Egypt issues bonds worth USD 1.25bn.

Egyptian Ministry of Finance and Government of Egypt raised USD 1.25bn by issuing of 10-year maturity notes and carry an interest rate of 4.45% in the international capital market. The notes have been assigned a rating of AAA and Aaa by S&P and Moody's respectively. S&P in its rating report said that the rating reflects US government’s credit guarantee (USAID) for payment of 100% of principal and interest.

Kuwait bets new refinery on the future oil market (Times Online)

Kuwait is proposing to build a 350,000 bpd refinery to elevate the embassingly short refinining capacity in the USA. Nevertheless, the task to build a refinery in the states (none has been built in the USA for the past 25 years) will have to overcome soaring cost, legal and environment issues.

Comments: Kuwait is calling America's Bluff by investing in much needed Refining capacity and at the same time securing market for its heavy crude.

Board Member Sees Poor Governance In DIFX Management (Zawya.com)

Accusation of poor governance is haunting the newly established Dubai Financial Centre and in particular the DIFX (Dubai Stock Exchange).

The accusations, made in a memo to the board by William Miller, singled out DIFX Chairman Lynton Jones and Chief Executive Steffen Schubert for criticism. It said both men are involved with a financial consultancy called Bourse Consult and that the connection wasn't properly disclosed to the DIFX board.
Miller's memo said that without authorization, Jones "single-handedly" assumed the duties of the nomination and remuneration committee to expand the board as of Sept. 1.
Miller also wrote that Jones asked him to stop complaining about procedures and to resign from the board

Comments:Problems with Poor Governance seem follow the Dubai Financial Centre credibility like a persistent rash. Unfortunately, the real estate / commercial side of these projects seems to be of much higher importance than up keeping the utmost governance principles. What is needed is consistent action. Walk the talk rather than talk the talk. That is how you win international recognition.