Home Money Matters Wataniya Telecom Wins Second MobileLicense in Palestine


Wataniya Telecom Wins Second MobileLicense in Palestine

by Executive Contributor

Abraaj Capital Purchases
10.7% Stake in JNB
Dubai-based Abraaj Capital purchased 11.8m shares in Jordan National Bank (JNB), the equivalent of 10.7% of total number of shares, for $56m. The deal was concluded through Abraaj Special Opportunities Fund (ASOF) II. Abraaj Capital is an asset management firm, with a primary expertise in private equity buyouts, strong strategic minority block positions in public enterprises and real estate investments. JNB, which is listed on the Amman Stock Exchange, increased its total capital by 8 million shares previous to the purchasing. JNB’s share was last traded at JOD3 ($4.2).

IMF: Outlook on the Middle East

The International Monetary Fund (IMF) issued its September 2006 World Economic Outlook report discussing trends in global economic growth. The report projects growth in the Middle East region at 5.8% in 2006 and 5.4% in 2007, up from a forecasted global growth of 5.1% in 2006 and 4.9% in 2007. The outlook for the region remains favorable in general, given that oil prices are expected to remain high. The report noted that UAE, which is expected to grow at 11.5% in 2006, will be posting the highest real GDP growth in the region that year. Bahrain and Oman come in second place with an expected real GDP growth of 7.1% each in 2006. Qatar follows with a forecasted growth of 6.7%, then Kuwait with 6.2%. Jordan, Saudi Arabia, Egypt, Iran, Libya, Yemen and Syria are expected to grow at 6%, 5.8%, 5.6%, 5.4%, 5%, 3.9% and 3.2% respectively. On the other hand, the Lebanese economy is expected to contract by 3.2% this year, as a result of political uncertainty and the recent conflict between Lebanon and Israel, after a 1% growth in 2005 and a 6% expansion in 2004. It is worth noting that consumer prices are projected to rise by 7.1% in the Middle East in 2006, compared to a 2.6% increase in the Advanced Economies, as reported by the IMF.

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Executive Contributor

The author of this article asked for anonymity to be able to write freely on the topic.
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