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Saudi Sept inflation eases from 18-month peak

RIYADH: A drop in food prices during September pushed inflation in Saudi Arabia slightly off an 18-month peak but home rents continue to rise amid a dearth of housing. September consumer inflation was 5.9 percent above its level of a year earlier, the government’s statistics department said, against 6.1 percent for August. This puts inflation …

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EniRepsa gets extension for Saudi Empty Quarter gas

KHOBAR: Saudi Arabia has granted additional time to one of the consortia hunting for gas in the vast desert in the country’s southeast, an industry source said on Monday. In a rare opening for international firms, state-run Saudi Aramco set up four consortia in 2003-2004 to drill in the southeast, but so far they have …

Reuters

Algeria seeks advisers on nationalizing Orascom unit

ALGIERS: Algeria said on Monday it was seeking investment banks and consultancies to advise on a nationalisation of Djezzy, the local unit of Egyptian group Orascom Telecom and its biggest source of revenue. Russian mobile phone operator Vimpelcom had hoped to acquire Djezzy as part of a $6.6 billion deal to gain control over Orascom …

Reuters

Egypt Alcotexa sells 46,406 T cotton in past week

Egypt’s Alexandria Cotton Exporters’ Association (Alcotexa) committed to sell 46,406 tons of cotton in the week that ended on Oct. 9, an Alcotexa official told Reuters on Monday. The sales comprised 12 tons of Giza 45, 225 tons of Giza 87, 9,509 tons of Giza 88, 35,100 tons of Giza 86, 710 tons of Giza …

Reuters

OT says no official notification from Algeria on Djezzy

On Sunday, Orascom Telecom said it has not received any official notification from Algeria that it it’s local unit Djezzy should pay Algeria’s central bank $193 million, in a note to the bourse on Sunday. An Algerian official told Reuters last week that the central bank has decided to demand $193 million in compensation from …

Reuters

Egypt year-on-year core inflation to Sept 10.97 pct

Egypt’s core annual inflation surged to 10.97 percent in the year to September from 8.2 percent in August, the central bank said on its website on Sunday. Four analysts polled by Reuters had forecast a rise to an average of 8.46 percent, its highest since April 2009. Forecasts ranged between 7.7 percent and 9.8 percent. …

Reuters

Qatar’s Mazaya to list and sign $1.5 bln deals

DOHA: Real estate development firm Mazaya Qatar plans to finally list on the Qatar bourse next week and would sign two deals worth $1.5 billion on Tuesday to underpin long-term confidence in the market, its chief executive officer said. Seraj al Baker told Reuters that the shariah compliant developer will sign the property deals — …

Reuters

Cr. Agricole sees $3bln in Islamic bond issuance

ABU DHABI: Credit Agricole expects to close two or three Islamic bond deals worth up to $3 billion in the next six months, the head of its Islamic finance unit said on Monday. Simon Eedle said the deals will include the long-awaited $1 billion Islamic bond, or sukuk, to finance the Jubail refinery — a …

Reuters

UAE Central Bank to launch Islamic CDs by yr-end, says StanChart

ABU DHABI: The United Arab Emirates’ central bank will launch Islamic certificates of deposit by the end of the year to help the Gulf state’s Islamic banks manage cash, a senior banker at Standard Chartered Saadiq said on Monday. Afaq Khan, chief executive of StanChart’s Islamic banking unit, said test transactions could take place as …

Reuters

Iran sees no change in OPEC target, says Khatibi

TEHRAN: The Organization of the Petroleum Exporting Countries is not likely to lower its supply target when its members meet this week, Iran’s OPEC governor said on Monday. "In the forthcoming OPEC meeting, most member states are calling for compliance with quotas and it does not seem there will be any decision on lowering OPEC’s …

Reuters

Egypt to offer licenses for 3 mln tons steel: papers

Egypt’s government will launch a tender on Wednesday for licenses to produce 3 million tons of steel, requiring investments worth 3.2 billion Egyptian pounds, newspapers reported on Saturday. The month-long tender by the Industrial Development Authority (IDA) comes as the government seeks to boost steel production to meet growing demand from the construction industry and …

Reuters

Egypt’s urban price inflation edges up to 11 pct

Urban consumer price inflation in Egypt crept higher in the year to September, the state statistics agency CAPMAS said on Sunday, but not as high as the consensus forecast of nine analysts polled by Reuters. One analyst said the latest figure indicates that a sharp jump in fruit and vegetable prices in August was seasonal …

Reuters

Jazeera Air unit leases planes to Virgin America

DUBAI: A unit of Kuwait’s Jazeera Airways Group has signed a $155 million leasing contract to supply four Airbus A320 jets to U.S.-based carrier Virgin America, the companies said in a joint statement on Sunday. The lease is the first to a US customer by Sahaab Aircraft Leasing, a fully owned subsidiary of the group, …

Reuters

Kuwait Energy plans initial share sale within 9 months

DUBAI: Kuwait Energy Co, which operates in the Middle East, Russia and Pakistan, plans to launch an initial public offering (IPO) within nine months, the company said on Sunday. Kuwait Energy said its shares may be listed on the London and Kuwait stock exchanges, subject to market conditions. The company had originally planned an IPO …

Reuters

Egypt end-Sept foreign reserves steady at $35.5 bln

Egypt’s net foreign reserves stood at $35.53 billion at the end of September, little changed from a month earlier, the Central Bank of Egypt said on its website on Thursday. Net foreign reserves reached $33.51 billion in September 2009.

Reuters

Egyptian fast food firm Mo’men sees IPO in 2012

Egypt’s fast food group Mo’men plans to sell 40 percent of its shares in an initial public offering (IPO) in late 2012, its chairman said, a rare potential offering on a bourse that has had just one IPO in two years. Mohammad Mo’men told Reuters in an interview he expected the company to increase its …

Reuters

Kharafi receives enough Zain shares for Etisalat deal

KUWAIT: The Kharafi Group, a major Zain shareholder, has received enough shares to tender to Etisalat’s offer for a 46-percent stake in the Kuwaiti telecoms firm, an executive said on Thursday. Kharafi unit National Investments Co. (NIC) had advertised for shareholders to join a consortium and tender their shares. "We have approvals from our clients …

Reuters

Qtel’s bond issue oversubscribed more than 10 times

DOHA: State-controlled Qatar Telecommunications Co (Qtel) on Thursday said its $1.5 billion bond sale was more than ten times oversubscribed, as bids exceeded $15 billion. The company this week launched a $500 million six-year bond and a $1 billion 10-year bond priced at 3.375 percent and 4.75 percent respectively. Appetite for bond issues from the …

Reuters

UAE’s Emaar Q3 outlook positive, Aldar woes to continue

DUBAI: Dubai’s Emaar Properties remains a lone bright spot in a gloomy outlook for UAE developers, but woes are set to continue for Abu Dhabi’s Aldar Properties with an expected third-quarter loss. Real estate firms across the Gulf state have been hit hard by the global financial crisis and the pain is set to continue …

Reuters

Qatar plans power plant to meet demand rise

DOHA: Qatar, which now has a power surplus, plans to set up an electricity plant with a capacity of up to 5,000 megawatts by 2016 to meet rising demand, said a senior official of Qatar Electricity & Water Co (QEWC). "At this stage there are plans to build a power plant to be used from …

Reuters

Egypt pound hovers below six-week high vs dollar

The Egyptian pound is unchanged against the dollar after falling off Thursday’s six-week high. Until late last week the pound had been tracking the euro higher against the dollar, which on Tuesday traded at an 8-1/2 month high. Dealers said demand for Egyptian T-bills on Wednesday and Thursday had also pushed the pound higher. "There …

Reuters

Egypt-Iran flights to resume after 30 year break

Egypt and Iran have agreed to resume direct flights between their capitals for the first time since 1979, Egypt’s ministry of civil aviation said on Monday, but an official played down any chance of a political thaw. The two countries severed ties in 1980 following Iran’s Islamic revolution and Egypt’s recognition of Israel. Sameh Hefni, …

Reuters

Egypt gets $270 mln from World Bank for solar plant

Egypt has secured $270 million from the World Bank to fund a solar power plant, the state news agency MENA said on Tuesday. Egypt, which has about 25,000 megawatts of power capacity, has suffered repeated outages this year and plans to spend $100-120 billion to triple capacity by 2027. The Kom Ombo Solar Power Plant, …

Reuters

Pachin declares 4.5 EGP dividend for 2009/10

Egyptian paintmaker Pachin said on Sunday it declared a cash dividend of LE 4.5 ($0.79) for the 2009/10 period. Full-year net profit at Egypt’s largest listed paint maker jumped 70 percent to LE 154.7 million, and net sales rose to LE 703.8 million. Pachin’s chairman said in November Egypt’s paint market was growing at 2 …

Reuters

Saudi power demand growth to drop after 2015, says official

JEDDAH: Top oil exporter Saudi Arabia expects to see growth in power demand drop by half after 2015 as the kingdom boosts its capacity, the chief executive of state-controlled Saudi Electricity Co (SEC) said. "We don’t expect it [demand growth] to remain at eight percent for 10 years," Ali al-Barrak told reporters late on Sunday. …

Reuters

Egypt trains authority mulling bonds, says newspaper

CAIRO: Egypt, the world’s largest wheat importer, has bought 240,000 tons of French and Canadian wheat for Dec. 1-10 shipment on a free-on-board basis, the main government wheat buyer said on Saturday. Nomani Nomani, vice chairman of the General Authority for Supply Commodities (GASC), gave the following breakdown of the purchases: 120,000 tons of French …

Reuters

Egypt 182-day, 91-day T-bills average yield down

CAIRO: The average yield on Egyptian 182-day Treasury bills fell to 9.766 percent at an auction on Sunday, versus 9.936 percent at last week’s auction, the Central Bank said. The central bank accepted bids worth LE 2.5 billion ($439.2 million), the same amount that it was seeking. It accepted bids at rates between 9.701 and …

Reuters

Orascom lifts Egypt index; Mideast markets up

CAIRO: Middle East bourses rose on Sunday, boosted by a rally in global oil and metals prices, which attracted buyers in petrochemical and industrial stocks, and news of possible telecom deals. Telecoms dominated news from the region, led by growing speculation that Egypt’s Orascom Telecom (OT) may be nearing a merger deal with Russia’s Vimpelcom. …

Reuters

Egypt state pension fund to invest in private sector

Egypt’s state pension fund will begin directing billions of dollars into private investments when a new pension law comes into force in January 2012, the deputy finance minister said on Tuesday. In the first year under the law, a new state pension system that works on the basis of defined contributions, instead of a current …

Reuters

SODIC says solution to land claims needed

CAIRO: Egyptian real estate company SODIC is not exposed to legal challenges to state land sales but wants a long-term solution to the disputes because they are slowing investment in the sector, an executive said. Talaat Moustafa, the country’s biggest listed developer, has been mired in a legal row over a purchase of land for …

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