2006
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HK shipping firm opens in Dubai
Hong Kong's Pacific Basin, a dry bulk shipping operator, has opened regional headquarters in Dubai. Pacific Basin Middle East will be responsible for developing and coordinating dry bulk activities across Middle Eastern and South Asian markets. The company says it operates a fleet of handysize and handymax tonnage vessels, which are all between 5-6 years old.
EU to lower GCC aluminium tariffs
The EU could lower tariffs on aluminium imports from GCC countries in order to finalise a free trade agreement, Bloomberg reported. A lowering of the 6% tariff would reduce protection for EU aluminium producers, but 'we can show some kind of flexibility', said Bernd Pfaffenbach, state secretary in Germany's Federal Ministry of Economics and Technology.
AIG's DPW bid more than $1bn
AIG agreed to pay more than $1bn for the US assets of DP World, Bloomberg reported, citing a report in the Financial Times. The insurer's successful bid, announced Monday, may be about $1.2bn, the newspaper reported, quoting an unidentified person familiar with the bidding. DP World had reportedly been looking for about $700m.
Port privatisation to save $928m
Bahrain's private sector will save $927.9m over the next 25 years through the privatisation of Bahrain's ports, Trade Arabia reports. APM Terminals Bahrain, a 20:80 joint venture of Yusuf Bin Ahmed Kanoo Holdings and Denmark's Maersk A/S, took over the management and operation of Mina Salman port on Tuesday. Officials expect transportation costs to decrease by 20%.
Sharjah on recycling drive
Sharjah has set up a waste recycling company, called Bee'a, in partnership with JMS Property Development and Tactical Connections Canada. The company will set up a waste recycling factory to sort solid waste from domestic, industrial, agricultural, medical and electronic sources.
Bahrain JV for Islamic banking
Bahrain-based Yusuf bin Ahmed Kanoo Holdings has partnered with Malaysia's CIMB Group to market and distribute Islamic investment banking products and services to the Middle East, Gulf Daily News reported. The partnership will focus on debt and equity capital markets, corporate banking, asset management and treasury services.
Kanoo Plastics Centre opens
The Kanoo Plastics Centre, a joint venture of the local Yusuf bin Ahmad Kanoo and Compco Australia, opened in Bahrain on Monday, Gulf Daily News reported. It will manufacture a range of plastic raw material compounds for regional and international markets. The initial capacity of the plant will be 14,000 tonnes per annum.
EIB to Sheikh Zayed Road
Emirates Islamic Bank has inaugurated a new branch on Sheikh Zayed Road. The new branch is the sixth to be opened by the EIB in Dubai and the 18th in the UAE. The Sheikh Zayed Road branch consists of two floors and houses an Ethmar priority banking services section.
ABC closes USCO facility
The Arab Banking Corporation, as mandated lead arranger, has now closed the 12.5 year $153m syndicated debt financing facility for the United Stainless Steel Company which opened in August. USCO will be the first cold rolled stainless steel producer in the region and production is scheduled to start in April 2007. Syndication received strong support from the regional bank market.
IMC signs with Saudi banks
The International Methanol Company, a division of the Saudi International Petrochemical Company, has signed agreements with the SABB Bank, Banque Saudi Fransi and the Riyad Bank to re-finance a commercial bank loan of $142.7m on the basis of an Islamic Ijara facility, reported Arab News. Sipchem President Ahmad Al Ohali said the arrangement is in line with the company's strategy of using shariah compliant financing as much as possible.
DP World eyes Yangshan
Dubai Ports World is one of several leading operators interested in investing in phase three of Shanghai's Yangshan Port, reported Reuters. Other firms interested include Singapore port operator PSA International, Danish group A.P. Moeller-Maersk and Hutchison Whampoa. Phase three of the port should push up handling capacity to 15m TEUs by 2012.
Shuaa unhappy with article
Iyad Duwaji, the CEO of Shuaa Capital, has expressed his frustration at an article in this month's Trends Magazine which suggests the firm is in crisis, reported Gulf News. The article draws attention to the recent resignation of several executives as well as the bank's Q1 results which were 96% down on the same period in the previous year. Duwaji, who is quoted in the piece, claims the article is misleading.
TAIB sets up Acacia
Bahrain's TAIB Bank has incorporated Acacia Real Estate, a $500m company that will provide a range of conventional and shariah compliant investments focused on income generating properties and development projects. The company will start with an initial paid-up capital of $150m and TAIB will invest 10% of this equity. Acacia will diversify investments geographically, with a focus on Europe, the US, India, Turkey and the GCC countries.
UNB closes five year loan
The Union National Bank has closed its five year syndicated term facility after extending it to $1bn, following strong interest. The Arab Banking Corporation, the Bank of Tokyo-Mitsubishi, Citibank, Commerzbank, ING Bank and Raiffeisen Zentralbank Osterreich Aktiengesellschaft were the underwriters and initial mandated lead arrangers. Support for the facility came from regional banks as well as from Europe, North America and Asia, with a total of 35 banks involved.
EIIB, Islamic real estate fund
The European Islamic Investment Bank has launched the EIIB Pan-European Islamic Real Estate Fund, which is structured as a tax-efficient shariah compliant fund which will directly purchase commercial real estate assets in the office, retail and industrial sectors in and around major cities in Europe. The fund, with a target size of up to $660m, is closed-end with a fixed term of five years plus up to two years wind-down.
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