Mena News

 

  Kuwait Securities House keen on merging with, or acquiring, Al Aman Invest
Jul , 17 , 2012  
  Kuwait's Securities House said it is interested in merging with, or acquiring, Al Aman Investment Co. Securities House said in a statement posted on the Kuwait bourse website that it already holds a 45 percent stake in Al Aman and that a combined company will benefit from economies of scale and maximize revenues while reducing costs. Al Aman said in a separate statement that it received a note from Securities House expressing its interest in the merger or acquisition.
 

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  UAE ships first oil via Fujairah as Iran threats escalate
Jul , 16 , 2012  
  As Iranian threats to close the Strait of Hormuz grew louder over the weekend, the United Arab Emirates quietly loaded its first cargo from its long-awaited new oil export terminal on the Gulf of Oman. UAE oil officials and executives from oil majors such as ExxonMobil, Shell and Total gathered on the eastern coast of the country to open an alternative route for up to 75 percent of UAE's exports.
 

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  Brent stays above USD102, China stimulus hope aids demand outlook
Jul , 16 , 2012  
  Brent crude held steady above USD102 per barrel on early Monday, July 16, on optimism over the outlook for demand growth as China's Premier Wen Jiabao said the government will step up efforts to boost the economy of the world's second-largest oil consumer.
 

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  Merkel sees German partly backing Spanish bailout
Jul , 16 , 2012  
  Chancellor Angela Merkel said she was confident that a majority of German lawmakers would back aid for Spain's ailing banking sector at a special sitting of the lower house Bundestag set for Thursday, July 19. "We always get the majority we need," Merkel said in a pre-recorded interview for ZDF television channel. Merkel added that the question of liability for future direct aid to banks had not yet been decided within the Euro-zone.
 

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  Oman's Oil Output Falls 4.1 percent in June from May
Jul , 16 , 2012  
  Oman's oil output dropped 4.1 percent to 27.7mn barrels in June, compared with 28.9mn barrels the month before, according to oil ministry data. Total exports of crude reached 23.3mn barrels in June, or an average of 777,483 barrels per day, up from 22.7mn barrels in May, or 711,779 barrels per day, the data showed.
 

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  UAE's June Inflation lowest in 6 months at 0.35 percent - Statistics Bureau
Jul , 16 , 2012  
  The United Arab Emirates' annual inflation fell to the lowest level this year in June to 0.35 percent from 0.81 percent in May, driven mainly by a drop in housing, food and clothing prices, the National Bureau of Statistics said in an emailed statement. On the month, the food & non alcoholic beverages category in the consumer price index, or CPI, dropped by 0.26 percent in June from a month earlier, while housing prices slipped 0.06 percent in June from May. Clothing & footwear prices also fell by 0.41 percent for the same period.
 

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  UAE to require banks to hold 10 percent liquid assets
Jul , 16 , 2012  
  Banks in the United Arab Emirates will have to hold high-quality liquid assets equal to 10 percent of their liabilities from January 01 next year, under a rule introduced by the UAE central bank as it prepares the sector to comply with Basel III global standards. In a notice on its website, the central bank said physical cash, reserve requirements, central bank instruments and UAE federal government bonds would qualify as such assets.
 

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  Dar al-Arkan to repay all sukuk by end-2015
Jul , 16 , 2012  
  Saudi Arabia's largest listed real estate developer Dar al-Arkan aims for over 10 percent growth in profits next year and is comfortable financially after repaying most of its USD2.25bn of Islamic debt, its top executive told Reuters. "So far we have paid back 6 billion riyals. What remains is SAR2.4bn to be paid over the next three years," chairman Youssef Al-Shelash said in an interview. The firm tapped into its cash reserves and used proceeds from land sales to cover this month's redemption, and it will use the same method for its remaining maturities: SAR750mn in 2014 and SAR1.7bn in 2015, he added.
 

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  Saudi's Sidra plans mortgage firm after law passed
Jul , 16 , 2012  
  Saudi Arabian investment bank Sidra Capital plans to set up a housing mortgage firm with SAR1bn (USD267mn) of capital to tap growth expected after the kingdom passed a law covering mortgages, a senior executive said. Sidra, which is 20 percent owned by Kuwait’s Aayan Leasing and Investment Co., said the firm would be jointly owned with many shareholders and that the Saudi government's Public Investment Fund (PIF) would have a sizeable stake in it.
 

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  Economy could cap oil prices, still risks
Jul , 15 , 2012  
  Global economic slowdown could put a lid on oil prices but there is a risk that "nasty supply surprises" could reignite a market rally, the International Energy Agency (EIA) said. The agency said market fundamentals had "clearly eased since the start of the year" and that oil stocks had built up significantly over the last few months. But the IEA said any move by OPEC to adhere strictly to its declared production target of 30mn barrels per day (bpd) "would risk a potentially damaging price surge”. The IEA said the 12 members of OPEC pumped close to 31.8mn bpd in June, before the imposition of an EU oil embargo on Iran and tougher U.S. sanctions. The agency kept its estimate of global oil demand growth steady at around 800,000 bpd for this year, rising to around 1mn bpd in 2013.
 

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