Mena News

 

  Dubai real prices may surge 7–19% in 2013: Industry estimates
Jan , 06 , 2013  
  Real estate prices in Dubai may surge 7–19% in 2013 depending on the quality and the location of the project. Positive factors include new regulations, and increasing business and tourism in Dubai.
 

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  DEWA awards USD45mn contract
Jan , 06 , 2013  
  DEWA awarded USD45mn contract to develop the 450 mm-diameter water transmission network, covering a distance of 416 km, across Dubai. The project is scheduled to be completed within 26 months.
 

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  TAQA signs agreement to develop power plants and associated coal mines
Jan , 06 , 2013  
  TAQA formed an agreement with the Turkish government to build power plants and related coal mines in Afsin-Elbistan, Turkey. As per the deal, the former is in exclusive talks with state-run Electricity Generation Co. and the Turkish government to develop a plant with a generation capacity of 7,000 MW.
 

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  Etihad Airways may acquire 24% stake in Jet Airways in 10–12 days
Jan , 06 , 2013  
  Etihad Airways may acquire 24% interest in Jet Airways for AED1.1–1.2bn within 10–12 days. Jet Airways has to approach the Foreign Investment Promotion to alter its shareholding pattern.
 

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  Dubai Islamic Bank receives Board approval to fully acquire Tamweel
Jan , 06 , 2013  
  Dubai Islamic Bank (DIB), which owns 58.2% stake in Tamweel, received the Board’s approval to acquire the complete stake in the latter. Each shareholder of Tamweel would receive 10 DIB shares for every 18 shares held. However, shareholders’ approval is pending for the acquisition. Upon completion of the purchase, DIB shall apply to the regulator for delisting Tamweel from the Dubai Financial Market.
 

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  Kuwait’s Sokouk Holding Co. reaches debt settlement agreement
Jan , 06 , 2013  
  Sokouk Holding Co. signed a preliminary agreement with its debtor to settle a debt of KWD33.9mn (USD120.4mn). According to the contract, Sokouk Holding Co would acquire 24.8% stake in the real estate project in Mecca, Saudi Arabia.
 

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  Fiscal Cliff II, coming soon to a Congress near you
Jan , 03 , 2013  
  Markets are celebrating the ultra last-minute deal to avert the fiscal cliff with a big rally Wednesday. But if you thought the political farce was over – now that Congress has passed a bunch of tax hikes and extended unemployment benefits — think again. Rabobank analysts note that the the automatic spending cuts which were supposed to take effect today, have only been delayed by two months, making March 1, the next fiscal cliff. “The simultaneous negotiations about the automatic spending cuts and the debt ceiling will lead to a different game of chicken than what we saw in the past few weeks,” Rabobank analysts wrote Wednesday. “The uncertainty about the outcome of the next fiscal cliff negotiations is likely to hold back investment and consumer spending in January and February. So despite the sigh of relief in the financial markets, the economic recovery continues to be slowed down by what remains of the fiscal cliff and the political negotiations that lie ahead.” they added.
 

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  US crude settles higher after US budget agreement
Jan , 03 , 2013  
  US crude oil settled higher amid expectation of increased demand for oil following the US budget deal. Light Sweet Crude Oil for delivery in February gained USD1.30 to end at USD93.12 per barrel on the NYMEX.
 

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  Manufacturing activity in Eurozone contracts in December
Jan , 03 , 2013  
  The Eurozone’s manufacturing sector declined, with both production and new orders shrinking in December. The purchasing managers' index slid to 46.1 in December from 46.2 in November.
 

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  Italy’s manufacturing activity remains weak
Jan , 03 , 2013  
  Manufacturing activity in Italy continued to be weak in December, with the seasonally adjusted Markit/ADACI Purchasing Managers' Index coming in at 46.7. However, it was above the market’s expectation of 45.3.
 

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