Wednesday, Aug 27, 2008

The following is a list of top 10 business stories published by Zawya Dow Jones on Wednesday at 1330 GMT.

1.JAPAN OPEN TO GULF INVEST AMID ECO GLOOM-OFFICIAL

Japan's Vice-Minister of International Affairs said Tuesday that the world's second-largest economy is open to investment from sovereign wealth funds in the Persian Gulf as it seeks to avoid recession.

"Capital is very precious so we would like to encourage sovereign wealth funds to invest in Japan," Hiroyuki Ishige, Vice-Minister for International Affairs, told Zawya Dow Jones in an interview. "We need risk money and patient money."

By Tahani Karrar

2.GULF INVESTORS SET UP 3 ISLAMIC INVEST COS WORTH $2.8B

A consortium of three Gulf-based investors plan to launch three Islamic investment firms with a startup capital of $2.8 billion to invest in hospitality, infrastructure and agriculture projects, Bahrain-based investment bank and project manager Gulf Finance House said Wednesday.

The consortium, consisting of Gulf Finance House, Ithmaar Bank and Abu Dhabi Investment House, has authorization to increase the firms' capital to $10 billion at a later date, GFH said in an emailed statement.

By Stefania Bianchi

3.IRAQ OIL MIN: TALKING WITH MAJORS ON SHORT-TERM DEALS

ExxonMobil Corp. (XOM) and BP PLC (BP) are among the oil majors still negotiating with the government of Iraq to sign short-term oil contracts valued at $500 million each, the country's Oil Minister said Wednesday.

"Talks with some companies are continuing to sign these short-term (technical service) contracts," Hussein al-Shahristani told Dow Jones Newswire in a telephone interview from Beijing where he is expected to revive a Saddam-era contract with China.

By Hassan Hafidh

4.IRAQ OIL MIN:TO CONCLUDE OIL FIELD TALKS WITH CHINA

Iraq and China are expected to conclude talks in Beijing Wednesday to revive a deal signed under Saddam Hussein's regime to develop the southern Iraqi Al Ahdab oil field after modifying the original contract terms, the country's oil minister said.

By Hassan Hafidh

5.DUBAI FINANCIAL GRP RAISES $1.5B IN 3-YR ISLAMIC LOAN

Dubai Financial Group, the financial arm of government-owned Dubai Group, said Wednesday it has raised $1.5 billion through a three-year Islamic loan.

By Stefania Bianchi

6.UAE NOOR ISLAMIC TO BUY STAKE IN GCC FIN SERVICES CO

Dubai-based Noor Islamic Bank is looking at acquiring a majority stake in a GCC-based financial sevices company before the end of the year, the bank's deputy group chief executive officer said Wednesday.

By Mirna Sleiman

7.SYRIAN REGULATOR ISSUES DAMASCUS BOURSE CODE

The Syrian market regulator said Wednesday it has issued regulations governing listing conditions and the internal organization of the Damascus Securities Exchange that is still under formation.

By Shikrallah Nakhoul

8.LEBANON ISSUES ARREST WARRANT FOR LIBYA'S GADHAFI

Lebanon has issued an arrest warrant for Libyan leader Moammar Gadhafi over the disappearance 30 years ago of a senior Shiite Muslim cleric after a visit to Libya, officials said Wednesday.

By AFP

9.GLOBAL'S BUYOUT TEAM BUYS STAKE IN SAUDI AL SAWANI

Global Investment House (GLOBAL.KW) said Wednesday it has bought a controlling stake in Saudi Arabian retailing giant Al Sawani Food and Industrial Supply Company.

By Marietta Cauchi

10.MOST GULF MKTS END LOWER; DUBAI RISES

Dubai shares bounced back from intraday lows on bargain buying but most other Gulf markets ended in the red Wednesday.

By Nikhil Lohade

   -Dubai Bureau, Dow Jones Newswires; +9714 3748044; djnews.dubai@dowjones.com 

Copyright (c) 2008 Dow Jones & Company, Inc.

(END) Dow Jones Newswires

27-08-08 1349GMT