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Weekly digest of economic and business headlines

MidEast Business
Number 152, December 4, 2003


General

 

UAE: JORDANIAN SEABIRD AVIATION TO ATTEND DUBAI AIR SHOW

 

Investment and Economic Data 

 

LEBANON: 40% OF CEMENT PRODUCTION GOES TO IRAQ AND SYRIA

 

UAE: 10 LISTED INSURANCE FIRMS WITNESS 30% PROFITS CLIMB

 

JORDAN: FOREIGN AND ARAB CAPITAL FLOW DECLINED BY 30%

 

 

Banking and Finance

 

SAUDI ARABIA: HSBC AND SABB TO ESTABLISH JOINT INVESTMENT BANK

 

SAUDI ARABIA: BANKS DECREASED FOREIGN ASSET HOLDINGS

 

SAUDI ARABIA: BANKS INCREASED INVESTMENTS ABROAD

 

SAUDI ARABIA: BANKS INCREASED INVESTMENTS IN GOVERNMENTAL SECURITIES

 

 
Oil and Energy
 
IRAQ: OIL EXPORTS REACHED 1.6 MILLION BARRELS PER DAY
 
 
Companies

 

SAUDI ARABIA: STOCK PRICE OF FOOD COMPANY WITNESSES 36% GROWTH

 

SAUDI ARABIA: SISCO RECORDS 36% STOCK PRICE GROWTH

 

Export and Import

 

JORDAN: EXPORTS TO UAE RECORD 17% RISE

 

JORDAN: EXPORTS TO USA RECORD 60% RISE

 

JORDAN: EXPORTS TO SYRIA RECORD 46% RISE

 


General

  •  

  • UAE: JORDANIAN SEABIRD AVIATION TO ATTEND DUBAI AIR SHOW

     

    According to Al-Bayan newspaper (December 3, 2003), a Jordanian company is to

    announce a new joint venture at Dubai 2003, the International Aerospace Exhibition

    taking place from December 7 to 11, and hopes to corner a growing market for 'eye in the sky'

    law enforcer aircraft. Seabird Aviation Jordan will make its Dubai air show debut at Dubai 2003,

    which takes place at the Airport Expo Dubai, UAE, along with its Seabird Seeker SB7L-360 aerial

    patrol aircraft. Surveillance and intelligence gathering as well as border, oil pipeline and environmental

    protection patrols are its specialty. Seabird Aviation Jordan is a joint venture company between the King

    Abdullah II Design and Development Bureau (KADDB) of Jordan and Seabird Aviation Australia. The company

    was established in July 2003 and operates today from Marka Airport, Amman, Jordan. The company will move

    during 2004 to purpose built facilities within Queen Alia International Airport.  

  • Return To Headlines

     

     

    Investment and Economic Data

     

    LEBANON: 40% OF CEMENT PRODUCTION GOES TO IRAQ AND SYRIA

     

    According to Al-Sharq Al-Awsat newspaper (December 3, 2003), sources in the Lebanese

    cement manufacturing sector revealed that the Iraqi and Syrian markets absorb nearly 40%

    of the Lebanese cement production. The same sources added that Lebanon had exported a

    monthly average 1.7 million tons of cement to Iraq alone over the past five months. The same

    sources also revealed that the price of the Lebanese cement in the Iraqi market is less than the

    local prices by 30%. For an instance, the Lebanese cement is sold in Iraq for $44-$46 per ton

    whereas the local cement prices stand at $68 per ton.

     

    Return To Headlines

     

    UAE: 10 LISTED INSURANCE FIRMS WITNESS 30% PROFITS CLIMB

     

    According to Al-Bayan newspaper (December 3, 2003), the Emirates Financial Markets

    Authority reported that the 10 major listed insurance firms on the official financial markets had

    recorded Dh 305.87 million total profits in the first nine months of the current year. This figure

    represents an increase of 30.4% compared with these companiesí total profits through the first

    nine months of 2002, in which these profits totaled Dh 234.56 million. Market analysts attributed

    this profit growth to a 9.2% rise in the insurance profits and a 44% rise in the investment profits

    of the insurance companies in the same period. 

     

    Return To Headlines

     

    JORDAN: FOREIGN AND ARAB CAPITAL FLOW DECLINED BY 30%

     

    According to Al-Sharq Al-Awsat newspaper (December 3, 2003), the Jordanian Ministry of

    Industry and Commerce reported that the inflowing foreign and Arab capital into the Jordanian

    companies declined to $26 million in the first 11 months of the current year, down from $37.5 million

    in the corresponding period of the previous year. These figures translate into a 30.6% withdrawal. 

     

    Return To Headlines

     

     

    Banking and Finance

     

    SAUDI ARABIA: HSBC AND SABB TO ESTABLISH JOINT INVESTMENT BANK

     

    According to Al-Hayat newspaper (December 2, 2003), addressing MEEDís 2nd Investing in Saudi

    Arabia conference at One Whitehall Place in London, Sir David Gore-Booth, special adviser to the chairman

    of HSBC Holdings and former UK ambassador to Saudi Arabia, revealed that HSBC and SABB are

    planning to establish a joint investment bank. Mr. Gore-Booth added that the new bank will invest in

    local infrastructure projects based on the Saudi Arabian Capital Market Law, which enables foreign investment

    banks to operate in Saudi Arabia for the first time.

     

    Return To Headlines

     

    SAUDI ARABIA: BANKS DECREASED FOREIGN ASSET HOLDINGS

     

    According to Al-Sharq Al-Awsat newspaper (December 3, 2003), the Saudi Arabian Monetary Authority

    (SAMA) reported that the total foreign asset holdings of the operating commercial banks in the Kingdom of

    Saudi Arabia dropped by 3.5% last year, which is equivalent to ($0.48 billion), compared with a 1.8% fall,

    which is equivalent to $1.04 billion, in the previous year. SAMA added that the foreign assets ratio out of the

    commercial banksí total assets holdings withdrew from 53.2% in 1990 to 18.8% in 2002.

     

    Return To Headlines

     

    SAUDI ARABIA: BANKS INCREASED INVESTMENTS ABROAD

     

    According to Al-Sharq Al-Awsat newspaper (December 3, 2003), the Saudi Arabian Monetary Authority

    (SAMA) reported that the operating commercial banks in the Kingdom of Saudi Arabia increased their

    investments abroad by 12.6%, which is equivalent to SR 3.9 billion, last year compared with an 18.8% withdrawal,

    which is equivalent to SR 2.7 billion, in the previous year. SAMA estimated the commercial banksí investments

    abroad at SR 35 billion by the end of 2002.

     

    Return To Headlines

     

    SAUDI ARABIA: BANKS INCREASED INVESTMENTS IN GOVERNMENTAL SECURITIES

     

    According to Al-Watan newspaper (December 1, 2003), the Saudi Arabian Monetary Authority estimated

    at SR 144.4 billion the Saudi banking sectorís investments in governmental securities by the end of the

    first quarter of the current year. This figure translates into a 4.2% rise compared with the corresponding

    period of the previous year.

     

    Return To Headlines

     

     

    Oil and Energy

     

    IRAQ: OIL EXPORTS REACHED 1.6 MILLION BARRELS PER DAY

     

    According to Al-Sharq Al-Awsat newspaper (December 3, 2003), sea shipment sources reported that the

    Iraqi oil exports grew by 350,000 per day through last November. The same sources estimated the Iraqi oil

    exports at 1.57 million barrels per day in the same month, which is the targeted Iraqi oil export volume.

     

    Return To Headlines

     

     

    Companies

     

    SAUDI ARABIA: STOCK PRICE OF FOOD COMPANY WITNESSES 36% GROWTH

     

    According to Al-Watan newspaper (December 1, 2003), the Saudi Stock Exchange Authority reported that

    the stock price of the Saudi Food Products Company grew by 36.6% through last November. The stock price

    of the company closed at SR 57.57 by the end of the same month. The companyís activities: manufacturing,

    canning, preserving, treating and developing of foodstuffs as well as marketing locally and abroad.

     

    Return To Headlines

     

    SAUDI ARABIA: SISCO RECORDS 36% STOCK PRICE GROWTH

     

    According to Al-Watan newspaper (December 1, 2003), the Saudi Stock Exchange Authority reported that

    the stock price of the Saudi Industrial Services Company grew by 36% through last November. The stock price

    of the company closed at SR 83.75 by the end of the same month. SISCO's activities: to provide a variety of

    support services in the industrial estate, to construct residential buildings, fun fair centers, markets,

    restaurants, hospitals and establishing modern medical centers. SISCO owns 85% of Saudi Trade & Export

    Development Co. "TUSDEER" in addition to 50% of Kindasa Water Services Co.

     

    Return To Headlines

     

     

    Export and Import

     

    JORDAN: EXPORTS TO UAE RECORD 17% RISE

     

    According to Al-Bayan newspaper (December 3, 2003), the Jordanian Ministry of Commerce and Industry

    reported that the value of Jordanís exports to the UAE grew to JD 47.5 million in the first nine months of

    the current year, up from JD 40.5 million in the corresponding period of the previous year. These figures

    translate into a 17.3% rise.

     

    Return To Headlines

     

    JORDAN: EXPORTS TO USA RECORD 60% RISE

     

    According to Al-Bayan newspaper (December 3, 2003), the Jordanian Ministry of Commerce

    and Industry reported that the value of Jordanís exports to the USA grew to JD 334 million in the

    first nine months of the current year, up from JD 208 million in the corresponding period of the previous year.

    These figures translate into a 60.4% rise.

     

    Return To Headlines

     

    JORDAN: EXPORTS TO SYRIA RECORD 46% RISE

     

    According to Al-Bayan newspaper (December 3, 2003), the Jordanian Ministry of Commerce and Industry

    reported that the value of Jordanís exports to Syria grew to JD 48.2 million in the first nine months of the

    current year, up from JD 32.8 million in the corresponding period of the previous year. These figures

    translate into a 46.8% rise.

     

    Return To Headlines

     


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