GCC News Roundup – July 28, 2009
News & Views General
- Saudi and Gulf banks may increase provisions on troubled Saudi groups towards the end of the year but levels will not be threatening – Saudi state-owned National Commercial Bank (NCB).
- Zain Saudi Arabia is expected to sign two-year murabaha financing worth $2.5 Bn to facilitate its network expansion in Saudi Arabia.
- Saudi Aramco and Total SA are seeking to borrow $8 Bn to build an oil refinery on Saudi Arabia’s Persian Gulf coast.
- Gulf Technical Construction Company won AED250 Mn worth contract for KPM Tower in Dubai Marina. The deal involves design and construction of the residential tower comprising five basement levels and ground plus 38 floors.
Real Estate and Private Equity
- Qatar Real Estate Company is expected to merge with state- owned Barwa Real Estate Co. by the end of 2009.
- Bahrain based Al Saraya Properties sold 70% of a newly launched residential project in Amwaj Islands. The project is expected to complete by the end of 2010.
