Mena News

 

  Saudi's MMG gets USD120mn in loans to help during restructuring
Jul , 02 , 2012  
  Saudi Arabia's Mohammad Al-Mojil Group, or MMG, said it was taking loans totaling SAR450mn (USD120mn) from seven Saudi banks to maintain solvency as the company restructures. The loans will "support the solvency of the company and its operations," MMG, a construction and petrochemicals firm, said in a statement on the website of the Saudi stock exchange. The loans will come from SABB, NCB, Arab, Samba, Riyad, Al Jazeera and Saudi Fransi banks, the company said.
 

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  Saudi Alkhabeer Capital plans USD393mn invests in domestic, foreign assets
Jul , 02 , 2012  
  Jeddah-based Alkhabeer Capital said it plans to roll out a SAR1.47bn (USD393mn) investment program targeting both domestic and foreign assets over the next two years. The investment and asset management firm intends to raise three funds targeting a total of SAR525mn, including one that will target assets outside of the Middle East & North Africa region, Alkhabeer said in an emailed statement. The firm also plans to raise SAR125mn for a residential development fund in the U.K., while the other two funds, both based in the kingdom, scheduled for launch are a SAR150mn residential development fund and a SAR250mn industrial property development fund, the statement added.
 

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  OPEC output steady, Saudi compensates for Iran fall
Jul , 01 , 2012  
  OPEC's oil output has remained close to its highest since 2008 in June as extra oil from Saudi Arabia and Iraq has compensated for a drop in Iranian supply to its lowest level in more than two decades, a Reuters survey found. The survey added to evidence that Saudi Arabia is showing no sign of changing its policy of high oil output to support the world economy, despite a fall in crude prices in June below USD90 a barrel from near USD130 in March. Supply from the 12-member OPEC has averaged 31.63mn bpd as the end of the month approaches, down from a revised 31.70mn bpd in May, the survey of sources at oil companies, OPEC officials and analysts found.
 

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  Brent up on day, ends Q2 with biggest dip since 2008
Jul , 01 , 2012  
  Brent crude futures jumped after European leaders acted to aid troubled Euro-zone banks and preserve the single currency. For the quarter, front-month Brent dropped USD25.08 a barrel, or 20.4 percent, the biggest quarterly percentage loss since the last quarter of 2008, when Brent fell 53.6 percent.
 

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  Euro-zone crisis saps business confidence again in June
Jul , 01 , 2012  
  Euro-zone economic sentiment fell by more than expected in June, as managers of businesses and in factories across the currency area saw little reason for cheer as the region's economy stalls. The European Commission said its economic sentiment index slipped by 0.6 points in the 17-nation Euro-zone to 89.9, compared to the 89.5 point average forecast in a Reuters poll.
 

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  June U.S. consumer sentiment drops to six-month low
Jul , 01 , 2012  
  U.S. consumer sentiment dropped to a six-month low in June as Americans' view of the economy soured. The Thomson Reuters/University of Michigan's final reading on the overall index on consumer sentiment fell to 73.2 in June from 79.3 in May. It was the lowest level since December and fell short of economists' expectations for the index to hold at the same level as June's preliminary reading of 74.1.
 

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  U.S. Q1 final GDP growth unrevised at 1.9 percent
Jul , 01 , 2012  
  The U.S. economy slowed as expected in the first quarter, but a less robust pace of consumer spending and export growth than previously estimated could dampen the economic outlook for the current period. Gross domestic product (GDP) increased at a 1.9 percent annual rate, the Commerce Department said in its final reading, unchanged from its estimate last month. That was in line with economists' expectations. However, when measured from the income side, the economy grew at a 3.1 percent pace in the first quarter, up from 2.6 percent in the previous quarter. Consumer spending, which accounts for about 70 percent of U.S. economic activity, increased at a 2.5 percent rate in first quarter, rather than the previously reported 2.7 percent pace.
 

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  Egypt inbound tourist numbers up 30.8 percent to 1mn in April 2012 Vs 2011
Jul , 01 , 2012  
  The number of tourists coming to Egypt rose 30.8 percent to 1.05mn in April 2012, compared to 800,458 in the same month a year earlier as the impact of the country's uprising last year began to fade, data from the government's official statistics agency showed.
 

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  Oman plans Islamic finance rules before year-end
Jul , 01 , 2012  
  A regulatory framework for Islamic finance is taking shape in Oman as government bodies move towards meeting the country's stated aim of making sharia-compliant products available to the public this year. But logistical challenges and the limited size of the market may prevent entrants to the business from making quick profits. Legislation covering takaful (Islamic insurance) and sukuk (Islamic fixed income securities) is expected to be finalised by the end of the third quarter of the year, Capital Market Authority officials told Reuters.
 

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  Shareholders Of 3 Bahraini Islamic invest Banks OK their merger
Jul , 01 , 2012  
  Shareholders of three Bahrain-based Islamic investment banks have approved their merger, in a move aimed at creating a strong company that will be able to capture larger projects and also diversify its capital sources. Capivest, Elaf Bank and Capital Management House, in a joint statement, said shareholders approved the three-way merger at the extraordinary general meetings of the banks held Thursday. The merger will be effective after obtaining the final approval of Bahrain's central bank and the industry and commerce ministry.
 

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