Middle East

Financial News

Dubai World's Debt Restructuring Plan Will Be `Fair,' Sheikh Ahmed Says Dubai World, the state holding company restructuring $26 billion in debt, will present creditors a “fair” plan to protect long-term relations with banks and contractors, Dubai’s fiscal committee head said.

GDF, Siemens, Alstom Turn to Saudi Partners for $400 Billion in Contracts ACWA Power International, the biggest Saudi power project developer, was rebuffed by GDF Suez SA and Marubeni Corp. in 2004 when it proposed partnering to bid for a $2.4-billion desalination and power plant.

Israel's Fischer Said Likely to Serve Second Term After Bank Law Passed Bank of Israel Governor Stanley Fischer is likely to agree to a second term after parliament overhauled the law regulating the central bank for the first time since 1954, a person familiar with the situation said.

Al-Suwaidi Says Dubai Isn't Likely to Need Additional Central Bank Support United Arab Emirates Central Bank Governor Sultan bin Nasser al-Suwaidi said Dubai isn’t likely to need more central bank aid and the federal government is strong enough to deal with future crises.

Emirates Plans to Order More Than 12 Planes to Meet Demand, Chairman Says Emirates, the biggest Arab airline, plans to order more than 12 planes to meet rising demand, Chairman Sheikh Ahmed bin Saeed al-Maktoum said.

Dubai Index Gains as Al-Suwaidi Says the Emirate May Not Need Further Aid Dubai shares rose to the highest in two months as the United Arab Emirates’ central bank governor said the sheikhdom may not need more aid from the bank and a Dubai World restructuring plan will be discussed “very soon.”

Citadel Capital Swings Into Full-Year Profit of $18 Million After Losses Citadel Capital Corp., an Egyptian private equity firm, posted a net income of 99.3 million Egyptian pounds ($18 million) in 2009.

Israel Passes Central Bank Law Sought by Fischer as He Weighs Second Term Israel’s parliament approved a central bank law today that would set up a monetary policy council, a vote that Governor Stanley Fischer has said would be “important” as he considers a second term.

Egyptian Stocks Advance Most in Five Weeks as Mubarak Health Concerns Wane Egypt’s benchmark stock index advanced, ending a three-day losing streak, as investor concerns about the health of President Hosni Mubarak waned following his gall bladder operation.

Oil Extends Gains as Dollar Weakens, OPEC Signals It Won't Boost Output Crude oil traded near $82 in New York after rising as the dollar fell against the euro, buoying demand for commodities as an alternative investment, and as OPEC ministers indicated they would refrain from increasing output.

General News

Egypt's President Hosni Mubarak Appears on TV for First Time Since Surgery Egyptian President Hosni Mubarak appeared on television today for the first time since undergoing surgery in Germany this month, ending a public absence that fueled concern about his health.

Clinton Awaits Israeli Response on Commitment to U.S.-Brokered Peace Talks Secretary of State Hillary Clinton said the U.S. is seeking assurances from Israel and the Palestinian Authority of each side’s commitment to U.S.-brokered indirect peace talks following a flap over Israeli settlements.

Iran Rejects `Carrot, Stick' Strategy Toward Nuclear Work, Larijani Says Iranian parliament Speaker Ali Larijani said the “carrot and stick” strategy used against Iran by the “great powers” won’t halt its nuclear development.

Energy Prices