A1SaudiArabia.com

JEDDAH – The Bahrain Financial Exchange, scheduled to open in October, will start trading in Islamic debt next year, Chief Executive Officer Arshad Khan said on Monday.

Eight Sukuk valued at about $2.9 billion trade on the existing Bahrain Stock Exchange, compared with 20 at a face amount of $16 billion listed on Nasdaq Dubai, data on exchange websites show.

The London Stock Exchange has attracted $17.7 billion from 26 securities.

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RIYADH – Saudi Arabia has completed two thirds of a planned railway to transport phosphate and bauxite ore needed for a $10.8 billion project by miner Maaden and US firm Alcoa, state news agency SPA said on Tuesday.

The Gulf Arab state is building a railway linking a phosphate mine at al-Jalamid and bauxite mine at Az-Zabirah to processing facilities at the industrial hub Raz Azzour on the Gulf coast.

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AMMAN – Washingtons refusal to let Jordan exploit its own uranium deposits to make nuclear fuel has held up nuclear cooperation talks and the two sides are a long way from any deal, sources close to the negotiations said on Friday.

An accord on nuclear cooperation with the United States would help Jordan launch a civilian nuclear program and meet a target of generating 30 percent of its energy needs through nuclear power by 2030.

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JEDDAH – Indonesia expects a 6 percent rise in its milled rice harvest this year, leading to a 2 million tons surplus, and aims to attract Gulf Arab investors to develop “sleeping land”, Agriculture Minister Suswono said.

“Growth is 6 percent from last years figure and over the next five years we would like to see a growth of 3.2 percent,” he said on Saturday, during a visit to Saudi Arabia.

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JEDDAH – Saudi Arabias stock benchmark Tadawul All Share Index (TASI) advanced for a third day as rising oil prices boosted sentiment in the worlds top crude exporter.

Saudi Basic Industries Corp (SABIC) added 2.6 percent, Samba Financial Group climbed 4.6 percent and Al-Rajhi Bank climbed 1.7 percent.

Saudi Electricity Co surged 7.9 percent, taking its gains to 22 percent since saying it would raise tariffs, while just before market close the utility said it would sign a $1.47 billion loan to finance a new power plant.

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JEDDAH – Fractured debt markets and tighter lending restrictions push firms to go public to fund expansion.

Dubai-based Alpen Capital is lead manager for four companies planning initial public offerings in the Middle East.

The quartet of offerings will come from the Gulf Arab region and India, managing director Sanjay Vig told Reuters, with some likely to be launched in the fourth quarter provided regional markets recover following recent sharp declines.

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RIYADH – The chief financial officer of chemical maker Saudi Basic Industries Corp (SABIC) on Tuesday said the firm was “not desperate” to issue a bond, as jittery investors continue their sell-off in global markets.

SABIC Capital, a unit of the largest listed company in the Gulf Arab region, concluded investor roadshows on Tuesday for a benchmark dollar bond issue which was expected to price midweek.

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KUWAIT – Studies on the viability and cost of a civil nuclear energy project in Kuwait will be ready for decision makers by early next year, a senior official said.

Kuwait, the worlds fourth-largest oil exporter, is facing rising demand for electricity, especially during the hot summer months, and is looking into nuclear energy as an option to help it meet its needs.

“We hope as we see it now, the decision should be by the end of this year, early next year,” said Ahmad Bishara, the secretary general of the Kuwait National Nuclear Energy Committee in an interview on Thursday.

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RIYADH – Customs issues, like distribution of custom receipts, remain to be a stumbling bloc in the planned six-nation Gulf Cooperation Council (GCC) customs union, officials said on Saturday.

The GCC finance ministers held Saturday the 84th meeting of Financial and Economic Cooperation Committee under Kuwaits chairmanship at the GCC headquarters in Riyadh. The delegation of the Kingdom of Saudi Arabia to the meeting was led by Dr. Ibrahim Al-Assaf, the Minister of Finance.

The GCCs attempts over the past 29 years to emulate the European Unions economic integration model have been dogged by delays in a monetary union plan.

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JEDDAH – Mergers & Acquisitions (M&A) deals announced in the Middle East and North Africa (MENA) region dropped by 67 percent in value to $34 billion in 2009 compared to deals worth $102 billion announced in 2008.

According to Ernst & Youngs annual MENA M&A update, the number of announced deals dropped from 465 in 2008 to 353 in 2009, a decline of 24 percent.

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