Mena News

 

  Bahrain's Batelco calls on government to help pay for nationwide network
Oct , 03 , 2012  
  Bahrain should contribute towards the BHD40mn (USD106.09mn) estimated cost of building out of a nationwide fiber telecom network, the senior executive at the Gulf kingdom's biggest operator said. Bahrain Telecommunications Co.'s call for state support for the sector comes as the former monopoly, also known as Batelco, tries to arrest a sustained profit slump.
 

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  Qatar Islamic Bank plans benchmark, 5-year Sukuk Issue
Oct , 03 , 2012  
  Qatar Islamic Bank, the country's largest Sharia-compliant lender by market value, plans to issue a benchmark-sized, five-year, U.S. Dollar Islamic bond, or sukuk, this week, according to the bank lead arranging the issue. The price guidance for the sukuk is around 190 basis points over five-year midswaps. Deutsche Bank, HSBC, QInvest and Standard Chartered Bank have been mandated for the planned regulation S transaction under its USD1.5bn trust certificate issuance program.
 

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  Dubai takes over management of crown prince's firm
Oct , 03 , 2012  
  State-owned Dubai Real Estate Corp. (DREC) has taken over the management of Zabeel Investments, the indebted firm owned by Dubai's crown prince, the chief executive of Investment Corporation of Dubai said. "Zabeel is only managed by DREC, the ownership is still the same," Mohammed Al-Shaibani told Reuters on the sidelines of a real estate conference.
 

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  Deyaar eyes bank financing for Dubai project; focus on completion
Oct , 03 , 2012  
  Deyaar Development PJSC may tap the banks to help part finance a project worth AED2.5bn (USD681mn) that's nearing completion in Dubai, the company's top executive said. "We have a project that is close to DIFC area...75 percent of the project is completed, and we are planning to finance the remaining 25 percent either via sales or banks' financing," Saeed Al Qatami, DEYAAR's chief executive officer, told Zawya Dow Jones. The project is a 50-50 joint venture with Dubai Properties and includes 441 residential units and around 850,000 square feet of commercial area, Mr. Qatami said.
 

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  Al-Futtaim, Emaar plan USD820mn Egypt investment
Oct , 03 , 2012  
  Al-Futtaim Group and Emaar Properties, two real estate developers from the United Arab Emirates, plan a EGP5bn (USD820mn) tie-up to build a retail and entertainment complex outside Cairo, Al-Futtaim said. The companies said they reached a preliminary decision to develop the "Cairo Gate" complex on 160 acres of land off the Cairo-Alexandria desert highway, a statement said.
 

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  Zain Iraq aims for stock market float in Baghdad by early 2013
Oct , 03 , 2012  
  Iraqi mobile phone company Zain Iraq plans to go ahead with a long-delayed stock market listing in Baghdad by early 2013 at the latest, its chief operating officer said. Zain Iraq still needs to convert to a joint stock company in preparation for the float, Hisham Akbar, Zain deputy chief executive and chief operating officer, told reporters on the sidelines of a conference in Dubai. “We are hoping for the last quarter of this year (to IPO), but the joint (stock) company got delayed,” Akbar said.
 

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  Iraq oil exports rise to 2.6mn bpd in September
Oct , 02 , 2012  
  Iraq oil exports rose to 2.6mn barrels per day (bpd) on average in September compared to 2.565mn bpd in August, an Iraqi oil ministry spokesman said. Exports from Basra in the south were 2.18mn bpd in August while shipments from northern Kirkuk were 420,000 bpd, including around 10,000 bpd taken by truck through Jordan, Asim Jihad said.
 

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  Brent holds near USD112, growth woes keep sentiment shaky
Oct , 02 , 2012  
  Brent crude futures steadied near USD112 a barrel on early Tuesday, October 02, as investors weighed a weaker demand outlook amid a sluggish global economy against the continuing potential for supply risks.
 

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  Euro-zone joblessness stays at record levels in August
Oct , 02 , 2012  
  Unemployment in the Euro-zone remained at record highs in August and the number of people out of work climbed again. Joblessness in the 17 countries sharing the Euro was 11.4 percent of the working population in August, which was stable compared to July on a statistical basis, but another 34,000 people were out of work in the month, the EU' statistics office Eurostat said. That left 18.2mn people unemployed in the Euro-zone, the highest level since the Euro's inception in 1999, while 25.5mn people were out of a job in the wider 27-nation European Union, Eurostat said.
 

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  U.S. manufacturing sector grows in September for 1st time since May-ISM
Oct , 02 , 2012  
  The U.S. manufacturing sector expanded in September, shaking off three months of weakness as new orders and employment picked up. The Institute for Supply Management (ISM) said its index of national factory activity rose to 51.5 from 49.6 in August, topping expectations for 49.7, according to a Reuters poll. The forward-looking new orders gauge also rose to its highest level since May at 52.3 from 47.1, while employment gained to 54.7 from 51.6.
 

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