2006
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HSBC arranges ADIB sukuk
HSBC Amanah has acted as the sole arranger of a $5bn trust certificate programme for the Abu Dhabi Islamic Bank and the sole lead manager and bookrunner for an $800m five year sukuk issued as part of the programme. The issue size was originally aimed at $400-500m but was increased due to a strong response from the market with orders of around $1bn placed.
Injazat fund buys into AOME
Injazat Capital's $50m shariah compliant technology fund has acquired a 19% stake in Atos Origin Middle East, an international information technology services provider as part of a recently structured management buyout. AOME offers a range of IT services from system design and integration to managing outsourced IT operations.
Pakistan welcomes DP World
Pakistan has said it would welcome fresh investment in port projects from DP World despite the firm's pullout earlier this month from its bid to run Gwadar Port in Balochistan, reported Gulf News. Shipping Minister Babar Khan Ghauri said the government will announce the new operator of the port next week; DP World had previously been the preferred bidder.
More foreign banks for UAE
The UAE banking sector is likely to remove current restrictions on the setting up of branches by foreign banks and to make licences easier to obtain, reported Gulf News. The move comes after negotiations between the UAE Central Bank and national banks on issues raised in free trade agreement talks with the US. Other major issues relate to the security of assets and the development of the financial services sector.
AUB, Mideast bank of the year
Bahrain's Ahli United Bank has been judged the best bank in the Middle East for 2006, as well as Bahrain, by The Banker magazine. AUB launched a regional expansion drive this year, including a move into North Africa through its acquisition of Egypt's Delta International Bank.
EFG-Hermes, DIFC inauguration
Egypt's prime minister yesterday inaugurated the UAE head office EFG-Hermes at the Dubai International Financial Centre. Dr Ahmed Nazif praised the bank for taking a 'home-grown brand' to regional markets. The Egyptian investment bank plans to next take its operations into Saudi Arabia.
Emirates Bank $7.5bn loan ceiling
The Emirates Bank Group has raised the ceiling of its euro medium term loan programme to $7.5bn from $3.5bn, Gulf News reported. Chairman Ahmad Humad Al Tayer said the bank needed to raise new money to fund lending and business growth. The bank has raised $1.6bn in 2006 under its EMTN programme, and is expected to pull in $1.5bn to $2bn in 2007.
QNB opens in Kuwait
Qatar National Bank has been given approval by Kuwait's central bank to open a full service branch in Kuwait. The bank says it is the first Qatari bank to be given such a licence. QNB also operates in London, Paris, Libya, Yemen and Singapore,
Kraft $40m Bahrain factory
Kraft Foods has started work on its $40m cheese and beverage plant in Bahrain. The 600,000 sqft factory, due to be completed in 2007, will produce cheese and powdered beverages for export in the Middle East. The plant will employ 250 to 300 workers.
DIB wins Banker award
Dubai Islamic Bank has been judged the best UAE bank for 2006 by The Banker magazine. The Banker says the award was based on DIB's financial results and performance, as well as its strategic developments and overall achievements.
Big players to dominate ports
The domination of the port industry by global players such as DP World will mean fewer regional and local operators, according to a senior DP World official cited by Gulf News. MD Mohammad Al Muallem told a maritime conference in Dubai that the port sector will increasingly see more competition among top players for assets. Al Muallem said ports operated by DP World in the UAE have recorded double digit growth, fuelled by buoyant regional economies riding high oil prices.
Nico to build Kazakh drydock
Dubai-based Nico International will establish a shipbuilding facility in Kazakhstan with local partners. Nico and local firms Caspian Services and Kazmortransflot will invest around $12m to build the facility, Nico's GM told Gulf News. Work will begin in March 2007 and is due to be completed by the end of that year.
EBG, $106m MIS loan
The Emirates Bank, as the sole mandated lead arranger, has signed a $106m project finance facility with the Maritime Industrial Services Company. The loan will finance the building of two Friede and Goldman design oil rigs at the MIS Sharjah yard; Norways's Mosvold Jackup signed a $250m agreement with MIS for the construction of the platforms.
NOC, ABC advisory tie-up
Libya's National Oil Corporation and the Bahrain-based Arab Banking Corporation have penned a deal at NOC's headquarters in Tripoli. The ABC has been appointed as a financial advisor to provide the NOC with assistance and advisory services in relation to various unspecified projects undertaken by the oil company. The NOC is expected to offer several hundred blocks for development in the next few years.
HSBC leads Sabic debt drive
The HSBC has acted as a joint lead manager and joint bookrunner for Sabic Europe, a subsidiary of the Saudi Basic Industries Corporation, in raising $2.7bn in debt for the company. Both components, a $1bn eurobond and a $1.7bn syndicated loan, were oversubscribed. The geographic spread of investors in the eurobond showed the Middle East accounting for 33%, continental Europe 37%, the UK 24% and Asia 6%.
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