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Possible Deal with Zain and Bharti Airtel Sends Kuwait Shares Soaring

Kuwait : 16 February 2010

Kuwaits Telco, Zain is in exclusive talks with Indian Telecoms giant, Airtel with a possible $10.7 Billion deal on the table to sell the bulk of its African assets. News of the deal sent Kuwait’s index soaring to a 16 week high as the index finished at its highest since October 28 2009.

Gulf Jobs Market News reported last week that Zain’s now ex-CEO, Saad al-Barrak’s left the company over difference of opinion with major shareholder, the Kharafi group. Whilst Zains shares were suspended for another, companies such as National Investments Co, Kuwait Food Co and  National Industries Group, all companies owned by all grew by over 6%.

Just 6 days ago, Gulf Jobs Market News reported that the Dubai markets reached 3 week hiatus, largely due to both Emirates NBD and Dubai Islamic Bank posting positive fourth quarter earnings.

Not so this week, with Dubai’s index falling to a 2-week low, afer Sundays news that Dubai World may only be able to muster 60 cents in the dollar over 7 years to its creditors.

The financial world was shaken once again back in November 2009 when the Government conglomerate requested a standstill in order to restructure its $22bn debt.

Sarah O’Connell, Gulf Jobs Market News

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