Mena News

 

  Dubai's Nakheel to start construction on USD272mn dragon mart extension
Jul , 01 , 2012  
  Dubai's NakheelNakheelNakheel PJSC it is planning to start construction on a AED1bn (USD272mn) extension of the city-based shopping mall Dragon Mart, after the troubled master developer swung to profit in the first quarter of 2012 amid growing signs that the emirate's embattled real estate market might have found a floor.
 

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  Qatar May M2 growth accelerates to 10.8 percent YoY
Jul , 01 , 2012  
  Money supply (M2) in Qatar grew 10.8 percent YoY at the end of May after a 4.6 percent rise in the previous month, the Gulf country's central bank data showed. Bank lending to the private sector rose 13.5 percent on an annual basis in May after a 13.4 percent increase in the previous month, the data also showed. The April growth rate was the weakest in 13 months.
 

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  Saudi Fund OKs SAR5.83bn loans to fin building residential units
Jul , 01 , 2012  
  Saudi Arabia's state-run Real Estate Development Fund has approved loans worth SAR5.83bn (USD1.56bn) to help finance the construction of nearly 14,000 local residential units, the official Saudi Press Agency, or SPA, reported, citing an executive.
 

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  Saudi Arabia OKs USD210mn in credit lines to Turkish banks to fund non-oil exports
Jul , 01 , 2012  
  The government-run Saudi Fund for Development, has approved credit lines worth a combined USD210mn to a number of Turkish banks to help finance Saudi non-oil exports, the official Saudi Press Agency, or SPA, reported. The lenders that will benefit from the credit lines include Bank Asya, Halkbank, Sekerbank, Finansbank, Kuwait Turk Participation Bank, Aktif Bank, and Denizbank, the news agency reports.
 

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  Kuwait's Agility says U.S. district court rules in favor of 2 Units
Jul , 01 , 2012  
  Kuwait's Agility said that a U.S. district court has ruled that the suspension of two of its affiliate companies from U.S. government contracting arrangements should be lifted. The Agility DGS Inc. and Agility International units, based in the U.S. state of Alabama, were among more than 120 companies of the Agility Group that were suspended from U.S. governmental contracting in 2009 when the parent company was indicted in connection with alleged over-charging on U.S. government food-supply contracts.
 

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  Kuwait's Salbookh Holders OK cap cut to KWD10.5mn from KWD20.5mn
Jul , 01 , 2012  
  Kuwait's Salbookh Trading Co. said its shareholders have approved reducing its capital to KWD10.49mn (KWD37.38mn) from KWD20.48mn. The shareholders have also approved writing off KWD9.86mn of the company's accumulated losses using its reserves, Salbookh said in a statement posted on the Kuwait bourse website.
 

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  Kuwait's Mena Real Estate in talks to buy plot for USD15mn Jordan Project
Jul , 01 , 2012  
  Kuwait's Mena Real Estate Co., or MREC, said it's in talks to buy a plot of land in Jordan to set up a tourism and commercial real estate project there at an estimated cost of USD15mn. The shariah-compliant property developer said it plans to set up a company specifically for the project. The plot of land, located in the Dead Sea Development Zone, will be owned by the new company, MREC said in a statement posted on the Kuwait bourse website.
 

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  Brent stays above USD93 as investors eye EU summit outcome
Jun , 28 , 2012  
  Brent crude stayed above USD93 per barrel on early Thursday, June 28, after rallying on an output cut by Norway and positive economic data from the United States, while investors eyed a summit of EU leaders that is unlikely to produce concrete measures to contain the bloc's protracted debt crisis.
 

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  U.S. crude stocks fall slightly; fuel stocks mixed
Jun , 28 , 2012  
  U.S. crude oil stocks fell slightly last week on a dip in crude imports and increased refining rates, while fuel stockpiles were mixed as gasoline inventories rose and distillates fell, the Energy Information Administration (EIA) reported. Domestic stocks of crude, excluding oil held in the Strategic Petroleum Reserve, fell 133,000 barrels to 387.17mn barrels in the week to June 22. Analysts polled by Reuters had forecast a drop of 500,000 barrels. Domestic gasoline inventories rose 2.08mn barrels to 204.82mn barrels, compared with analyst forecasts for an 800,000-barrel increase. Distillates, which include diesel and heating oil, fell 2.28mn barrels to 118.85mn barrels. Analysts had forecast a 1.2mn barrel increase.
 

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  Japan May retail sales rise 3.6 percent YoY
Jun , 28 , 2012  
  Japanese retail sales rose 3.6 percent in May from a year earlier, more than a median market forecast for a 3.0 percent annual increase, government data showed. That was also slower than a 5.7 percent climb in the year to April, however, as a recovery in private consumption from last year's earthquake starts to lose momentum.
 

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