DAAR gets new rating

JEDDAH: Standard & Poor’s Ratings Services said Wednesday it assigned its “BB-” long-term corporate credit rating to Saudi-based homebuilder Dar Al-Arkan (DAAR). The outlook is stable. “At the same time, we assigned a “BB-” rating to the proposed benchmark senior unsecured sukuk notes issued by special purpose vehicle Dar Al-Arkan International Sukuk Company II and guaranteed by DAAR, for an amount in line with previous issuance, based on the information DAAR has provided to us and subject to final documentation,” Standard & Poor’s statement said.

SCC suffers SR9.10m loss

JEDDAH: Saudi Cable Co.’s (SCC’s) financial results released Wednesday show net loss during Q4 2009 amounts to SR9.10 million as against SR51.13 million for the same quarter of last year, a decrease of 82 percent and against profit of SR20.11 million for the previous quarter. The gross profit during the quarter amounts to SR47.24 million as against SR73.49 million for the same quarter of last year, a decrease of 36 percent.

Istithmar World CEO resigns

DUBAI: State-owned Dubai World said on Wednesday the chief executive of its Istithmar World had resigned and had been replaced by its chief investment officer, as the group focuses on managing its investments rather than making acquisitions. David Jackson, who had spearheaded Istithmar’s aggressive overseas expansion strategy including the purchase of luxury US retailer Barney’s New York and a stake in Standard Chartered, has been replaced by Andy Watson.

Dubai eyes Oman unit stake sale

DUBAI: Dubai Group, owned by the Gulf emirate’s ruler, may sell its 41 percent stake in Oman National Investment Corp., three sources familiar with the matter said, as Dubai seeks to address mounting debt issues. Dubai has been at the center of a debt storm since flagship conglomerate Dubai World rocked global markets on Nov. 25 by asking creditors for a standstill agreement on $26 billion worth of debt.

Pakistan rice exporters coming

JEDDAH: A team of Rice Exporters Association of Pakistan will visit the Kingdom during the second week of February, Ziaullah Shams, commercial secretary at the Embassy of Pakistan, said during his visit to the Al-Sharqia Chamber of Commerce and Industry in Dammam.

Kuwait to set up stock regulator

KUWAIT: Kuwait’s Parliament on Wednesday initially approved a much-delayed bill to set up a stock market watchdog, in a move to boost transparency and attract more foreign investors. Kuwait is the only Gulf state which does not have a dedicated authority to supervise its bourse, which has been plagued with irregularities in prices and disclosure.

— Compiled by Arab News