Vale and Oman Oil Company will reaffirm their long-term partnership today in the presence of Nasser bin Khamis al Jashmi, Under-Secretary of the Ministry of Oil and Gas and Chairman of Oman Oil Company, and Jose Carlos Martins, Vale’s Executive Director for Iron Ore and Strategy. The ceremony will also be attended by Marcos Beluco, Vale’s Country Manager and Ahmed al Wahaibi, Chief Executive Officer of Oman Oil Company as well as Members of the Board.
Since establishing its Middle East Office in Muscat in 2007, the global diversified mining company has created a ‘virtual iron ore mine’ in the Sultanate, utilising its extensive world-class logistics network to set up a strategic hub for its business in the region. With sustainability underpinning all aspects of its operations, Vale maintains an Omanisation rate that is above the industry standard and has been building the capacities of the Omani youth by empowering them with the means to lead the Sultanate’s steel base in the future.
Sunday 30 September 2012
Call to make UAE trading hub for Chinese yuan - The National
The UAE should be the Middle East's trading hub for the Chinese yuan, says the head of the Dubai International Financial Centre.
Jeff Singer, the chief executive of the DIFC Authority, said financial firms should lobby the Central Bank for changes in regulations to allow for this.
He said financial firms should join together to assist transactions using the Chinese currency, also called the renminbi, as Chinese firms were eager to enter the emirate's financial free zone.
Jeff Singer, the chief executive of the DIFC Authority, said financial firms should lobby the Central Bank for changes in regulations to allow for this.
He said financial firms should join together to assist transactions using the Chinese currency, also called the renminbi, as Chinese firms were eager to enter the emirate's financial free zone.
Egypt signs $1 billion Turkish loan deal - Yahoo! News Maktoob
Egypt signed a deal on Sunday to loan $1 billion from Turkey, half of the aid package Ankara promised Cairo earlier this month, Egypt's state news agency reported.
President Mohamed Mursi signed the loan agreement with Turkish Prime Minister Recep Tayyip Erdogan after giving a speech at Turkey's ruling AK Party conference.
"President Mohamed Mursi and Prime Minister Recep Tayyip Erdogan agreed on signing a loan worth $1 billion dollars from Turkey," MENA state news agency said, quoting Egypt's finance minister. It did not give further details of the agreement.
President Mohamed Mursi signed the loan agreement with Turkish Prime Minister Recep Tayyip Erdogan after giving a speech at Turkey's ruling AK Party conference.
"President Mohamed Mursi and Prime Minister Recep Tayyip Erdogan agreed on signing a loan worth $1 billion dollars from Turkey," MENA state news agency said, quoting Egypt's finance minister. It did not give further details of the agreement.
Dubai court calls Sunland executives
AN AUSTRALIAN businessman facing bribery charges in Dubai has been given permission to call senior executives of Gold Coast property developer Sunland to give evidence at his trial.
The Rulers Court has given Matthew Joyce, who is detained in Dubai, permission to call Sunland executive chairman Soheil Abedian and development manager David Brown.
However, a Sunland spokesman said the company had not received a request from the Dubai prosecutor to attend the hearing, which resumes on October 18.
The Rulers Court has given Matthew Joyce, who is detained in Dubai, permission to call Sunland executive chairman Soheil Abedian and development manager David Brown.
However, a Sunland spokesman said the company had not received a request from the Dubai prosecutor to attend the hearing, which resumes on October 18.
MIDEAST STOCKS-Saudi rebounds; Gulf mixed on euro zone woes - Yahoo! News Maktoob
Saudi Arabia's bourse rebounded from a two-month low on Sunday despite concerns over third-quarter earnings, while other Gulf markets were mixed in cautious trade.
Bargain hunters returned to lift Saudi petrochemical stocks. Saudi Basic Industries Corp (SABIC) gained 2.2
percent, although Bakheet Investment Group expects the petrochemicals and chemicals producer to post a 33 percent year-on-year drop in profit for the quarter. Third-quarter earnings are expected to be announced next week. Yanbu National Petrochemical slipped 1.4 percent and Saudi Kayan Petrochemical shed 0.8 percent.
"Many of the traders are worried about petrochemical companies' results, especially SABIC because of lower demand from their main markets of Europe and the U.S.," said Tarik Al Mady, an independent Riyadh-based analyst.
Bargain hunters returned to lift Saudi petrochemical stocks. Saudi Basic Industries Corp (SABIC) gained 2.2
percent, although Bakheet Investment Group expects the petrochemicals and chemicals producer to post a 33 percent year-on-year drop in profit for the quarter. Third-quarter earnings are expected to be announced next week. Yanbu National Petrochemical slipped 1.4 percent and Saudi Kayan Petrochemical shed 0.8 percent.
"Many of the traders are worried about petrochemical companies' results, especially SABIC because of lower demand from their main markets of Europe and the U.S.," said Tarik Al Mady, an independent Riyadh-based analyst.
MENA stock markets close - September 30, 2012
| Exchange | Status | Index | Change | ||||
 | TASI (Saudi Stock Market) | 6839.83 | 0.47% | ||||
 | DFM (Dubai Financial Market) | 1578.79 | 0.59% | ||||
| ADX (Abudhabi Securities Exchange) | 2605.41 | 0.09% | ||||
 | KSE (Kuwait Stock Exchange) | 5982.69 | -0.13% | ||||
 | BSE (Bahrain Stock Exchange) | 1087.33 | 0.37% | ||||
 | MSM (Muscat Securities Market) | 5534.38 | 0.09% | ||||
 | QE (Qatar Exchange) | 8510.21 | 0.19% | ||||
 | LSE (Beirut Stock Exchange) | 1115.56 | 0.08% | ||||
 | EGX 30 (Egypt Exchange) | 5821.82 | -1.11% | ||||
 | ASE (Amman Stock Exchange) | 1902.68 | -0.02% | ||||
 | TUNINDEX (Tunisia Stock Exchange) | 4961.42 | -0.32% | ||||
 | CB (Casablanca Stock Exchange) | 9471.8 | -1.10% | ||||
 | PSE (Palestine Securities Exchange) | 445.76 | 2.05% | ||||
Deutsche Bank says Gulf Arab bond sales to remain strong - bi-me.com
Bond sales from the six-nation Gulf Cooperation Council will remain “strong” as companies in these countries seek a substitute for declining lending from European banks, the regional head of Deutsche Bank AG (DBK), said.
The pipeline for bond sales in the GCC is “very, very strong and I think will remain” that way, Ashok Aram, chief executive officer for the Middle East and North Africa for the bank, said at a news conference in Dubai today.
The GCC region has “relied a lot on bank loans but bank loans are going to be more constrained” as European lenders reduce debt and seek to raise capital to comply with more stringent rules, he said.
The pipeline for bond sales in the GCC is “very, very strong and I think will remain” that way, Ashok Aram, chief executive officer for the Middle East and North Africa for the bank, said at a news conference in Dubai today.
The GCC region has “relied a lot on bank loans but bank loans are going to be more constrained” as European lenders reduce debt and seek to raise capital to comply with more stringent rules, he said.
Qatar Airways has no plans to join oneworld alliance: CEO | Reuters
Qatar Airways has no plans to join the oneworld airline alliance, its Chief Executive Akbar al-Baker said on Sunday, dismissing reports that the airline had become the newest member of the group as "rumor."
Asked if the carrier would join oneworld, which includes British Airways, owned by IAG (ICAG.L), Baker said: "No, we will not. It's all rumors."
He was speaking on the sidelines of a conference in the UAE capital.
Asked if the carrier would join oneworld, which includes British Airways, owned by IAG (ICAG.L), Baker said: "No, we will not. It's all rumors."
He was speaking on the sidelines of a conference in the UAE capital.
Gulf stocks 'still down' four years after crisis - Yahoo! News Maktoob
All seven stock markets in the energy-rich Gulf states failed to recover four years after the global financial crisis despite high oil prices, a Kuwaiti economic report said on Sunday.
Although major bourses in the West, where the crisis began, have recovered successfully with Dow Jones now 17.8 percent higher than its level four years ago and Germany's DAX up 15.4 percent, Gulf shares remain way behind their levels in August 2008, Al-Shall Economic Consultants said.
The stock market in Dubai, where the crisis hit the economy hard, remains the worst in the Gulf at 67 percent below its level just before the crisis, followed by Bahrain's bourse which shed 60.2 percent, Al-Shall said.
Although major bourses in the West, where the crisis began, have recovered successfully with Dow Jones now 17.8 percent higher than its level four years ago and Germany's DAX up 15.4 percent, Gulf shares remain way behind their levels in August 2008, Al-Shall Economic Consultants said.
The stock market in Dubai, where the crisis hit the economy hard, remains the worst in the Gulf at 67 percent below its level just before the crisis, followed by Bahrain's bourse which shed 60.2 percent, Al-Shall said.
STOCKS NEWS MIDEAST-Small-caps help Dubai recover; Qatar snaps losses - Yahoo! News Maktoob
Dubai's bourse recovers early-session declines and ends higher but bluechips lag as investors remain wary of
euro zone and global growth concerns.
The emirate's index climbs 0.6 percent to 1,579 points, up for a second session since Wednesday's two-week low.
Contractor Arabtec gains 3.3 percent and Dubai Islamic Bank adds 1 percent. Emaar Properties ends flat and courier firm Aramex slips 2.5 percent, with other banks also supporting.
"It's more of a consolidation day. Volatility is high in international markets, which is causing jitters," says Marwan
Shurrab, vice-president and chief trader at Gulfmena Investments. "Even with high risk appetite after the various
stimulus packages, the volatility is affecting regional sentiment in terms of direction. The real momentum now will be from third-quarter company announcements."
euro zone and global growth concerns.
The emirate's index climbs 0.6 percent to 1,579 points, up for a second session since Wednesday's two-week low.
Contractor Arabtec gains 3.3 percent and Dubai Islamic Bank adds 1 percent. Emaar Properties ends flat and courier firm Aramex slips 2.5 percent, with other banks also supporting.
"It's more of a consolidation day. Volatility is high in international markets, which is causing jitters," says Marwan
Shurrab, vice-president and chief trader at Gulfmena Investments. "Even with high risk appetite after the various
stimulus packages, the volatility is affecting regional sentiment in terms of direction. The real momentum now will be from third-quarter company announcements."
Aldar, Sorouh merger news seen "within a month" - Sorouh exec - Yahoo! News Maktoob
A potential merger agreement between Abu Dhabi developers Aldar Properties and Sorouh Real Estate is expected to be announced "within a month," a senior Sorouh executive said on Sunday.
Indebted Aldar and Sorouh said in March they were in talks for a state-backed merger, creating a company with $15 billion in assets.
"We are moving (forward) in the process," Sorouh's Managing Director Abu Bakr Seddiqi al-Khoury told Reuters on the sidelines of a conference.
Indebted Aldar and Sorouh said in March they were in talks for a state-backed merger, creating a company with $15 billion in assets.
"We are moving (forward) in the process," Sorouh's Managing Director Abu Bakr Seddiqi al-Khoury told Reuters on the sidelines of a conference.
Investcorp to take 35-percent stake in Kuwaiti car leasing firm | Reuters
Bahrain-based Investcorp INVB.BH acquired a 35-percent stake in Kuwait's car leasing and rental firm Automak Automotive Co, marking the alternative asset manager's sixth investment through its $1 billion Gulf Opportunity Fund.
Investcorp did not give financial details of the transaction but said in a statement on Sunday that the deal will be done through a capital injection.
Co-founded in 2002 by Al Kharafi Projects Co., Automak has over 15-percent market share in Kuwait, operating a fleet of more than 4,500 vehicles and provides rental, car leasing and distribution services.
Investcorp did not give financial details of the transaction but said in a statement on Sunday that the deal will be done through a capital injection.
Co-founded in 2002 by Al Kharafi Projects Co., Automak has over 15-percent market share in Kuwait, operating a fleet of more than 4,500 vehicles and provides rental, car leasing and distribution services.
STOCKS NEWS MIDEAST-Kuwait slips from 15-wk high; Saudi rebounds - Yahoo! News Maktoob
Kuwait's index falls from Thursday's 15-week high as investors book gains, while other Gulf markets trade
flat-to-lower as euro zone woes dampen risk appetite.
Kuwait's index is 0.3 percent lower at 5,976 points, halting a rally driven by talk that government funds were buying in the market.
Telecom operator Zain falls 1.3 percent. Its Saudi affiliate Zain Saudi on Saturday said it had extended, for a second time, the maturity date of a 9.75 billion riyal ($2.6 billion) loan.
Zain Saudi's shares fall 2.8 percent, taking their losses to 9.1 percent since the announcement.
flat-to-lower as euro zone woes dampen risk appetite.
Kuwait's index is 0.3 percent lower at 5,976 points, halting a rally driven by talk that government funds were buying in the market.
Telecom operator Zain falls 1.3 percent. Its Saudi affiliate Zain Saudi on Saturday said it had extended, for a second time, the maturity date of a 9.75 billion riyal ($2.6 billion) loan.
Zain Saudi's shares fall 2.8 percent, taking their losses to 9.1 percent since the announcement.
Abu Dhabi's Etihad Airways open to more stake buys: CEO | Reuters
Etihad Airways, the Abu Dhabi-based carrier which has been on a recent acquisition spree, is eyeing further investments if the right opportunity arises, its chief executive said on Sunday, adding 2012 revenue could top $5 billion for the first time.
"We see further equity investments only if it's the right opportunity, right partner, right market and right price," James Hogan, Etihad's chief executive said at an aviation conference in the United Arab Emirates' capital.
Unlisted Etihad has been on an acquisition drive in recent months, taking minority equity stakes in Virgin Australia VAX.AX and Aer Lingus (AERL.I) and raising its shareholding in Air Berlin (AB1.DE) and Air Seychelles.
"We see further equity investments only if it's the right opportunity, right partner, right market and right price," James Hogan, Etihad's chief executive said at an aviation conference in the United Arab Emirates' capital.
Unlisted Etihad has been on an acquisition drive in recent months, taking minority equity stakes in Virgin Australia VAX.AX and Aer Lingus (AERL.I) and raising its shareholding in Air Berlin (AB1.DE) and Air Seychelles.
UAE lenders left unsure over latest rules on banking - The National
New rules come into effect today limiting how much banks can lend to companies.
But banks are uncertain about what to do if they are already in breach of the new rules.
In April, the Central Bank capped the amount banks could lend to governments and their commercial holding companies in an effort to shield them from any financial fallout from a default at a big company.
But banks are uncertain about what to do if they are already in breach of the new rules.
In April, the Central Bank capped the amount banks could lend to governments and their commercial holding companies in an effort to shield them from any financial fallout from a default at a big company.