2006
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DP World to build Indian port
DP World will invest $140m in the first phase of a new port in India, Gulf News reported. The company picked up the Kulpi port project in West Bengal through its acquisition earlier this year of the UK's P&O. The deal calls for a 450-metre quay and a handling capacity of 650,000 TEU, CEO Mohammad Sharaf told the daily. DP World's partners in the project are the local MJK Enterprises and West Bengal Industrial Development Corporation.
Doha Bank to Istanbul
The Doha Bank has opened a representative office at the Ritz Carlton Residence in Istanbul, reported The Peninsula. The bank obtained authorisation from the Banking Regulation and Supervision Agency prior to opening the office; its total volume of finance in Turkey has reached almost $150m. The existing trade volume between Turkey and Qatar stands at $2.3bn.
Zamil Steel underway in RAK
The new Zamil Steel factory in Ras Al Khaimah has commenced small-scale production. The first phase should be completed by the end of Q1 2007, when the plant will be able to produce 40,000 metric tonnes per annum of pre-engineered steel buildings, open web steel joists and floor decking. The second phase will add an additional 12,000 metric tonnes per year of steel lattice towers by the end of 2007.
CBI ups capital to $272.3m
Commercial Bank International has raised its capital from $130.2m to $272.3m. The bank intended to make the increase in three phases but has managed to achieve its target several months ahead of schedule. CBI is set to launch a major retail banking push, with various products and services lined up for release, as part of its five year plan.
JEC aluminium plant, 12,000 jobs
An aluminium complex being built at Jizan Economic City hopes to create about 12,000 new jobs, reported Arab News. Once completed, the plant will aim to produce 1.4m tonnes of alumina and 660,000-700,000 tonnes of aluminium per annum. The total investment in the complex is estimated at $4 billion.
$5.3bn Saudi water scheme
Saudi Arabia is considering a $5.3bn national water project according to hydrology expert Mohammed Habeeb Al Bukhari from King Abdul Aziz University in Jeddah and cited by Gulf News. It is claimed the Saudi Water Bank project could meet the country's demands for a 21 year period. The scheme would probably be carried out in northern Tihama where there is regular rainfall and open space for dams and reservoirs.
Recycling plants for Jordan
Jordan's Free Zones Corporation has opened three recycling plants to reduce waste and preserve resources, reported the Jordan Times. The plants will recycle around 120 tonnes of liquid and solid waste materials daily, including tyres, scrap iron, plastics and industrial oil. The plants, which cost $8.5m, were set up with support from Jordan, Kuwait, Lebanon, Saudi Arabia and Turkey.
Westpoint Home, Bahrain deal
US bedding firm WestPoint Home has completed its purchase of mills in Askar from Manama Textiles, reported TradeArabia. WestPoint Home CEO Joe Pennacchio described the Bahrain facility as a fully vertical operation with state-of-the-art equipment capable of producing a full range of bedding products. Manama Textiles will operate through its Sitra facility, targeting the denim market.
DIG, Cypriot bank deal
The Dubai Investment Group has become the biggest shareholder in a bank with assets worth $29bn following Cypriot lender Marfin Popular Bank's acquisition of Greece's Marfin Financial Group and Egnatia Bank, reported Emirates Today. The DIG bought 31.5% of Marfin Financial in May and also owns 5% of Marfin Popular. The new, enlarged Marfin Popular aims to list on the Athens bourse and in Dubai.
South America eyes DFC
South American flower growers and exporters are eyeing the Dubai Flower Centre as a possible transhipment centre for their perishable goods and to utilise it as a gateway to markets in the CIS countries, Middle East and the rest of Asia. Senior DFC officials recently undertook a regional tour, participating in the Flora Exhibition in Ecuador as well as visiting Peru and Colombia.
Mubadala launches Al Taif
The Mubadala Development Company has launched Al Taif Technical Services, an Abu Dhabi based maintenance, repair and overhaul service provider for heavy utility vehicles and ground support equipment. The UAE Armed Forces will be Al Taif's major client. The two parties have signed a 20 year contract with a total value exceeding $272m, under which Al Taif will provide maintenance and repair services.
Baker & McKenzie, BoA sale
Global law firm Baker and McKenzie has revealed that it has advised Egypt's government on the recent sale of an 80% stake in the state-owned Bank of Alexandria to Italy's Sanpaolo. Sanpaolo won the auction, which was reported back in October, with a bid of $1.6bn, valuing the BoA at $2bn. 5% of the bank's equity was set aside for employees, with the remaining 15% reserved for an IPO.
Mermaid Marine, P&OMS merger
Mermaid Marine Australia Limited has agreed to merge with P&O Maritime Services Pty Limited, a DP World company. MMA will issue 221.9m shares to DP World in return for 100% of the shares in P&OMS, P&O Maritime Services Limited and P&O Polar Australia Pty Limited. DP World will hold a 60.4% stake of the enlarged fully diluted share capital of MMA, making it the majority shareholder.
Adnec picks Melville for mains
Abu Dhabi National Exhibitions Company has appointed Melville Exhibition and Event Services as the mains contractor for its National Exhibitions Centre, currently under construction. The contract calls for the provision of mains, water, waste and rigging services at the 550,000 sq ft venue, the first phase of which is due to be completed in January 2007.
Nakilat raises $4.3bn
Qatar Gas Transport Company has raised $4.3bn in debt to fund its acquistion of 16 LNG vessels. Funds were raised from a range of sources including a syndicate of 24 commercial banks, private capital markets and two Korean export credit agencies.
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