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Telecom giant Zain 2011 profit slides 73pc KUWAIT CITY: Kuwaiti telecom giant Zain net profit dived 73 percent last year mainly because the 2010 profit included a huge capital gain from the sale of its African assets, a statement said Tuesday. Zain's net profit in 2011 was 285 million dinars ($1.03 billion) compared to 1.06 billion dinars ($3.82 billion) the previous year, according to a statement posted on the Kuwait Stock Exchange website. The 2010 net profit however included 770 million dinars ($2.78 billion) as a one-off capital gain from the sale of Zain's African assets to India's Bharti Airtel. Without the capital gain, Zain's net profit in 2010 was 293 million dinars ($1.06 billion). "In light of the difficult financial conditions, many markets in the region are still suffering because of the global financial crisis," Zain chairman Asaad al-Banwan said. "However, the group was able to maintain growth levels in its main financial indicators, though profitability levels were severely affected ...

Yield rises at Egypt 266-day T-bill auction CAIRO: The yield on Egyptian treasury bills rose at an auction on Sunday, and the central bank sold the entire 3.5 billion Egyptian pounds ($549.5 million) worth it had asked for, the Finance Ministry said. The average yield on the 266-day treasury bills rose to 15.923 percent from 15.802 percent at the last issue on January 24. The central bank sells the bills on behalf of the Finance Ministry. Copyright Reuters, 2012a ...
Saudi Mobily signs $2.7bn loan refinancing DUBAI: Saudi Arabia's Etihad Etisalat (Mobily) signed a 10 billion riyals ($2.67 billion) sharia-compliant loan refinancing with a group of seven local banks, the telco said on Sunday, taking advantage of favourable borrowing rates in the kingdom. Mobily, Saudi Arabia's second-largest telecoms operator by market capitalisation, rolled three existing facilities into a new, four-tranche Islamic loan with tenors of between five and seven years, the statement said. Mobily said it undertook the refinancing now, rather than in ...
South African bonds fall ahead of weekly auction           JOHANNESBURG: South African sovereign bonds weakened against the dollar on Tuesday before a weekly auction at which the government is taking the unusual step of issuing three bonds, mostly from the long end of the curve. The weakness comes despite Treasury data showing a narrower fiscal deficit in the first nine months of the 2011/12 financial year compared to the previous year. Investors expect South Africa's budget to be under pressure over the next few years as ...
Yield at Egypt T-bill auction rises, size reduced CAIRO: Egypt's central bank cut back on the amount of 273-day treasury bills it was prepared to sell at an auction on Sunday after the yields that potential buyers were demanding increased. The average yield on the bills that the central bank sold rose to 15.822 percent from 15.645 percent at the last issue on January 17, it said. It sold bills worth 1.452 billion Egyptian pounds ($240.7 million) instead of the 4 billion pounds it ...
Zain Saudi Arabia to extend $2.6bn facility JEDDAH: Zain Saudi Arabia said it has approval to extend the maturity of its 9.75 billion riyal ($2.6 billion) Islamic financing facility for an additional six months, in a bourse statement on Saturday. "Saudi Arabia Zain announces that it has secured unanimous consent on January 25 from its Murabaha investors to extend the maturity of its approximately 9.75 billion riyal Murabaha facility. The facility will now mature on July 27, 2012," it said. Earlier this month, Zain ...
South Africa to auction 2018, 2020 and 2031 govt bonds           JOHANNESBURG: South Africa's Treasury said on Wednesday it would issue 2.1 billion rand ($263.60 million) spread between three bonds at its weekly auction next Tuesday. Treasury has offered 500 million rand in 2018 paper , 500 million in 2020 paper and 1.1 billion rand in 2031 bonds. Copyright Reuters, 2012 ...

 



 
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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyAugust
Trade Balance $-2.807 bln
Exports $1.911 bln
Imports $4.718 bln
WeeklyOctober 20, 2014
Reserves $13.436 bln