Mena News

 

  Saudi Kingdom Holding Co. completes USD200mn Toronto Four Seasons hotel buy
Nov , 18 , 2012  
  Saudi Arabia's Kingdom Holding Company Co., said it has completed the $200 million purchase of the Four Seasons Toronto Canada. The transaction was funded by a USD130mn mortgage loan with the remainder coming from its own resources, Kingdom Holding Company said in a statement posted on the Saudi bourse website.
 

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  Kuwait Telco Viva still not listed on bourse 4 years after IPO
Nov , 18 , 2012  
  Loss-making Viva Kuwait has yet to join its local bourse more than four years after its initial public offering and the telecommunications operator's listing could be further delayed as it may first need to issue new shares to shore up its balance sheet. Convincing minority shareholders to pump in more cash to the Saudi Telecom Co (STC) affiliate when their original investment has been off-limits for so long may be a tough sell. The company refused to explain the delay or state when it would list on Kuwait’s ailing stock exchange when asked by Reuters, only saying it made an application to the regulator, Capital Market Authority (CMA), in February 2012.
 

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  Kuwait to invest USD56bn on oil, gas expansion over 5 years
Nov , 13 , 2012  
  Kuwait plans to invest USD56bn on domestic oil and natural gas projects over the next five years to help meet rising global demand, the chairman and managing director of state-owned Kuwait Oil Co. said in remarks published. Sami Al-Rushaid said Kuwait intends to boost oil production capacity to 3.65mn barrels per day (bpd) by 2020, up from 3mn bpd currently.
 

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  U.S. to overtake Saudi as top oil producer – IEA
Nov , 13 , 2012  
  The United States will overtake Saudi Arabia as the world's top oil producer by 2017, as a steep rise in shale oil and gas production pushes the country toward self-sufficiency in energy. The International Energy Agency (IEA) gave the estimates in an annual long-term report. Its conclusions were in sharp contrast with its 2011 report, which saw Saudi Arabia remaining the top producer throughout 2035. "Energy developments in the United States are profound and their effect will be felt well beyond North America – and the energy sector," the IEA said. The IEA said it saw a continued fall in U.S. oil imports with North America becoming a net oil exporter by around 2030.
 

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  Brent slips below USD109 on demand worries, flush supply
Nov , 13 , 2012  
  Brent crude slipped below USD109 on early Tuesday, November 13, declining for a second day on worries about demand growth in a well supplied market, as the United States and the European Union grapple with their financial woes.
 

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  Japan revised September industrial output down 4.1 percent MoM
Nov , 13 , 2012  
  Japan's industrial output fell 4.1 percent in September, revised data showed, suggesting falls in exports and a territorial spat with China kept a lid on corporations' capital spending. The figure was the same as the initial reading and compared with a 1.6 percent decline in August. The capacity utilization index fell 5.5 percent in September from a month earlier to 81.1.
 

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  Telecom Egypt eyes deal with government on mobile service
Nov , 13 , 2012  
  Telecom Egypt is in advanced talks with the government on a deal allowing it to offer mobile services in addition to its traditional mainstay fixed-line business, where revenue is under pressure. "The discussions (with the government) are in a very mature phase,” Chief Executive Mohamed El-Nawawy told Reuters. He did not give a timetable for a deal on a universal telecoms license, although he said agreement could be imminent. We would be a fourth total telecoms provider," he said. "We are interested in moving forward as soon as possible, as soon as we get a license, offering a virtual service," or one based on existing mobile networks.
 

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  Vodafone Qatar says customer base up 7 percent in Q2
Nov , 13 , 2012  
  Vodafone Qatar, an affiliate of Vodafone Group, boosted its customer base by 7 percent in the second quarter, the telecoms firm said in a bourse statement. It had 936,300 mobile customers as of September 30, up from 878,200 at June-end.
 

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  Dubai sees no need to recapitalize support fund
Nov , 13 , 2012  
  Dubai sees no need to recapitalize the financial support fund which provides aid to indebted state-linked companies, Sheikh Ahmed bin Saeed Al-Maktoum, the head of the emirate's Supreme Fiscal Committee, said. "No, we do not need to do anything like that. All the companies are doing well," Sheikh Ahmed told reporters in response to a question.
 

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  Abu Dhabi's TAQA picks five banks for U.S. Dollar bond
Nov , 13 , 2012  
  Abu Dhabi National Energy Co (TAQA) has mandated five banks for a U.S. Dollar-denominated bond which could be issued before the end of the year, a spokesman for the company told Reuters. TAQA has picked BNP Paribas, Citigroup Inc, HSBC Holdings, National Bank of Abu Dhabi and Standard Chartered for the bond, the spokesman said. "Subject to approval from our board of directors and favorable market conditions, we may proceed with an issuance this year," the spokesman added without elaborating on specific details.
 

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