JEDDAH: Saudi Arabian Mining Co. (Maaden) plans to add a new production line at its aluminum joint venture with US firm Alcoa to produce sheets used in the automotive and construction industries, the firm said.
NEW YORK: Oil prices rose Monday on investors' concern about potential supply disruptions stemming from the dispute between the West and Iran over that country's nuclear program.
BEIJING: Chinese Premier Wen Jiabao cut his nation's 2012 growth target to an eight-year low of 7.5 percent and made boosting consumer demand the year's first priority as Beijing looks to wean the economy off its reliance on external demand and foreign capital.
DUBAI: A Korea National Oil Corporation (KNOC)-led consortium has secured South Korea’s first oil production assets in the United Arab Emirates (UAE), the Korean government said.
TOKYO: Shareholders of Tokyo Electric Power Co. Inc, operator of the crippled Fukushima nuclear plant in northeast Japan, are suing the utility's executives for a record 5.5 trillion yen ($67.4 billion) in compensation, lawyers said.
DUBAI: A mixed week for commodities where the markets were driven by another injection of cheap money from the European Central Bank, upbeat economic outlook comments from the Federal Reserve chairman and continued geopolitical tensions. Stock markets rose again with the S&P; 500 reaching the highest level since 2008 and the Nasdaq 100, heavy on technology stocks, reaching the highest level since 2000, according to a latest commodities report by Ole Hansen – head of commodity strategy at Saxo Bank.
JEDDAH: Panelists at the second session on the first day of the three-day Jeddah Economic Forum 2012 yesterday called for the creation of international and regional blocs that can support economies. Despite the experience in EU, there is still scope for new international blocs as they could work faster than world organizations to implement quick measures for economic advancement, speakers said. They also focused on the potentials that the newly announced GCC federation could offer to the region.
JEDDAH: The ongoing political turmoil in certain Arab countries hit the tourism sector. So far, these states have lost $96 billion since the start of the Arab Spring, 18 percent of the losses in the tourism sector, said Bandar Al-Fuhaid president of the Arab Tourism Organization.
JEDDAH: Abdul Aziz Al-Tuwaijri, president of Saudi Ports Authority, on Sunday signed a number of contracts for the development and maintenance of ports at a cost of SR500 million. The signing ceremony was attended by Transport Minister Jabara Al-Seraisry.
JEDDAH: Sulaiman bin Abdul Aziz Al-Zubn has been appointed CEO of Al-Rajhi Bank yesterday after the resignation of the bank's former CEO Abdullah Al-Rajhi.
JEDDAH: After a steep decline of 55 points earlier, the Tadawul All-Share Index (TASI) zigzagged with small movements in the north for rest of the trading to close the day at 7,351.28 points, up 15.06 points or 0.21 percent. Saudi stocks extended gain for the 12th consecutive day on Sunday, a longest winning streak since August 2005.
CAIRO: A decline in Egypt's net foreign reserves slowed dramatically in February, reducing pressure on the central bank to allow a rapid devaluation of the country's currency.
RIYADH: A recent Consumer Confidence Index survey conducted by Bayt.com and YouGov has shown that the overall sentiment in the region is less than positive for the present time. However, optimism for the year to come remains comparatively high.
The Capital Market Authority (CMA) entered a new phase in raising awareness toward current and potential investors in the capital market, where it issued another guidebook to help stakeholders read the listed companies' board of directors' report.
Saudi equities spent the entire day with impressive gains. The Tadawul All-Share Index (TASI) extended gain for the eleventh consecutive day yesterday. It opened at 7,271.82 points, which proved to be the intra-day low, subsequent trading sent the index up 0.89 percent to close at 7,336.21 points. Since Dec. 31, 2011 Tadawul has achieved an increment of 14.31 percent.
Housing Minister Shuwaish bin Saud Al-Dhowaihi held talks here yesterday with top Real Estate Development Fund officials and highlighted the fund’s future vision that aims to improve its performance.
Saudi Industrial Property Authority (MODON) launched the first Pharmaceutical Industries Complex in the region in Sudair City for industry and business. The purpose of the complex is to find appropriate environment for this industry by providing lands and integrated services, either sequential opportunities in the supply starting from raw materials, production, packaging or the support services in terms of logistics, education, research centers or specialized training.
The squeeze is tightening. The spare cushion is dwindling. Vulnerability is getting evident. And crude prices are running perilously close to the heights attained in 2008 summer. Where are we heading?
The Royal Commission for Jubail and Yanbu (RCJY) will sign tomorrow (Sunday) in Riyadh deals with its partners aimed at the development of Ras Al-Khair Industrial City (RKIC), according to a press release issued by RCJY. RCJY partners include Saline Water Conversion Corporation (SWCC), Saudi Arabian Mining Company (Maaden) and Power and Water Utility Company for Jubail and Yanbu (MARAFIQ).
Engineering Export Promotion Council (EEPC) is holding a mega engineering event "India Engineering & Sourcing Show" (IESS) in Mumbai from March 22-24 with the support of the Indian Ministry of Commerce and Industry.
JEDDAH: Ashraf Al-Tanji, president of PreOne, an events management agency, is optimistic that Saudi Arabia's economy is robust and it will keep moving upward despite global uncertainties.
Moody's Investors Service has assigned provisional ratings to the $2 billion Euro Medium-Term Note Programme (EMTN) of Doha Bank at (P)A2 and (P)A3 for senior and subordinated notes, respectively. The notes can either be issued by Doha Bank or its fully owned funding subsidiary — Doha Bank Finance Ltd. — guaranteed by Doha Bank. All ratings carry a stable outlook.
Getting mortgages right is one of the most important challenges facing the GCC region. Housing demand is driven by the internationally population growth rates which are unlikely to slow down below 2 percent a year in the foreseeable future. With the average family size furthermore experiencing a secular decline, access to housing has emerged as an increasingly pressing policy priority. Further pressures result from the often acute need to upgrade some of the existing housing stock. Yet the wealth and income distribution in the region has significantly limited the availability of owner-occupied housing, as funding solutions have tended to rely heavily on personal savings and support from family and friends. In reflection of these realities, property developers in the region have tended veer towards the high end of the market as well as commercial real estate where the reliance on credit is far less.
NEW YORK: Consumer review website Yelp Inc. made a sparkling market debut on Friday, buoyed by optimism ahead of Facebook's public listing and hopes for further successful public listings by Internet companies down the road.
The Tadawul All-Share Index (TASI) extended gains for several weeks in a row. Last week, the index added 195.17 points, or 2.78 percent, to end at 7,226.43 and even poked above its previous 52-Week highest level at 7,031.26. It logged a healthy YTD return of 12.6 percent.
Arab stocks rally on return of confidence, oil prices
BRUSSELS: All but two European Union countries signed a treaty on tighter budget discipline for the euro zone on Friday, marking a coup for Germany which pushed for the accord to try to prevent a repeat of the loose spending that led to a debt crisis.
Makkah Gov. Prince Khaled Al-Faisal will open today the 12th Jeddah Economic Forum (JEF) under the theme “Beyond Borders: Building Tomorrow’s Economies.”
DOWNERS GROVE, Illinois: Food company Sara Lee Corp. said Friday that its shareholders will get stock valued at up to $4.55 billion when it spins off its international coffee and tea business later this year.
TOKYO: Japanese drugmaker Daiichi Sankyo and British peer GlaxoSmithKline are to form a 50-50 joint venture to bring new vaccines to Japan, targeting an underdeveloped segment of the world’s second-biggest prescription drug market.
NEW YORK: US and European stocks rose on Thursday as investors focused on encouraging US economic data and the European Central Bank's massive injection of cash boosted banks, while crude oil gained on an upbeat outlook for the global economy and worries over supply disruptions related to Iran.
BEIRUT: Global CFO optimism is wavering, according to a recent study by Deloitte entitled “Q4 2011 Global CFO Signals Report.” Conducted on a semi-annual basis for the past two years in the Middle Eastern region, the Deloitte CFO survey is the only report for major corporate users of capital that gauges attitudes towards the general economic outlook, financing, valuations and risk.
DUBAI: Dubai is likely to decide on its multi-billion dollar energy investment strategy, including possible investments abroad, by the end of 2012, a senior official at the Gulf emirate's supreme energy council said on Thursday.
LONDON: Michael Woodford, the ousted Olympus chief executive who blew the whistle on one of Japan’s most high-profile frauds, vowed he would hold his former employer to account as he kicked off his legal battle for wrongful dismissal in London on Thursday.
BEIJING: China will import more big ticket items and luxury goods this year to avoid a costly trade war but will not curb its own exports, predicted a former Chinese trade official in an interview with Reuters.
LONDON: Moody’s Investors Service yesterday changed the outlook to positive from negative for the Corporate Family (CFR) and Probability of Default Rating (PDR) of Aldar Properties PJSC (Aldar) and affirmed the B2 CFR and PDR as well as B3 ratings for Aldar’s $1.25 billion (0.87 billion euros) bond (due in 2014 and issued by Atlantic Finance Ltd.) as well as its AED3.75 billion (0.71 billion euros) sukuk (due in 2013 and issued by Sukuk Funding (No. 2) Ltd.
BRUSSELS: The finance ministers of the 16 other countries that use the euro on Thursday agreed in principle to give Greece a first batch of bailout money to finance a massive debt relief deal with private investors.
LONDON: Oil price reporting by industry media could be regulated in an attempt to prevent market manipulation and increase transparency for the world's biggest traded commodity, global securities regulator group IOSCO said on Thursday.
HONG KONG: China-backed Canadian oil explorer Sunshine Oilsands Ltd. saw its shares fall 3.1 percent on their trading debut in Hong Kong on Thursday, underscoring tepid demand for new listings after the company raised about $580 million in an initial public offering.
Growth in US manufacturing unexpectedly cooled in February and consumer spending was flat in January for the third straight month after accounting for inflation, casting a pall over the economic outlook.
Saudi Telecom Company (STC) has provided its clients with concierge service that is designed to be free to Al-Jawal elite users. This is part of the company’s efforts to offer the best of services, notably for leisure times during vacations and school holidays.
Zain is partnering with Microsoft to bring Windows Phone devices to the Middle East and North Africa region.
SEHAI-Japan Working Group (JWG), headed by Yoshitaka Nakamura, director, Japan Cooperation Center for the Middle East (JCCME), visited Jeddah and held a meeting with Saudi Working Group (SWG) at ALJ, Toshiba Conference Room.
Air Arabia said it had taken delivery of its first A320 aircraft in 2012, bringing its total fleet to 30 aircraft.
KPMG Al- Fozan and Al-Sadhan held their 2012 Saudi Arabia tax and zakat update seminar in Riyadh, Jeddah and Al Khobar recently.
Cementing its position as the leading provider of total, intelligent water management solutions in emerging markets, Metito has announced its latest project in Iraq worth more than $9 million.
Al-Murjan Holding recently completed its co-investment in a consortium led by Levant Capital and CVCI Private Equity to acquire a controlling stake in Al-Raya For Foodstuff Company Limited, a leading supermarket chain in Saudi Arabia.
RIYADH: The Royal Commission for Jubail and Yanbu (RCJY) launched yesterday a work program by signing four deals with its partners related to the development of Ras Al-Khair Industrial City (RKIC).
JEDDAH: The emerging economies have a bright future, but they need to give serious attention to structure, governance and transparency, speakers said while taking part in a panel discussion at the 12th Jeddah Economic Forum on its second day yesterday.
JEDDAH: "Gulf Cooperation Council (GCC) Consolidation: Analyzing the economics of greater GCC integration" was the theme accompanying yesterday's afternoon session of the 2012 Jeddah Economic Forum (JEF).
JEDDAH: There has been an increase of SR40 billion in the volume of money transferred by foreigners living in the Kingdom during the past five years, according to a senior Saudi banking official. Their remittances reached the mark of SR100 billion in 2011, says Talat Hafiz, secretary-general of Media and Banking Awareness Committee of Saudi Banks, in an exclusive interview with Ibrahim Naffee.
JEDDAH: Commerce and Industry Minister Tawfiq Al-Rabiah yesterday reaffirmed the Kingdom's desire to become an advanced industrialized country. "The ministry has also resolved to fight cover-up businesses that incur heavy losses to the country," Al-Rabiah said while addressing the 12th Jeddah Economic Forum during its formal inaugural ceremony at the Jeddah Hilton. The venue was packed to capacity with top officials, decision makers, business leaders, executives, professionals, and professors and teachers.
ATHENS: Greece’s deep and prolonged recession took its toll on the central government’s finances, which swung from surplus to deficit, official figures showed Friday.
The 7th two-day Saudi-Lebanese Economic Forum is being held with the support of Lebanese Prime Minister Najib Mikati, which ended yesterday. Its participants included 500 senior officials, economists, investors, major bank managers, heads of chambers of commerce and industry, and businessmen from both countries. The officials attending included Minister of Trade and Industry Tawfiq Al-Rabiah and Lebanese Minister of Industry Vrej Sabounjian.
MUMBAI: The weak response to India's sale of a 5 percent stake in state-run Oil and Natural Gas Corp. gives New Delhi little relief as it scrambles to balance the national budget.
NEW YORK: The dollar gained against the euro on Friday on lingering concerns about Europe while oil prices fell. US stocks ticked lower in a light day on the economic calendar, but the S&P; 500 index was on track toward the eighth positive week in the last nine.
Zain Group says it will be conducting a series of developmental projects for its operational and commercial entities, in preparation for a fresh start in its primary markets.
JEDDAH: Entrepreneurship experts, governmental representatives, and young Saudi businessmen and women gathered yesterday at the Jeddah Economic Forum (JEF) to discuss ways of engendering a business culture among youths and developing knowledge-based economy in the region.
Makkah Gov. Prince Khaled Al-Faisal yesterday announced the government’s plan to establish a business incubator in Jeddah to support projects of young Saudi entrepreneurs in the province, in association with Jeddah Chamber of Commerce and Industry (JCCI).
