Iranian Central Bank dismissed reports that the county has halted trade exchanges with the UAE in dirham.
The Central Bank rejected the smear campaign about ban on opening letter of credit for imports from the UAE and halting trade exchanges with the UAE in dirham.
The Central bank noted Iran’s transaction with UAE continues as it did over previous years under the framework of the protecting national interests. The organization stressed opening letter of credit for imports from the UAE was not stopped and that the problems are being resolved.
Saturday 24 December 2011
Saudi British Jumps Most in Three Weeks on Bonus-Share Plan - Bloomberg
Saudi British Bank (SABB) surged the most in three weeks after the board of the lender, which is 40 percent owned by HSBC Holdings Plc (HSBA), proposed raising the bank’s capital through bonus shares.
The stock surged as much as 4.4 percent, the largest intraday gain since Dec. 3, to 40.50 riyals, and traded at 39.90 riyals at 11:29 a.m. in Riyadh.
The board of the Riyadh-based lender proposed to increase the bank’s capital by 33 percent to 10 billion riyals ($2.7 billion) by awarding one bonus share for every three held. It also said it will pay a dividend of 0.65 riyals a share for 2011.
The stock surged as much as 4.4 percent, the largest intraday gain since Dec. 3, to 40.50 riyals, and traded at 39.90 riyals at 11:29 a.m. in Riyadh.
The board of the Riyadh-based lender proposed to increase the bank’s capital by 33 percent to 10 billion riyals ($2.7 billion) by awarding one bonus share for every three held. It also said it will pay a dividend of 0.65 riyals a share for 2011.
OPEC has gentleman's deal on Libyan output: Libya | Reuters
Libyan Oil Minister Abdulrahman Ben Yazza said on Saturday there was a "gentleman's agreement" in OPEC to accommodate Libya as it lifts oil production back to levels before a civil war this year hit output.
"There is a gentleman's agreement to accommodate Libyan production," Ben Yazza told reporters on the sidelines of an Arab oil ministers meeting in Cairo.
Libyan National Oil Corp (NOC) Chairman Nouri Berrouin earlier told reporters at meeting that production levels in Libya were now "a bit more than a million" barrels per day (bpd). He said output would reach pre-war levels by mid-next year.
"There is a gentleman's agreement to accommodate Libyan production," Ben Yazza told reporters on the sidelines of an Arab oil ministers meeting in Cairo.
Libyan National Oil Corp (NOC) Chairman Nouri Berrouin earlier told reporters at meeting that production levels in Libya were now "a bit more than a million" barrels per day (bpd). He said output would reach pre-war levels by mid-next year.
Abraaj Capital announces the sale of Acibadem and acquisition of a stake in Integrated Healthcare Holdings - bi-me.com
Abraaj Capital, a leading private equity manager investing in the rapidly growing economies of the Middle East, Africa, Turkey and Asia, announced today that it has entered into an agreement to divest its entire 50% shareholding in Acıbadem Sağlık Yatırımları Holding A.Ş. and affiliated companies (“Acibadem”) to Integrated Healthcare Holdings Sdn. Bhd (“IHH”) and Khazanah Nasional Bhd (“Khazanah”).
Under the terms of the agreement, IHH and Khazanah shall acquire a combined 75% shareholding in Acibadem from Abraaj and Turkey’s Aydinlar family through a combination of a cash payment and the exchange of newly issued IHH shares.
Upon completion of the transaction, Abraaj will become a shareholder in IHH, which is one of the largest emerging market healthcare service providers, operating over 3,000 beds across 76 healthcare facilities in Asia. The combined group will be amongst the largest hospital groups operating globally and across emerging markets.
Under the terms of the agreement, IHH and Khazanah shall acquire a combined 75% shareholding in Acibadem from Abraaj and Turkey’s Aydinlar family through a combination of a cash payment and the exchange of newly issued IHH shares.
Upon completion of the transaction, Abraaj will become a shareholder in IHH, which is one of the largest emerging market healthcare service providers, operating over 3,000 beds across 76 healthcare facilities in Asia. The combined group will be amongst the largest hospital groups operating globally and across emerging markets.
Saudi luxury development stuck in sand - The National
Emaar Properties is struggling to sell homes in its first developments in Saudi Arabia, one of the key markets in the Dubai developer's international expansion plans.
The developer expects to begin handing over apartments and villas in the kingdom in the next few weeks in the first phases of the 6 billion riyal (Dh5.87bn) Jeddah Gate and 4.6bn riyal Al Khobar Lakes developments.
Both represent Emaar's attempt to export the style of luxury, master-planned communities it successfully built in Dubai, where it is known for developing Downtown Dubai around the Burj Khalifa, the world's tallest tower, and the Arabian Ranches villa community.
The developer expects to begin handing over apartments and villas in the kingdom in the next few weeks in the first phases of the 6 billion riyal (Dh5.87bn) Jeddah Gate and 4.6bn riyal Al Khobar Lakes developments.
Both represent Emaar's attempt to export the style of luxury, master-planned communities it successfully built in Dubai, where it is known for developing Downtown Dubai around the Burj Khalifa, the world's tallest tower, and the Arabian Ranches villa community.
gulfnews : Egypt may need up to $15b from IMF to avoid full-blown crisis
Egypt has little choice but to return to the International Monetary Fund (IMF) to help it find up to $15 billion (Dh55.08 billion) to stave off a full-blown financial crisis, but the ruling army seems to be stalling to avoid blame for approaching a foreign institution for cash on its watch.
The $3 billion facility from the International Monetary Fund (IMF) that Egypt negotiated then rejected in June may no longer be enough to manage an orderly currency devaluation and get a growing budget deficit under control, economists say.
Adding to woes of an economy hammered by months of turmoil and violence, credit rating agency Moody's downgraded Egypt by a notch last week and warned a further cut could be on the way because of political uncertainty.
The $3 billion facility from the International Monetary Fund (IMF) that Egypt negotiated then rejected in June may no longer be enough to manage an orderly currency devaluation and get a growing budget deficit under control, economists say.
Adding to woes of an economy hammered by months of turmoil and violence, credit rating agency Moody's downgraded Egypt by a notch last week and warned a further cut could be on the way because of political uncertainty.
Times of Oman: Banks’ assets in Oman grow 10%
The banking system in Oman witnessed steady growth in 2011, consistent with recovery of the real economy.
Gross domestic product (GDP) at the current prices increased by 20.7 per cent to RO13,001.4 million in the first half of 2011.
While nominal GDP emanating from petroleum sector posted a growth of 28.5 per cent, the non-petroleum sector rose by 13.8 per cent during the first half of 2011.
Gross domestic product (GDP) at the current prices increased by 20.7 per cent to RO13,001.4 million in the first half of 2011.
While nominal GDP emanating from petroleum sector posted a growth of 28.5 per cent, the non-petroleum sector rose by 13.8 per cent during the first half of 2011.
GCC banks' outlook stable - Financial Services - Zawya
Fitch Ratings on Thursday affirmed a stable 2012 outlook for most banks in the Gulf and Middle East region, but warned that risks remained.
The ratings agency believes that problem loans have peaked and expects recoveries and generally lower impairment charges in 2012.
The issuer default ratings of almost all the region's banks were stable thanks to the probability of sovereign support, Fitch said in its newly published "2012 Outlook: GCC/Middle East Banks" report.
The ratings agency believes that problem loans have peaked and expects recoveries and generally lower impairment charges in 2012.
The issuer default ratings of almost all the region's banks were stable thanks to the probability of sovereign support, Fitch said in its newly published "2012 Outlook: GCC/Middle East Banks" report.