March 2004
Middle East;Mar2004, Issue 343, p41
This article presents business news briefs from Middle East countries as of March 2004. United Gulf Bank, the investment banking subsidiary of the Kuwait Projects Co. group recorded a net profit of 36.2m dollar for the year ending 31 December 2003, its best results in 24 years. The International Finance Corp. has signed a 1.6m dollar deal for a 20 percent equity stake in the Egyptian Housing Finance Company, helping establish Egypt's first private company in this sector. The shares were acquired by telecom company PalTel for 42m dollar. American consortium Nour USA has been awarded a 327m dollar contract to equip Iraq's new armed forces and civil defense corps. The Tanganyika Oil Company has agreed to sell, on a private placement basis, up to an aggregate of 3m shares of the company at a price of 6.30 dollar per share for gross proceeds of 18.9m dollar in order to fund the development of the Oudeh field in Syria.


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