Mena News

 

  Fitch upgrades ratings of BBK
Dec , 26 , 2013  
  Fitch Ratings upgraded BBK’s Long-Term Issuer Default Rating to ‘BBB’ from ‘BBB-’ and revised its Support Rating Floor (SRF) to ‘BBB’ from ‘BBB-’ with a stable outlook.
 

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  Dar Al Arkan purchases 87% of its Islamic sukuk
Dec , 26 , 2013  
  Dar Al Arkan Real Estate Development Company concluded purchase of 87% of its SAR750mn local Islamic sukuk maturing on April 15, 2014.
 

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  Dubai Expo needs additional solar spending
Dec , 11 , 2013  
  Dubai would spend about USD100mn to add 50mw of solar power capacity by the time it hosts the World Expo 2020 exhibition. The new capacity will help meet Dubai’s own target of generating half the additional power needed to run the Expo from renewable resources.
 

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  Abu Dhabi plans to double oil rigs by 2018
Dec , 11 , 2013  
  Abu Dhabi, which aims to increase oil output by 35% in 2018, plans to more than double its rig count as more oil wells would be developed.
 

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  Egypt forex reserves decline on MoM basis
Dec , 09 , 2013  
  According to the central bank, Egypt's foreign exchange reserves fell to USD17.8bn in November from USD18.6bn in October; however, it grew from USD15bn in November 2012.
 

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  DEWA increases 2014 budget
Dec , 09 , 2013  
  Dubai Electricity and Water Authority (DEWA) raised its budget for 2014 by AED6.7bn (USD1.8bn) to pay for projects and purchases. The budget has been set at AED20.56bn compared to AED13.84bn in 2013.
 

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  US weekly jobless claims fall to nearly three-month low
Dec , 08 , 2013  
  Initial jobless claims in the US declined to 298,000 from 321,000 (revised) in the previous week. In contrast, markets had expected jobless claims to rise to 322,000 from the originally reported figure of 316,000 for the previous week.
 

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  KSA’s petchem companies mull share-swap merger
Dec , 08 , 2013  
  Saudi Arabia's Sahara Petrochemical and Saudi International Petrochemical Company (Sipchem) are expected to complete a share-swap merger in 1H14 that would create a firm valued at around USD5bn.
 

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  Dubai World arm sells Atlantis
Dec , 08 , 2013  
  A unit of Dubai World has sold its Atlantis resort in an asset shuffle between state entities to help the group meet huge debt repayments after a USD25bn restructuring in 2011.
 

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  Gold prices rise on technical buying
Dec , 05 , 2013  
  Gold prices increased Wednesday, mainly due to technical buying and short-covering activity after the precious metal declined sharply in previous sessions. Prices advanced 1.6% to USD1,243 an ounce on the NYMEX.
 

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