2006
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Enoc firm $65m Korean project
Horizon Terminal, an Enoc subsidiary, and South Korea's Taeyoung Group have agreed to build a shipping terminal at Korea's Port of Ulsan at cost of $65m. The companies have set up joint venture company Horizon Taeyoung Terminals to manage the project. The move is part of Horizon's aim of penetrating the North East Asian market, the company said.
Wet Fish wins small business award
Wet Fish Trading has won the first Lloyds TSB Small Business of the Year Award in the UAE. Wet Fish imports top quality fresh fish and seafood for the catering industry. The company supplies to 25 five-star hotels and a major local airline. The annual awards recognise the country's most entrepreneurial small businesses.
Dubai Bank, 2nd Abu Dhabi branch
Dubai Bank has opened a new branch on Corniche Road in Abu Dhabi. It is the bank's fifth UAE branch and second in Abu Dhabi. It has a dedicated corporate financing section and offers private banking services.
DIC $600m syndicated loan
Dubai International Capital, the private equity and direct investment subsidiary of Dubai Holding, has borrowed $600m to partly finance its recent $1.3bn acquisition of Travelodge Hotels. The three-year syndicated loan facility is divided into a term loan of $400m and a revolving credit facility of $200m. It is fully underwritten by France's Caylon and the UAE's Mashreqbank.
South Steel Factory for Jizan
Construction of the $267m first phase of a new steel factory in Saudi Arabia will start shortly, after King Abdullah laid the cornerstone for the project on Saturday, Arab News reported. The South Steel Factory, located in Jizan, will turn out more than 1m tonnes of product a year. Further phases are planned. It is owned by Trans Kingdom for Investment.
$200m Abu Dhabi glass project
Abu Dhabi-based Al Hamed Enterprises and the UK's Pilkington Group have formed a $200m joint venture to manufacture float glass, according to Gulf News. They will build a plant at the Industrial City of Abu Dhabi with a capacity of 550 tonnes per day. It is expected to come on line in late 2008.
SCB $150m Islamic profit swap
Standard Chartered says it has executed a $150m three-year profit rate swap with the Kuwait-based Aref Investment Group. The bank says the transaction offers hedging capabilities that are sharia-compliant. It allows both parties to exchange a series of profit payments in a single currency in exchange for another series of payments in the same currency.
Nakilat orders another QMax
Qatar Gas Transport Company has ordered a QMax LNG carrier from Korean shipbuilder Samsung Heavy Industries. Nakilat now has 17 LNG vessels on order at a cost of around $300m. The new vessel will be placed on charter to RasGas 3, according to a statement.
Warid Telecom $500m loan
Warid Telecom, an Abu Dhabi Group subsidiary, has borrowed $500m to finance its GSM network expansion in Pakistan, Gulf News reported. The loan agreement was signed with Standard Chartered Bank and ABN Amro, and backed by Sweden's Export Credit Agency. The long-term loan is structured as a buyer credit facility
Fire shutsdown sugar refinery
Raw sugar refining was shutdown at the Al Khaleej Plant in Jebel Ali following a fire on Monday, according to Gulf News. Operations may be suspended for a couple of days, an official told the daily. Storage areas and a conveyer system were damaged in the blaze. The refinery turns out around 4,500 tonnes per day.
NBO, $50m hydrocarbons finance
National Bank of Oman has recently wrapped up a structured project facilities arrangement of $50m Galfar Engineering & Contracting, according to the Times of Oman. The finance is for a hydrocarbons project, and was made by way of a club deal with Commercial Bank of Qatar.
Islamic banks stamp duty exempt
Bahrain's government has legislated to remove an anomaly where stamp duty was being charged twice on mortgages issued under Islamic principles, Gulf Daily News reported. The duty was being paid once by the bank and then by the buyer at the end of the 'rental period'. Islamic retail banks are no longer required to pay the stamp duty when buying properties on behalf of customers.
Gulftainer $50m Pakisatn JV
Sharjah-based port management company Gulftainer will develop land transport cargo services in Pakistan through a $50m joint venture with Karachi-based logistics company Pak Shaheen Group, according to Gulf News. Gulftainer MTI will have 100 trucks equipped with GPS by the end of 2007, said an official.
Barclays increases ME presence
Barclays Capital has made eleven appointments as part of its Middle East expansion strategy. Barclays recently announced it was expanding into Qatar after being granted a licence by Qatar Financial Centre. In the past few weeks it has won bookrunner roles for key projects including the upstream LNG transaction Qatargas 4 as well as several transactions in the UAE.
Emirates Bank fixes OZ bond price
Emirates Bank has fixed the price of its Australian dollar-denominated bond in two tranches totaling AUS250m. The issue comes under the bank's AUS1bn Australian debt issuance programme. NAB Capital and UBS Investment bank were joint lead managers and bookrunners. The deal comprised a AUS125m three-year fixed rate note and a AUS125m three-year floating rate note.
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