Arabic Press Review - 11 July 2007

In today's Arabic press, the UAE's Al Bayan daily reveals that Emirates Bank International Ltd. has arranged a five-year, $125 million syndicated loan for Thuraya Satellite Telecommunications Co. to finance expansion.

According to a statement from the bank, Commercial Bank of Dubai and Union National Bank were among the lenders.

Emirates Telecommunications Corp. is the largest shareholder in Thuraya.

***

In the Saudi Arabian press today, Arabic newspaper Okaz reveals that Rakisa Holding Co., the developer of Saudi Arabia's $8 billion Prince Abdul Aziz bin Mousaed Economic City, will sell a 30% stake in an initial public offering in August.

Rakisa Holding's chairman has said in December that the IPO would take place in the first quarter.

The economic city project - set in Hail, 700 km north of Riyadh - is part of the kingdom's plans to diversify its economy.

...and in other news...

Al Ittihad, UAE: National Bank of Fujairah posted a 45% rise in first-half net profit to AED152.6 million.

Al Khaleej, UAE: Some 1.86 billion dirhams ($506 million) were traded in 67 listed companies in Dubai and Abu Dhabi on Tuesday, with fresh liquidity coming from foreign and local investors, as well as investment funds.

Al Watan, Kuwait: The winning bid for a stake in Turkiye Finans Bank is expected to be announced this week. Noor has formed an alliance with Commercial Bank of Kuwait to bid for the Turkish Islamic lender.

Al Qabas, Kuwait: Noor Financial Investment Co. has obtained a license to set up a $200 million Islamic sharia-compliant lender in Syria.

Al Rai, Kuwait: Al Ahli Bank of Kuwait should post a first-half net profit of 36 million dinars ($125 million) and earnings per share of 38 fils, compared to a 30 million dinar profit and earnings per share of 31 fils in year-earlier period.

Al Jazirah, Saudi Arabia: Yanbu Cement made a second-quarter net profit of 219.9 million riyals, up 43% from the year-earlier period.

Al Alam Al Youm, Egypt: The sale of Banque du Caire will take between six to eight months.

Al Masrt Al Youm, Egypt: Egypt is coordinating with the International Atomic Energy Agency to build nuclear reactors.

Al Alam Al Youm, Egypt: Conflicting reactions to the government's decision to privatise Banque du Caire. The initial focus will be on choosing a financial institution to manage the sale. A number of global banks have expressed interest in purchasing the bank.

Al Alam Al Youm, Egypt: The central bank says businessmen who had defaulted on loans have repaid 1 billion Egyptian pounds ($175 million) to four state-owned banks.

Al Alam Al Youm, Egypt: Egypt's telecom regulators say Mobinil's position on buying a 3G license will be determined on Tuesday.

Al Alam Al Youm, Egypt: Orascom Construction Industries has signed a 722 million pound contract to build an airport at Burg el-Arab and an observation tower in Cairo airport.

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