2006
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Zahid rolls out Volvo trucks
Zahid Tractor, the sole distributor of Volvo trucks in Saudi Arabia and a partner in a production joint venture, has launched its locally produced trucks at its factory, reported Arab News. Arabian Trucks and Cars Manufacturing Company, a tie-up between Zahid Tractor and the Swedish Volvo Group, was formed in 1998 and the plant can produce over 1,000 trucks per annum.
Samba snares CresBank
Saudi Arabia's Samba Financial Group is to take control of Pakistan's Crescent Commercial Bank, reported Reuters. Samba will acquire 68% of CresBank in the form of a capital increase via the issuing of 600m new shares valued at $98.7m. Samba said in a statement that it had beaten off competition from several local, regional and international banks.
Saudi, $13bn water projects
Saudi Arabia's Minister of Water and Electricity, Abdullah Al Hussain, has said that the kingdom is implementing a number of major water and sewage projects costing a total of $13.3bn, reported Gulf News. Speaking at an international conference, Al Hussain revealed the average daily capita use of water is more than 250 litres, while about 30% of the supply is being lost via leaks in the network.
Julphar gets US/EU approval
Sharjah's Gulf Pharmaceutical Industries has received approval from the US Federal Drug Administration to export the company's injectables to the US, reported Gulf News. Meanwhile, Julphar has also gained clearance from the health regulatory agencies to export its products to the European Union. Abdul Razzaq Yousef, Julphar's CEO, said the firm had received FDA approval for Vancolon and several other products.
AUB, $200m IFC loan
Bahrain's Ahli United Bank has signed a $200m loan deal with the International Finance Corporation, the private sector arm of the World Bank Group. The IFC will provide a $200m tier two eligible subordinated term loan to AUB and will also acquire a 10% holding in Egypt's Delta International Bank. Last August, a consortium of GCC investors led by the AUB purchased an 89.3% stake in Delta.
SIB top for nationals
The UAE Ministry of Labour has handed the Sharjah Islamic Bank an award for attaining the highest rate of UAE national employees among private sector institutions, reported TradeArabia. 50% of the SIB's workforce is made up of nationals and the bank has a strategy of expanding its workforce from around 400 to 700 within three years. The bank recently posted a 28% increase in its total assets, reaching nearly $1.9bn.
Egypt, Jordan pen deals
High ranking Jordanian and Egyptian officials met on Thursday to discuss a raft of issues and sign 16 agreements, partly in order to boost trade and industry, reported the Jordan Times. One of the main aims is for the private sectors in both nations to form joint ventures, diversify production and open up markets. Further trade in the pharmaceutical, health and agricultural sectors is a key goal.
DC World, Djibouti car zone
Dubai Customs World is in talks with the government of Djibouti over the formation of a special economic zone for the automotive industry. The project would cover around 5m sqft and would offer space for 100 showrooms, plus warehouses and workshops. The Djibouti Automobiles and Heavy Equipment Zone would cater to the burgeoning transport-related business in the country.
Emaar $1bn Islamic debt issue
Emaar Properties has appointed Citigroup as arranger and lead manager for a $1bn Islamic debt issue. Emaar will use the funds from the five-year syndicated Musharaka facility to part-finance its UAE and international projects.
Q Industry venture launched
UAE-based Al Qudra Holding has spun off an industrial subsidiary called Q Industry with an initial capital investment of $136.2m. Its partners in the venture are Qatar Industrial Manufacturing Company, Emirates Holding, Dubai Investments, and Mohammed Abdul Mohsin Al Kharafi & Sons. Q Industry will build factories in the UAE and Qatar producing a range of industrial materials.
Star borrows $104m for plant
Star Cement, a member of the ETA Star Group, has signed a $104m term loan facility with a syndicate of banks led by Abu Dhabi Commercial Bank and Gulf International Bank. Star says it will use the funds to establish a 2.15m tons per year clinker manufacturing plant in Ras Al Khaimah.
Tabreed wins Etihad Towers deal
Tabreed has won a deal to supply district cooling to Abu Dhabi's Etihad Towers. It will supply 12,500 TR to the five towers in the development, which range in height from 49 to 74 levels, the company said in a statement. Cooling will come from its Baynoona plant. Financial terms were not disclosed.
Julpha $272m investment drive
Sharjah-based Gulf Pharmaceutical Industries will invest $272m to set up 11 new factories, seven in the UAE and three elsewhere, Gulf News reported. The Middle East pharmaceuticals market is worth around $8bn, and could triple in ten years to more than $24bn, according to CEO Abdul Razzaq Yousef.
FLB share issue to raise capital
Bahrain-based First Leasing Bank will raise its capital to $100m through a private placement of 89m shares, arranged by Ithmaar Bank. Shares are being offered at $1.05 each, with a minimum take up of 1m shares required. First Leasing Bank arranges leasing for equipment in GCC countries.
i2 raises $59.6m credit
Saudi-based i2 has signed a $59.6m credit facility with a syndicate of banks led by Mashreqbank, the company said in a statement. The mobile phone provider has an agreement with Nokia to sell Nokia products throughout the Middle East and Africa.
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