MENA-1 WEDNESDAY MORNING ROUND-UP

UAE
FGB plans new Asia offices UAE public debt and bankruptcy laws expected by year-end 2011; AED110 million spending increase on health

Kuwait
Finance Minister Al Shimali says financial sector strong despite global turbulence

Qatar
QNB awarded BS 25999 standard Qatar announces 60% and 120% salary increases for government and military employees RasGas to shut unit for maintenance

Bahrain
Batelco says prices consistent with Bahrains competition rules

Agenda
Qatar Wed 14 September >> Mannai Corporation EGM Wed 21 September >> Salam International AGM

UAE News
FGB plans new Asia offices Abu Dhabis First Gulf Bank (FGB) [FGB.AD] plans to set up representative branches in Southeast Asia in a plan to play a larger role in financing ongoing energy and commodities projects in the region, according to the head of the banks Singapore office. FGB is currently applying for licences in Indonesia, South Korea, Beijing and Hong Kong said Mustaza bin Kassim, Chief Executive Officer of FGBs Singapore office. (Zawya Dow Jones) First Gulf Bank: AED15.20, Rating: Buy, FV: AED24.30, MCap: USD5,690 million, FGB UH / FGB.AD UAE public debt and bankruptcy laws expected by year-end 2011; AED110 million spending increase on health The Minister of State for Financial Affairs of the UAE, Obeid Al Tayer, revealed that the UAE plans to spend an additional AED110 million over its 2011 budget and pass new bankruptcy and public debt laws before the end of the year. Al Tayer said the additional AED110 million will be spent on enhancing the healthcare sector. Al Tayer said that the bankruptcy law draft is ready and is expected to be issued in 2011. Regarding the public debt law, Al Tayer expects the law to be passed soon, adding that sovereign bond issues can be issued 18 months after the law is passed. (Zawya Dow Jones)

Kuwait News
Finance Minister Al Shimali says financial sector strong despite global turbulence According to Kuwaits Finance Minister Mustafa Al Shimali, the countrys financial status remains strong despite the global economic crisis. He added that they are pleased with the decision to de-peg the Kuwaiti dinar from the US dollar as this has saved them from losses. Kuwait is the only member of the GCC to peg its currency to a weighted basket of currencies. He further said that on the country level, Kuwait has a new tax law in the development plan that covers all financial aspects of the country. (Zawya Dow Jones)

Qatar News

QNB awarded BS 25999 standard Qatar National Bank (QNB) [QNBK.QA] has been awarded the BS 25999-2:2007 standard, developed by BSI, which is the National Standards Body of the UK, for its Business Continuity Management (BCM) practices covering its Qatar operations. (Qatar News Agency) Qatar National Bank: QAR143.50, Rating: Buy, FV: QAR176.40, MCap: USD5,512 million, QNBK QD / QNBK.QA Qatar announces 60% and 120% salary increases for government and military employees The Deputy Emir and Heir Apparent Sheikh Tamim bin Hamad Al Thani issued an Emiri decision No. 50 of 2011 on the increase of basic salaries, social allowances and pensions for employees and retirees of Qatari civilian and military personnel working in the state. Under the decision, basic salaries and social allowances for state civilian employees will increase by 60%, while basic salaries and social allowances for military persons will increase by 120% for military persons of officer ranks and by 50% for military persons of other ranks. In addition, the decision orders an increase of 60% of total pension for civilian retirees, 120% for retirees of military personnel of officer ranks, and 50% for military retirees of other ranks. The decision is effective from 1 September 2011. (Qatar News Agency) RasGas to shut unit for maintenance RasGas will shut down Train 7 for routine maintenance next January, a company spokesman said on 6 September 2011. Train 7, which can liquefy 7.8 million tonnes of natural gas per year (mtpa), started up in February 2010 and was built to supply North America, Europe and Asia. (The Peninsula Qatar)

Bahrain News
Batelco says prices consistent with Bahrains competition rules Bahrain Telecommunications Company (Batelco) [BTEL.BH] said that its pricing of international calls is consistent with the countrys regulations on competition, according to a company statement commenting on a notice from Bahrains Telecommunications Regulatory Authority (TRA). (Bloomberg)
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