2006
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DOZ to start operations
The Dubai Outsource Zone has so far registered about 72 companies and is likely to be operational next month, reported the Khaleej Times. DOZ expects up to 400 companies to commence operations at the zone within the next five years. Over 85% of land and office space has now been sold in phase one, while phases two should be up and running at some point in Q1.
CargoGulf, Singapore HQ
CargoGulf, a global neutral non-vessel operating common carrier operator, is to establish its headquarters in Singapore. CargoGulf will utilise its base in Singapore as a transhipment hub. With a strong presence in the Middle East, CargoGulf also intends to set up operational offices in the UK, US and Hong Kong.
Prometal, Jebel Ali plant
Prometal Metal Industries Factory, a Dubai based architectural metal products provider, is setting up a new factory in Jebel Ali with an investment of $4.1m. The plant will be fully operational by next March and will produce metal security products. Prometal's main products include fire doors, insulated doors, security doors, industrial and garage doors.
Sabic seals Huntsman deal
Saudi Basic Industries Corporation has completed the purchase of Huntsman's UK Base Chemicals and Polymers business, which was first reported at the end of September. Sabic has acquired 100% of the shares of Huntsman Petrochemicals UK for a purchase price of $700m in cash. The new entity has been renamed Sabic UK Petrochemicals and all 850 Huntsman Petrochemicals UK employees will transfer to Sabic.
Alexandria's port to re-open
The $132.2m renovation of Alexandria's port is to be unveiled after Eid, reported the Daily Star Egypt. The port was originally meant to be re-opened last month but the project has faced several delays; no specific date has been given for the ceremony. The Ministry of Transportation is now negotiating with several Gulf based firms over the development of a marina, retail district and five star hotel.
Ipic, OMV in Borealis deal
Abu Dhabi's International Petroleum Investment Company and central Europe's oil and gas group OMV are planning to incorporate melamine producer AMI Agrolinz Melamine International into Borealis, an Austrian based plastics manufacturer. OMV and Ipic each hold a 50% stake in AMI, while Ipic holds a majority shareholding in Borealis. The final decision will be made in the first half of 2007.
Crisp notes for Qatar
Qatar's banks are stocking their ATMs with 'crisp' new notes during the Eid Al Adha break in order to please customers, according to Al Sharq and cited by The Peninsula. Both local and foreign banks will fill their machines with almost $200m over the course of the holiday. Most banks will remain closed during Eid but a few branches in shopping centres and souks will have limited opening hours.
$200m Lagoon City sukuk closes
Liquidity Management Centre has announced the successful closing of the $200m Lagoon City Musharaka Sukuk for Al Ahlia Gulf Holding Company. The original $125m script was oversubscribed by $75m, prompting an increase of the facility to $200m, making it the largest sukuk issue in Kuwait, LMC said. Lagoon City is a component of the Kheiran Pearl City development in Kuwait.
QIB $34m hotel finance
Qatar Islamic Bank is financing the construction of the $34m five-star Retaj Hotel. Retaj Marketing & Project Management is the client. The 10-storey property will have 218 rooms in a built up area of 201,920 sqft. The finance is by way of a sharia-compliant Musharaka-Ijara contract.
DCCI new membership rules
The Dubai Chamber of Commerce and Industry has made membership mandatory for all companies carrying on commercial business in the emirate, Gulf News reported. Professionals such as lawyers and doctors are exempt. The DCCI currently has 76,000 members, around 80% of which are SMEs.
Jadaf starts leasing at new base
Ship repairer Jadaf Dubai has leased 85% of plots at its new location in Dubai Maritime City. Tenants include local and international companies specialising in repair and maintenance of steel vessels, the company said. Units will be handed over from Q2 2007. Jadaf is relocating from its former Dubai Creek site.
Al Rayan $36m property finance
Local Al Rayan Bank is providing finance worth $36m for a residential project in Qatar. The financing is under a sharia-compliant Ijara contract, the bank said in a statement. Construction of the unnamed project will start soon and is scheduled for completion in 2008.
Solidarity customer service centre
Bahrain-based Takaful company Solidarity has opened a customer service centre in Manama to handle comprehensive and third party motor vehicle claims under its SolidMotor Takaful policy. Solidarity has also made local Mannai Motors an authorised service centre.
Sudan bank by Kuwait company
Kuwait-based International Investment Group is setting up a bank in Sudan with Gulf and local partners, Bloomberg reported citing the Kuwait News Agency. The bank will have a start-up capital of $1bn to explore investment opportunities in Africa. Sudanese investors will have a 40% interest in the bank, while investors from the UAE, Saudi and Qatar may hold a 30% stake, according to IIG MD Sami Al Bader.
$433m Jeddah port expansion
Saudi will invest $433m to increase by 45% capacity at Jeddah Islamic Port, Arab News reported. Saudi Trade and Export Development Company has been contracted to develop and operate a third container terminal at JIP on a build-operate-transfer basis. The port will have a capacity to handle 2m TEU containers a year. The work will take around three years to complete.
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