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Apr 20, 2014

Saudi hits 6-yr peak as investors shrug off SABIC Q1

DUBAI, April 20 (Reuters) – Saudi Arabia’s main share index
rose the most in a month to reach a fresh six-year high on
Sunday as investors shook off a slight dip in quarterly profit
from the bourse’s biggest stock. Speculation in mid-cap stocks
helped Dubai gain.

The Saudi measure advanced 1.1 percent to its
highest close since June 2008, up 12.9 percent so far in 2014.

Apr 20, 2014

Kuwait’s Zain says sued for $4.5 bln over Iraq telco buy

DUBAI, April 20 (Reuters) – Zain is being sued for
$4.5 billion over its 2007 acquisition of an Iraqi telecom
operator, the Kuwaiti firm said in a bourse statement on Sunday.

Zain bought Iraqna for $1.2 billion from Orascom Telecom in
December 2007 after the Egyptian firm dropped out of the running
for a long-term mobile licence in Iraq.

Apr 16, 2014

Zain Saudi Q1 net loss narrows, beats estimates

DUBAI, April 16 (Reuters) – Zain Saudi reported a
first-quarter loss on Wednesday which narrowed from a year
earlier and beat analyst forecasts as the telecom operator cut
costs and data revenue surged.

Saudi Arabia’s No.3 mobile company, 37-percent owned by
Kuwait’s Zain, made a net loss of 318 million riyals
($84.8 million) in the three months to March 31 versus a loss of
398 million a year earlier.

Apr 9, 2014

Saudi telco regulator to re-tender piggyback mobile licence

DUBAI, April 9 (Reuters) – Saudi Arabia’s telecom regulator
will re-tender a licence for piggyback services on mobile
operator Zain Saudi’s network, nearly a year after
naming Dubai-based retailer Axiom Telecom as the provisional

The Communications and Information Technology Commission’s
(CITC) decision, is a setback for Zain Saudi, which is facing
competition from other mobile virtual network operators (MVNO)
that will launch soon on rivals’ platforms but will not be in a
position to collect revenue from its own.

Apr 6, 2014

Abu Dhabi’s Aldar at 4-year high; Egypt hits 8-week low

DUBAI, April 6 (Reuters) – Abu Dhabi’s Aldar Properties
hit a four-year high on Sunday after it unveiled
tentative plans to float a subsidiary, lifting the emirate’s
bourse, while Egypt’s market slumped to an eight-week low.

Other Middle East markets were muted as Saudi Arabia
investors showed little reaction to a slew of first-quarter
earnings, and Dubai eased from Thursday’s five-year peak.

Apr 6, 2014

Abu Dhabi’s Waha Capital sells stake in AerLift Leasing

DUBAI, April 6 (Reuters) – Abu Dhabi investment company Waha
Capital has sold its stake in AerLift Leasing to an
unidentified U.S. firm for an undisclosed amount, Waha said on

At the end of 2012, Waha had a 60.4 percent stake in AerLift
Leasing, which is incorporated in the Isle of Man, according to
Waha’s most recent annual report.

Apr 2, 2014

Bahrain Batelco’s bond buy-back ends, $131 mln purchased

DUBAI, April 2 (Reuters) – Bahrain Telecommunications
(Batelco) has completed a tender offer to buy back
some of its own bonds, purchasing $131.4 million of debt, the
state-run firm said on Wednesday.

Batelco had previously been largely debt-free, but last
April sold a $650 million seven-year bond with an
annual coupon on 4.25 percent to help fund its $570 million
acquisition of Cable & Wireless Communications’ Monaco
and Islands Division.

Mar 31, 2014

Abu Dhabi circuit chief defends F1 double points change

DUBAI (Reuters) – Abu Dhabi’s circuit chief has defended Formula One’s decision to award double points for the final grand prix of the 2014 season, which the UAE capital will stage in November.

The International Automobile Federation (FIA) made the points change in a bid to keep the championship alive as long as possible after Red Bull won four successive drivers’ and constructors’ titles and television audiences fell.

Mar 30, 2014

Bahrain watchdog eases Batelco broadband price restrictions

DUBAI, March 30 (Reuters) – Bahrain’s Batelco will
no longer need regulatory approval to change its consumer
broadband prices, the island’s industry watchdog said on Sunday,
in a move that could help the former monopoly arrest a sustained
drop in market share.

Bahrain has arguably the Gulf’s most liberalized telecom
sector, with three operators – Batelco, Zain Bahrain, a
subsidiary of Kuwait’s Zain, and Saudi Telecom Co
affiliate Viva Bahrain – and about 10 internet service
providers vying for customers among the island’s 1.3 million

Mar 26, 2014

Dubai’s Nakheel targets 15 pct rise in annual profit in 2014 -chairman

DUBAI, March 26 (Reuters) – Dubai property developer Nakheel
is a targeting a 15 percent increase in annual profit
in 2014 as it launches new projects and expands its leasing
income, the firm’s chairman said on Wednesday.

Government-run Nakheel agreed a $16 billion debt
restructuring in 2011 in the wake of a property crash that sent
Dubai’s house prices tumbling by more than half from a 2008
peak, oversupply and the global financial crisis ending years of
fervent speculation.