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Fri Jul 8 23:46:15 EDT 2011
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IFC and ACWA Power Investment partnership supports Jordan's power sector, boosts investor confidence - IFC, a member of the World Bank Group, and International Company for Water and Power Projects (ACWA Power), a Saudi power and water desalination firm, are investing in Jordan's largest electricity producer to improve power delivery in the country and boost investor confidence in Jordan's energy sector.


Al Farooj awards franchise rights to UK based Al-Amin - As part of its expansion plan, Al Farooj Fresh, a fast-casual restaurant chain in UAE, has signed an agreement with Al-Amin Holdings, a UK-based business group, awarding them the franchise rights for opening up six Al Farooj outlets in the UAE.

SocialEyez launches operations in Latin America - With its focus on the world's emerging markets, SocialEyez has this week launched its operations in Latin America. SocialEyez is recognized as one of the fastest-growing international social media agencies.

Schneider Electric and Applications partners in Maadi - Schneider Electric, the global specialist in energy management, is celebrating the opening of their newest system integrator showroom, Applications, the first system integration showroom in Egypt to be operated by iPhone, which is more than just your typical place to experience fully automated environment.

Gulf Air changes Beirut flight schedule due to customer demands - National carrier Gulf Air, which operates daily flights between Bahrain and Beirut, has changed its flight schedule due to popular demand from its customers. Effective 14 July, there will be one daily flight departing from Bahrain at 11.30 am reaching Beirut at 2.25 pm and departing Beirut at 3.10 pm reaching Bahrain at 5.55 pm.

Lebanese League for Women in Business holds strategic program in Beirut on family-owned businesses - Family-owned businesses face unique challenges, including complex family and business relationships and business succession considerations. The Lebanese League for Women in Business (LLWB) convened its third Corporate Ambassadors Program (CAP) at the Olayan School of Business at the American University of Beirut to address the national and global trends of family-owned businesses and to discuss strategies for management and succession. The program hosted over 200 professionals and prominent speakers.


Arabian American Development announces key new investment partner in Al-Masane Al-Kobra Mining - Arabian American Development Co. announced that the Arab Mining Company (ARMICO) has invested $37.3m, acquiring five million shares, or 10% interest in Al-Masane Al-Kobra Mining Company (AMAK).

Latham and Watkins advises on innovative Sipchem Mudaraba Sukuk - Latham & Watkins advised Deutsche Securities Saudi Arabia LLC and Riyad Capital as Joint Lead Managers and Joint Bookrunners in the issuance of a SR1,800,000,000 Mudaraba Sukuk by Saudi International Petrochemical Company's 'Sipchem'.

Qatari shares end mixed - The Doha-based QE Index closed 0.12% higher at 8,502.49 points. All sector indices gained, except the banking and financial index. Takaful operator Islamic insurance bucked the sector trend and surged 2.36% higher to QR56.40. The country's largest lender by market value Qatar National Bank dipped one percent and closed at QR143.30.

Tamkeen inaugurates the first Capital Trade Fair at Bab Al Bahrain - Tamkeen's innovative Bahrain Trade Fairs initiative was inaugurated at the Capital Governorate in Bab Al Bahrain by HE Shaikh Mohammed bin Essa Al-Khalifa, Chairman of Tamkeen. The main objective of these fairs, which are organised in coordination with the Bahrain Chamber of Commerce and Industry (BCCI), is to support SMEs and strengthen consumer demand in the market.

Banks keep Kuwait bourse up by 0.07%, - The KSE Market Index closed 0.07% higher on Thursday at 6,212.9 points. Mushrif Trading and Contracting Co. soared 8.92%, closing at KD0.122. Al Safat Real Estate Co. plummeted 12.12% to KD0.0145. Al-Ahli Bank of Kuwait surged 1.5%, ending at KD0.670. The banking sector index and the food segment were the only segments which added value.


GE Lighting unveils its first dedicated distribution center in Middle East in Dubai's Jebel Ali Free Zone - GE Lighting, an industry leader in major lighting solutions for commercial, industrial and residential use, today, unveiled its first full-fledged distribution center in the Middle East in Jebel Ali Free Zone, Dubai. The center marks a significant foreign direct investment by GE in Dubai's logistics sector.

Marks and Spencer Al-Futtaim announces that its new store in Mall of the Emirates now open - Marks and Spencer Al-Futtaim announced that its new store in Mall of the Emirates, Dubai is now open. The new Mall of the Emirates store represents a highly convenient shopping destination for all Marks & Spencer customers located in the 'New Dubai' area of the Emirate, which includes Emirates Hills, The Greens, TECOM and Dubai Media City.

Aldar shares rebound, index ends lower - The Abu Dhabi bourse ADX fell 0.08% to 2,714.77 points. Aldar Properties added 1.56%, closing at Dhs1.31. Shares of Green Crescent Insurance Company gained 1.52%, reaching Dhs0.67. Earlier in the day, Green Crescent said in a statement to the ADX that the recent price jump of over 16% during the week, was "purely market driven". "We know of no reason for the increase in the shares," the statement added. Some 42.27m stocks valued at Dhs73.12m were traded. Over the first trading week of July, the ADX General Index gained half a percent.

Dubai market gains 2.69% over the week - The DFM General Index added 0.37% on Thursday, closing at 1,557.85 points amid higher trading volumes. Arabtec Construction was the most active share by value and by volume, closing 2.27% higher at Dhs1.35. Dubai Refreshments lost the most, ending down 4.55% to Dhs10.50. Around 117.4m shares valued at Dhs131.63m changed hands. Swiss private bank Sarasin earlier today issued a research paper on the third quarter, saying "we think the inflation spike and above all the supply problems will be temporary. Therefore, in view of the economic rebound, the global economy should pick up speed again in 2H11. The situation in Greece should also settle down during the course of the second half of 2011. A brighter economic outlook and a declining risk aversion suggest higher yields in the second half 2011." The first week of July indeed marked was a relief for DFM investors who saw the General Index falling by 6.97% during the first six months of 2011. Since July 1st, the DFM surged 2.69%.