Market Updates - 13 Feb
Egypt
Egypt’s credit rating downgraded by Standard & Poor’s on plunging foreign reserves, persistent political instability
Finance Minister: Egypt needs about USD11 billion to finance economic reform programme over next few years
World Bank head expects “tensions” as Egypt negotiates USD1 billion loan
Reports claim few organisations participated in February 11th general strike, while revolutionary coalitions claim success
Egypt's ruling generals meet top Pentagon general
Government to inject EGP130 million into telecom sector
Egypt's military rulers warn that the country faces conspiracies which seek to topple the state
Heliopolis Housing sells units worth EGP127 million in January 2012
Saudi Arabia
Saudi Aramco to supply full March crude volume to Asia and Europe
Saudi Arabia awards SAR1.48 billion in medical contracts
Plans to go solar to raise water desalination plant output
Petroleum and Mineral Resources Minister meets Turkish counterpart
SABIC in talks with Trinidad on methanol venture
Saudi Kayan resumes production after plant shutdown
Saudi Cement agrees to sell 0.2 mt of clinker to Arabian Cement
Saudi Cement proposes to pay dividend of SAR4.5 per share for 2H2011
UAE
Abu Dhabi inflation down 0.3% m-o-m in January 2012
DP World seeking to refinance half of USD3 billion credit facility maturing in October 2012
Etisalat’s 4Q2011 net profit misses estimates on AED1.0 billion impairment for Indian operation
Qatar
Qatar, South Korea sign long-term agreement on liquefied natural gas
Emir’s adviser expects inflation at 3% to 3.5%
QNB hires investment banks for potential debt issuance
Oman
Raysut Cement announces FY2011 results, -30% y-o-y, but in line with estimates
Morocco
Morocco inaugurates new Renault Factory