The GRC Gulf Business Weekly Report - Gulf Research Center

Gulf Research Center
The weekend effect was evident as the Index closed in the negative by a marginal 0.13 per cent;
narrowing the weekly differential down to -0.05 per cent. (Oman Daily Observer, July 7)
Qatar
Qatar Investment Authority has raised its stake in French media to aerospace group Lagardere
to 6.1 per cent, France's stock market regulator said. (Gulf News, July 1)
Pakistan and Qatar Friday signed an agreement to further foster bilateral ties in economic,
trade and banking sectors. (Kuwait News Agency, July 1)
The Qatari economy grew by 8.4 per cent in the first quarter of this year as compared to the
previous quarter ending December 31. (The Peninsula, July 2)
The International Monetary Fund projects the growth of the Qatari economy in 2006 to be
18.7 per cent, says Yousef Hussein Kamal, the Minister of Finance and acting Minister of
Economy and Commerce. (The Peninsula, July 3)
Qatar Gas Company and French company Total signed an agreement which delegates the
latter to market 5.2 million metric tons of liquefied gas of Qatar Gas 2 project to a number of
countries which include France, the US, Britain and Mexico. (Gulf Daily News, July 7)
Saudi Arabia
Higher oil prices have not had a negative impact on global growth, Saudi Arabia's oil minister
wrote in a French newspaper, saying initiatives by oil producing states would stabilize the
market sooner or later. (Reuters, July 1)
A new $3.5-billion oil pipeline, whose inauguration will be attended by Saudi Petroleum and
Mineral Resources Minister Ali Al-Naimi on July 13 in Turkey, will serve as an east-west
energy corridor linking Azerbaijan with Turkey and from there to the Western markets. (Arab
News, July 2)
An SR600-million company, called Combined Saudi Co, has been set up in the Eastern
Province as part of a comprehensive plan to promote Saudi-Kuwaiti investment in real estate,
health care, tourism and other sectors. (Arab News, July 2)
After having been elected chairman of the Jeddah Chamber of Commerce and Industry (JCCI)
eight months ago, Abdullah Al-Muallimi submitted his resignation in a sudden but predicted
development following internal conflict among board members at the JCCI. (Arab News, July 3)
The holding company of Saudi Arabia's new economic city has won commitments of up to
1.5 billion Saudi riyals from GCC investors including the UAE, officials announced. (Gulf
News, July 4)
A group of Saudi investors has set up a limited liability company with a paid-up capital of
SR420 million to construct a chain of Islamic-oriented serviced apartments in Riyadh, Jeddah,
Makkah and Madinah, as well as in Egypt. (Arab News, July 4)
The GRC Weekly Business Report Page 4 of 7