Mena News

 

  Dubai bank Shuaa to focus on lending to reverse losses
Oct , 04 , 2012  
  Dubai-based investment bank Shuaa Capital will focus more on growing its lending business as part of a new strategy aimed at turning around losses which have mounted since the global financial crisis. Shuaa expects to deploy half its balance sheet in the Shuaa Credit business by 2013, as it seeks to provide capital to the region's growing private sector, its executive chairman said. The bank is hoping that the strategy shift will return the bank to "positive territory" in 2013 and consistent profitability thereafter. It expects a loss in 2012.
 

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  Dubai's Emaar to develop housing projects in Iraq
Oct , 04 , 2012  
  Dubai's Emaar Properties will set up a new joint venture with the Iraqi government to develop housing in the war-torn country, Iraq's construction and housing minister said. Muhammed Al-Darraji gave no financial terms but said the government will give free land to the developer to build projects. "We are building 65,000 homes but whatever we build from our budget is not enough to meet out housing needs," Al-Darraji said on the sidelines of a real estate conference in Dubai.
 

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  UAE market regulator Oks stock lending, borrowing and short selling
Oct , 04 , 2012  
  The U.A.E. market regulator has approved a slew of new regulations that include allowing lending, borrowing and short-selling of securities, a move that may boost trading on the country's stock markets and increase its chances of securing an upgrade by index compiler MSCI Inc.
 

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  Kuwait's Abyaar agrees with lender to settle, reschedule USD13.34mn debt
Oct , 04 , 2012  
  Kuwait's Abyaar Real Estate Development Co. said it has reached an agreement with a creditor bank to settle and reschedule financial obligations worth AED49mn (USD13.34mn). The deal involves settling part of the debt by selling a property that is being developed by Abyaar to a subsidiary of the bank after its completion in 2013, the company said in a statement posted on the Kuwait bourse website. The remaining AED25mn will be repaid over three years, it added.
 

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  Kuwait's Gulf Insurance secures USD52.7mn credit facilities from Burgan Bank
Oct , 04 , 2012  
  Kuwait's Gulf Insurance Co., said it has signed a contract with the local Burgan Bank to get credit facilities worth $USD52.7mn that it will use to finance its regional expansion and to pay insurance obligations. GIC, the Gulf state's biggest insurer in terms of written and retained premiums, said that the agreement is valid until June 30, 2013, and that the facilities consist of KWD12mn (USD42.7mn) and USD10mn.
 

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  Kuwait central bank cuts discount rate to 2 percent
Oct , 04 , 2012  
  Kuwait's central bank is cutting its discount rate by 50 basis points to 2 percent to help bolster the banking sector and support the economy, state news agency KUNA said. The cut, which will take effect from October 4, is the first move since February 2010, when the bank cut the discount rate by 50 basis points to 2.5 percent, according to Reuters data. The central bank wants to help create a good atmosphere for the banking sector and improve the performance of non-oil sectors of the economy, KUNA said, citing Central Bank Governor Mohammad Al-Hashel.
 

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  Iraq oil output likely to hit 3.4mn bpd by year end
Oct , 03 , 2012  
  Iraqi oil production is likely to hit 3.4mn barrels per day (bpd) while exports are expected to average 2.9mn bpd by next year, the top energy advisor to the Iraqi prime minister said. "Next year, the plan is for 2.9mn barrels per day of export," Thamir Ghadhban told reporters on the sidelines of an industry event in Dubai.
 

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  Brent slips towards USD111 as growth worries persist
Oct , 03 , 2012  
  Brent crude futures slipped towards USD111 per barrel on early Wednesday, October 03, hurt by persistent concerns on global growth and oil demand, while Europe's festering debt crisis added to uncertainty.
 

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  China official services PMI falls to 53.7 as new orders soften
Oct , 03 , 2012  
  China's official purchasing managers' index (PMI) for the services sector fell to 53.7 in September from 56.3 in August, weighed by lackluster new orders, a survey from the National Bureau of Statistics showed. The services sector index follows two PMI surveys of China's vast manufacturing industry that showed growth stabilizing at a slower pace, presaging the seventh straight quarter of slowing economic growth in the world's second-largest economy.
 

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  Oil drives Euro-zone factory prices higher in August
Oct , 03 , 2012  
  Euro-zone factory prices jumped unexpectedly in August and by the biggest margin since January as rising oil prices increased inflation pressures across the bloc, limiting the European Central Bankís ability to cut interest rates again to support the shrinking economy. Prices at factory gates in the 17 countries using the Euro rose 0.9 percent in August from July, the biggest jump since the start of the year when prices rose by the same margin, the European Unionís statistics office Eurostat said.
 

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