Saudi FM calls Indian, Pakistani counterparts to discuss developments    Al Hilal thrash Gwangju to reach AFC Champions League Elite semi-finals    Saudi Arabia cracks down on fraudulent Hajj campaigns, urges pilgrims to use official channels    Nammos Amala Resort to open soon with Saudi-Greek designs    Saudi Arabia completes 674 Vision 2030 initiatives, achieves 93% of KPIs as ninth-year milestone marked    Literature Commission inaugurates Saudi Pavilion at Muscat Book Fair    Saudi Minister of Culture holds talks with his Costa Rican counterpart in Jeddah    Alkhorayef praises advancements in Al-Kharj food industries sector    MHRSD: 80% of recruitment offices are non-compliant with regulations    At least 50 Palestinians killed in Israeli strikes across Gaza    Teenage girl killed in French school stabbing attack    Trump claims meeting with China after Beijing denies any trade negotiations    GACA chief chairs 16th meeting of the Steering Committee on aviation's strategy    Saudi Theater Commission launches its Work and Learn Project in UK    The season has begun — and one comment shook us all    Jennifer Lopez dazzles in Jeddah with a Formula 1 performance    Saudi Arabia open to expanded 64-team World Cup in 2034, says sports minister    Average life expectancy in Saudi Arabia rises to78.8 years    Film Commission launches 'Cinema' initiative to enhance content    Famed Philippine film star Nora Aunor dies at 71    Pakistani star's Bollywood return excites fans and riles far right    Veteran Bollywood actor Manoj Kumar dies at 87    Bollywood actress vindicated over boyfriend's death after media hounding    Grand Mufti rules against posting prayers and preaching in mosques on social media    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







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BRIEFS
Published in The Saudi Gazette on 03 - 09 - 2009


MSCI to remove Saudi
shares from its data
JEDDAH - Global equity index provider MSCI will no longer list Saudi stocks in its data after refusing to comply with a demand by the country's bourse for final approval over what stocks are included in its indexes.
The Tadawul had set a Monday midnight deadline in demanding veto rights over the composition of certain indexes compiled by MSCI.
MSCI said it could not agree to the demands of Tadawul, which included the right to veto certain product licenses that are sold to third parties to create instruments such as exchange-traded funds.
MSCI has told its clients that it may be “forced to cease calculating indices containing securities listed on Tadawul.”
Tadawul is the biggest Gulf stock market but foreign investors can only have limited access to it.
Only investors based in GCC countries may invest in Saudi Arabian stocks, and Saudi Arabian stocks are included only in MSCI GCC Countries Indices and MSCI Arabian Markets Indices; they are not included in the MSCI Emerging Markets Index Series or any other MSCI Index Series. - Agencies
Moody's confirms
UGB negative outlook
LIMASSOL - Moody's Investors Service has confirmed on Wednesday the Baa3/Prime-3 deposit ratings, Ba1 subordinated debt rating and D+ bank financial strength rating (BFSR) of United Gulf Bank BSC (UGB), with a negative outlook.
The action concluded Moody's review of the bank's ratings initiated on May 12, 2008, (and extended on Nov. 27, 2008), which focused on how the sales of UGB's commercial banking subsidiaries to Burgan Bank (A2/Prime-1/D+) were likely to affect its business mix and risk profile. The sale of three banking subsidiaries took place in 2008 (Jordan Kuwait Bank) and the first half of 2009 (Algeria Gulf Bank and Bank of Baghdad) while the sale of a further banking subsidiary (Tunis International Bank) is due to be completed by the end of the year, subject to regulatory approval. - SG
BFX to attend SFOA
Burgenstock confab
MANAMA - Bahrain Financial Exchange (BFX), the first multi- asset exchange in the Middle East and North Africa, which will be internationally accessible to trade cash instruments, derivatives, structured products and Shariah-compliant financial instruments when launched in Q1, 2010, will participate in the 30th International SFOA Burgenstock conference, the annual International forum for derivative markets.
The conference will be held at Interlaken in Switzerland on Sept. 9-12, 2009.
Arshad Khan, director, BFX, said it “will be a perfect platform to introduce the BFX and to reinforce the integral role the BFX will play in driving liquidity in the Islamic and conventional markets within the Middle East.” – SG
QEC seals infrastructure contract
DOHA - Qatar Entertainment City (QEC) announced a QR100 million tender award to HBK Contracting (Hamad bin Khalid Companies) for the latter to complete QEC's phase II of the infrastructure within 18 months.
Phase II of the Infrastructural work includes the construction of roads, sewage network, water systems, main irrigation system including a connecting network for fire fighting. HBK will also be establishing the electrical work such as road lighting as well as the construction of 6 bridges over the water canal and implementing a traffic system.
Yousef Darwish, general manager of Qatar Entertainment City, said “ the completion on time is one of our top priorities as completion of other phases is dependent on this particular activity. HBK are known for their professional and high standard workmanship and we are confident that the result will be a very positive one for QEC.”
Ali bin Hamad Al Thani, HBK chairman, said, “the project's components are very unique and much needed in our country. One of the main factors of success is an outstanding infrastructure work - which is what we plan on delivering on time.”
Entertainment City is an Abu Dhabi Investment House concept of a mixed use development containing components of retail, residential and hospitality with a focus on Entertainment.


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