2006
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Qatar Navigation $92m loan
Qatar Navigation has taken out a $92m loan with Qatar National Bank and Bahrain-based Gulf International Bank, The Peninsula reported. Qatar Navigation will use the funds to part finance its 52-storey Navigation Tower in Doha. The loan covers 80% of the $115.7m project.
Taqa seeks $1.5bn loans
Abu Dhabi National Energy will invite banks to bid on lending it up to $1.5bn to refinance debt, Reuters reports. It will represent the second part of a $9.5bn borrowing programme. The energy company, known as Taqa, controls six utility plants in the UAE and wants to expand its international business.
Aramex buys Docman
Aramex has paid around $4m for Docman Limited, a Dubai-based documents and records storage, scanning and management specialist, the company said in statement. Aramex will team Docman with InfoFort, the document records management company it acquired in 2005. Docman focuses on the energy and finance sectors.
AD plans major free zone
The Abu Dhabi Ports Company plans to set up a free zone covering an area of 100 sq km, which would make it the world's largest, WAM reported. The Khalifa Port and Industrial Area will come up next to Sheikh Khalifa Port in Taweelah, midway between Abu Dhabi and Dubai. It will have industrial zones, a container port, and educational and residential areas. DP World is likely to run the port.
Credit Suisse, NRI appointment
Credit Suisse has appointed Raj Sehgal as its Head of the Non-Resident Indian Group for Private Banking in the Middle East/Indian Sub-Continent. Sehgal joins Credit Suisse from Merrill Lynch, where he was a Director and Global Head of the NRI business. During his nine years with the company, he held a number of positions with a specific focus on the Middle East and India.
Techno Park, plan redesign
Dubai Techno Park is currently redesigning its master plan due to other major projects in the vicinity such as Dubai World Central and Dubai Waterfront, according to MD Hamad Al Hashemi and cited by Gulf News. The park has so far leased around 70% of 30m sqft in its first phase and is now offering a further 170m sqft in its second phase to accommodate large industrial units.
EBG, extended hours
Emirates Bank has announced that a number of its branches including those in Umm Suqeim, the Sahara Mall, Sharjah City Centre and the soon to open branch at the Mall of The Emirates will operate from 8am until 9pm. The bank has also revealed that it plans to extend its network of branches in the UAE before the end of the year.
MAN trucks for Jeddah
German truck manufacturer MAN is to set up a production facility in Saudi Arabia in partnership with Haji Husein Alireza and Company, its agent in the kingdom, reported Arab News. The new MAN truck factory in Jeddah would be Saudi's third such plant, after Mercedes-Benz and GMC. The assembly plant will cost around $13.3m and will have a capacity of 6,000 units initially.
$109m Pioneer plant opens
The $108.9m Pioneer Cement Industries factory set up at Al Ghail in Ras Al Khaimah was inaugurated last week. The plant, which will have a capacity of 1m tonnes per annum, is a joint venture between the RAK Investment Authority and India's Penna Cement Industries. Rakia has a 51% stake in Pioneer Cement Industries with Penna Cement Industries holding the remaining 49%.
Sugar looks sweet for UAE
A recent WTO ruling which will cut back on subsidised sugar exports from the European Union could provide an opportunity for locally based producers, reported Gulf News. The EU has pledged to bring down its exports from 5.2m tonnes per year to 1.3m by 2010. A report by the UAE Ministry of Economy has urged the UAE's producers to invest in refining capacity to win a bigger share of the market.
Ithmaar chief at Swiss forum
Khalid Abdulla Janahi, the Chairman of Bahrain's Ithmaar Bank, is to be the keynote speaker at the International Islamic Finance Forum taking place from November 13-16 in Zurich. The forum will explore issues of wealth management and private banking with industry experts from Europe, the Middle East and Asia in attendance.
DP World, new Djibouti terminal
The President of Djibouti, Ismail Omar Guelleh, and Sultan Ahmed bin Sulayem, Dubai World Chairman, have launched the construction of a new container terminal at Djibouti. The $400m Doraleh Container Terminal is DP World's latest project in the port of Djibouti and will enable the terminal operator to handle an additional 1.5m TEUs annually. The first phase of the terminal is expected to commence operations in late 2008.
Sabic, $5bn China joint venture
The Saudi Basic Industries Corporation is hoping to form a joint venture in China with a possible investment of up to $5bn, reported Arab News. The company wants to build a manufacturing base in China, a long-standing market; Mutlaq H. Al Morished, Sabic's CFO, said that the firm was in talks with both private and government groups and was eyeing eastern China as a possible location for the unit.
AD factory rolls out buses
Abu Dhabi based Trans Continental Industries has rolled out the first locally built buses from its production line, reported Gulf News. Ten air conditioned coaches were shipped to Oman last week while 20 more coaches earmarked for Qatar will be ready this week. The firm is a joint venture between the Bin Jabr Group and the UK's Vectra Aza.
IDB, Azerbaijan deal
Jeddah's Islamic Development Bank is in talks with Azerbaijan over the setting up of an Islamic investment company, reported Gulf News. A senior official from Azerbaijan's government said the firm would be established via presidential decree and would facilitate private investment in various projects across the country. Up to $60m could be pumped into the joint venture with the IDB looking at developing similar companies elsewhere in central Asia.
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