2006
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Saudi railway track mill
Saudi-based Al Tuwairqi will build a manufacturing mill for steel railway tracks at a cost of $250m, Gulf News reported. Located in Dammam, the 5m sqft plant will open in 2009. Rail network projects in the region will need 4m tonnes of rail over the next year, a company spokesman told the daily.
Issue of banking licences halted
Saudi Arabia's banking regulator has suspended for the time being the issuing of new licences to foreign banks, Arab News reported. The Saudi Arabian Monetary Agency says no more licences will be issued until it evaluates licences issued so far. One local banker told the daily that the move is to study the advantages to the Saudi economy of having foreign banks operating in the country.
AD, $400m iron and steel plants
Al Nasser Industrial Enterprises has started building two iron and steel plants in the Industrial City of Abu Dhabi, Gulf News reported. Worth $109m, the plants are expected to come online by April 2008. One will be a sponge iron plant with a capacity of 250,000 tons per year; the other will manufacture steel billets with a capacity of 350,000 tpy.
$600m Dubai warehouse plan
Dubai Industrial City has announced that $600m will be invested in the building of warehouses in the complex. The warehouses go up over 30 months in three phases, covering 6m sqft, 7m sqft and 11m sqft. The pre-cast structures will offer storage capacity between 5,000 sqft and 10,000 sqft.
Dubal $230m expansion complete
Dubai Aluminium has inaugurated two potlines to complete a $230m expansion of its facility. This has increased production capacity by 100,000 tonnes per year to 861,000 tpy. Potlines 7b and 9b started production in September and June 2006 respectively.
Alba to invest $133m in operations
Aluminium Bahrain will invest around $133m to boost its production efficiency, the Bahrain Tribune reports. This includes an investment in human resources and the construction of the Alba Training Centre. Alba predicts its metal production will reach 851,271 metric tonnes by the end of 2006.
Emirates Bank opens in Ajman
Emirates Bank has opened a branch in Ajman. The branch offers retail banking, including Al Shaheen Club priority banking for high net worth individuals, and corporate banking. It is located in Escape Tower.
DP World nearer to US sale
DP World says it will finish taking bids within two weeks for the sale of its US port operations, Gulf News reported, citing the Associated Press. The asset sale includes terminal operations at New Jersey, New York, Baltimore, New Orleans, Miami ands Philadelphia.
Dubai's $2.17bn Exhibition World
Dubai World Trade Centre has revealed plans for its $2.17bn Dubai Exhibition World, which will be able to host the world's largest exhibitions and events. The complex will offer 1.2m sqft of exhibition space in the first phase. It will include a range of hotels, entertainment facilities and logistics support services.
FSRs lowered for Lebanese banks
Ratings agency Moody's has downgraded the financial strength ratings of the three rated Lebanese banks, Bank Audi, BLOM Bank and Byblos Bank, to D- from D. The outlook for the banks' foreign currency deposit and debt ratings has shifted to negative from stable. Recent political instability prompted the risk reevaluation.
Land deal for young entrepreneurs
Dubai Industrial City will allocate 1m sqft of land for young nationals to set up businesses under the Sheikh Mohammad Bin Rashid Establishment for Young Business Leaders, according to Gulf News. Plots will be allocated with five-year leases at reduced rates, in a move to encourage more young entrepreneurs.
Arabtec moves on DCC
UAE-based construction firm Arabtec Holding is preparing a takeover offer for Dubai Contracting Company, Gulf News reported. Shuaa Capital is financial advisor. The acquisition will increase Arabtec's local market share.
NBAD to launch Islamic firm
The National Bank of Abu Dhabi will soon launch an Islamic finance company, a board member told Gulf News. It will be the bank's first Islamic affiliate. It is currently waiting for government approval.
DIB, real estate finance office
The Dubai Islamic Bank has become the first bank to open a real estate finance office at the Dubai Land Department. The office will offer an array of products, all adhering to shariah principles, including construction finance, land or building acquisition finance and cash-out finance against existing property. The new office will open from 8.00am to 2.30pm, Sunday to Thursday.
QNB, Asian Games branches
The Qatar National Bank has opened three new branches in order to serve the 15th Asian Games taking place in Doha next month. The branches have been opened in the Arrivals and Departures Terminal at the Temporary Airport, the Main Media Centre and the Athletes Village. All three branches are ready for operation and will offer services such as temporary accounts, cash withdrawal, money deposit, transfers, exchange and ATM facilities.
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