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#51
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Saudi to award Haramian train project within two weeks from March 29, 2011
Saudi Arabia is to announce the winner of the contract for the final phase of works on the Haramain Train project within two weeks, Saudi Gazette has reported, citing an unnamed official source. "The final phase entails the provision of rail tracks, carriages, signal points and electrical fittings," the source said. The Haramain Train project is a 444-km high-speed inter-city rail transport system linking the holy cities of Makkah and Madinah via King Abdullah Economic City in Rabigh and King Abdulaziz International Airport in Jeddah. Source: Saudi Gazette
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#52
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Lulu hyper market opens in Riyadh (March 29, 2011)
Abu Dhabi-based EMKE Group has opened its third store in the Saudi capital with a total investment of SR 220m ($58m), Saudi Gazette has reported. The new store is part of a SR 2bn investment plan by the supermarket chain in the kingdom, Yousuf Ali, managing director of EMKE Group, said. The company plans to open Lulu stores in Riyadh's downtown Batha, and one each in Jeddah, Makkah, and Madinah within the next three months, he said. Source: Saudi Gazette
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#53
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Saudi mortgage law a boost for contractors, says Shuaa
A top governing council's approval of a mortgage law in Saudi Arabia will lead to formation of specialised mortgage companies and a rise in availability of funds, boosting the prospects of contractors and developers, Shuaa Capital said. The Shura Council's approval of the mortgage law will facilitate bank ownership and repossession of properties, though the proposed law requires a number of steps to be fully implemented, Shuaa said in a note. Dar Al Arkan Real Estate Development Co, Saudi Arabia's largest developer by market value may be a major beneficiary as it is the largest developer of low-to-mid income housing in the Kingdom - the segment with the highest need for funding access, Shuaa Capital said. Developers Emaar Properties, the builder of the world's largest tower Burj Khalifa, Saudi Real Estate and Emaar Economic City are also expected to gain once the mortgage law is implemented. The brokerage said contractors are better placed to benefit as they build for developers as well as the Saudi government. "They (contractors) do not just build housing and offices, but also schools, hospitals... district cooling and roads... all the ancillary facilities that follow housing developments," Shuaa said. The contractors best positioned to benefit from the rise in public and private development spending in Saudi Arabia include companies like - Arabtec Holding, Drake & Scull International, Al Khodari and Sons Co and Mohammad Al Mojil Group, the brokerage said. Arabtec, with 32 percent of its backlog in the kingdom, an established joint-venture with one of the major contractors in Saudi Arabia as well as a long-history of executing mega projects, is well positioned to reap the rewards. Source: Reuters
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#54
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Saudi Arabia calls for 28% increase in oil rigs in Kingdom
Top oil exporter Saudi Arabia has unexpectedly called on oilfield service firms to expand the kingdom's oil rig count by nearly 30 percent, according to Simmons & Co, to ensure spare production capacity remains ample as supply uncertainty grows. Saudi state-run oil giant Saudi Aramco met with leading oil service companies including Halliburton over the weekend, unveiling plans to boost the country's rig count this year and next to 118, from around 92 now, Simmons & Co analyst Bill Herbert said on Monday. "Saudi Arabia has been expected to tread water on its production capacity, so this is unexpected," Herbert said from Houston in a phone interview. "The risk premium in the Middle East has risen. Also, with Libyan production falling, Saudi Arabia may feel it has to be ready for higher production capacity." Plans to boost the rig count constitute the most overt evidence that Saudi Arabia, holder of the world's biggest oil reserves, is stepping up investment in the face of crude prices of over $100 a barrel, though it is unclear whether this will expand the kingdom's spare capacity beyond the current total of as much as 3.5 million bpd, or merely prevent it from falling. "It's definitely not for expanding capacity," said Siamak Adibi, senior consultant at FACTS Global Energy in Singapore. "For this year, the majority of new wells to be drilled is just for maintaining existing capacity" of 12.5 million barrels per day, Adibi added, including the neutral zone. Saudi oil-minister Ali al-Naimi has outlined plans to boost the kingdom's crude oil production capacity to 15 million bpd, including mention of specific fields, saying such an expansion would only proceed if warranted by demand. But Simmons & Co founder Matthew R. Simmons, until his death in August 2010, repeatedly questioned the kingdom's ability to boost and sustain production at high levels in the long term, citing geological constraints. More than any other country, Saudi Arabia defines its international role by the ability to rapidly increase oil production to meet growing demand or cover disruptions elsewhere, such as the recent collapse in shipments from war-torn Libya. The kingdom has responded by pumping 500,000 to 750,000 barrels a day more in recent weeks, analysts said. "This is Saudi Arabia's raison d'etre. It must ensure that spare capacity is sufficient or else its importance in the world will be diminished," said oil analyst Peter Beutel of Cameron Hanover in Connecticut. Analysts said a recent Saudi output boost to around nine million barrels a day may have made Aramco apprehensive about its ability to prime the pumps further if the world calls for much greater volumes. "At the start of the year they were producing around 8.5 mln bpd of oil and were sitting on around 3.5 mln bpd of spare capacity. They've had to increase production by between 500,000 and 750,000 bpd after Libya went out of the market so their spare capacity is already way down," said Roger Read, managing director at Morgan Keegan in Houston. A New York-based oil analyst, who tracks Saudi production and requested anonymity, said: "You could see this in one of two ways. Either they realize that 3 million barrels of spare capacity isn't enough, or they realize their capacity isn't actually that high." Saudi Arabia hasn't publicly discussed plans to expand its overall crude capacity since completing a $100bn project to raise it by three million bpd to a "sustainable" 12 million bpd last year, excluding the neutral zone, leading some analysts to conclude that the increase in rig counts responds to decline at older fields. "The decline rate in some large OPEC producers like Iran and Saudi Arabia is not new. It's a challenging issue for these countries, so they just want to drill more wells to keep the same production capacity," Adibi said. Saudi Arabia wants the rig count to rise quickly in the second half of 2011 and the first half of next year, and may use some of them for a $16bn Moneefa project, Herbert said. Aramco is undertaking the Moneefa project to compensate for declines at other fields rather than to boost capacity, with a planned start-up by June 2013 at 500,000 bpd and a ramp-up to 900,000 bpd by 2024. "There will be some new rigs for Moneefa, but they won't go ahead to drill all wells in one year," Adibi from FACTS said. "It will gradually increase production over ten years and it will be offsetting decline from other fields. It's not additional capacity." Halliburton said late on Monday that it would accelerate activity at Moneefa, a project to tap massive offshore heavy crude reserves, following recent discussions with Saudi Arabia. In 2008, the company was awarded a contract to provide drilling and associated work at 93 Moneefa wells off northeast Saudi Arabia. The plans are "manifestly positive" for oil service companies, Herbert said. Schlumberger Chief Executive Andrew Gould privately told analysts on Monday he was encouraged by Saudi Arabia's commitment to expand spare capacity regardless of any pullback in oil prices, an analyst at the Howard Weil oil conference in New Orleans said. Crimped oil activity elsewhere in the Middle East and Africa is likely to hit Schlumberger's first-quarter earnings, Gould said separately. US oil futures fell 14 cents to $103.84 a barrel early on Tuesday, down from a 30-month high near $107 last week. Since January, political unrest in North Africa and the Middle East has helped to lift prices. So far, the kingdom has avoided major domestic unrest, although the upheaval has been threatening the regimes of neighbouring Yemen and Bahrain. "If we did see a significant oil supply shock and Saudi Arabia came out to produce more, that would be the telling factor that they are willing to supply the market in difficult times," said Ben Westmore, a commodities analyst at National Australia Bank, adding that "more exploration goes somewhere at communicating that sort of sentiment." Saudi Arabia is OPEC's top producer and controls more than a fifth of world oil reserves. Source: Reuters
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#55
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Saudi nears six week high property stock gain
Saudi Arabia's benchmark edged higher, rising for a seventh session in nine, but investors are cautious ahead of first-quarter earnings. The benchmark climbed 0.2 percent to 6,519 points, nearing Sunday's six-week high. Bluechips are mixed. Saudi Telecom Co fell 1.8 percent, but Saudi Electricity Co rose 1.5 percent. The real estate index climbed 0.4 percent to a six-week high, extending gains on renewed speculation Saudi Arabia's long-awaited mortgage law would soon be approved. "Real estate stocks may have an effect for next two days on the mortgage law," said a Riyadh-based trader who asked not to be identified. "I would be cautious on real estate numbers. We could see some weakness. In the long-term, they are good, but people are short-term here." Emaar Economic City rose 0.7 percent and Taibah gained 2.6 percent. Earlier this month, the Saudi king announced $93bn in handouts, which includes SR250bn ($67bn) to be spent on 500,000 new homes, while on Friday the kingdom set up a ministry for housing. Renaissance Services tumbled on fears a subsidiary's $500m London listing may be delayed, weighing on Oman's index. The index slipped 0.5 percent to 6,339 points, a 12 day low. Renaissance fell 6.6 percent, with the company holding an analysts' get-together after Monday's annual meeting. Dubai-based unit Topaz's offering was expected to give it a market capitalisation of about $1.7bn. "During the meeting, the management indicated it will delay the IPO until it receives the implied valuation of $1.5bn," investment bank EFG-Hermes wrote in a research note. "There was a statement from the CEO that the IPO can be deferred till starting next year if the recent events in the Middle East affect the valuation of Topaz." The stock had risen as much as 5.2 percent after the IPO announcement earlier this month, but has now given back these gains. "If the Topaz IPO goes through, we will see a strong comeback for the Oman market," said Adel Nasr, United Securities brokerage manager. Bank Muscat slipped 0.6 percent, but National Bank of Oman added 0.3 percent. UAE markets ended mixed as Dubai gave back early-session gains, with Emaar Properties' surprise dividend providing only a short-term lift. Dubai's index ended lower 0.1 percent at 1,555 points, ending a five-day rally. Emaar Properties climbed 0.3 percent after company shareholders approved a 10 percent cash dividend, its first dividend since 2008. "The dividend announcement came as surprise and the market has taken it positively, but it seems the board was pressured into announcing the payout, rather than this being a discretionary distribution," said Jad Abbas, EFG-Hermes real estate analyst. "Emaar wanted to preserve cash for a rainy day and it has some short-term refinancing risk we can't ignore." Emaar has debt worth AED4.5bn maturing in 2011, Abbas says. "We expect most of this to be rolled over," he added. "2011 should be a relatively good year for Emaar, with a shift towards its international operations." UAE bank earnings should improve this year, said Robert McKinnon, ASAS Capital chief investment officer. "For sectors like real estate I'm less optimistic, but the ones with Saudi Arabia exposure would obviously still stand to benefit." said Robert McKinnon, ASAS Capital chief investment officer. Du rose 1.6 percent. On Sunday, Nomura started coverage of the telecoms operator, giving it a neutral rating and a price target of 3.32 dirhams. Dubai Financial Market ended 2.3 percent lower. Abu Dhabi's index edged higher 0.04 percent to 2,635 points, taking its March gains to 1.8 percent. Most bluechips rose, with Aldar Properties and Sorouh Real Estate gaining 1.3 and 3.3 percent respectively. Qatar's index rose 0.3 percent to 8,399 points. Barwa Real Estate climbed 1.3 percent and Qatar National Bank added two percent. Kuwait's index ended higher for a third day, while volumes remained thin ahead of the end of the first quarter. "The market is very dull, volumes are very low," said a Kuwait based trader on condition of anonymity. "Investors are laying low until results are out." Yet trading is expected to increase later this week because Thursday is the final day of the quarter and traders typically try to boost the valuation of their portfolios, he added. Kuwait's benchmark climbed 0.3 percent to 6,323 points. The index is down 2.4 percent in March. Kuwait Finance House fell 1.9 percent, while Commercial Bank added 1.1 percent and Al Ahli Bank rose 1.6 percent. Source: Reuters March 30, 2011
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#56
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Saudi bad cheque figures decrease by 34%
According to a report by the Saudi Credit Information Company (SIMAA), the number of bad cheques issued in the kingdom fell 34% in 2010, Saudi Gazette has reported. The value of bad cheques written by individuals fell by 32 % from around SR6bn in 2009 to some SR4bn in 2010, while the value of bounced cheques written by companies declined by 22% from the SR 9bn recorded in 2009 to SR 7bn last year, the report said. Source: Saudi Gazette March 30, 2011
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#57
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Tadawul market remains in lackluster mood
The Saudi Arabian Tadawul market added 0.17% to reach 6,519.13. After two days of declining, shares of petrochemical giant SABIC rose by 0.25%, closing at SR102.75. Banks and retail firms overall performed weaker, with Banque Saudi Fransi dipping by 0.62% to close at SR47.80. Eighty-nine shares gained, 42 declined and 14 closed flat. Source: Ame Info March 30, 2011
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#58
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Saudi Investment Bank to raise capital by 22%
Saudi Investment Bank said it plans to increase its capital by 22 percent to SR 5.5 billion ($1.5 billion) by issuing 1 free share for each 4.5 shares. "This will involve the transfer of 1 billion riyals from the leftover profits as of 31, December, 2010," the firm said in a statement. In separate statements on Sunday, the Capital Market Authority said it had added the bank’s new shares, adding one share for each 4.5 shares, and that it will adjust the bank’s share price to 20.15 riyals. Source: Arab News March 30, 2011
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#59
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Saudi's Al-Jazira Bank issued $ 267 million Islamic bond
Saudi's Al-Jazira Bank completed a SR1 billion ($267 million) 10-year Islamic bond sale which was four times oversubscribed, the lender said in a bourse statement on Tuesday. 'Bank Aljazira announces successful completion of its sukuk issuance of SR1 billion on March 29. The issuance subscriptions were four times more than the amount approved by the Saudi monetary agency,' the bourse statement said. Pricing for the sukuk for the first five years will be 1.7 per cent over the six-month Sibor and can be returned in five years, the bank said. Al-Jazira Bank had announced earlier this month that it planned to issue a local currency-denominated Sukuk and said that the local units of HSBC and JP Morgan Chase & Co will be managing the bond sale. Source: Trade Arabia
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#60
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NCB Capital assigns "overweight" to Dar Al arkan, Taiba; "Neutral" to Saudi Real Estate
NCB Capital expected the Saudi real estate sector to benefit from several major factors, namely; the higher number of young population, increasing number of families and expanding trade as well as religious tourism. Despite the political unrest in the region, KSA’s realty market is projected to remain strong in the medium and long term. Dar Al Arkan Real Estate Development Co.: According to the report issuer, the developer generates the highest annual return on equity (ROE), compared to peers. However, the stock underperformed the market in FY10, on concerns about the company’s SAR 4 billion debts that will come due on 2012. However, the investment arm of the National Commercial Bank (NCB) confirmed the developer’s ability to fulfill these liabilities from internal cash flows and partial debt re-financing. Accordingly, NCB Capital recommended an "Overweight" on the stock, defining its target price at SAR 11.2. The stock trades at a P/E ratio of 6.5x and a P/B ratio of 0.66x in FY11. Taiba Holding Co. (TIRECO) : Based on its asset portfolio, Taiba Holding is forecasted to report higher revenue and profit margins. In addition, the company plays a major role in the hospitality sector, thanks to its fundamentals. The market value of the company’s real estate portfolio reached SAR 4.7 billion, compared to a book value of SAR 2.9 billion. The stock trades 16% lower than its book value. Accordingly, NCB Capital assigned the stock an "Overweight" rating, and defined its estimate price at SAR 18.8. Saudi Real Estate Co. (SRECO): The realty developer reports solid and stable financial figures, compared to local peers. The stock trades 14% lower than its book value, due to lower ROE. The investment bank placed a "Neutral" recommendation on the stock, and set its strike price at SAR 26.5. In the same vein, Global Investment House (Global) stated that the sector traded in March at a book value 55% lower than average market level, at a P/B ratio of 0.9x, compared to 2.0x for Tadawul. Source: Mubasher
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