Regional stock market indices
Regional currency rates
QNB launches representative office in Libya
Qatar National Bank (QNB) launched a representative office in Libya, and that in accordance with the bank’s plan of international expansion. With the Libyan office, QNB’s presence now extends to 15 countries, among which are Oman, Kuwait, Singapore, UAE, UK, France and Switzerland. QNB reported net profits of QAR652.8 million ($179.4 million) in Q1-2007, up 6.7% year-on-year. The bank’s total assets rose 22.1% for the same period to QAR70 billion ($19.2 billion), while loans rose 41.5% to QAR47.2 billion ($13 billion) and customer deposits increased to QAR52.7 billion ($14.5 billion), up 15.8%.
Abu Dhabi’s Aldar to exclusively construct Ferrari theme park
Abu Dhabi-based public joint stock company Aldar Properties signed an exclusive deal with Ferrari to construct the Ferrari Theme Park on Aldar’s Yas Island Project. The theme park will feature attractions, family rides, driving school, virtual simulations and Ferrari brand products retail store. Aldar, established in 2004 and currently employing 200 people, is behind the development of the $40 billion 25 million m2 Yas Island project. The island, which will host Ferrari’s theme park, will also include golf courses, hotels, marinas, polo clubs and apartments etc. The project will be completed by 2014, with the first phase excepted to be done by 2008.
Country profile: Jordan
Jordan Investment Trust PLC (Jordinvest) issued its Jordan Economic Report 2006 explaining that despite the difficult regional environment surrounding Jordan, the country managed to experience high economic growth in 2006, as Jordan established itself “as a secure haven to conduct business.” The country’s GDP registered a growth rate of 6.4% in 2006, down from 7.2% in 2005. Unemployment rate dropped to 13.9% in 2006 accompanied by a rise in inflation rate to 6.25%, up from 3.5% in 2005. This exhibited growth was supported by the Central Bank of Jordan (CBJ) sound monetary policy that kept the dinar’s peg to the dollar. CBJ’s official reserves were at $6.1 billion in 2006. The Amman Stock Exchange witnessed a correction similar to that witnessed by other regional stock markets. Consequently, the Amman Stock Exchange Index closed at 5,518 points in 2006, down 33% year-on-year. The country’s budget deficit improved from 5.3% of GDP in 2005 to 4.4% of 2006 GDP, or some $627 million. According to Jordinvest’s report, Jordan’s external trade (exports and imports) surged by 10% in 2006, pushing the ratio of external trade to GDP (economic openness ratio) to 109%, the second year in a row in which external trade exceeds GDP in Jordan.
