Mobily buys 94% stake in Zajil

RIYADH: Etihad Etisalat (Mobily) Saudi Arabia's second-largest telecom operator, said yesterday it had bought 94 percent of local internet and data communication provider Zajil for SR80 million ($21.3 million). Mobily said in July it had won the approval of Saudi Arabia's telecom's watchdog for the transaction involving 96 percent of Zajil's capital. This is Mobily's second acquisition in the past year after it agreed to buy local data provider Bayanat Al-Oula for $400 million.

Wataniya eyes fuel hedging for launch

KUWAIT: Kuwaiti start-up luxury carrier Wataniya Airways said it was looking to begin hedging costs for jet fuel for its 2009 launch at current levels after an oil price slump and global economic turmoil stabilized costs. Wataniya, which plans to start its first flight catering to wealthy citizens of Kuwait in January, expects the margin between oil and jet fuel prices to narrow further, Wataniya Airways Chief Executive George Cooper said.

Kuwait denies losses by investment firm

KUWAIT: Kuwait's central bank governor yesterday denied a report that local investment firms suffered losses worth more than 5 billion dinars ($18.50 billion). Sheikh Salem Abdul-Aziz Al-Sabah told KUNA news agency that the total investments of these firms amount to about 5.2 billion dinars but did not give a figure for their actual losses. A government task force was devising financing tools to support investment firms, said Sheikh Salem without giving details.

Satyam gets SAP contract in Kuwait

MUMBAI: Satyam Computer Services Ltd, India's fourth largest software exporter, said yesterday it has signed a one-year contract with Kuwait's First Holding group to implement SAP applications across its companies. Satyam did not disclose the value of the contract.

ADNOC, Shell sign initial gas deal

SINGAPORE: Abu Dhabi National Oil Company (ADNOC) and Royal Dutch Shell have signed a preliminary deal to jointly explore, develop and produce offshore gas fields in Abu Dhabi, Shell said yesterday. In July, ADNOC and ConocoPhillips signed a deal to develop sour gas reserves in the UAE for a cost that could exceed $10 billion

Power outage affects DUBAL output

DUBAI: State-owned smelter Dubai Aluminium Co. (DUBAL) said yesterday a power outage has partly affected its output but did not give a figure for the production capacity loss.