2007
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Bahraini balance sheet gains
The Central Bank of Bahrain has revealed that the consolidated balance sheet of the kingdom's banks, both retail and wholesale, had reached $222.4bn at the end of Q3, a 4.6%, or $9.7bn, increase since the end of Q2, reported Gulf News. The figure also represents a 32.1% lift over the same period last year. Wholesale banks accounted for almost 80% of the balance sheet.
Dubai Financial, Taib deal done
The Securities and Investment Company (SICO) has concluded a transaction on behalf of the Dubai Financial Group to acquire a 60% stake in Bahrain's Taib Bank. SICO represented the group as its buy-side broker for the transaction which took place on the Bahrain Stock Exchange. The deal was completed on November 8 and the total value was $162.2m.
GE, Saudi Chevron deal
GE Oil and Gas is to supply three compression trains for the Saudi Chevron Phillips Company's new ethylene cracker plant in Al Jubail, Saudi Arabia, which will have a capacity of 1.2m tonnes per year when it enters service in 2011. The trains will consist of cracked gas, propylene refrigerant and binary refrigerant compressors. Saudi Chevron's plans at its existing Al Jubail plant include new polyethylene, polypropylene and polystyrene units.
Al Salam share split
The Al Salam Bank - Bahrain is to undertake a share split on November 18 following approval for the move at an extraordinary general meeting back in September. The bank will split one BD1 share into ten shares worth 100 fils each, thus raising the total number of shares from 120m to 1.2bn. Chairman Mohammed Ali Alabbar said the decision would make promotion of the shares easier.
Qatar Navigation logistics plans
Qatar Navigation has opened a 150,000 sqft logistics facility at Jebel Ali Free Zone and is planning on building another in Dubai Logistics City in order to keep up with the growth of the sector in the emirate and to support its main marine transportation business, reported Gulf News. Qatar Navigation presently has four feeder ships and will take possession of four more vessels by the end of next year.
EIB offers $40m Ijara
The UAE's Emirates Islamic Bank (EIB) has tied up a $40m Ijara facility grant for the Emirates Healthcare Development Company (EHDC). The participating banks included Emirates Bank International, the National Bank of Umm Al Quwain, BankMuscat International - Bahrain, the Khaleej Commercial Bank and the Sharjah Islamic Bank. It is hoped the loan will lead to improved healthcare facilities in the country.
Lebanese banking growth
Lebanon's banking sector has enjoyed solid growth in the first nine months of the year despite the ongoing political uncertainty in the country, reported the Daily Star citing figures from the central bank. The aggregate activity, measured by the consolidated assets of Lebanese banks, grew by 7.1%, or $5.4bn, in the first three quarters of the year to reach $81.6bn. Last year, the equivalent growth rate was 4.5%.
NBK launches advisory board
National Bank of Kuwait, the largest bank in Kuwait, announced the formation of the International Advisory Board, the first of its kind in the Middle East, which will bring together a number of distinguished world figures in the fields of politics, economics and business. IAB will focus on long-term strategic issues and developments pertaining to the region and globally. It will be chaired by former UK Prime Minister John Major.
Morgan issues $1.26bn loan
Dubai Holding said it has obtained financing of $1.26bn from Morgan Stanley on a fully underwritten basis. The facility has been provided, in the form of a short-term bridge loan, to the Dubai Holding Investments Group, the investment arm of Dubai Holding. The loan will be used to fund its 100 per cent owned subsidiary Dubai International Capital's (DIC) acquisition of a 9.9% stake in US alternative asset management firm, Och Ziff.
Arab Bank launches AB Capital
Jordan-based Arab Bank has officially launched AB Capital, the investment banking arm of the Arab Bank Group, after it received a licence from the Dubai Financial Services Authority to operate as a regulated entity in the Dubai International Financial Centre, reported Jordan Times. AB Capital plans to become a leading investment bank in the Gulf region, building on its affiliation with the Arab Bank Group, one of the largest financial institutions in the region.
Islamic banking on growth curve
The number of banks offering Islamic products will double around the world by 2009 due to high demand, reported Reuters. Mark Hanson, chief executive of Global Banking Corporation, a newly licensed Sharia-compliant investment bank in Bahrain, said that although some people view Islamic banking as a fad, it will continue to grow as people feel more comfortable with it.
CBD to provide cover for loans
Commercial Bank of Dubai has signed an agreement with National General Insurance Company to provide insurance coverage to all the home finance loans granted by the bank. The move comes as part of the bank's commitment to support the growth of real estate in the country and follows the launch last month of the bank's Home Finance Programme, which provides 90 per cent of the property cost for both primary and secondary properties.
Tawazun acquires Caracal
Tawazun Holding, a subsidiary of the Offset Program Bureau, has acquired the assets of Caracal International, the recently formed UAE based arms manufacturer. Under the terms of the acquisition, Tawazun will own Caracal's assets and subsidiaries, including the German gun-maker Merkel which has production lines in Germany and the US. Tawazun will retain Caracal's operations and management team.
Unicorn $84.6m 9-month earnings
Bahrain's Unicorn Investment Bank has posted its financial results for the first nine months of the year, with earnings rising by 32% from $64.1m at the end of September 2006 to $84.6m at the same point in 2007. The lender achieved a net profit of $32.1m due to a 'diverse mix of operating income'.
Dubai Industrial offers storage
Dubai Industrial City, a member of Tatweer, has started leasing 1.5m sqft of warehouses that it plans to deliver by the end of the year. The city is offering 220 units, with 80 providing 10,000 sqft of storage space and 140 measuring 5,000 sqft. CEO Rashed Al Ansari said firms interested in leasing the warehouses were seeking proximity to Dubai World Central and the Jebel Ali Free Zone.
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