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Bahrain unveils plan to issue $1.25bn bond in June
24 May 2012 at 2:40am
The Bahraini central bank has unveiled a plan to issue a $1.25bn bond in the second or third week of June, Reuters has reported. The conventional bond will have a tenor of between seven and 10 years, which may appeal to institutional international investors who tend to favour longer-dated paper, a central bank official said. "We finished almost everything but we are still finalising. It (bond issue) will maybe be in the second or third week of June," he said. [AMEInfo.com]

Saudi Arabia pledges $3.25bn in aid to Al Qaeda-hit Yemen
24 May 2012 at 2:40am
Saudi Arabia, Gulf countries and Western have pledged more than $4bn in aid to Yemen at a Riyadh conference, Reuters has reported. At the Riyadh conference, the world's top oil exporter pledged $3.25bn of a total $4bn in aid. Yemeni finance minister Sakhr al-Wajih said he would be happy if his country achieved economic growth of 1% in 2012, and that even this modest goal relied on foreign generosity. The country is likely to run a $2.5bn budget deficit this year, he added. [AMEInfo.com]
Qatar cut from 2020 Olympic bid field
23 May 2012 at 11:27pm
The International Olympic Committee has chosen Istanbul, Madrid, and Tokyo as finalists to host the 2020 Summer Games, dashing the hopes of Doha and Azerbaijan 's Baku, Reuters has reported. The shortlist of candidates to host the world's biggest multi-sports event was announced at the IOC's executive board meetings in Quebec City. Doha, which was proposing to hold the 2020 Olympics in October rather than the usual July/August schedule to avoid the state's summer heat, is already hosting the 2022 World Cup football tournament. Doha 2020 officials said the decision by the IOC does not curtail Qatar's ambitions or its work in progress towards becoming a regional and global sports hub. London will host the 2012 Summer Games from July 27-August 12 while the Brazilian city of Rio de Janeiro will stage the 2016 Olympics. The IOC will announce the winner between bids from Tokyo, Madrid and Istanbul in September 2013. [AMEInfo.com]
Saudi Arabia's Dar Al Arkan Real Estate gains as developer strikes deal with ...
23 May 2012 at 8:09am
The Riyadh-measure Tadawul All-Share Index (TASI) declined 0.60% to close at 7,061.43 points amid regional and global uncertainty over Greece's dispositon in the Euro zone. Dar Al Arkan Real Estate Development Company was the most liquid share, advancing 1.36% to hit SR11.20. Earlier in the day, Dar Al Arkan announced the sale of a portion of the residential land at its project Shams ArRiyadh, in the capital Riyadh to petrochemical giant Saudi Basic Industries Corporation or Sabic which closed off 0.26% at SR95. Sabic will build a residential compound for its employees. The total land area sold is worth SR741.6m. The transaction will be reflected in the developers second quarter of 2012 financial results. Nineteen stock gained, while 119 declined. Trading volumes remained in the lower range, as 294m stocks worth SR5.8bn changed hands. [AMEInfo.com]
Kuwait market falls the sixth day straight
23 May 2012 at 7:37am
The KSE Market Index fell 0.22% to hit a three-week low, closing at 6,366.95 Wednesday. Kuwait correlates with the price of oil, which lost 11.37% in value in the last four weeks as GCC and Iraq production volumes hit multi-year highs in order to compensate for Iranian export losses. National Bank of Kuwait or NBK closed unchanged, but losses in the industrial and the telco segment weighed on the gauge. Islamic financial institution Kuwait Finance House pr KFH advanced 2.81%, finishing the session at KD0.730. [AMEInfo.com]
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