World & Middle East Business & Technology News

Middle Eastern Business News and Data

Middle East direct talks resume in Washington'

INTERNATIONAL.The first round of talks, hosted by US Secretary of State Hillary Clinton, was held in the State Department.

Dubai's Millennium Private Equity invests in Europe with first Sukuk '

UAE. Millennium bought US$10 million of four-year convertible notes in July that were sold by International Innovative Technologies, a clean energy company.

Manchester Airport welcomes first Emirates Airbus A380'

INTERNATIONAL. Emirates flew the 500-seat aircraft into Manchester at the start of its daily services between Dubai and the northern England city.

Loan losses and impairments exceed US$20 billion for Gulf banks, says S&P'

UAE. Gulf banks are resisting, showing signs of improvement despite strain on liquidity, says report card.

Emirates needs US$28 billion through 2017 for fleet expansion'

UAE. Financing requirements for the 12 months through March 2011 will be US$1.3 billion, and total about US$27 billion for the following six years.

GCC telecom operators need to reduce waste, says a study by The Boston Consulting Group'

UAE. GCC Telecom markets are on the verge of saturation, while prices decline due to increasing competition, resulting in telcos profits being under very high pressure.

Oman's Nawras set to launch bookbuild IPO on 15 September'

OMAN. Offering of up to 40% of the company's existing shares; Offer to include retail offering of shares in Oman.

Dubai may help Abu Dhabi set up finance hub '

UAE. "One financial centre is not sufficient for the Middle East, North Africa and South Asia region, and DIFC is prepared to share its experience," DIFC CEO said.

MENA M&A deal values drop 15% to US$18.5 billion in first half 2010, reveals Ernst & Young report'

UAE. Q2 2010 saw an increase by more than 100% in total disclosed deal value to US$12 billion; Number of announced deals in declined by 30%; The total number of announced deals declined by 12%.

Taiwan rejects Hong Kong group's bid for AIG unit'

INTERNATIONAL. Rejection may open bid by Japanese and Qatari investment firms.

Dubai International Financial Centre says cost of doing business will be reduced to encourage growth'

UAE. In the first half of 2010 DIFC, in consultation with its clients, completed a comprehensive strategic review and analysis of the core business proposition.

BlackBerry offers India access to data, wins 60 days reprieve'

INTERNATIONAL. BlackBerry maker Research in Motion will give India access to secure data from September 1, a government source said on Monday.

Kuwait posts US$22.3 billion budget surplus'

KUWAIT. Kuwait recorded a budget surplus of KWD6.44 billion in the fiscal year that ended March 31 after oil revenue was more than double the forecast.

Nakheel to pay US$408 million to trade creditors next month, says Chairman'

Nakheel plans to sell bonds by the end of the year to cover 60% of its total outstanding debt.

Japan, Qatar funds may bid for AIG Taiwan unit '

INTERNATIONAL. A former Taiwanese diplomat has set up a company to make a bid if an existing bid from a China-based firm is rejected by Taiwan regulators.

Saudi Arabia M3 money supply slows to seven-year low'

SAUDI ARABIA. M3 money supply growth, which includes demand deposits and currency outside banks, eased to 2.3% in July, compared with 3.4% the previous month.

Saudi Arabia real estate prices rise as growing population drives demand'

SAUDI ARABIA. The market is now showing gradual signs of recovery, particularly in prime residential districts which have witnessed a rise of 3% in sale prices during the past 12 months.

UAE leads GCC countries in implementing Gulf Common Market resolutions, says minister'

UAE. There has been a large increase in the number of GCC nationals residing in the UAE, jumping from 5,608 in 2008 to 7,650 in 2009.

Dubai World starts direct talks with small creditors'

UAE. Dubai World has started direct talks with creditors who are not part of the coordination committee of banks on its debt restructuring plan.

Egypt to seek tenders for first nuclear plant in December'

Egypt. Egypt aims to set up four nuclear plants by 2025, with the first to start operating in 2019.

Oil price jumps after Bernanke speech '

INTERNATIONAL. Oil prices soared beyond US$75 per barrel on Friday after US central bank chief Ben Bernanke managed to soothe growth concerns.

Saudi economic outlook 'broadly positive,' says IMF'

SAUDI ARABIA. Saudi Arabia was well prepared in confronting the global crisis, reflecting lessons learnt from the mid-1980s, when oil prices collapsed and the country experienced a severe banking crisis.

US slashes second quarter growth as recovery slips'

INTERNATIONAL. The US slashed second quarter growth from in the world's largest economy, from 2.4% to 1.6%, signaling a more pronounced slowdown in the recovery.

Nakheel trade Sukuk fair value estimated in low 60 cents, says JPMorgan '

UAE. Nakheel will face the risk of running out of cash in 2015 unless it starts new developments and sell land in three to five years, the report said.

Dubai shares rise 0.9% on Dubai World debt optimism'

UAE. Dubai shares rose the most in more than a week on optimism Dubai World is closer to resolving its debt restructuring.

DP World 2010 revenue projected at US$3.1 billion'

UAE. EBITDA seen at US$1.1 billion, Dubai World restructuring document showed.

Etihad in major new partnership with Virgin Blue'

UAE. V Australia to operate from Sydney to Abu Dhabi 3 times a week; Seamless connections across Europe, UK and the Middle East.

Dubai World prized assets may go on sale to cut debt'

UAE. Dubai World believes it can raise as much as US$19.4 billion from selling key assets over eight years, if creditors back its restructuring, a document obtained by Reuters showed.

Saudi gold jewellery demand rises 5%, leads Middle East recovery'

INTERNATIONAL. UAE, Egypt witness 15% drop in jewellery demand in second quarter 2010.

Dubai airport breaks four-million monthly passengers mark for the first time '

UAE. DXB handles 4.3 million passengers in July, a year on year increase of 14.3%.

Oil falls to seven-week low near US$72 '

INTERNATIONAL. Crude oil fell almost 1% on Tuesday, down for a fifth day, under pressure from weakness in gasoline which fell to a 6- month low.

Saudi Arabia inflation accelerates to 6% in July '

SAUDi ARABIA. Inflation increased for a sixth month in July as the costs of food and rent rose.

Barneys New York appoints Mark Lee as CEO'

INTERNATIONAL. Dubai-owned Barneys said the appointment of the former President and CEO of Gucci is effective September 1.

Fitch affirms HSBC Middle East at 'AA-''

UAE. The Individual 'B/C' Rating remains on Rating Watch Negative (RWN). The Outlook for the Long-term IDR is Stable.

Moody's downgrades Bahrain's sovereign ratings to A3 '

UAE. Moody's Investors Service has today downgraded Bahrain's local and foreign currency government bond ratings to A3 from A2. The outlook on these ratings is now stable.

Dubai says 'options open' for 2010 sovereign bond issue'

UAE. Dubai's government will keep its options open for a potential sovereign debt issue later this year but it is not under pressure to do so, its finance chief said .

Russia's Rosneft to invest US$630 million in Middle East joint venture with Crescent '

INTERNATIONAL. Rosneft and UAE-based Crescent Petroleum aim to start production in 2013; Crescent to team up in a US$500 million Russia fund.

Iran unveils new 'bomber' drone'

IRAN. Iranian President Mahmoud Ahmadinejad unveiled on Sunday a new long-range drone, dubbed Karar, which reportedly can bomb targets at high speed.

Nakheel made US$680 million payment to creditors, says Chairman'

UAE. Nakheel has approval from 80% of trade creditors for restructuring, has no plans to sell assets.

Egypt's Naguib Sawiris, VimpelCom said to discuss merger of telecom assets'

INTERNATIONAL. The transaction could create a company worth more than US$25 billion with Sawiris becoming a significant minority investor.

Zain Saudi Arabia seeking to restructure capital'

SAUDI ARABIA. Telco is seeking investor approval to reduce its share capital by 48% and then raise its capital by 60% at an undisclosed date.

George Soros buys 4% stake in India stock exchange from Dubai Holding unit'

INTERNATIONAL. There is growing interest in the thriving BSE as India's economy goes from strength to strength, with the latest deal valuing the exchange at US$800 million.

Iran's Bushehr nuclear plant 'not a proliferation risk,' say experts'

INTERNATIONAL. Iran's other nuclear activities, notably its extensive uranium enrichment programme which it has built up in defiance of four rounds of UN sanctions, are of greater and more immediate concern.

Middle East Quartet calls for Israel, Palestinian talks'

INTERNATIONAL. Quartet invited Israel and the Palestinians to reopen direct negotiations on September 2 in Washington aimed at creating a Palestinian state.

Dubai to launch fixed-income roadshow in Asia'

UAE. Non-deal roadshow for fixed income investors in Asia starts August 26.

Last US combat brigade pulls out of Iraq'

IRAQ. Only 50,000 are set to stay past August 31, when the United States declares an end to combat operations and switches to a training and advisory mission.

Bahrain's Investcorp to delist GDRs on London Stock Exchange'

BAHRAIN. Investcorp will make an offer to buy back as much as 7.92 million global depositary receipts at US$4.76 each.

Affordable housing is new frontier of Middle East real estate sector, says AT Kearney'

UAE. AT Kearney sees affordable housing market in the MENA region worth US$125 million annually.

DP World reports better-than-expected first-half profit on rebounding global trade'

UAE. Net income rose to US$176.6 million from US$175.3 million a year ago. Profit after tax from continuing operations jumped 10% to US$206 million.

Lebanon Parliament approves law for offshore oil & gas exploration'

LEBANON. The measure represents a fresh opportunity for energy companies in a maritime region that Norway-based Petroleum Geo- Services, has described as "exciting."

BofA Merrill Lynch Fund Manager Survey finds bearish sentiment waning as risk appetite improves'

INTERNATIONAL. The survey shows a net 5% of respondents predicting that the global economy will improve in the next year. Investors move out of Japan and US and into Europe.

Lebanon may auction oil, natural gas exploration contracts within a year'

LEBANON. Lebanon's parliament is likely to approve a law on offshore exploration as early as Tuesday. Large discoveries of gas off Israel's Mediterranean coast have sparked a debate between the neighbors over their respective rights to energy resources in the area.

UAE checking on trade with Iran to ensure it complies with UN, says ambassador to US'

UAE. "We do a significant amount of trade with Iran; it cannot be all illicit and it can't be all illegal," Ambassador Yousef al-Otaiba told reporters today in Abu Dhabi.

China overtakes Japan as world's second biggest economy in second quarter 2010'

INTERNATIONAl. Japan, however, held onto its position as the world's second biggest economy ahead of surging China in the first half of 2010, a government official said Monday.

Emaar sold Hamptons units to Countrywide '

UAE. Dubai's largest developer sold the unit with effect from June 1 for US$116.6 million incurring a loss of US$10.5 million.

Iran to offer US$3 billion bonds to fund gasfields'

IRAN. Iran will within days offer the first tranche of a US$3 billion domestic bond issue to fund the development of its South Pars gasfields, a top official said on Sunday.

Saudi company to develop solar power plants '

SAUDI ARABIA. Vision, a subsidiary of Construction Products Holding Company (CPC), has formed a company with a capital of US$150 million to build solar power plants to generate electricity.

Iran to launch first nuclear power plant next week'

IRAN. The Islamic republic and Russia, which helped build the plant, made the announcement on Friday after years of delays to the highly sensitive project.

US weapons deal with Saudi Arabia may reach US$60 billion'

INTERNATIONAL. A proposed US weapons sale to Saudi Arabia of Boeing F-15 fighter jets also includes as many as 132 Boeing Apache attack helicopters and UH-60 Black Hawk helicopters.

Dubai developer Deyaar posts US$66.2 million second quarter net loss'

UAE. Dubai's second-largest property developer by market value Deyaar on Thursday said it swung to a net loss in the second quarter.

US plans missile interceptor sale to Kuwait'

INTERNATIONAL. The Pentagon said it had notified the US Congress of a planned sale of Patriot missiles to Kuwait, which is looking to bolster its defenses.

IEA raises oil demand outlook, but warns of growth doubts'

INTERNATIONAL. There is a "significant" risk to the latest upgraded forecast for oil demand, which in any case means that the new estimate of demand in advanced countries points to a slight net fall in 2011, the IEA said.

RIM to share BlackBerry Messenger codes with Saudis'

INTERNATIONAL. One analyst said RIM might give ground on servers for Messenger, but the company was unlikely to budge on the security of email sent through Enterprise servers.

Abu Dhabi's IPIC to sell Oilbank stake for US$2.2 billion after rulings'

INTERNATIONAL. The Abu Dhabi government investment arm and Hyundai Heavy signed an agreement yesterday.

41% of UAE residents support decision to ban BlackBerry services, reveals YouGov Siraj survey '

UAE. Almost half the residents (47%) think BlackBerry and TRA should come to a compromise to avoid service disruption in October; Two-thirds (66%) think the cut off of BlackBerry service announced for October is likely to go ahead.

Majority of UAE businesses plan to recruit in the next quarter'

UAE. Overwhelming 67% of organisations in the MENA region likely to hire in a year's time, finds new research by Bayt.com and YouGov Siraj.

Saudi regulator says BlackBerry Messenger to continue on 'positive progress' with RIM'

SAUDI ARABIA. The regulator did not mention if it had reached an agreement with RIM to address its national security concerns.

Saudi Arabia unveils US$385 billion development plan'

The measure for 2010 to 2014 is 67% larger than the previous five-year plan; Funds will be used to develop human resources, education, housing and transportation infrastructure.

Saudi Arabia, RIM reportedly reach agreement on BlackBerry'

SAUDI ARABIA. "There are reports of an agreement between RIM and Saudi Arabia," State Department spokesman Philip J. Crowley told reporters in Washington.

What can BlackBerry makers do to satisfy Saudi concerns?'

SAUDI ARABIA. RIM could install a connection or an interim point within Saudi Arabia giving officials a look at the encrypted data before it reaches RIM's overseas servers.

Kuwait's Zain second quarter net profit soars to US$2.95 billion'

KUWAIT. Zain meets expectations of soaring profit; Most gains came from African assets sale.

Aabar's US$2 billion loan oversubscribed'

UAE. Aabar has been offered at least 10% more than the US$2 billion it is seeking to borrow; may sign the syndicated loan with about 10 lenders this week.

DIFC Investments 'B+/B' ratings affirmed on US$1 billion restructuring, assets disposal plan'

UAE. DIFCI has started a restructuring plan aiming to divest noncore investments. S&P is removing the company from CreditWatch negative, and assigning a negative outlook.

Saudi Arabia extends deadline for BlackBerry ban until Monday to provide time to test proposed solutions'

SAUDI ARABIA. Saudi Arabia and RIM are testing three servers in the kingdom in a bid to resolve a row over the popular BlackBerry messaging service.

Egypt will not raise local wheat prices, cut bread subsidies despite soaring prices'

EGYPT. Egypt consumes around 14 million tonnes of wheat annually and relies on foreign supplies for about half of its requirement, making it the world's largest wheat importer.

BlackBerry in deal to avert Saudi ban'

SAUDI ARABIA. RIM has agreed in principle to grant access to Saudi authorities to decipher its messenger exchanges between users.

BlackBerry service restored in Saudi Arabia as RIM, regulator work on fix'

SAUDI ARABIA. A source said the two options to resolve the row were servers in Saudi Arabia or a patch which would allow the government access to data in cases affecting national security.

Japanese tanker damage caused by terrorist attack, says UAE Coast Guards '

UAE. Japanese tanker M. Star left the Port of Fujairah after repairs; Investigators found evidence of explosives; Shipowner Mitsui could not confirm details.

US to hold 'both technical and expert' talks with UAE on BlackBerry, says Hillary Clinton '

INTERNATIONAL. "We are taking time to consult and analyze the full range of interests and issues at stake because we know that there is a legitimate security concern, but there's also a legitimate right of free use and access," Clinton said.

Saudi Arabia, RIM make progress but BlackBerry Messenger ban will go ahead pending agreement'

INTERNATIONAL. Talks between Research In Motion and the Saudi telecom regulator on Thursday made progress toward a final solution for which technical modalities will be hammered out today.

Kuwait outlook raised to stable at Moody's on passing of economic legislation'

KUWAIT. Moody's previously had a negative outlook on the OPEC oil producer.

Etihad to launch 'all economy' service in October'

UAE. The all economy cabin aircraft will operate to short haul Etihad destinations, which have high demand for economy traffic and low demand for premium traffic.

Moody's sees continued negative outlook for Bahrain's banking system '

BAHRAIN. The expectations are based on the continued weakness in Bahraini and regional real estate and the impact it is having on the rest of the economy.

Saudi population tops 27 million, 31% are expatriates'

SAUDI ARABIA. Saudi Arabia's total population has reached 27.14 million including 18.71 million (69%) Saudis, according to the preliminary results of a general census.

BlackBerry maker to resist pressure from Gulf governments'

INTERNATIONAL. Allowing governments to monitor messages on the BlackBerry networks would imperil the firm's relationships with customers, including major corporations and law enforcement agencies

Women control 22% of wealth in the Middle East, need targeted approach from wealth managers'

UAE. Boston Consulting Group research finds a high level of dissatisfaction among wealthy women and a strong perception that the playing field is not even; The opportunity to reach this group has gone largely unnoticed.

Saudi Arabia in last-ditch talks with BlackBerry makers'

SAUDI ARABIA. RIM officials are in the talks which also include technical and regulatory experts from Saudi Arabia's three mobile telecoms firms. "The talks are still ongoing," a source said.

Iran denies grenade attack on Ahmadinejad'

IRAN. An unidentified official in President Mahmoud Ahmadinejad's office denied reports that there had been a grenade attack on the Iranian leader today.

Dubai real estate oversupply to leave quarter of residential homes, more than half offices empty by 2012'

UAE. UAE set to become more attractive place to live and work as rents decline in Dubai and Abu Dhabi on oversupply, says Landmark Advisory report.

du announces alternative 'Assurance Plans' for BlackBerry users including choice of free high-end smartphone'

UAE. Plans have been tailor-made" to manage the current BlackBerry situation with minimal disruption, and no upfront cost".

Saudi Arabia to suspend BlackBerry services on August 6'

SAUDI ARABIA. RIM said it cooperates with all governments with a consistent standard and its security requirements intentionally prevent third parties from reading encrypted information.

Suspension of BlackBerry services is a sovereign matter, says UAE regulator'

UAE. The UAE regulator says it wants nothing more than what other nations have negotiated and notes it only announced plans for a ban after three years of attempts to work out a compromise.

Analysis: Why has the UAE banned BlackBerry and what can RIM do about it?'

UAE. There are legitimate reasons for wanting data encryption and privacy - and there is a concern that if RIM compromises with one government then others will demand the same access.

US 'disappointed' at UAE BlackBerry ban'

INTERNATIONAL. US says it is committed to promoting the free flow of information which is integral to an innovative economy, ban sets dangerous precedent.

Oil prices surge above US$81 on rising equities'

INTERNATIONAL. World oil prices climbed on Monday, topping US$80 dollars per barrel, as traders set aside downbeat Chinese economic data to focus on rising global stock markets, analysts said.

BP asks Kuwait Investment Authority to raise stake to 3%, says al-Anba'

KUWAIT. The paper said BP's outgoing chief executive, Tony Hayward, made the offer in a telephone call to the KIA which owns 1.75% of BP.

South Korea, UAE to work on energy exploration'

INTERNATIONAL. The agreement is expected to lay the foundation for South Korean companies to gain access to the UAE's energy resources and winning future tie-up contracts to build oil storage facilities.

Sustained business recovery on the cards as companies look to restart investment, says KPMG'

INTERNATIONAL. Business optimism remains static but strong; India and China leading the way; UK and Spain less confident.

Saudi regulator orders freeze on BlackBerry Messenger'

SAUDI ARABIA. Saudi Arabia's telecoms regulator has ordered local operators to freeze the Messenger function for BlackBerry users this month, industry sources said .

Abu Dhabi Investment Authority joins consortium for UK high-speed Channel Tunnel rail link'

INTERNATIONAL. The project was recently confirmed for sale by the UK government with an estimated value between US$2.3 billion - US$3.1 billion.