Gulf Air in talks with Oman over dues

Gulf Air, which is seeking government funds to continue operations, said the Omani government owes the carrier as much as 117 million dinars (Dh1.1 billion). Gulf Air said on Tuesday that it is in talks with the sultanate for the sum which has been due after Oman pulled out of the carrier in 2007. "There is a residual amount of 117 million dinars that remains outstanding from the Sultanate of Oman from the time it withdrew as a shareholder of the airline," the airline said in an emailed statement on Tuesday. "This continues to be a matter of discussion amongst concerned parties."

GB Auto

GB Auto headed for the highest close in more than four months after the Middle East's biggest independent car assembler signed a deal to assemble and distribute cars for Geely Automobile Holding Ltd. GB Auto shares gained 5.7 per cent to 24.95 Egyptian pounds in Cairo, heading for the highest close since October 2.

The stock has advanced 16 per cent this year, compared with a 40 per cent surge for the main index. The benchmark EGX 30 Index declined 1.6 per cent Tuesday.

The Cairo-based company, which builds Hyundai Verna models, will sell passenger cars for Wan Chai, Hong Kong-based Geely in "select high-growth markets across North Africa," it said in an e-mailed statement yesterday. GB Auto will start selling two Geely models in Egypt next quarter.

Al Meera

Al Meera Consumer Goods Co, which recently struck a deal to franchise French retailer Casino's Geant hypermarkets in the parts of the Gulf, will explore fin-ancing options to fund its expansion plans.

Al Meera said yesterday its board had directed management to look at fin-ancing options, including borrowing and restructuring capital, and also hiring a financial consultant for the process.

The Qatari firm's shares closed up 1.16 per cent on the Doha bourse after the announcement, at a three-week closing high.

In December, Al Meera signed a deal to develop Geant hypermarkets in Qatar and Oman as part of Casino's bid to boost its presence in fast-growing regions.

The December deal, whose financial terms were not disclosed, reinforces Casino's presence in the Middle East, where it already has a franchise deal with Retail Arabia to operate 10 Geant hypermarkets and Geant Easy supermarkets in the UAE, Kuwait and Bahrain. Al Meera operates more than 20 supermarkets under its own banner in Qatar.

Al Khaliji

Al Khaliji, a Qatari lender, said it will seek shareholders' approval for the sale of non-convertible bonds valued at $750 million, according to a statement to the Qatar Exchange Tuesday.

The shareholders meeting will be held on March 7, it said.

Arabian Cement

Arabian Cement Co surged to the highest level in more than three years after the Saudi producer of the building material said it recommended a dividend of two riyals a share for the second half of last year.

The stock rallied 6.4 per cent to 52.25 riyals, the highest intraday level since October 2008, in Riyadh.

Qatar First Investment

Qatar First Investment Bank LLC, an Islamic investment bank, is aiming to list its shares this year, Chief Executive Officer Emad Mansour said.

The lender is seeking to raise $250 million in Islamic syndicated loans in the first half, he told reporters in Dubai Tuesday.