The Bahraini mobile operator Batelco plans to re-enter India through an acquisition after losing its licence there in a corruption scandal.
"India is an attractive telecom market due to its size, growth potential and opportunity to launch many innovative services," said Sheikh Mohamed bin Isa Al Khalifa, the chief executive of Batelco.
"Potential opportunities in India remain on our agenda [and] Batelco is interested in investing in existing operators." Last February 2, India's supreme court cancelled 122 of the country's wireless licences, including some mobile licences, in a corruption probe.
Bahrain's Batelco again tests Indian waters - The National
Sunday, 13 January 2013
.:Middle East Online::Abu Dhabi injects $90 billion to help fund developments projects:.
Crown Prince of Abu Dhabi, Deputy Supreme Commander of the UAE Armed Forces and Chairman of the Abu Dhabi Executive Council, His Highness General Sheikh Mohamed bin Zayed Al Nahyan chaired on Sunday an Executive Council meeting at the Crown Prince Court.
The meeting discussed the latest developments of plans and projects in various sectors and the aspired-for objectives tailored to enhance the progress of development in the emirate.
The Crown Prince said that the plans and projects underway are designed to translate into reality the vision of President His Highness Sheikh Khalifa bin Zayed Al Nahyan.
.:Middle East Online::Abu Dhabi injects $90 billion to help fund developments projects
The meeting discussed the latest developments of plans and projects in various sectors and the aspired-for objectives tailored to enhance the progress of development in the emirate.
The Crown Prince said that the plans and projects underway are designed to translate into reality the vision of President His Highness Sheikh Khalifa bin Zayed Al Nahyan.
.:Middle East Online::Abu Dhabi injects $90 billion to help fund developments projects
UAE central bank plans broad mortgage rules by mid-2013 - Business Intelligence Middle East - bi-me.com - News, analysis, reports
The central bank of the United Arab Emirates plans to issue broad regulations governing the housing mortgage industry by the middle of this year, aiming to ensure the stability of the sector, two sources familiar with the matter said on Sunday.
"The final pieces of the new mortgage regulations are being put together. It could be ready for issue by June this year," one of the sources told Reuters, declining to be named because the information has not yet been made public.
The regulations will deal with all important aspects of mortgage lending, the source said without going into details. A central bank spokesman declined to comment.
UAE central bank plans broad mortgage rules by mid-2013 - bi-me.com
"The final pieces of the new mortgage regulations are being put together. It could be ready for issue by June this year," one of the sources told Reuters, declining to be named because the information has not yet been made public.
The regulations will deal with all important aspects of mortgage lending, the source said without going into details. A central bank spokesman declined to comment.
UAE central bank plans broad mortgage rules by mid-2013 - bi-me.com
Kuwait 8-month budget surplus at $52 bln, spending low: finmin
Kuwait’s government budget surplus stood at 14.7 billion dinars ($52 billion) in the first eight months of its fiscal year thanks to strong oil revenues, data from the Gulf country’s finance ministry showed.
The April-November surplus accounts for around 33.1 percent of the OPEC member’s 2011 gross domestic product, according to a Reuters calculation based on the latest official data.
A Reuters poll in September forecast Kuwait would record a budget surplus of 23.8 percent of GDP in fiscal year 2012/13, which began in April.
Kuwait 8-month budget surplus at $52 bln, spending low: finmin
The April-November surplus accounts for around 33.1 percent of the OPEC member’s 2011 gross domestic product, according to a Reuters calculation based on the latest official data.
A Reuters poll in September forecast Kuwait would record a budget surplus of 23.8 percent of GDP in fiscal year 2012/13, which began in April.
Kuwait 8-month budget surplus at $52 bln, spending low: finmin
Cybercrime targets banks most in the UAE | GulfNews.com
Cyber-attacks have mostly targeted the banking sector, including the ATM and Internet banking applications, in the UAE, a report published in the January issue of 999 Magazine, the official English monthly of the Ministry of Interior, revealed.
The banking sector topped the list with 35 per cent share of attacks, while the remaining 65 per cent were launched against the government’s e-services, telecommunication systems, and educational institutions’ systems, according to Lieutenant Colonel Yasser Mohammad Al Wahabi, E-Infrastructure Director, General Directorate of E-Services and Telecom, UAE Ministry of Interior.
To address this problem, most of police general headquarters in the UAE have established cybercrime and organisational security units. They also have computer forensics teams that specialise in obtaining, recovering, examining, analysing, and presenting electronic evidence stored on computers or other electronic devices.
Cybercrime targets banks most in the UAE | GulfNews.com
The banking sector topped the list with 35 per cent share of attacks, while the remaining 65 per cent were launched against the government’s e-services, telecommunication systems, and educational institutions’ systems, according to Lieutenant Colonel Yasser Mohammad Al Wahabi, E-Infrastructure Director, General Directorate of E-Services and Telecom, UAE Ministry of Interior.
To address this problem, most of police general headquarters in the UAE have established cybercrime and organisational security units. They also have computer forensics teams that specialise in obtaining, recovering, examining, analysing, and presenting electronic evidence stored on computers or other electronic devices.
Cybercrime targets banks most in the UAE | GulfNews.com
Dubai Financial Market close - January 13, 2013
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MENA stock markets close - January 13, 2013
| Exchange | Status | Index | Change | ||||
 | TASI (Saudi Stock Market) | 7115.19 | -0.71% | ||||
 | DFM (Dubai Financial Market) | 1733.1 | -1.32% | ||||
| ADX (Abudhabi Securities Exchange) | 2741.83 | 0.50% | ||||
 | KSE (Kuwait Stock Exchange) | 6109.34 | 0.68% | ||||
 | BSE (Bahrain Stock Exchange) | 1072.08 | 0.98% | ||||
 | MSM (Muscat Securities Market) | 5844.02 | 0.44% | ||||
 | QE (Qatar Exchange) | 8684.72 | -1.10% | ||||
 | LSE (Beirut Stock Exchange) | 1173.68 | 0.01% | ||||
 | EGX 30 (Egypt Exchange) | 5701.49 | -0.92% | ||||
 | ASE (Amman Stock Exchange) | 2000.44 | -0.04% | ||||
 | TUNINDEX (Tunisia Stock Exchange) | 4672.01 | -0.02% | ||||
 | CB (Casablanca Stock Exchange) | 9231.86 | -0.71% | ||||
 | PSE (Palestine Securities Exchange) | 468.5 | -0.31% | ||||
Qatar National Bank Boosts Dividend After Net Misses Estimates - Bloomberg
Qatar National Bank SAQ (QNBK), the largest bank in the Middle East by assets, raised its dividend to 6 riyals a share as 2012 fiscal-year profit missed estimates.
The bank’s board recommended a cash dividend equal to 60 percent of the nominal share value, the lender said in an e- mailed release. The bank paid a dividend of 40 percent of share value in 2011 plus bonus shares of 10 percent. Full-year profit rose 11 percent to 8.3 billion riyals, the bank said. The mean estimate of 10 analysts was for a fiscal-year profit of 8.45 billion riyals, according to data compiled by Bloomberg.
Their were “no major surprises except sharp dividend hike,” Jaap Meijer, director of equity research at Dubai-based Arqaam Capital Ltd., said today in an e-mailed note to investors. The increased dividend was “well ahead” of their forecast for payment of 4.64 riyals a share, he wrote.
Qatar National Bank Boosts Dividend After Net Misses Estimates - Bloomberg
The bank’s board recommended a cash dividend equal to 60 percent of the nominal share value, the lender said in an e- mailed release. The bank paid a dividend of 40 percent of share value in 2011 plus bonus shares of 10 percent. Full-year profit rose 11 percent to 8.3 billion riyals, the bank said. The mean estimate of 10 analysts was for a fiscal-year profit of 8.45 billion riyals, according to data compiled by Bloomberg.
Their were “no major surprises except sharp dividend hike,” Jaap Meijer, director of equity research at Dubai-based Arqaam Capital Ltd., said today in an e-mailed note to investors. The increased dividend was “well ahead” of their forecast for payment of 4.64 riyals a share, he wrote.
Qatar National Bank Boosts Dividend After Net Misses Estimates - Bloomberg
Qatar Airways CEO Says Interested in Indian Carrier Stake - Bloomberg
Qatar Airways Ltd., the Middle East’s second-largest carrier, is interested in purchasing a stake in an Indian airline, Chief Executive Officer Akbar Al Baker said.
“India is a huge market, India is a potentially lucrative market,” Al Baker told reporters today in Doha. “Qatar Airways will be interested once we are sure the regulations and the laws are properly liberalized.”
The CEO said he’s not studying any specific purchase in India, where changes to rules curbing foreign direct investment from airlines have spurred interest in the market.
Qatar Airways CEO Says Interested in Indian Carrier Stake - Bloomberg
“India is a huge market, India is a potentially lucrative market,” Al Baker told reporters today in Doha. “Qatar Airways will be interested once we are sure the regulations and the laws are properly liberalized.”
The CEO said he’s not studying any specific purchase in India, where changes to rules curbing foreign direct investment from airlines have spurred interest in the market.
Qatar Airways CEO Says Interested in Indian Carrier Stake - Bloomberg
Saudi Sovereign Wealth Fund Buys Stake in Utility ACWA Power - Bloomberg
Saudi Arabian sovereign wealth fund Sanabil and the nation’s pension agency acquired 19 percent of ACWA Power International, a company that invests in power and water projects in the kingdom and regionally.
Riyadh-based ACWA issued 89.5 million new shares to Sanabil and the Saudi Public Pension Agency, each of which will have a seat on ACWA’s board of directors, the company said in an e- mailed statement yesterday. Morgan Stanley (MS) advised ACWA on the transaction, which will give Sanabil and the pension agency stakes of 13.7 percent and 5.7 percent, respectively. No financial details were given in the statement.
“ACWA Power has been growing rapidly and has started to expand beyond its borders in Saudi Arabia,” Klaus Froehlich, Morgan Stanley’s head of investment banking for the Middle East and North Africa, said by phone today. “This transaction will allow the company to continue its growth and further compete for contracts in Saudi Arabia which are mostly government related.”
Saudi Sovereign Wealth Fund Buys Stake in Utility ACWA Power - Bloomberg
Riyadh-based ACWA issued 89.5 million new shares to Sanabil and the Saudi Public Pension Agency, each of which will have a seat on ACWA’s board of directors, the company said in an e- mailed statement yesterday. Morgan Stanley (MS) advised ACWA on the transaction, which will give Sanabil and the pension agency stakes of 13.7 percent and 5.7 percent, respectively. No financial details were given in the statement.
“ACWA Power has been growing rapidly and has started to expand beyond its borders in Saudi Arabia,” Klaus Froehlich, Morgan Stanley’s head of investment banking for the Middle East and North Africa, said by phone today. “This transaction will allow the company to continue its growth and further compete for contracts in Saudi Arabia which are mostly government related.”
Saudi Sovereign Wealth Fund Buys Stake in Utility ACWA Power - Bloomberg
Kuwait could rebuff $500m Iraqi Airways offer - Transport - ArabianBusiness.com
Kuwait could reject a US$500m compensation offer from Iraq in the latest twist in a debt dispute that has continued since the first Gulf War.
Government-owned Kuwait Airways had originally sought US$1.2bn from Iraq for the ten jets that were taken by Iraqi forces during the Gulf War of 1990-1991. Two-and-a-half years ago, the airline won a court order in the UK that led to the freezing of Iraqi Airways’ global assets.
Towards the end of last year, Iraqi Airways said it would offer Kuwait Airways US$500m.
Kuwait could rebuff $500m Iraqi Airways offer - Transport - ArabianBusiness.com
Government-owned Kuwait Airways had originally sought US$1.2bn from Iraq for the ten jets that were taken by Iraqi forces during the Gulf War of 1990-1991. Two-and-a-half years ago, the airline won a court order in the UK that led to the freezing of Iraqi Airways’ global assets.
Towards the end of last year, Iraqi Airways said it would offer Kuwait Airways US$500m.
Kuwait could rebuff $500m Iraqi Airways offer - Transport - ArabianBusiness.com
Kuwait wealth fund had $261 billion assets in March 2012: paper - chicagotribune.com
A rainy day fund managed by Kuwait Investment Authority (KIA) had assets currently worth more than $261 billion at the end of March last year, a local newspaper reported on Sunday citing a government audit.
Oil-producing Kuwait, one of the world's richest countries per capita, puts a percentage of its annual revenues into the Future Generations Fund, a nest egg for when oil supplies diminish or for when the economy suffers other shocks.
Daily al-Qabas said 47 percent of the fund was invested in stocks and that its total size was 73.63 billion Kuwaiti dinars ($261.61 billion) at the end of March. This would be $261.47 billion according to the current exchange rate or $266 billion at the time.
Kuwait wealth fund had $261 billion assets in March 2012: paper - chicagotribune.com
Oil-producing Kuwait, one of the world's richest countries per capita, puts a percentage of its annual revenues into the Future Generations Fund, a nest egg for when oil supplies diminish or for when the economy suffers other shocks.
Daily al-Qabas said 47 percent of the fund was invested in stocks and that its total size was 73.63 billion Kuwaiti dinars ($261.61 billion) at the end of March. This would be $261.47 billion according to the current exchange rate or $266 billion at the time.
Kuwait wealth fund had $261 billion assets in March 2012: paper - chicagotribune.com
Abu Dhabi Stocks, Nearing Bull Market, Gain on Bank Profit Bets - Bloomberg
Abu Dhabi shares rallied to a 19- month high on bets earnings of the emirate’s banks will improve and as the measure’s equities offer cheaper valuations than Persian Gulf and emerging-market peers.
National Bank of Abu Dhabi PJSC, which may post an 11 percent advance in 2012 profit, rallied to the highest level in almost seven years. Union National Bank (UNB) PJSC, whose shareholders include the governments of Abu Dhabi and Dubai, gained for a second day. The ADX General Index (ADSMI) increased 0.5 percent to 2,741.83, the strongest level since June 2011, at the close in the United Arab Emirates capital.
The index has gained 19.6 percent since a Jan. 17, 2012 closing low of 2,293.09, nearing the 20 percent threshold some investors consider as the beginning of a bull market. Abu Dhabi banks and real estate companies are recovering from a credit crisis that caused property prices in the U.A.E. to drop by as much as 65 percent and slowed lending, bringing the neighboring emirate of Dubai to the brink of default in 2009.
Abu Dhabi Stocks, Nearing Bull Market, Gain on Bank Profit Bets - Bloomberg
National Bank of Abu Dhabi PJSC, which may post an 11 percent advance in 2012 profit, rallied to the highest level in almost seven years. Union National Bank (UNB) PJSC, whose shareholders include the governments of Abu Dhabi and Dubai, gained for a second day. The ADX General Index (ADSMI) increased 0.5 percent to 2,741.83, the strongest level since June 2011, at the close in the United Arab Emirates capital.
The index has gained 19.6 percent since a Jan. 17, 2012 closing low of 2,293.09, nearing the 20 percent threshold some investors consider as the beginning of a bull market. Abu Dhabi banks and real estate companies are recovering from a credit crisis that caused property prices in the U.A.E. to drop by as much as 65 percent and slowed lending, bringing the neighboring emirate of Dubai to the brink of default in 2009.
Abu Dhabi Stocks, Nearing Bull Market, Gain on Bank Profit Bets - Bloomberg
TABLE - Bahrain Q4 earnings estimates | Reuters
AHLI UNITED BANK - Following are fourth-quarter net profit estimates for Ahli United Bank in millions of Bahraini dinars.
Q4 2012 %change
Arqaam Capital 118.00 67.85
Ahli United Bank reported a net profit of 70.30 million Bahraini dinars in the fourth quarter of 2011.
TABLE - Bahrain Q4 earnings estimates | Reuters
Q4 2012 %change
Arqaam Capital 118.00 67.85
Ahli United Bank reported a net profit of 70.30 million Bahraini dinars in the fourth quarter of 2011.
TABLE - Bahrain Q4 earnings estimates | Reuters
RPT-TABLE-Qatar Q4 earnings estimates | Reuters
INDUSTRIES QATAR- Follwing are fourth-quarter net profit estimates for Industries Qatar in millions of Qatari riyals.
Q4 2012 %change
EFG Hermes 2299.00 36.36
SICO Bahrain 2275.00 34.94
Global Investment House 2561.00 51.90
Beltone Financial 2639.00 56.53
Aljazira Capital 2561.60 51.94
QNB Financial 2308.00 36.90
Average 2440.60 44.76
Industries Qatar reported a net profit of 1685.94 million Qatari
riyals in the fourth quarter of 2011.
RPT-TABLE-Qatar Q4 earnings estimates | Reuters
Q4 2012 %change
EFG Hermes 2299.00 36.36
SICO Bahrain 2275.00 34.94
Global Investment House 2561.00 51.90
Beltone Financial 2639.00 56.53
Aljazira Capital 2561.60 51.94
QNB Financial 2308.00 36.90
Average 2440.60 44.76
Industries Qatar reported a net profit of 1685.94 million Qatari
riyals in the fourth quarter of 2011.
RPT-TABLE-Qatar Q4 earnings estimates | Reuters
TABLE -Kuwait Q4 earnings estimates | Reuters
AGILITY - Following are fourth-quarter net profit estimates for Agility in millions of Kuwaiti dinars.
Q4 2012 %change
SICO Bahrain 10.10 191.91
Agility reported a net profit of 3.46 million Kuwaiti dinars in the fourth quarter of 2011.
TABLE -Kuwait Q4 earnings estimates | Reuters
Q4 2012 %change
SICO Bahrain 10.10 191.91
Agility reported a net profit of 3.46 million Kuwaiti dinars in the fourth quarter of 2011.
TABLE -Kuwait Q4 earnings estimates | Reuters
Egypt sees talks with IMF 'back on track very soon' | News , Middle East | THE DAILY STAR
Egyptian Prime Minister Hisham Kandil said on Sunday that talks with the International Monetary Fund on a crucial $4.8 billion loan would be back on track "very soon".
"Because of the domestic situation we had to postpone that, so we are doing a quick evaluation. We are going to be back on track very soon," he told a business forum in Cairo.
"We invited another mission of the IMF to again realign the programme so we can move forward with our national reform programme to handle the budget deficit, to handle the fiscal problems so we can move forward with growth."End
"Because of the domestic situation we had to postpone that, so we are doing a quick evaluation. We are going to be back on track very soon," he told a business forum in Cairo.
"We invited another mission of the IMF to again realign the programme so we can move forward with our national reform programme to handle the budget deficit, to handle the fiscal problems so we can move forward with growth."End
WAM | UAE stock markets led regional growth in 2012 : Al Mansouri
The Dubai Financial Market (DFM) was the star performer in the GCC stock markets indexes in 2012, advancing 20%, according to the annual report issued by the Securities and Commodities Authority (SCA) on the Emirates Securities Market (ESM) performance for 2012.
Commenting on the report, Sultan bin Saeed Al Mansouri, Minister of Economy and SCA Chairman, said the UAE stock markets had seen uptrend performance last year.
He said the DFM led the growth charge in the region followed by Abu Dhabi Securities Exchange (ADX) at 9.5%.
WAM | UAE stock markets led regional growth in 2012 : Al Mansouri
Commenting on the report, Sultan bin Saeed Al Mansouri, Minister of Economy and SCA Chairman, said the UAE stock markets had seen uptrend performance last year.
He said the DFM led the growth charge in the region followed by Abu Dhabi Securities Exchange (ADX) at 9.5%.
WAM | UAE stock markets led regional growth in 2012 : Al Mansouri
Abu Dhabi's Taqa acquires stake in Indian hydroelectric firm - The National
Abu Dhabi's Taqa has acquired a minority stake in India's Himachal Sorang Power, which is developing a 100 megawatt hydroelectric plant in the country.
Construction of the Sorang hydroelectric project is 85 per cent complete and the plant is expected to begin operations in 2013, a Taqa spokesperson said. Taqa didn't provide the size or value of the stake purchase.
The acquisition was made through a joint venture with Jyoti Structures, an Indian power infrastructure company, which signed a memorandum of understanding with Taqa in mid-2011 to explore investment opportunities in the sector, according to the UAE-based company.
Abu Dhabi's Taqa acquires stake in Indian hydroelectric firm - The National
Construction of the Sorang hydroelectric project is 85 per cent complete and the plant is expected to begin operations in 2013, a Taqa spokesperson said. Taqa didn't provide the size or value of the stake purchase.
The acquisition was made through a joint venture with Jyoti Structures, an Indian power infrastructure company, which signed a memorandum of understanding with Taqa in mid-2011 to explore investment opportunities in the sector, according to the UAE-based company.
Abu Dhabi's Taqa acquires stake in Indian hydroelectric firm - The National
RPT-TABLE-Saudi Arabia Q4 earnings estimates | Reuters
AL RAJHI BANK - Following are fourth-quarter net profit estimates for Al Rajhi Bank in millions of riyals.
Q4 2012 %change
Global Investment House 1867.20 -1.68
Bakheet Investment Group 2002.00 5.42
EFG Hermes 1990.00 4.79
SICO Bahrain 1824.50 -3.93
NCB Capital 2010.00 5.84
Beltone Financial 2037.00 7.26
Arqaam Capital 1959.00 3.15
Morgan Stanley 2043.00 7.58
Audi Saradar Investment Bank 1940.00 2.15
Average 1963.63 3.40
Al Rajhi Bank reported a net profit of 1899.12 million Saudi riyals in the fourth quarter of 2011.
RPT-TABLE-Saudi Arabia Q4 earnings estimates | Reuters
Q4 2012 %change
Global Investment House 1867.20 -1.68
Bakheet Investment Group 2002.00 5.42
EFG Hermes 1990.00 4.79
SICO Bahrain 1824.50 -3.93
NCB Capital 2010.00 5.84
Beltone Financial 2037.00 7.26
Arqaam Capital 1959.00 3.15
Morgan Stanley 2043.00 7.58
Audi Saradar Investment Bank 1940.00 2.15
Average 1963.63 3.40
Al Rajhi Bank reported a net profit of 1899.12 million Saudi riyals in the fourth quarter of 2011.
RPT-TABLE-Saudi Arabia Q4 earnings estimates | Reuters
TABLE- Oman Q4 earnings estimates | Reuters
BANK MUSCAT - Following are fourth-quarter net profit estimates for Bank Muscat in millions of Omani rials.
Q4 2012 %change
Arqaam Capital 31.00 1.94
Global Investment House 36.30 19.37
EFG Hermes 33.00 8.52
Beltone Financial 38.00 24.96
Gulf Baader Capital Markets 36.53 20.11
HSBC 35.00 15.09
Average 34.97 15.00
BankMuscat (SAOG) reported a net profit of 30.41 million Omani rials in the fourth quarter of 2011.
TABLE- Oman Q4 earnings estimates | Reuters
Q4 2012 %change
Arqaam Capital 31.00 1.94
Global Investment House 36.30 19.37
EFG Hermes 33.00 8.52
Beltone Financial 38.00 24.96
Gulf Baader Capital Markets 36.53 20.11
HSBC 35.00 15.09
Average 34.97 15.00
BankMuscat (SAOG) reported a net profit of 30.41 million Omani rials in the fourth quarter of 2011.
TABLE- Oman Q4 earnings estimates | Reuters
Consumer prices in Abu Dhabi up 0.7% on year in December | GulfNews.com
Average consumer prices in Abu Dhabi rose 0.7 per cent on the year in December, while inflation for the full year 2012 in the oil-rich emirate rose 1.1 per cent in 2012 compared with 2011, latest data from Statistics Centre Abu Dhabi (SCAD) showed on Saturday.
“The largest increase in prices during December 2012 compared with December 2011, was in the “restaurants and hotels” group, which advanced 14.5 per cent, followed by “clothing and footwear” (up 4.0 per cent), “alcoholic beverages and tobacco” (up 11.7 per cent) and “transport” (up 3.0 per cent),” SCAD said in a statement, while adding housing, water, electricity, gas prices retreated by 1.1 per cent.
In 2011, the emirate’s inflation stood at 1.9 per cent. According to the Ministry of Economy estimates.
Consumer prices in Abu Dhabi up 0.7% on year in December | GulfNews.com
“The largest increase in prices during December 2012 compared with December 2011, was in the “restaurants and hotels” group, which advanced 14.5 per cent, followed by “clothing and footwear” (up 4.0 per cent), “alcoholic beverages and tobacco” (up 11.7 per cent) and “transport” (up 3.0 per cent),” SCAD said in a statement, while adding housing, water, electricity, gas prices retreated by 1.1 per cent.
In 2011, the emirate’s inflation stood at 1.9 per cent. According to the Ministry of Economy estimates.
Consumer prices in Abu Dhabi up 0.7% on year in December | GulfNews.com
Saudi equities lifted for second week - The National
Saudi Arabian equities extended their rally for the year to more than 5 per cent yesterday, lifted by gains in the banking sector ahead of fourth-quarter earnings announcements expected this week.
Banks are expected to notch up big profits in the coming weeks as the kingdom's stimulus plans filter through the economy.
Last month, the Saudi council of ministers endorsed 820 billion riyals (Dh803.17bn) in expenditures for this year, an increase of 18.8 per cent compared with last year.
Saudi equities lifted for second week - The National
Banks are expected to notch up big profits in the coming weeks as the kingdom's stimulus plans filter through the economy.
Last month, the Saudi council of ministers endorsed 820 billion riyals (Dh803.17bn) in expenditures for this year, an increase of 18.8 per cent compared with last year.
Saudi equities lifted for second week - The National
UAE economy set for faster growth despite flat oil output - The National
Trade, manufacturing, construction and tourism will help to propel GDP growth to a stronger 3.8 per cent this year as the rise in oil output slows, estimates Emirates NBD.
Expansion would pick up from 3.7 per cent last year, the country's biggest bank by assets estimated.
Forecasts for both years were raised by the bank, up by 0.7 percentage points for last year and 0.3 percentage points for this year.
UAE economy set for faster growth despite flat oil output - The National
Expansion would pick up from 3.7 per cent last year, the country's biggest bank by assets estimated.
Forecasts for both years were raised by the bank, up by 0.7 percentage points for last year and 0.3 percentage points for this year.
UAE economy set for faster growth despite flat oil output - The National
Family businesses vital for UAE to rely less on oil - The National
Family businesses are an integral part of the economy but bridging the generation gap is vital for staying successful, academics warn in new research.
The companies are the main source of job and wealth creation and essential if the UAE hopes to move away from a reliance on oil, say researchers at the American University of Sharjah.
Family businesses are becoming less reliant on nepotism thanks to younger generations' formal education in running companies.
Family businesses vital for UAE to rely less on oil - The National
The companies are the main source of job and wealth creation and essential if the UAE hopes to move away from a reliance on oil, say researchers at the American University of Sharjah.
Family businesses are becoming less reliant on nepotism thanks to younger generations' formal education in running companies.
Family businesses vital for UAE to rely less on oil - The National
Gulf Daily News » Local News » Bahrain to host Arab stock exchange
An Arab stock exchange will be set up in Bahrain on His Majesty King Hamad's directives, the kingdom's Ambassador to Saudi Arabia Shaikh Humood bin Abdulla Al Khalifa said yesterday. The King has also granted a plot of land for the planned headquarters, he said. Shaikh Humood revealed the royal initiative during his speech at the opening session of the Arab Private Sector Forum in Riyadh. The forum, being held under the patronage of Saudi Foreign Minister Prince Saud Al Faisal, was attended by heads of trade, industry and agricultural chambers, as well as Arab businessmen. Shaikh Humood stressed Bahrain's keenness to promote economic co-operation to attract investment for development projects in the Arab world.
Bahrain to host Arab stock exchange
Bahrain to host Arab stock exchange
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