2006
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Anan raises $36m capital
Dubai Insurance and Re-Insurance Company says its public offer of shares for a $36m capital increase had a subscription uptake of 166.6%. The company's share price on the Dubai bourse declined by 1% on Wednesday despite the announcement.
Japan firm, $173m GHI stake
Saudi-based Gulf Hygiene Industries has agreed to sell a 51% stake to Japan's Unicharm for $173.3m, according to Arab News. Unicharm makes nappies under brand name Babyjoy, which it will turn out from GHI's factory in Riyadh.
S.S, Lootah, $109m upgrade
Dubai-based S.S. Lootah Group says it has spent $109m upgrading its concrete mixers and pumps. The investment is part of a fleet management initiative which includes driver and operator training programmes, new maintenance techniques and plans to use natural gas as fuel for light vehicles and vans.
ADIH plans AD foray
Abu Dhabi Investment House is planning developments in Abu Dhabi which will push the value of its private funds to over $1bn, according to Gulf News. The property investment company is evaluating two projects, details of which will be released later in the year. Up till now the company has invested offshore, including stakes in Qatar's Energy City, Beirut Gate and Prince AbdulAziz Economic City in Saudi.
BMA, bank licencing reform
The Bahrain Monetary Agency, the country's finance sector regulator, has announced reforms aimed at strengthening the licencing framework for banks operating in the country. Regulations more clearly define banking activities, with licence categories now defined by activity rather than institution type.
SNC-Lavalin, AD smelter study
SNC-Lavalin has been engaged to conduct a feasibility study and environmental impact assessment for a $6bn aluminium smelter in Abu Dhabi. The project is being developed jointly by Dubai Aluminium Company and Mubadala Development Company at the Khalifa Port and Industrial Zone. The first phase will l be operational in 2010.
Swiss Re, Family Retakaful
Swiss Re has launched its first Shariah compliant insurance product, Family Retakaful, which will allow banks and insurers to offer fully Islamic life insurance. A Wakalah model is used for the Retakaful pool under the eye of Islamic scholar Sheikh Muhammad Taqi Usmani.
$100m steel factory for Sharjah
A steel factory with an annual capacity of 1m tonnes in the first phase will be set up in Sharjah's Hamriya Free Zone. The $100m project by Hamriya Steel Factory and a Russian partner is due to be ready in 16 months. The factory will take up 1.12m sqft in the free zone's Steel City.
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