Mena News

 

  UAE central bank extends lending cap by six months
Oct , 10 , 2012  
  National Bank of Abu Dhabi ( NBAD ) said the United Arab Emirates central bank had extended its deadline to comply with limits on commercial banks; lending to state-linked companies by six months. "The (central bank) governor announced it was extended for six months at the last central bank meeting (with commercial banks in September)," Abdulla Saleh Abdulraheem, NBAD’s deputy chief executive, told Reuters.
 

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  Saudi Alujain's unit NatPet secures USD20mn credit facility from local fund
Oct , 10 , 2012  
  Saudi Arabia's Alujain Corp. said its unit National Petrochemical Industrial Co., or NatPet, has signed an agreement to secure a USD20mn revolving credit facility from the Saudi Fund for Development. The three-year facility is part of the Saudi Export Program and aims to support Natpet's exports, Alujain said in a statement posted on the Saudi bourse website.
 

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  Saudi's Arabian Cement sees USD6.4mn drop in sales this year due to fire
Oct , 10 , 2012  
  Saudi-based Arabian Cement Co., or ACC, said it expects sales revenues to fall this year by SAR24mn (USD6.4mn), or 4 percent of overall revenues, due to a recent fire at one of its five cement mills. Sales are expected to drop by about 1,000 tons a day and the mill is likely to resume normal operations three or four months from now.
 

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  Kuwait's Al Tijaria makes USD13.8mn profit on sale of land plot
Oct , 10 , 2012  
  Kuwait's Commercial Real Estate Co., or Al Tijaria, said it has realized a profit of KWD3.87mn (USD13.79mn) on the sale of a plot of land it owned in the country's Mahboula area. The profit will be included in the financial results for the fourth quarter of 2012, the shariah-compliant property developer said in a statement posted on the Kuwait bourse website.
 

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  Kuwaiti government sees 2012-3 expenditure at USD75.6bn
Oct , 10 , 2012  
  Kuwait’s cabinet approved a slightly revised budget for the current fiscal year with projected expenditure of KWD21.24bn (USD75.6bn), state news agency KUNA reported late. The draft law, which still needs approval of the country’s ruler, sees revenues at KWD13.93bn, KUNA said, citing Finance Minister Nayef Al-Hajraf.
 

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  Japan August current account surplus +4.2 percent YoY
Oct , 09 , 2012  
  Japan's current account surplus unexpectedly rose 4.2 percent in August from a year earlier, Ministry of Finance data showed, although the outlook remains murky as a slowdown in the Chinese economy and Europe's debt crisis are hurting the nation's exports. The surplus stood at JPY454.7bn (USD5.82bn), against a median forecast for JPY425.5bn. The current account has been in a surplus for seven straight months.
 

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  Brent rises towards USD113 on Syria-Turkey tensions
Oct , 09 , 2012  
  Brent crude futures rose towards USD113 a barrel on early Tuesday, October 09, after two days of losses, with supply fears due to escalating tensions in the Middle East prevailing over a sluggish outlook for global demand.
 

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  Euro-zone sentiment rises for 2nd straight month in October
Oct , 09 , 2012  
  Euro-zone sentiment improved for the second consecutive month in October with investors' expectations boosted by monetary easing from central banks and by the top German court's approval for a new permanent bailout fund for the European currency bloc. Sentix research group said its index tracking investor sentiment in the Euro-zone strengthened to -22.2 from September's -23.2, though it fell short of expectations in a Reuters poll that sentiment would rise to -20.8.
 

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  Tunisia expects economy to grow 4.5 percent in 2013
Oct , 09 , 2012  
  Tunisia expects its economy to grow 4.5 percent in 2013, compared with 3.5 percent expected this year, and to reduce the budget deficit to 5.9 percent, the Tunisian Finance Minister said. "Tunisia is looking to limit the budget deficit of the state over the next year to 5.9 percent compared with an expected 6.6 percent this year," Salim Besbes told the state news agency.
 

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  National Bank of Abu Dhabi to expand Islamic banking
Oct , 09 , 2012  
  The National Bank of Abu Dhabi, the second-largest bank in the United Arab Emirates (UAE) by assets, plans to triple its contribution from Islamic banking by introducing sharia-compliant services in Egypt, Oman and Malaysia. NBAD aims to derive up to 10 percent of its operating income from Islamic banking by 2020, from 3 percent currently, chief executive Michael Tomlin told reporters at the launch of its Malaysian subsidiary.
 

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