RIYADH, 13 March 2006 — Petrochemicals giant Saudi Basic Industries Corp. (SABIC) said yesterday it would soon launch up to SR3 billion ($800 million) worth of domestic Islamic bonds, or sukuk. The issue of SR1 billion to SR3 billion aims mainly to diversify the company’s debt portfolio, estimated at SR25 billion-SR30 billion, and help activate a domestic bond market, Chief Financial Officer Mutlaq Al-Morished said. The sukuk would be the first issued by a private Saudi firm in a market that craves fresh paper.
Kuwait’s Real Estate Firm’s Profit Up 23%
KUWAIT, 13 March 2006 — Kuwait’s Commercial Real Estate Co. said yesterday its net profit for 2005 rose 23 percent to 33.1 million dinars ($113.4 million), compared to the previous year. The realty firm said in a statement on the Kuwait bourse website that earnings per share rose to 28.30 fils from 22.71 fils in 2004. The 2005 profit, which rose from 26.9 million dinars in previous year, also include unrealized gains of 5.5 million dinars which represent the value of pending asset sales already booked as profit.
Profit of Kuwait’s Firm Surges 400%
KUWAIT, 13 March 2006 — Kuwait’s Transport and Warehousing Group said yesterday its 2005 net profit surged more than 400 percent year-on-year to 87.2 million dinars ($298.6 million). The transport firm said in a statement that earnings per share rose to 976 fils from 195 fils in 2004. Transport and Warehousing Group said its assets increased almost 3 percent to 131.9 million dinars from 45.6 million in 2004 while its net equity rose to 117.6 million dinars from 36.3 million. The company also said it will distribute a cash dividend of 1 dinar per share, the highest so far by a listed company.
UAE’s GDP Rises to $120.6 Billion
DUBAI, 13 March 2006 — The UAE’s gross domestic product rose 17 percent in 2005 to 443 billion dirhams ($120.6 billion) in current prices on high oil revenue, a report by the Chambers of Commerce and Industry Union said. The report carried by the official WAM news agency yesterday said 2004 GDP stood at 387.7 billion dirhams.