2006
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KHCB nine-month profit up 160%
Khaleeji Commercial Bank, a subsidiary of Bahrain-based Gulf Finance House, is reporting a $5.58m profit for Q3 2006, and a 160% increase to $19.13m for the first nine months. Total income to end of September is up by 143% to $27.36m. The bank says it will soon introduce a series of Islamic commercial banking services and retail products.
$450m loan for UNB
A consortium of regional and international banks is raising $450m on behalf of Abu Dhabi-based Union National Bank through a five-year syndicated term loan facility. Mandated lead arrangers include Arab Banking Corporation, The Bank of Tokyo-Mitsubishi UFJ, Citigroup, Commerzbank AG, ING Wholesale Banking, and Raiffeisen Zentralbank Osterreich Aktiengesellschaft.
Bahrain signs port agreements
Bahrain's government signed a number of port deals with APM Terminals Bahrain Holding Company on Wednesday, according to Gulf Daily News. Agreements include a 25-year deal to run the Mina Salman port, and one to lease and operate the new Khalifa Bin Salman seaport.
Greek shipping firm float advice
Athens-based shipping company Stealth Petroleum has appointed Bahrain's Global Union Energy Ventures to help prepare its $100m share offer, according to Gulf Daily News. Shares will be offered to investors in the Middle and Far East. They will be listed in Europe and possibly in the Middle East. Global will also be Stealth's general financial adviser in the Middle East.
Citigroup advises on $5bn smelter
Citigroup has been appointed financial advisers to Emirates Aluminium, $5bn smelter project in the UAE, developers said. Emirates Aluminium is a joint venture between Abu Dhabi's Mubadala Development Company and Dubai Aluminium. Capacity will be 700,000 tons per year on opening; rising to 1.4m tpy after all phases are finished.
NBD in expansion mode
National Bank of Dubai says it will expand its investment banking business in the Middle East, after receiving approval to operate as an authorised firm from the Dubai International Financial Centre. It will offer wholesale banking products through subsidiary NBD Investment Bank Limited. Operations will eventually cover business in Turkey, India and China.
UIB $34.9m nine-month profit
Bahrain-based Unicorn Investment Bank says its earnings reached $64.1m for the first nine months of 2006, 249% better than last year. The bank made a profit of $34.9m in the period. Return on Equity hit 20.5%, and earnings per share were 29 cents. The bank opened in May 2004.
Austrian firm $213m steel deal
Austria's Voest-Alpine has won a $213m deal from Saudi's Atoun Steel Industry to supply equipment for a new steel plant at Yanbu Industrial City II, according to Arab News. The plant will turn out 1m tonnes per year of steel, with more production capacity to be added later. It will come online in H2 2008.
BMB $2m Q3 profit
Bahrain-listed BMB Investment Bank posted a profit of $2m in Q3 2006, giving it a net income of $5.9m for the first nine months. The bank's total shareholder equity increased by over 16%, from $27.2m at the end of 2005 to $31.7m at the end of September 2006, with a capital adequacy ratio of 15.9%.
Taqa to raise $9.5bn
The Abu Dhabi National Energy Company wants to raise $9.5bn to invest in acquisitions and infrastructure, Gulf News reported. This could be done through banks, Islamic bonds and EMTN-type programmes, CEO Peter Barker-Homek told the daily. Taqa last week raised $3.5bn from a bond issue.
Egypt, UAE sugar talks
Egypt's Delta Sugar plans to build a sugar refinery on UAE government-owned land north of Cairo, according to Reuters. The planned IPO of government-owned Delta was postponed after lower than expected offers. It is one of three sugar companies earmarked for privatisation.
ABC Islamic closes $200m facility
Bahrain-based ABC Islamic Bank and Standard Chartered Bank have successfully closed a $200m syndicated revolving Murabaha financing facility for AREF Investment Group, according to a media release. The initial amount of $100m was increased to $200m due to strong regional and international interest, ABC said. The syndication is made up of 27 banks from the Europe, the Far East and the Middle East.
Swiss bank gets DFC license
Union Bancaire Privée, a Swiss asset management bank and hedge fund specialist, says its subsidiary, UBP (Qatar), has been granted a licence to operate as an authorised firm at the Qatar Financial Centre. It will start business in early 2007. Union Bancaire Privée had assets worth $83bn under management at the end of June 2006.
QIB set to launch Islamic bank
Qatar Islamic Bank will soon launch the Islamic Investment Bank of Qatar with a capital of $1bn, The Peninsula reported. QIB CEO Salah Mohammad Jaidah said the aim is to have 50% of the local banking market dedicated to Islamic banking. It currently has a 30% share, he said.
$1bn techno park in Bahrain
Bahrain is setting up a science and technology park at cost of $1bn, according to Gulf Daily News. The project will be financed by Kuwait Finance House and partners include France's Sophia Antipolis Technology Park. The centre will focus on areas such as clean technology, water resources and solar energy, an official said.
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