Foreign investors purchase AED1.3b shares on DFM DUBAI - Dubai Financial Market announced that the value of shares bought by foreign investors, or non-UAE nationals, during last week (Aug. 30 - Sept. 3) reached AED1.3 billion comprising 42.8 percent of the total value of stocks traded during the period. The value of stocks sold by foreign investors during the same period reached Dhs1.2bn comprising 39 percent of the total value of stocks traded during the period. Net foreign investment on the market reached AED116.6 million during the same period, as aggregate buy. The value of stocks bought by institutional investors during last week reached AED703.1 million comprising 22.6 percent of the total value of stocks traded during the period. The value of stocks sold by institutional investors during the period reached AED543.8 million which constitutes 17.5 percent of the total value of stocks traded during the period. Net institutional investment on the market reached AED159.3 million during the period as aggregate buy. – SG Saudi-Chinese firms win $720 million rail contract JEDDAH - Saudi Railway Company (SAR) has awarded a SR2.7 billion ($720 million) contract to a consortium that includes China Civil Engineering Construction Corp to build a rail link, a senior executive said on Saturday. The group includes Al-Ayuni Trading and Contracting Co and Al-Abdulaziz Al-Omer Establishment for Trading and Contracting, said Abdulrahman Al-Hoari, finance manager at Al-Ayuni. The contract involves civil works for the 500 km (300 mile) rail section linking the capital Riyadh to Al-Qassim, part of the mega North-South rail project. The Chinese firm will build the metal tracks. – SG Cristal Global raises TiO2 price JEDDAH - Cristal Global (Cristal) announced on Saturday that it will increase prices on all of its anatase and rutile Tiona and Cristal titanium dioxide (TiO2) products sold in the following regions: In the Middle East: Effective Oct. 1, 2009, or as permitted by contract, prices for all Tiona and Cristal titanium dioxide (TiO2) products will increase by $150 per metric ton. In Asia Pacific: Effective Oct. 1, 2009, or as permitted by contract, prices for all Tiona and Cristal titanium dioxide (TiO2) products will increase in Australia by Australian $150 per metric ton. In Latin America, including Brazil: Effective Oct. 1, 2009, or as permitted by contract, prices for all Tiona and Cristal titanium dioxide (TiO2) products will increase by up to $150 per metric ton. These increases are in addition to previously announced increases. Cristal Global is the world's second-largest producer of titanium dioxide and a leading producer of titanium chemicals. Cristal Global operates eight manufacturing plants in six countries on five continents and employs nearly 4,000 people worldwide. - SG Tadawul recovers JEDDAH - Saudi Basic Industries Corp and insurance shares led the Saudi bourse to early gains after it closed the previous session at a seven-week low. The all-share index TASI was up 0.53 percent at 5,647.34 points after closing lower during the seven previous sessions. The strongest gains were posted by insurance stocks known for being favored by day-traders: SABB Takaful was up 7 percent at SR42.9. Shares in SABIC were up 1.45 percent at SR69.75. - SG Lebanon's economy to grow 6% BEIRUT - Lebanon's economy will grow 6 percent this year as the country continues to attract savings from Lebanese living abroad, the Saudi Press Agency said, citing Central Bank Governor Riad Salameh. In an analysis by the International Monetary Fund issued in August, experts from the IMF predicted that the Lebanese economy would grow faster and at a larger rate than the IMF expected for this year, i.e. 4 percent. According to the IMF, bank deposits steadily grew by around 20 percent annually, while the Central Bank saw foreign reserves rising by 60 percent over a year.
