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| GCC’s Current Account Surpluses Drop by $50b in 2008 |
| [Nov 25,2009] | Source: Khaleej Times |
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.jpg) ABU DHABI — Current account surpluses in the oil-rich GCC region have dropped by $50 billion to $350 billion, due to the fall in oil prices, and will shrink further by $150-200 billion next year, said a senior official of the International Monetary Fund. However, the current account surpluses would significantly grow in the course of next five years to a range between $600-1000 billion, said Masood Ahmed, Director of IMF’s Middle East and Central ... [full story] |
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| DFM Falls on Profit-taking |
| [Nov 25,2009] | Source: Khaleej Times |
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 DUBAI — Shares in Dubai fell on Tuesday, wiping out gains in the previous session in the absence of fresh positive catalysts, and as investors begin to unwind positions ahead ... [full story] |
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| First Gulf Bank Prices 3-year $500m Bonds |
| [Nov 25,2009] | Source: Khaleej Times |
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 DUBAI — UAE-based First Gulf Bank’s $500 million three-year bonds were priced at 250 basis points over mid-swaps, representing a coupon of 4 per cent, an executive of the bank said
on Tuesday. The bonds were issued under FGB’s recently updated $3.5 billion European Medium Term Note Programme. FGB, the second largest bank by market capitalisation in Abu Dhabi, completed the sale of bonds last week to investors in Asia and Europe. The bonds ... [full story] |
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| Oman’s 2010 Budget to Focus on Development and Employment |
| [Nov 25,2009] | Source: Khaleej Times |
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 MUSCAT — Oman’s budget for 2010, to be officially announced at the beginning of the new year, will primarily aim at giving a new thrust to development and generating employment opportunities for nationals, a key official
said here. National Economy Minister Ahmed bin Abdulnabi Macki said the budget, based on an assumed price of $50 per barrel of oil, envisaged expenditures of RO7.2 billion and revenues of RO6.4 billion. The shortfall of RO800 million, compared ... [full story] |
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| Abu Dhabi, Spain in Renewable Energy Agreement |
| [Nov 25,2009] | Source: Khaleej Times |
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 ABU DHABI — Abu Dhabi and Spain have signed an agreement to work jointly to develop renewable energy and technologies related to it. Inaugurating the second investment summit between the two countries, Spain’s Vice-Minister of Trade Alfredo Bonet said the agreement would be an enlargement of the Memorandum of Understanding signed by Abu Dhabi and Spain in June regarding technical cooperation for implementing projects in renewable technologies. The two governments also signed an MoU to set ... [full story] |
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| Saudis in $200m Deal with US Firm |
| [Nov 25,2009] | Source: Khaleej Times |
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 DUBAI — A US maker of industrial air conditioners has formed a $200 million joint-venture with Saudi Arabia’s Alessa group, in the first major deal to emerge so far from the Big 5 construction show in Dubai. Huntair, Inc., has teamed up with Alessa Advanced Projects Company to build the American brand’s air-conditioning units in Saudi Arabia, executives from the two companies announced on Tuesday. Under the agreement, Alessa will start manufacturing Huntair units under license ... [full story] |
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