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Reuters – UAE telecom firm du has agreed terms on a $720m loan which will be used to replace two existing debt facilities and lower the company’s funding costs, two banking sources said on Sunday. The five-year loan will be provided by Abu Dhabi Commercial Bank, National Bank of Abu Dhabi and Saudi Arabia’s Samba …
Merkel said in her weekly podcast that she disapproved of companies such as Google and Facebook basing their operations in countries with low levels of data protection while being active in countries such as Germany with high data protection.
Zain Bahrain missed a 2013 deadline to do so, but a source last week told Reuters that the company planned to launch its share sale by the end of June in what could be the island’s first IPO since 2010.
Total’s leading role in building the $4.5bn Yemen LNG export plant in 2005-09 made it the largest foreign investor in the country, which is one of the poorest in the Arab world.
Fund managers and analysts have said consolidating back office operations of the ADX and the DFM could cut costs and, by creating a single framework for settling trades, make it easier for more foreign investors to enter the UAE.
Reuters – Egyptian private equity firm Citadel Capital said on Sunday it had completed an EGP 3.7bn ($530m) programme of buying additional stakes in its subsidiaries. The purchases are part of Citadel’s transformation into an investment company that will hold majority stakes in subsidiaries in five core industries: energy, transportation, agrifoods, mining and cement, the …
Reuters – Egypt’s bourse rose on Wednesday as the country’s biggest listed bank posted strong fourth-quarter earnings, while markets in the United Arab Emirates weakened after a disappointing earnings report from Abu Dhabi property developer Aldar. Egypt’s index added 1.0% to 7,571 points after Commercial International Bank (CIB) posted a 29% rise in quarterly net …
The bank’s revenues for the fourth quarter rose by 15% to EGP 1.74bn.
Egypt’s Long-term ratings of ‘B-’ are low and reflect substantial risks and challenges.
The maturity is part of a $1.75bn, two-tranche bond which the fund sold in 2009, with the remaining $500m set to mature in 2019.
The state airports authority responded to the court ruling by saying the project was continuing as planned.
Reuters – Kuwait’s first Islamic insurer was born 14 years ago, but its takaful firms are still struggling in a crowded market that faces cut-throat competition. This has led to stagnant growth and persistent losses for takaful firms operating in Kuwait, one of the world’s richest countries on a per capita basis, raising doubts about …
Egypt’s benchmark index rose for a fourth straight session, up 0.4% to 7,488 points, to its highest level since April 2010.
CBQ will not complete any further acquisitions in the near future as it integrates the Turkish business into its organisation
The fast growth has raised concern about a potential repeat of the property market bubble that sent prices plunging by more than 50% after the 2008 financial crisis.
Reuters – Ezz Steel, Egypt’s biggest steel maker, trimmed its net loss by 74% in the third quarter of FY 2013 to 28.64 million Egyptian pounds from 110.05 million a year earlier, company results showed on Monday. Street unrest, political turmoil and an economic slump since a popular uprising toppled autocrat Hosni Mubarak in 2011 …
Reuters – A parliamentary investigation into a Kuwait Airways plan to buy and lease aircraft from Airbus will not affect the deal, the state carrier’s chairwoman told a local newspaper in comments published on Sunday. Kuwait’s parliament voted on Wednesday to investigate all contracts signed by state-owned Kuwait Airways, which is attempting its biggest overhaul …
Lebanon, Tunisia, Bulgaria, Lithuania, Qatar and Kuwait are among the world’s lesser developed markets and are outperforming more mainstream emerging markets
Among companies represented were Safran, Airbus , Total, GDF-Suez, Renault, Alcatel, Alstom, Amundi and L’Oréal
Reuters- Egypt’s benchmark index slipped 0.4%, easing off Sunday’s four-year high, as investors booked profits in mid- and small-cap stocks. Egyptian Resorts dropped 5.2% and Palm Hill Developments Company fell 2.2% on Monday. Investors remain positive on the market despite uncertainty over a cabinet reshuffle. Prime Minister Hazem el-Beblawi has said the reshuffle will include …
Reuters – The Egyptian pound strengthened fractionally at a central bank currency sale on Monday and remained unchanged on the black market. The central bank sold $38.6m to banks with a cut-off price of 6.9516 pounds to the dollar, compared with 6.9517 at its last auction on Thursday. The bank had offered to sell up …
PGNiG has been looking for new sources of natural gas as Poland seeks to diversify away from Russian supplies.
Google’s website on Monday showed off a new selection of four different frames, in styles including “Bold” and “Curve”, available for $225 each, and a couple of different sunglass shades for $150 each.
Reuters – Egypt’s economy will only grow by 2.0% in the fiscal year ending June 2014, well below the government target of 3.5%, according to a Reuters poll of economists who lowered their forecasts once again. Chances for an economic rebound were hurt by violence and political turmoil after Islamist President Mohamed Morsi was ousted …
Guidance for 2014 “disappointing” due to ongoing problems in Egypt
Galaxy Gear smart watches from Samsung have garnered mixed reviews since their September launch, and consumers have not warmed to them yet.
Intel dominates the PC industry, but it has been slow to adapt its processors for smartphones and tablets, markets now dominated by rivals like Qualcomm and Samsung Electronics.
A central bank letter circulated to banks on Monday and posted on the bank’s website said the change would take effect from January 2014 and could not be applied retroactively.
Exploration companies have been hesitant to develop untapped gas finds in Egyptian waters partly because the amount the government pays them barely covers their investment costs.
The state companies are joining trading houses like Glencore and Vitol and large oil firms like BP and Shell to take advantage of the retreat from trading by banks because of the greater regulation of banking activities that followed the 2008 financial crisis.