Regional stock market indices
Regional currency rates
Doha Bank opens representative office in japan
Doha Bank, established in Qatar in 1979, opened a representative office in Tokyo, Japan as part of the bank’s implementation of its globalization plan. Doha Bank, with 32 branches in Qatar as well as branches and representative offices in Dubai, New York, Japan, Turkey and Singapore posted net profits of QAR744m ($204m) in 2006 up down 5.81% year-on-year. The bank’s total assets rose 42.45% for the same period to reach QAR22 billion ($6 billion) in 2006.
UAE’s Etisalat 2006 net profits reached $1.6 billion
Etisalat, the sixth largest telecommunication corporation in the Middle East, declared a rise of 37.7% in 2006 net profits to reach AED5.9 billion ($1.6 billion) and a 91% rise in its 2006 total assets to reach AED45.9 billion ($12.5 billion). This rise in assets is mainly attributed to the company’s international expansion, through the acquisition of a 51% stake in Pakistan Telecommunication Company Ltd, in addition to negotiations with the Afghan government for the country’s third mobile license and the purchase of Egypt’s third mobile network license. The UAE government currently owns 60% of Etisalat while the public owns the remaining 40%.
Country profile: Saudi Arabia
Global Investment House (GIH) issued a report estimating Saudi Arabia’s nominal GDP growth at 12.4% in 2006 to SR1.30 trillion ($346.9 billion). In turn, real GDP grew 4.2% to SR799.9 billion ($213.3 billion) The Compounded Annual Growth Rate (CAGR) of Saudi Arabia’s nominal GDP growth for the period 2002-2006 was at 16.5%. According to GIH’s report, the Saudi Arabian private sector grew by 7.9% in nominal terms in 2006, while the oil sector registered a nominal growth of 16% for the same period. According to the Ministry of Finance 2007 budget report, the Kingdom’s public debt is estimated to drop by 23% to SR366 ($97.6m) in 2006, some 28% of GDP. The expansion in Saudi Arabia’s economy was not affected by the correction in the stock market as all indicators show an “exceptionally sound and robust” 2006 performance. Standard & Poor’s Rating Services recently upgraded Saudi Arabia’s long term foreign currency credit rating to “A+” from “A” and affirmed the county’s long term local currency rating at A+ and short term sovereign credit rating at A-1, all with a stable outlook. Saudi Arabia is the largest oil producer among the Gulf Cooperation Council countries, producing around 10% of the world’s oil.
