the expenditure to 19.7 billion.

In January, Finance Minister Mustapha al-Shamali said expenditure for the world's No. 4 oil exporter was expected to come in at 17.9 billion dinars, a 10 percent rise from the 2010/11 budget.