Economy briefs: Saudi Electricity to award $2bn deals
MENAFN - Arab News - 11/09/2009
(MENAFN - Arab News) Saudi Electricity (SEC) has given approval to award SR7.64 billion ($2.03 billion) worth of contracts out of SR80 billion it plans to spend by 2012 to boost capacity, the company said on Wednesday.
It did not give details of the projects it would award in a statement on the Saudi bourse website but said its generation capacity would increase by around 13,000 megawatt. Saudi Electricity currently produces around 37,000 MW. SEC, the Gulf's largest utility firm by market value, said in June it would issue Islamic bonds that could be worth about SR5 billion to help it fund expansion.
Kuwait currency policy unchanged
DUBAI: Kuwait's central bank does not see any need to change its policy of having the dinar track a basket of currencies, Kuwaiti newspaper Al-Rai newspaper reported on Wednesday. "We do not see at this stage any necessity to change the exchange rate policy for the Kuwaiti dinar," the central bank said in a statement issued in response to questions put to the country's finance minister by a member of Parliament. Officials at the central bank were unavailable for comment on the report. The currency was tracking a "special weighted basket of currencies from countries that are linked to Kuwait through significant financial and commercial relations", the bank said in the statement.
Two Istithmar officials to quit
DUBAI: Dubai's Istithmar World said on Wednesday its co-chief investment officers are to leave the firm. "John F.Amato and Felix P.Herlihy, the co-chief investment officers of Istithmar World, have confirmed that they have advised Istithmar of their plans to depart the company to explore other opportunities," Istithmar said in a statement, without giving further details.
Istithmar is one of the flagship companies of state-owned Dubai World, whose real estate unit Nakheel is struggling to refinance $3.52 billion Islamic bonds maturing in December. The company, which owns US luxury chain Barneys New York [DBWLDB.UL], in August hired an advisory firm to help it mull options to shore up Barneys' financial position. Barneys is not considering an imminent restructuring of its business.
MENAFN - Arab News - 11/09/2009
(MENAFN - Arab News) Saudi Electricity (SEC) has given approval to award SR7.64 billion ($2.03 billion) worth of contracts out of SR80 billion it plans to spend by 2012 to boost capacity, the company said on Wednesday.
It did not give details of the projects it would award in a statement on the Saudi bourse website but said its generation capacity would increase by around 13,000 megawatt. Saudi Electricity currently produces around 37,000 MW. SEC, the Gulf's largest utility firm by market value, said in June it would issue Islamic bonds that could be worth about SR5 billion to help it fund expansion.
Kuwait currency policy unchanged
DUBAI: Kuwait's central bank does not see any need to change its policy of having the dinar track a basket of currencies, Kuwaiti newspaper Al-Rai newspaper reported on Wednesday. "We do not see at this stage any necessity to change the exchange rate policy for the Kuwaiti dinar," the central bank said in a statement issued in response to questions put to the country's finance minister by a member of Parliament. Officials at the central bank were unavailable for comment on the report. The currency was tracking a "special weighted basket of currencies from countries that are linked to Kuwait through significant financial and commercial relations", the bank said in the statement.
Two Istithmar officials to quit
DUBAI: Dubai's Istithmar World said on Wednesday its co-chief investment officers are to leave the firm. "John F.Amato and Felix P.Herlihy, the co-chief investment officers of Istithmar World, have confirmed that they have advised Istithmar of their plans to depart the company to explore other opportunities," Istithmar said in a statement, without giving further details.
Istithmar is one of the flagship companies of state-owned Dubai World, whose real estate unit Nakheel is struggling to refinance $3.52 billion Islamic bonds maturing in December. The company, which owns US luxury chain Barneys New York [DBWLDB.UL], in August hired an advisory firm to help it mull options to shore up Barneys' financial position. Barneys is not considering an imminent restructuring of its business.