Middle East News

By Author: Zawya covers detailed information on the top 12, 0
Total Articles: 404
Comment this article

Zawya covers detailed information on the top 12, 000 companies in the Middle East with comprehensive live news coverage through the exclusive Zawya Dow Jones newswire service. Their news service provides independent, financial news that you can trust providing a comprehensive view of the Middle East and the depth that both local and international investors demand focusing on the financial markets and economies of the Gulf region.

Zawya offers the Middle East News including report on Abu Dhabi Reluctant To Invest In BP, Saudi SRO Gets 6 Bids To Build 4 Stations For Haramain Rail.

Abu Dhabi is reluctant to invest in BPBP, a report said, only days after the British company's chief was thought to have sought investment from sovereign wealth funds on a visit to the Gulf state. Citing sources, the Middle East Economic Survey said it "understands that Abu Dhabi has signaled a reluctance to buy into BPBP," in its latest edition to be published on Monday. "Sources close to Abu Dhabi investment funds said that they are already in court over a Citigroup investment and ...
... that the move would be too politically charged and there are too many unknowns," the MEES newsletter said.Abu Dhabi Investment Authority became one of Citigroup's biggest investors in 2007 with a 7.5-billion-dollar cash injection, but The National newspaper reported in December that ADIA filed a suit accusing the US bank of fraud. Investment funds "may be willing to monetize some of BP’s holdings in the region, provided that they do not run into problems with the US Department of Justice," which has requested it be kept informed of BPBP asset disposals and "other large transactions," MEES said.Tony Hayward, BPBP's chief executive, was in oil-rich Abu Dhabi on Wednesday as speculation swirled that the energy British giant is seeking support from sovereign wealth funds following the Gulf of Mexico oil disaster.

The Qatar Statistics Authority reported that in real terms the economy grew 8.7% in 2009 with the non-hydrocarbon sector growing 9.6%. The IMF predicts a real GDP growth rate of 18.5% in the current year, underpinned by rising gas output and strong non-hydrocarbon growth. Expansion in the natural gas sector will also help many downstream sectors which in turn will drive manufacturing activity. Diversification into the non oil & gas sector is an important government policy and recently a QAR 10 billion bond sale was undertaken to fund various infrastructure projects and develop the country's domestic debt market. Commenting on the findings of the survey Phil Strange, CFO of Dun and Bradstreet South Asia Middle East Ltd. said: 'Despite the continuing debt troubles of the Euro Zone which have given rise to renewed concerns of sluggish global economic growth, or potentially a double dip recession, Qatari businesses continue to have an optimistic outlook. Buoyed by a strong hydrocarbon sector and continued investments in key infrastructure projects, the Qatari economy is expected to remain robust.' Qatar's economy proved its resilience against the financial crisis of 2008-09, helped by strong growth in its natural gas sector which registered a growth of 15% in real terms. Higher oil prices in 2010, compared to 2009 levels, have placed the government in a good position and the subsequent fiscal surplus will be utilized to supplement aggregate demand in the face of a protracted global recovery.