Middle East

Financial News

Saudi Shares Rise to 17-Month High on Global Economic Confidence; Rajhi Up Saudi Arabian shares rose in the week’s first day of trading, led by Saudi Arabia’s biggest bank and following European and Asian markets on improved confidence in a global economic recovery.

Investment Dar Files Application for Kuwait Court-Assisted Restructuring Investment Dar. Co., the Kuwait- based owner of half of Aston Martin Lagonda Ltd., started a process of legal protection under the country’s Financial Stability Law to implement a restructuring plan.

Saudi Arabia to Finance Railway as Financial Partners Retreat, Hayat Says Saudi Arabia may provide financing for a $7 billion cross-country railway after groups bidding on the project were unable to get funds for the line, Al-Hayat said, without citing where it got the information.

Ithmaar Bank Says Shareholders to Buy at Least $90 Million of Rights Offer Ithmaar Bank BSC, a Bahrain-based Islamic investment bank, said its major shareholders have a “firm interest” in taking up $90 million of the bank’s rights offer.

Dubai World Seeks to Separate `Good' Businesses From Underperforming Ones Dubai World, the state-owned holding company restructuring $26 billion in debt, is seeking to separate “good” businesses from underperforming assets as part of its restructuring plan, the head of the city’s airline said.

Petrofac Targets Iraq's Oil Boom After CEO Asfari Quadruples Share Value Ayman Asfari, the chief executive officer whose oil and gas engineering skills guided a fourfold increase in the value of Petrofac Plc within five years, is now preparing to tap Iraq’s energy boom.

IEA Raises 2010 Crude Oil Demand Estimate on Developing Economies, China The International Energy Agency raised its forecast for global oil demand this year for a second month as fuel consumption in Asia rises more than expected.

Commercial Bank of Kuwait 2009 Profit Is $455 Million Before Provisions Commercial Bank of Kuwait SAK, the emirate’s second-largest lender by market value, said it had a profit of 130.9 million dinars ($454.5 million) last year before provisions.

Jordan Local-Currency Rating Cut to BBB- by S&P on Rising Government Debt Jordan’s credit rating was lowered one level by Standard & Poor’s, which cited an increase in the Middle Eastern country’s debt burden.

Dubai World Creditors Want More Information on Loss Protection, Bayan Says Dubai World creditors in London want clarification on how they will avoid further losses if they accept the state-owned holding company’s proposal, Al Bayan reported.

General News

Al-Maliki Leads in Baghdad, Four Iraqi Provinces, Partial Results Indicate An alliance led by Iraq’s incumbent Prime Minister Nouri al-Maliki leads in Baghdad and four other provinces, partial results from the March 7 parliamentary elections show, giving him the upper hand in trying to form a new government.

Hosni Mubarak's Health `Continuously Improving', Egyptian State Media Says Egyptian President Hosni Mubarak’s health is “continuously improving” following surgery a week ago to remove his gallbladder, Egypt’s state-run Middle East News Agency said today.

Turkish Government to Propose Making Political-Party Bans More Difficult Turkey’s government will present constitutional changes to parliament within seven to 10 days to stop top judges from “exceeding their powers” and to make it harder to ban political parties.

Energy Prices