Mena News

 

  Etihad's Hogan says still interested in Irish Government's 25 percent stake in Aer Lingus
Oct , 17 , 2012  
  Etihad Airways is still interested in the Irish government's 25 percent stake in Aer Lingus Group PLC, its chief executive officer said, but it hasn't yet been approached for talks. "If the Irish government approached us to look at the stake, we would look at the stake. They still haven't approached us," CEO James Hogan said on the sidelines of an air transport event in Abu Dhabi.
 

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  Saudi Maaden ends financing of Alcoa-Maaden JV Project Phase 1
Oct , 17 , 2012  
  Saudi Arabian Mining Co., or Maaden, said it has signed two financing agreements with the Saudi Industrial Development Fund for a combined value of USD320mn. Maaden Aluminum Co. and Maaden Rolling Mill Company--subsidiaries of Maaden Saudi Arabian Mining Company, which is 21.5 percent owned by U.S.-based Alcoa Inc. (AA)--signed the agreements for the first phase of the joint venture's USD10.8bn aluminum complex.
 

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  Zain Saudi in advanced loan talks as Q3 net loss widens
Oct , 17 , 2012  
  Telecoms operator Zain Saudi said it was in advanced talks to refinance a loan worth SAR9bn (USD2.4bn) - said it had suffered from regulations on international call prices. "The company believes that it will be successful in meeting its obligations in the normal course of operations and in its efforts to secure the necessary funding," Zain said in its bourse statement.
 

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  Kuwait says ready to join Asian Development Bank
Oct , 17 , 2012  
  Kuwait is ready to become a member of the Asian Development Bank, the Manila-based organization which provides funding for poorer countries in the Asia-Pacific region, according to Kuwait's ruler Sheikh Sabah Al-Ahmed Al-Sabah. Sheikh Sabah also proposed a new USD2bn fund to provide Middle Eastern finance for development projects in Asia, adding that Kuwait was ready to contribute USD300mn to the fund. He suggested that the fund could be administered by the Asian Development Bank.
 

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  Kuwait sees stable oil prices over next 5 years
Oct , 16 , 2012  
  Global oil prices should stay stable or fall just under their current levels over the next five years as Asian consumption makes up for a potential drop in European and U.S. demand, Kuwait's oil minister, Hani Hussein told state news agency KUNA on the sidelines of an Asian summit in Kuwait.
 

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  U.S. retail sales point to stronger economic growth
Oct , 16 , 2012  
  U.S. retail sales rose in September as Americans stepped up purchases of everything from cars to electronics, a sign that consumer spending is driving faster economic growth. But consumer spending remains the U.S. economy's biggest engine, and expectations for third-quarter economic growth improved after the Commerce Department reported a 1.1 percent increase in retail sales during September.
 

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  Egypt's EFG Hermes gets go-ahead for Qatar deal
Oct , 16 , 2012  
  Egyptís regulator has no objections to EFG Hermes; plan to create a jointly-owned investment bank with QInvest of Qatar, the bank said. "The Egyptian Financial Supervisory Authority certified, with no reservations ... (EFG Hermes) Extraordinary General Meeting minutes that was held on September 16, 2012 to approve the companyís strategic alliance with QInvest ," EFG Hermes said in a statement.
 

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  Egypt Nile Capital, Qatari royal to form education fund
Oct , 16 , 2012  
  Egypt-based Nile Capital is teaming up with a member of Qatar's royal family to establish a fund of up to USD300mn that will invest in education across the Middle East and North Africa. Nile Capital Qatar, a partnership between the Egyptian investment firm and Sheikh Jabr bin Hamad Al-Thani, expects to raise close to USD150mn for the fund's first closing by the end of the first quarter next year, said managing director Basel Roshdy.
 

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  Qatar looking closely at Morgan Stanley's commodity trading business
Oct , 16 , 2012  
  Qatar's sovereign wealth fund is "seriously looking" at a potential investment in the commodities trading unit of Morgan Stanley (MS), the country's Prime Minister said. "We are studying the proposal for the commodities exchange," Hamad Bin Jassim Bin Jabor Al Thani told reporters in Doha. "We are looking at it seriously."
 

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  Dubai's Abraaj eyes 2013 IPO for Egypt health business
Oct , 16 , 2012  
  Abraaj Capital, the Middle Eastís largest private equity firm, is considering selling shares in its Egyptian medical laboratories business in 2013 and hopes to deploy as much as USD800mn in new deals, its chief executive said. The Dubai-based firmís portfolio company, Al Borg Laboratories, entered into a merger agreement with Al Mokhtabar Laboratories in August to create Integrated Diagnostics Holding, the biggest medical laboratories business in the region.
 

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