Mena News

 

  Qatar's Barwa Bank eyeing potential Doha IPO
Oct , 02 , 2012  
  Barwa Bank, a Qatari lender part-owned by Qatar Holding, plans an initial public offering on the Doha stock exchange and is being advised by local investment bank QInvest, Barwa’s top executive said. "We have been working with QInvest on a listing advisory relationship for quite some time," Chief Executive Steve Troop told Reuters by phone, declining to give specific details.
 

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  Dubai's Emaar launches Cairo development in international expansion push
Oct , 02 , 2012  
  Emaar Properties has launched a mixed-use development in Cairo as the Dubai-based real estate giant continues to expand its footprint in key emerging markets to drive growth. The project, called Emaar Square, is located in Egypt's USD2.1bn Uptown Cairo development and will include a mall, five-star hotel and serviced residences, Emaar said in an emailed statement, but didn't provide any other financial details.
 

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  Dubai Arabtec says unit wins deals worth AED270mn in Abu Dhabi, Qatar
Oct , 02 , 2012  
  Dubai-based Arabtec Holding said its subsidiary, Target Engineering Construction Co. LLC, has won four projects in Abu Dhabi and Qatar worth a total of AED270mn (USD74mn). Two of the projects are for Abu Dhabi Gas Industries, or Gasco, the company said in a statement on the Dubai Financial Market website. One valued at AED61mn and the second with a value of AED42mn. A third project involves installation work for Emirates Aluminium's phase II, and has a value of AED13.4mn. The fourth, worth AED153.7mn, is a sub-contract from Mitsubishi-Toyo Thai Consortium for Qatar Electricity and Water Co.'s Ras Abu Fontas Independent Water Project.
 

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  UAE's First Gulf Bank launches 5-years USD650mn bond
Oct , 02 , 2012  
  Abu Dhabi-listed First Gulf Bank launched a USD650mn five-year bond, the first major Gulf borrower to issue since the traditional summer lull, taking advantage of healthy investor demand for regional debt. The bond launched at a spread of 210 basis points over midswaps, at the tighter end of final guidance released earlier in the day, indicating appetite for the lender's new issue was strong.
 

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  Kuwait's Gulf Bank gets OK to extend share buyback for 6 months
Oct , 02 , 2012  
  Kuwait's Gulf Bank said the country's central bank has approved its request for extending the period for buying back or selling up to 10 percent of its issued shares for an additional six months. The new period will run from October 14 to April 14, 2013, the lender said in a statement posted on the Kuwait bourse website.
 

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  Kuwait should take measures to cut spending
Oct , 02 , 2012  
  Kuwait's government should take all necessary measures to cut spending and current monetary policy settings are in line with economic developments, Central Bank Governor Mohammad Al-Hashel said. "We think it (the government spending) is very high and we should take all the necessary actions to reduce the current expenditure and spend more on investment and capital expenditure because this is the way for the future and we have to secure sufficient funds for future generations in order to continue the prosperity of our country," he told reporters.
 

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  OPEC oil output falls in September-Reuters survey
Sep , 30 , 2012  
  OPEC crude oil output has fallen in September because of reduced exports from Angola and Nigeria, as well as a further decline in supply from Iran. Supply from the 12-member Organization of the Petroleum Exporting Countries has averaged 31.09mn barrels per day (bpd), down from 31.53mn bpd in August, the survey of sources at oil companies, OPEC officials and analysts found.
 

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  Brent crude settles higher, jumps 14.9 percent in third quarter
Sep , 30 , 2012  
  Brent crude futures rose and posted nearly a 15 percent gain for the quarter on continued supply concerns, even as uncertainty about Spain's economy limited gains after oil rallied the previous session on Spain's budget reform plans.
 

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  Japan jobless rate falls slightly to 4.2 percent
Sep , 30 , 2012  
  Japan's jobless rate fell slightly in August to 4.2 percent in August from 4.3 percent in July, figures from the Ministry of Internal Affairs and Communications showed. The median forecast from economists was for 4.3 percent.
 

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  U.K. economy shrank less than thought in Q2
Sep , 30 , 2012  
  Britain's economy shrank slightly less than so far estimated in the second quarter, providing a somewhat better base for the expected recovery in the coming months. Britain's gross domestic product (GDP) fell 0.4 percent on the quarter in the three months from April to June, the Office for National Statistics said. GDP was 0.5 percent lower than in the second quarter of 2011. Economists had expected both rates to remain unrevised to show a 0.5 percent fall on the quarter and the year.
 

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