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by This email address is being protected from spam bots, you need Javascript enabled to view it on Wednesday, 05 September 2007
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In the region's Arabic press today, Kuwaiti daily Alam Alyawm reveals that board members of Kuwait Airways plant to resign on the day parliament starts its new legislative term after the summer recess. The newspaper did not say how it obtained the information.
Parliament is expected to return on November 1.
Kuwait Airways last month cancelled a $3 billion deal to buy 12 Boeing 787 Dreamliners and seven single-aisle Airbus A320s after parliament refused to approve the funding.
The loss-making airline was ordering the new aircraft from a lessor rather than direct from the manufacturers because it wanted delivery between 2009 and 2014.
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In the UAE today, Al Bayan newspaper reveals that Dubailand - a real estate development of state-owned Tatweer - is setting up a pre-registration for sub-developers in order to comply with emirate's new Land Department regulations.
The department now requires all developers to be registered and set up escrow accounts, the report said.
The new rule on escrow accounts is set to put an end to any developer launching a project and collecting deposits without guaranteeing that the funds will be used for the intended purpose. It also ensures the timely start of construction work.
The Dubailand entertainment complex is currently under construction in Dubai and is set to be a full-featured city divided into six theme parks and built on a 3 billion square foot site.
...and in other news...
Al Eqtisadiah, Saudi Arabia: Gulf Arab central bank governors will meet on Saturday and Sunday in Riyadh for a meeting and monetary union between the six Gulf states will top the agenda.
Al Eqtisadiah, Saudi Arabia: The assets of global equity funds in Saudi Arabia lost 27% of their value in August as gains in Indian and Chinese assets failed to offset the impact credit market turmoil had on other markets.
Al Eqtisadiah, Saudi Arabia: Saudi investors topped the list of foreign investors in Jordan's stock exchange at the end of August, with assets worth $2.9 billion, representing 9.2% of the bourse's capitalization.
Al Riyadh, Saudi Arabia: The benchmark Argaam Petrochemical index rose 0.7% last week, its eighth weekly rise in a row, fuelled mainly by a 9.1% rise in the price of ethylene glycol to $1,200 per tonne, its highest in 10 years.
Al Jazirah, Saudi Arabia: Kuwait-based Global Investment House gave a fair value price target of 43.6 riyals on shares of Saudi Investment Bank.
Al Seyassah, Kuwait: The cabinet is expected to decide on Thursday about cancelling the creation of Amanah Warehousing Company.
Al Qabas, Kuwait: An unidentified regional bank plans to buy a stake in United Health Services Co at 1.100 dinars per share.
Al Khaleej, UAE: Abu Dhabi will need 308,000 new housing units by 2015 to meet demand. HSBC said it expected supply of about 307,550 new units to hit the market between 2006 and 2015, including about 114,000 in 2009.
Al Ittihad, UAE: Trade between the UAE and Vietnam reached $165 million last year, rising 46.2% in four years.
Al Ittihad, UAE: Some $807.70 million worth of gold futures contracts were traded on the Dubai Gold and Commodities Exchange in the last week of August, compared with $744.50 million a week earlier, as the dollar fell against global currencies.
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