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The state companies are joining trading houses like Glencore and Vitol and large oil firms like BP and Shell to take advantage of the retreat from trading by banks because of the greater regulation of banking activities that followed the 2008 financial crisis.
Some fund managers think a pull-back is likely in the near term since Dubai has risen so sharply.
The market also awaited the central bank’s announcement of its 2014 monetary and exchange rate policy report on Tuesday, in which it will provide guidance after the Fed decision.
Approval of the $1.5 billion payment was announced by the government on 4 December.
Egypt pledged last week to pay $300 million of the money it owes to foreign oil companies in Egyptian pounds starting in December as part of a $1.5 billion repayment scheme designed to revive confidence in its economy after years of turmoil.
The deals are with firms including BP, Dana Gas Emirati, Petroceltic International, and Sea Dragon Energy.
Arabtec will partner with other firms to undertake projects in Dubai, Abu Dhabi and the Gulf states, it said in a statement detailing the resolutions of a 19 December board of directors meeting.
The central bank introduced dollar sales last December to help counter a run on the pound.
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A deal was seen worth between $200 million and $300 million. MAF gave no reason for the breakdown in talks.
State television reported that Adli Mansour had signed the bill
The United Nations says the Egyptian government has refused it permission to register Palestinians from Syria as refugees and give them the yellow card that allows them to settle.
Mubadala will become an approved provider of Trent engine maintenance, repair and overhaul, Rolls-Royce’s first such designation in the Middle East
The Islamic Republic and six world powers will resume negotiations on Wednesday aimed at agreeing the first stage towards a comprehensive deal to end a decade-long standoff with Tehran defusing fears that it could develop nuclear weapons.
Jordan, which closely follows regional heavyweight Saudi Arabia on most foreign policy issues, wants to raise its international profile and win more recognition of its role in accommodating Syrian refugees, the officials said.
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Thomson Reuters conducted its third annual gender poll on women’s rights in Arab League countries
The central bank sold $38.8m with a cut-off price of EGP 6.8786 per dollar versus EGP 6.8787 at its 7 November auction, the bank said.
Diplomats said the main stumbling blocks included the status of Iran’s Arak heavy-water reactor of potential use in making bomb-grade plutonium, the fate of Iran’s stockpile of higher-enriched uranium – both acute issues for France – and the extent of relief from trade sanctions demanded by Tehran.
Dubai’s market, rebounding from the bursting of a real estate bubble in 2008-2010, is up 80% so far this year, while Kuwait is up 33% and Saudi Arabia has gained 18%.
Two months later, the market was “turbulent again as short selling and fresh professional liquidation developed on heightened expectations of an end to QE3,” according to the report.
IMF is essential to economic recovery