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Saturday, 30 July 2011
Saudi Stock Market 1515hrs - July 30, 2011
Saudi Shares Reach Four-Month Low as U.S. Economic Growth Misses Forecasts - Bloomberg
Saudi Arabian shares dropped to the lowest level since March after U.S. economic growth missed economists’ forecasts and Moody’s Investors Service said it may cut Spain’s credit rating.
Saudi Basic Industries Corp. (SABIC), the world’s biggest petrochemicals maker, reached its lowest price in almost five weeks. Etihad Etisalat Co. (EEC) and Al Rajhi Bank (RJHI), the kingdom’s largest publicly traded lender by market value, declined.
The 147-company Tadawul All Share Index (SASEIDX) slid 1.5 percent to 6,345.95, the lowest level since March 23, by 12:16 p.m. in Riyadh. All 15 industry groups dropped.
Saudi Basic Industries Corp. (SABIC), the world’s biggest petrochemicals maker, reached its lowest price in almost five weeks. Etihad Etisalat Co. (EEC) and Al Rajhi Bank (RJHI), the kingdom’s largest publicly traded lender by market value, declined.
The 147-company Tadawul All Share Index (SASEIDX) slid 1.5 percent to 6,345.95, the lowest level since March 23, by 12:16 p.m. in Riyadh. All 15 industry groups dropped.
Dubai Firm Overbilled Pentagon $900 for $7 Switch, Bowen Says - Bloomberg
A U.S. contractor in Iraq overbilled the Pentagon by at least $4.4 million for spare parts and equipment, including $900 for an electronic control switch valued at $7.05, according to a new audit.
Based on the questionable costs identified in a $300 million contract with Dubai-based Anham LLC, the U.S. should review all its contracts with the company in Iraq and Afghanistan, which total about $3.9 billion, said Special Inspector General For Iraq Reconstruction Stuart Bowen.
“The audit found weak oversight in multiple areas that left the government vulnerable to improper overcharges,” Bowen wrote in the forward to his 30th quarterly report, released today. The contract in question was funded with a combination of money earmarked for Iraqi Security Forces and Army operations and maintenance funds.
Based on the questionable costs identified in a $300 million contract with Dubai-based Anham LLC, the U.S. should review all its contracts with the company in Iraq and Afghanistan, which total about $3.9 billion, said Special Inspector General For Iraq Reconstruction Stuart Bowen.
“The audit found weak oversight in multiple areas that left the government vulnerable to improper overcharges,” Bowen wrote in the forward to his 30th quarterly report, released today. The contract in question was funded with a combination of money earmarked for Iraqi Security Forces and Army operations and maintenance funds.
Court freezes Al Gosaibi assets - The National
HSBC has won a court order freezing the British and some foreign assets of the ailing Al Gosaibi business empire in Saudi Arabia.
The assets consist mainly of property in London and shares in companies in the Virgin Islands, Channel Islands and Liberia.
HSBC is one of five banks that won a court case in London last month against Ahmad Hamad Algosaibi and Brothers, requiring it to repay some US$250 million (Dh918m) owed to banks.
The assets consist mainly of property in London and shares in companies in the Virgin Islands, Channel Islands and Liberia.
HSBC is one of five banks that won a court case in London last month against Ahmad Hamad Algosaibi and Brothers, requiring it to repay some US$250 million (Dh918m) owed to banks.
Tunisia Central Bank Governor Disputes S&P, Says Growth ‘Not Collapsing’ - Bloomberg
Tunisia’s central bank governor disputed Standard & Poor’s negative assessment of the country’s economic outlook, saying growth “is not collapsing” after the toppling of President Zine El Abidine Ben Ali in January.
“The capacity of Tunisia to reimburse its debt is much stronger than it was six months ago,” Mustapha Kamel Nabli said today in an interview in his office in the North African nation’s capital, Tunis. “The political track is well defined; the economy has a low growth rate but the fundamentals continue to be strong.”
He spoke in response to questions about the downgrade yesterday by Standard & Poor of Tunisia’s outlook to negative from stable on concern a prolonged political transition may lead to a drag on growth and public finances. S&P kept the country’s foreign currency rating at BBB-, the lowest investment grade.
“The capacity of Tunisia to reimburse its debt is much stronger than it was six months ago,” Mustapha Kamel Nabli said today in an interview in his office in the North African nation’s capital, Tunis. “The political track is well defined; the economy has a low growth rate but the fundamentals continue to be strong.”
He spoke in response to questions about the downgrade yesterday by Standard & Poor of Tunisia’s outlook to negative from stable on concern a prolonged political transition may lead to a drag on growth and public finances. S&P kept the country’s foreign currency rating at BBB-, the lowest investment grade.
Islamic banking in Oman | Oman Observer
THE banking industry in the Sultanate is set to receive a facelift with the launch of Islamic banking. The Central Bank of Oman has already given its nod to conventional banks to operate their Islamic banking business through a ‘window’ operation. As a result, the market can see a number of conventional banks entering the Islamic finance space and capturing a major chunk of the banking assets in the coming years.
The Islamic banking window operation is accepted as a successful model in many markets. In Saudi Arabia, Islamic windows account for nearly half of the Shari’a assets and in the UAE they have an 11 per cent share. According to the latest figures, net foreign assets of the banking system (including CBO) increased marginally by 0.1 per cent to RO 5,045.3 million in May 2011 from RO 5,041.9 million in May 2010, while domestic assets increased by 26.2 per cent.
“The uptake of Islamic finance even in non-Muslim countries has shown that it is not simply a faith-based choice, but also a viable and ethical financial model. If Islamic financial institutions in Oman chart their own course, stay away from products of ill repute such as Tawarruq (cash-for-cash products), they could grow to become serious contenders in the regional Islamic finance industry. Growth figures could match that of institutions around the world as funds that were invested in ethical institutions overseas will be repatriated,” according to Dr Mabid al Jarhi, Head of Training at Emirates Islamic Bank, President of the International Association for Islamic Economics and Member of the Shari’a Board on the Dubai Financial Market.
The Islamic banking window operation is accepted as a successful model in many markets. In Saudi Arabia, Islamic windows account for nearly half of the Shari’a assets and in the UAE they have an 11 per cent share. According to the latest figures, net foreign assets of the banking system (including CBO) increased marginally by 0.1 per cent to RO 5,045.3 million in May 2011 from RO 5,041.9 million in May 2010, while domestic assets increased by 26.2 per cent.
“The uptake of Islamic finance even in non-Muslim countries has shown that it is not simply a faith-based choice, but also a viable and ethical financial model. If Islamic financial institutions in Oman chart their own course, stay away from products of ill repute such as Tawarruq (cash-for-cash products), they could grow to become serious contenders in the regional Islamic finance industry. Growth figures could match that of institutions around the world as funds that were invested in ethical institutions overseas will be repatriated,” according to Dr Mabid al Jarhi, Head of Training at Emirates Islamic Bank, President of the International Association for Islamic Economics and Member of the Shari’a Board on the Dubai Financial Market.
Oman Tribune - Al Madina group to float IPO next year
Tilal Development Company and Al Madina Real Estate and Al Madina Insurance will float an Initial Public Offering (IPO) next year. This was revealed at a press conference held on Wednesday.
“The CMA has given an initial approval for the application of Tilal Development Company for an IPO for 25 per cent and we expect to launch it next year,” said Abdul Rahman Barham, CEO of Al Madina Real Estate.
“There are also plans for Al Madina Real Estate and Al Madina Insurance to float an IPO, but these are still under review.” He also said they were unable as yet, to disclose the actual size of the issue.
“The CMA has given an initial approval for the application of Tilal Development Company for an IPO for 25 per cent and we expect to launch it next year,” said Abdul Rahman Barham, CEO of Al Madina Real Estate.
“There are also plans for Al Madina Real Estate and Al Madina Insurance to float an IPO, but these are still under review.” He also said they were unable as yet, to disclose the actual size of the issue.
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