ArchivesTag : gulf
Monetary gloom points to deep rift
The tense, gloomy atmosphere at Gulf Arab currency talks in Saudi Arabia indicated just how deeply divided the six central bankers were as they met to hammer out details of a monetary union plan. Tuesday’s official statement attempted to put up a united front for currency markets tearing at dollar-pegged exchanges rates on the expectation [...]
Full StoryKuwaiti minister resigns
Kuwait’s information minister has resigned his office to protest a controversial bill to reform the country’s election law.Anas Al Rasheed resigned at the end of a marathon cabinet session, which discussed efforts to overhaul Kuwait’s electoral law, a source close to the minister said. The resignation has not yet been accepted. “Rashid submitted an official [...]
Full StoryCommon GCC currency ‘should avoid dollar-peg’
A common GCC currency should not be pegged to the dollar but to a basket of different currencies, says a prominent foreign exchange strategist. BNP Paribas foreign exchange strategy global head Hans Redeker said that a peg to the dollar, which he expects to be a weak currency in the long term, would leave the [...]
Full Story$500 million company on the way
A $500 million (BD189m) company may be formed within the next few weeks to build and raise money for the Bahrain-Qatar Friendship Causeway, Works and Housing Minister Fahmi Al Jowder said yesterday. The start-up capital will be split equally between the governments of Bahrain and Qatar and the remaining financing will come from the private [...]
Full Story$3.8bn Saudi aluminium smelter signals major diversification
After several years deliberation the Saudi government has approved construction of a $3.8 billion aluminium smelter. The plant, to be developed by state-owned mining company Maaden, will be built at Ras Az Zour industrial zone in central eastern Saudi Arabia. Aluminium exports could begin in 2008. The move comes at a time when global demand [...]
Full StoryForeign cash deserts Saudis
A landmark move to open up the Saudi Arabian stock market to foreign investors has been followed by another lurch in the Middle East’s biggest equity index, sparking fears that the area’s slump is more deep-seated than previously feared. Saudi’s key stock market index, the Tadawul, fell by 2pc to 14946 points yesterday, after a [...]
Full Story‘Sex’ racket
Man lands in jail for defrauding GCC nationals by promising them women in a ‘safe’ house The Appeals Court yesterday upheld the Lower Court’s verdict sentencing a Bahraini to six months in jail for encouraging prostitution. According to the information presented by the Public Prosecutor, the convict usually approached GCC nationals, promising them women and [...]
Full StoryHistoric Venture!
Bahrain-based international consortium Gulf Energy took an historic step yesterday towards establishing the Middle East’s first dedicated energy trading platform – the International Mercantile Exchange (IMEX). The project will be based in Qatar and the consortium signed a memorandum of understanding (MoU) yesterday with the Qatar Financial Centre Authority (QFCA) and the Qatar Financial Centre [...]
Full StoryCurtain rises on Gulf radio and TV festival
Information Minister and Minister of State for Foreign Affairs Dr Mohammed Abdul Gaffar yesterday affirmed that the Ninth GCC Radio and Television Production Fes-tival, beginning today, stands as a link for continued ties between GCC states. He stressed that the kingdom, represented by the Information Ministry, has exerted every effort to ensure the festival’s success [...]
Full StoryMarket Commentary
Without exception all the GCC markets closed in the red yesterday, with the Saudi and Qatari markets in the lead, dwindling nearly 5 per cent. The Omani market, which had bucked the falling trend in the previous session, followed its peers and surrendered nearly 3pc on closing. Bahrain The BSE Index shed 1.6pc bringing cumulative [...]
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