GCC News Roundup – September 14, 2009
News & Views General
- Annual inflation rate in UAE is estimated at 3.5% to 4% in 2009 due to lower food prices.
- Saudi Arabia based Almarai’s $253.2 Mn worth cash and stock bid for Hail Agricultural Development Co has received regulatory approval.
- Depa repurchased 1,736,216 shares between August 1 and August 31, at an average price of $0.622.
- GCC exports to Japan fell 55% in the first half of 2009 due to lower crude oil prices.
- Kuwait Finance House’s Turkish unit received the necessary license from German authorities to open a financial services branch in Mannheim.
- Dubai’s food exports stood at $953 Mn in 2008. Sugar and confectionery dominated food exports, accounting for 37% of the export value of all food products.
- Qatar-based ASAS, promoter of small and medium industrial ventures with a capital of QAR44.75 Mn, is to establish Zujaj Company to manufacture laminated glass for use in the construction industry. The new plant will have an initial production capacity of 600,000 sq m of various types of glass and is estimated to cost QAR 30 Mn.
- GCC power generation capacity is expected to rise by 44% by 2013 due to rising power demand.
- Kuwait signed a $1.5 Bn contract with General Electric Co. and Hyundai Heavy Industries to build a 2,000-megawatt power plant.
Real Estate and Private Equity
- Pearl Dubai FZ LLC, announced the completion of 50% of the foundation works in the prestigious ‘Dubai Pearl’ development.
- Tanmiyat has revised the payment plan for its AED2.7 Bn worth Living Legends project at Dubailand according to the new plan of Real Estate Regulatory Agency.
