2006
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Islamic banks need manpower
The GCC Islamic banking sector will need to fill up to 30,000 new jobs over the next decade, according to a study by consultant AT Kearney. Islamic banking is forecast to grow at rates of between 15% and 20%, with sharia-compliant banks expected to threaten conventional bank's market share, the study said.
Glass supply shortfall in GCC
Surging growth in real estate and industry has led to a shortfall of 650,000 tonnes of glass between demand and supply in the GCC market, according to industry estimates cited by Dubai Investments. Dubai Investments has created a holding company called Glass LLC to handle its interests in the glass industry. Glass will incorporate four DI subsidiaries: Emirates Glass, Emirates Float Glass, Lumiglass Industries and Saudi American Glass Company.
Ready-mix plant at Yanbu
Saudi Readymix Concrete Company is building a ready-mix concrete plant in Yanbu at a cost of $4.8m. The plant will have an annual production capacity of 120,000 cubic metres of concrete. That will double in 2008 in a second phase expansion.
SC overnight trade banking
Standard Chartered has introduced 24/7 trade banking services in the UAE. Customers can have transactions processed overnight by delivering documents to the bank's main branch at Al Abbas until 8pm Sunday to Thursday, and 5pm Friday to Saturday.
Invest Bank, $25m FNB stake
The UAE-based Invest Bank has paid $25m for an 18% stake in Lebanon's First National Bank. Corporate Finance House was advisor, arranger, and sole placement agent for the transaction, which amounted to a capital increase in FNB.
LeasePlan Emirates launched
Mubadala Development Company, Abu Dhabi government's investment arm, has created LeasePlan Emirates, an Abu Dhabi-based company with capital of Dhs10m that will offer fleet management and vehicle leasing services in the UAE. LeasePlan Emirates is a joint venture of Mubadala and LeasePlan Corporation, a major fleet management and vehicle leasing company.
Oman plans steel plants
Oman plans to build three steel factories to help ease spiraling steel prices, according to a senior official quoted in Gulf News. One GGC-owned plant will be set up at a cost of $651m, with another to be developed by a Brazilian company, said the economy minister. Existing plants at Rusayl and Raysut could be expanded.
Central bank calls $735m profit
The UAE Central Bank is expected to post a $735m profit in 2007, Gulf News reported. The bank says projected revenues for the year were $1.266bn against expenditure of $531m. The board yesterday endorsed draft regulations for merchant and investment banks.
Two Islamic banks to launch
Two new Islamic banks will start operations in the UAE early 2007. Dubai Holding will launch Al Noor Islamic Bank with capital of $980m; and Dubai Bank is converting to a fully Islamic institution, Gulf News reported. This will increase to seven the number of Islamic banks in the country.
Capital raises $60m loan
Capital Bank of Jordan has raised $60m through a three-year syndicated term loan facility. Arab Banking Corporation and Citibank were mandated lead arrangers. A total of 11 banks from Europe and North America participated.
EIB, new Sharjah branch
Emirates Islamic Bank has opened a new branch in Sharjah's Halwan area. The branch offers retail banking products and services, including its priority banking service Ethmar. The bank says it will open more branches in the emirate.
Dubal eyes $34bn automotive market
Dubal is looking to secure a piece of the $34bn specialty automotive sector for its products, the company said. Officials from the Dubai-based aluminium producer recently attended a meet for the Specialty Equipment Manufacturer's Association in Las Vegas to get a feel for the market.
Aqaba port, $15m marine deal
The UAE-based Lamnalco Group and Jordan National Shipping lines signed a contract with Jordan's Aqaba Development Corporation to invest $15m in handling the Red Sea port's marine services, Reuters reported. The deal gives them exclusive rights to provide pilotage tugs and towing services for the port for the next 15 years, Lamnalco MD Philip Orme told the news agency.
FGB, Singapore, Islamic plans
Abu Dhabi-based First Gulf Bank is opening an office in Singapore in 2007, and plans to set up an Islamic banking subsidiary in the UAE, Emirates Today reported. The bank is looking to diversify its revenues through the two moves. It says it has no immediate plans to enter other GCC markets.
CBI opens branch in AD
Commercial Bank International has opened its first branch since unveiling its new corporate identity in September. The two-storied facility in Abu Dhabi offers retail banking, private banking and brokerage office as well as Internet banking on-site. CBI currently has a network of eight branches and 18 ATMs spread across the UAE and plans to open more in the near future.
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