2006
- The news you choose »
- Login to Add to Watchlist
Jeddah sewage, seven years
Jeddah's sewage network project, worth around $1.9bn, will take up to seven years to complete according to the city's mayor and cited by Arab News. Adel Faqeeh said Jeddah's poor infrastructure had caused delays to the project and this was now being worked on. A specialised company had been set up in the past year to oversee the project.
ADIB, Umrah offer
The Abu Dhabi Islamic Bank has launched a campaign alongside Etihad Airways, the Abu Dhabi Cooperative Society, Al Ittihad Newspaper and Lubaik for Hajj and Umrah Services which will give customers the chance to perform Umrah for free. The campaign started on December 12 and ends in July, with a draw held in January, March, May and July. 120 applicants, or 30 per draw, will be chosen for the trip.
Sabic eyes India plant
The Saudi Basic Industries Corporation is discussing the construction of a chemical plant in India, reported Reuters. Mohammad Al Mady, the firm's CEO, said Sabic hoped to reach an agreement with a partner to build the plant, which will produce ethylene and other chemicals, by the end of next year. Sabic is looking to build plants in China, India and Saudi Arabia and acquire companies in Europe and the US.
Oz ponders RAK investment
An Australian business delegation from the Victorian Government Business Office has visited the Ras Al Khaimah Free Trade Zone to explore business and investment opportunities. The delegation, comprising officials and business executives, was headed by Charles Jameson, the Special Trade Envoy to the Middle East. The delegation has been visiting commercial and investment bodies in the UAE and abroad.
$90m loan for Iranian steel
The Head of the Iran Steel Producers Association has said a loan of $90m would be sufficient for the country's steel producers to purchase enough raw materials to hit maximum output by the end of the Iranian tax year, March 20 2007, reported the Tehran Times. Taqi Bahrami said the country's steel output was only at 30% of capacity and the Pasargad Bank was in the process of arranging finance.
Kanoo-CIMB from 2007
Yousuf bin Ahmed Kanoo Holding and Malaysia's CIMB Group have established an Islamic investment company which will offer Islamic banking products and services to institutional customers, reported Arab News. Licensed by the Central Bank of Bahrain to handle Islamic investment activities, Kanoo-CIMB will begin operating early next month. The firm will have a capital of $20m and will offer shariah compliant investment products and banking services across the region.
Rasmala, Baghlaf Group deal
DIFC based investment bank Rasmala Investments and the Saeed Ahmed Baghlaf and Partners Holdings Group have established the iHilal Baghlaf Development Company. The new real estate development firm will develop its first project at the Dubai Technology, E-Commerce and Media Free Zone. The 36 storey office tower will have over 1m sqft of office space and will be sold on a freehold basis to regional and international corporations.
Britannia eyes Dubai bakeries
India's Britannia Industries is planning to buy a majority shareholding in two un-named Dubai based bakery companies, reported India's Financial Express. The acquisitions are subject to the signing of definitive agreements and would be part of the firm's global expansion plans. BIL's brands include Tiger, Marie Gold and Good Day.
GFH loan, oversubscribed
Trowers and Hamlins, who advised the Gulf Finance House on their recently closed $300m three year Islamic finance facility, have said that the deal was more than three times oversubscribed. 25% of the facility was placed with institutions outside of the Middle East, with much interest from South East Asia. GFH is increasing its focus on infrastructure investments outside of the Gulf.
RAK gets glass plant
The RAK Gani Glass plant, a $20m venture between Pakistan's Gani Glass and the Ras Al Khaimah Investment Authority has been launched, reported Gulf News. The factory will be set up at the RAK Industrial Zone at Al Jazeera Al Hamra and will be able to produce 600m lightweight glass bottles per year for the pharmaceutical industry. Construction of the plant will be completed in 15 months.
GFH completes $300m credit issue
Gulf Finance House has completed a $300m international, sharia-compliant revolving credit facility in London, the Bahrain-based Islamic investment bank said. WestLB and RZB were joint lead arrangers, co-underwriters and joint book runners. It will replace a previous $90m standby facility which expires in June 2007.
CBB launches interbank rate
Bahrain's central bank is creating a Bahraini dinar benchmark interest rate, the Bahrain tribune reported. The Bahraini Dinar Inter-Bank Offered Rate represents the average offered rates for lending on the interbank market of 10 commercial banks. The rates will be updated daily on business days. The CBB wants to encourage a more active inter-bank market.
$1.2bn MTC financing closes
Mandated lead arrangers have successfully closed a syndicated $1.2bn Islamic financing facility for Kuwait's MTC. The telecoms company says it will use the funds to refinance an existing $750m Murabaha facility for an additional period of 12 months, and to finance expansion. Twenty-eight banks from the Middle East, Asia and Europe took part in the syndication.
Amana, $20m Mesaieed deal
UAE-based Amana Contracting & Steel Buildings has won a design and build contract worth around $20m for a logistics terminal in Qatar's Mesaieed Industrial City. Netherlands-based Vos Logistics is the client. Vos has an agreement with Qatofin to build and operate a logistics platform at MIC.
DI completes SAGC purchase
Dubai Investments has completed the acquisition of Saudi American Glass Company, the company said without giving financial details. SAGC will operate as a wholly-owned subsidiary of Dubai Investments. SAGC supplies more than 3m metres of glass per year in the Middle East.
It looks like you are using a Mac - check out our 
Web Feeds