Market Update 5 July
Egypt
US Congress proposes that Egypt army and police budget be publicly available and monitored to continue providing aid
Shoura Council discusses land development plan
Egypt accepted the lowest amount of repos in almost two months after central bank’s decision to cut a key reserve ratio went into effect
Authorities increase oil supply to meet summer demand
HSBC Bank Middle East buys 6.7% of EFG-Hermes shares at an average price of EGP10.15/share, seller is Dubai Financial Group
El Sewedy Electric confirms size of Niger contract to be USD26 million
Abdel Moneim Al Rashed increases stake in Arafa to 6.39%
Saudi Arabia
Saudi central bank says prepares mortgage law rules
Saudi PMI falls slightly to 59.7 in June 2012
Saudi’s Al Fanar Company signs USD800 million Islamic loan
Dar Alarkan’s chairman describes approval of mortgage law as “quantam leap”
UAE
UAE looks to open oil sector to more partners
ENBD's Emirates Islamic Bank plans benchmark-sized USD-dominated sukuk
Qatar
Qatar plans Harrods hotels in Malaysia and Paris