2006
- The news you choose »
- Login to Add to Watchlist
GFH scoops award
Bahrain's Gulf Finance House has won the prize for Best Bank for 2006 at the Arabian Business Achievements Awards 2006 ceremony held in Abu Dhabi. The annual awards event organised by finance magazine Arabian Business was held on December 9 at the Emirates Palace Hotel. The bank has investments and projects right across the Middle East, Europe and the US.
EIIB, LMC agreement
The UK's European Islamic Investment Bank and Bahrain's Liquidity Management Centre have signed an agreement that covers areas of potential co-operation including treasury, capital markets, asset management and corporate finance. A key focus of the agreement will be the sukuk market, with work on enhancing secondary market liquidity, new issue innovation and appropriate standardisation of market practices. The EIIB recently opened an office in Bahrain.
QIB, $87m tower funding
The Qatar Islamic Bank has signed an Istissna'a financing contract with Sheikh Abdullah bin Khalid Al Thani for the construction of an office tower at a cost of $87.1m. At the same time, the bank signed a construction contract with the Ramco Trading and Contracting Company and a third contract with Sabena Engineering Consultants for project supervision.
ABG, $232m 9-month income
Bahrain's Albaraka Banking Group has revealed that it earned a total operating income of $232m in the first nine months of the year, compared to $201m for the same period last year, an increase of 30%, reported Arab News. Islamic financing and investment transactions saw the strongest income gains. Total assets at the end of September were $7.4bn, compared to $5.8bn in 2005, an increase of 28%.
KGL launches RAK port
Kuwait's KGL Ports International has launched the first phase of Ras Al Khaimah's Mina Saqr Port and the company is hoping the first vessel will arrive next month, reported Gulf News. KGL signed a 21 year deal with the RAK government in 2004 to develop and manage a container terminal with a capacity of more than 300,000 TEUs.
DIB raises $9bn in sukuks
The recent expansion of Nakheel's Islamic bond issue to $3.5bn has taken the amount of sukuk raised in the UAE by the Dubai Islamic Bank to more than $9bn. The Nakheel sukuk follows the $1bn bond for Dubai Civil Aviation and the $3.5bn sukuk for the Ports, Customs and Free Zone Corporation.
Emicool, $680m on infrastructure
The Emirates District Cooling Company is to develop and expand its infrastructure to meet the increased demand for district cooling services in Dubai. Emicool is currently focused on two main projects: the Dubai Investments Park and Dubai Motor City. To cater to these projects, Emicool is setting up eight plant rooms, an underground pipe distribution network, energy transfer stations and wireless BTU metering systems at a cost of $680m.
DP World joins nuclear programme
DP World is to join other major port operators such as AP Moeller, PSA International and Hutchison Whampoa in a programme aimed at stopping nuclear weapons being smuggled into the US, reported Emirates Today. The initiative would require the screening of US-bound cargo for radiation at ports in Britain, Pakistan, Singapore, Honduras, Oman and South Korea.
Dammam7, Jubail butanol deal
The Dammam7 Petrochemical Company has teamed up with the Dow Chemical Company and Devy Technology to develop a butanol plant in the Jubail 1 Industrial City, reported Arab News. The factory, which will be commissioned in 2008, will have an annual manufacturing capacity of 80,000 metric tonnes. Dammam7 has previously concluded deals worth $400m with European, American and Chinese firms to develop acrylic acid and butanol manufacturing plants at Jubail.
Safin, Sharjah steel plan
Russian steel trader, the Safin Group, intends to expand its stockpiling business in the Middle East by opening new warehouses in the region, according to agency reports. The firm also aims to expand its operations in Eastern Europe. Safin will start its steel stockpiling business in Sharjah in H1 2007.
$1.6bn pumped into DSO
Investment in Dubai Silicon Oasis has now reached $1.6bn according to Shahla Ahmed Abdul Razak, DSO's Deputy CEO and cited by Gulf News. The investment incorporates major construction contracts as well as infrastructure, landscaping, accommodation and the DSO headquarters. It is hoped the investment level may double in the next few years.
Al Mazaya, $50m 7 Zones
Al Mazaya Holding has started constructing the 7 Zones project, a development located on a total area of 225,000 sqft in the Shuwaikh Industrial Area in Kuwait. The project will cost around $50m and will constitute an industrial city dedicated to construction materials. Despite being a commercial development, entertainment facilities for families are planned.
$156m steel plant for Sharjah
Russia's steel and iron ore firm Metalloinvest is to invest $156m in a steel rolling plant in Sharjah, reported Reuters. Hamriyah Steel would take two years to build and a further year to hit a full capacity of 1m tonnes per annum of steel reinforcing bars. Metalloinvest said it had formed a joint venture with UAE based partners and hoped to supply 25% of the market in the UAE.
EBG closes bond issue
Emirates Bank International has closed its subordinated lower tier two bond issue. The size of the bond is $500m and it has an end maturity of 10 years, callable after 5 years. The bond was sold to investors at a margin of 63 basis points over US dollar Libor; 60% of the issue was placed with institutional investors in Europe and Asia.
European tech group to DSO
Europe's Optical Disc Group and Solar Technologies Group is to invest $30.5m in the Dubai Silicon Oasis. The Optical Disc Group is a supplier of equipment and technology for the optical media industry. The DSO facility will generate jobs for over 200 people and is expected to open towards the end of 2007.
It looks like you are using a Mac - check out our 
Web Feeds