Kuwait Appoints Stock Market Chief
Agence France Presse
KUWAIT CITY, 9 October 2006 — Kuwait yesterday appointed financial expert Saleh Al-Falah as a new director general for the Kuwait Stock Exchange, the official news agency KUNA reported. KUNA quoted Commerce and Industry Minister Falah Al-Hajeri as saying the Cabinet has accepted the resignation of outgoing director Saafaq Al-Rukaibi and appointed Falah in his place.
OPEC Ministers Back Supply Cut
Reuters
ALGIERS/DUBAI — OPEC is expected to make formal today a deal to remove 1 million barrels a day of crude from oversupplied markets, an OPEC source said, as ministers lined up to support the cut. Iran, OPEC’s second biggest producer, and Algeria yesterday publicly backed the reduction, OPEC’s first since April 2004. The plan was made public on Thursday by a senior OPEC delegate. “I think there is more or less consensus for 1 million bpd,” OPEC President Edmund Daukoru told Reuters by telephone yesterday.
Jazeera Airways to Double Capital
Agence France Presse
KUWAIT CITY — Kuwait’s first private low-fare airline Jazeera Airways decided yesterday to double its capital to $70 million to meet expansion plans, Chairman and Chief Executive Officer Marwan Boodai said. Speaking to reporters after the airline’s first annual meeting, Boodai also said shareholders agreed to a plan to listing the company on the Kuwait stock exchange in the first quarter of next year. Boodai said the capital increase will be executed by selling 100 million new shares to current shareholders before the end of the year.
Al-Rayan, Jurong Sign Agreement
Arab News
DOHA — Accelerating the development of Qatar’s industrial sector, Masraf Al-Rayan and Singaporean multi-disciplinary consultancy group, Jurong International, yesterday signed an agreement to prepare feasibility study concerning the development of a $2-billion smart industrial city in Qatar. The intelligent and eco-friendly project will be spread over 5 square kilometers and focused on the electronics, technology and manufacturing sectors.
Abyaar Appoints NorthCourse Leisure
Arab News
DUBAI — Kuwait’s Abyaar Real Estate Development, which recently entered the UAE market, has appointed NorthCourse Leisure Real Estate Solutions, a leading global consulting expert, to provide strategic advice to help manage, develop and position its property portfolio in the highly competitive Dubai market. One of the world’s foremost consultants, NorthCourse, which operates in over 60 countries for major hospitality and real estate clients, will provide Abyaar with a full spectrum of advisory services and research including: Project feasibility, design and sales and marketing services.
Hawkamah and INSOL Sign MOU
Arab News
DUBAI — Hawkamah Institute for Corporate Governance (Hawkamah), a subsidiary of the Dubai International Financial Center Authority, has signed a Memorandum of Understanding (MOU) with INSOL International (INSOL) to promote improvements to insolvency systems and good corporate governance practices in the MENA region. INSOL is a leading global organization specializing in international insolvency, restructuring, turnaround and related issues.
BMW Launches ‘Fascination’ Magazine
Arab News
DUBAI — BMW Group Middle East launched its dedicated customer magazine “Fascination”. Fascination, first launched in Dubai, Bahrain and KSA in both English and Arabic, is exclusively dedicated to BMW customers and showroom visitors, aiming at highlighting the latest innovations, information and products available at the dealerships, and will be available in the near future at the remaining Middle Eastern markets. “This magazine is an important touch point between the BMW marque and its loyal customers in the region,” said Guenther Seemann, managing director, BMW Group Middle East.
