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Discuss this article (0 Comments)Arabic Press Review - August 1
by This email address is being protected from spam bots, you need Javascript enabled to view it on Wednesday, 01 August 2007
In today's Arabic press, Kuwait's Al Qabas daily today reveals that Qatar National Bank (QNB) officials will visit Syria soon for talks to set up a Syrian lender.
The newspaper did not disclose how it obtained the information.
QNB is set to acquire a 49% stake in the new lender, which will have three Syrian shareholders.
The new lender will have a capital of around $200 million.
***
Kuwait's that family-owned Kharafi Group has taken over Al-Mal Investment Co.
Al-Mal is one of the several firms in which the Group had a share trading ban lifted, after the election of Loai al-Kharafi as the new board chairman at a shareholders meeting on Tuesday.
Kharafi Group was banned in November from using the bourse to trade shares in 10 firms, including Al Mal.
Last month reports in the country said the Group plans to take legal action against the trade ministry if the shareholders meeting of Al Mal Investment Co. was further delayed.
...and in other news...
Al Qabas, Kuwait: Commercial Bank of KuwaitChairman Abdulmajeed al-Shatti and chief general manager Jamal al-Mutawa led the bank's team to Cairo on Tuesday to complete evaluation of al-Watany Bank of Egypt as part of plans to buy a stake in the Egyptian lender.
Al Seyassah, Kuwait: The Kuwait stock exchange index will face resistance at 12,718 points and 12,886 points given July's trading activity. The index support levels are 12,214 points and 11,878 points, respectively.
Al Seyassah, Kuwait: Al Mazaya Holding first-half net profit rose 54% from the year-earlier period to 11.8 million dinars ($41.84 million).
Okaz, Saudi Arabia: Aramco has appointed four new board directors including Saudi Khaled al-Sultan and Salem al-A'ed and the ex-Chairman of Royal Dutch Shell, Mark Moody Stewart.
Okaz, Saudi Arabia: Prices of construction material are soaring in Jeddah despite a relative slowdown in activity.
Al Bayan, UAE: Al Khazna Insurance Co. said first-half profit rose 22% to AED17.2 million compared with AED14 million a year earlier
Al Bayan, UAE: National Corporation for Tourism and Hotels Co. said it made of profit of AED8.2 million in the first quarter.
Al Bayan, UAE: Fujairah National Insurance Co. said it made a first-half profit of AED20.2 million compared with a loss of AED30.8 million in the year-earlier period.
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