2007
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Markaz $89.4m 9-month profit
The Kuwait Financial Centre (Markaz), an investment banking and asset management firm, has posted a profit of $89.4m for the first nine months of the year, with each share earning 59 fils. The figure is a substantial increase over last year's return of $7.1m in net profit, or 5 fils per share, over the same period. Assets under management totalled $5.1bn as of the end of September.
Octal, BankMuscat financing
Oman's Octal Petrochemicals has secured the initial phase of financing required for its plastic packaging venture in the Salalah Free Zone. The firm has arranged $166.5m of debt with BankMuscat; the facility comprises a $148.5m term loan, of which $34.5m has been syndicated to Bank Dhofar, while working capital will absorb $18m. Octal's amorphous polyethylene terephthalate (APET) sheet packaging plant is targeting a 20% share of the global APET market.
DED exec seeks law change
Khalid Ibrahim Al Kassim, the Deputy DG of Planning and Development at Dubai's Department of Economic Development (DED), has said altering the rules and regulations governing investment is key to attracting more foreign money into the UAE's manufacturing sector, reported Emirates Today. Al Kassim wants to see the sector represent around 25% of the country's GDP, up from 17% presently. There are around 4,000 manufacturing firms in the UAE.
Al Salam $46.2m Q3 profit
The Al Salam Bank-Bahrain has posted a Q3 net profit of $46.2m, an increase of $32.4m over the same period in 2006. The bank's total operating income stood at $65.5m at the end of September, which represents a three fold increase over the income reported for Q3 last year. The reported net profit provided a 17% return on shareholders' equity.
Sabic out of Mauritania
The Saudi Basic Industries Corporation (Sabic), has pulled out of a $1.5bn iron project in Mauritania because investment returns would be too low, reported Reuters. The firm revealed its involvement in the scheme to generate high quality iron ore back in July; Sabic was putting in $262m for a 35% holding. Other participants include Australia's Sphere Investments and Industries Qatar, alongside Mauritanian iron ore producer Societe Nationale Industrielle et Miniere.
Mideast bank eyes RHB
An un-named Middle Eastern bank and a Japanese lender are interested in buying a strategic stake in Malaysian banking group RHB Capital, reported Reuters citing the Star newspaper. Malaysian state pension fund the Employees Provident Fund, which secured a $3.6bn takeover of RHB earlier in the year, has until next June to reduce its holding from 82% to 35%. A 47% stake would presently cost around $2bn.
Bank Mellat criticises US
Iran's Bank Mellat has criticised the US for imposing sanctions on the lender for its alleged funding of the country's nuclear programme, reported Reuters citing a company statement. The bank said the US accusations have 'absolutely no justification and legal ground'. As a result of the sanctions, Bank Mellat's US assets will be frozen and no US citizen can conduct business with it; the bank is threatening legal action.
Ithmaar eyes Shamil stake
Bahrain's Ithmaar Bank is hoping to buy the remaining 40% stake it does not own of subsidiary Shamil Bank via a share swap, according to agency reports. Ithmaar is hoping the deal can be carried out after it has been approved at extraordinary general meetings (EGM) to be held by both banks. The dates of the EGMs have not yet been set.
CBQ targets top spot
The Commercial Bank of Qatar (CBQ), the country's second biggest lender, is looking to become the most profitable bank in the country within the next few years, according to its Deputy Chief Executive Michael Azmi-Loe and cited by Reuters. The CBQ is planning to increase its capital adequacy ratio to 14%, up from 11.8% now, by 2010, through the use of capital market instruments like global depository receipts and hybrid bonds.
Industries Qatar to borrow $1.6bn
Qatar's largest listed company is seeking $1.6bn of loans to expand its fertiliser unit, reported Bloomberg. Doha-based Industries Qatar is borrowing through banks after abandoning a planned $1.1bn sale of bonds because of unfavorable credit market conditions. The proceeds will help Qatar Fertiliser Co. finance its fifth plant, known as Qafco 5, which will produce ammonia and urea.
NBAD provides loan to Al Farida
The UAE's biggest lender, National Bank of Abu Dhabi, will provide $109m in loans to Al Farida Investments Company to help finance the Bridgeway mixed-used development project at Zayed Sports City in Abu Dhabi, which will open in the last quarter of 2009. NBAD acts as arranger, lender, agent and security agent.
Emirate's NBD profit hits $698m
Emirates NBD, the banking group resulting from the merger of Emirates Bank and National Bank of Dubai, has reported a net profit of Dhs2.56bn ($698m) and total assets of Dhs228bn during the first nine months of this year. Net profit for the nine months ended September 30 was Dhs1.77bn, compared to Dhs1.36bn in 2006, reflecting a 30% growth.
SABB to boost capital by 60%
Saudi-based SABB Bank plans to raise its capital to SR6 billion ($1.6bn) by issuing 3 bonus shares for each 5 shares held, reported Arab News. The Board of Directors will recommend to the extra-ordinary general meeting scheduled in the first half of 2008 to increase SABB's paid capital by 60% from SR3.75 billion ($1bn) by adding 225 million shares to the bank's shares before the increase (375 million shares).
China plans Egypt industrial zone
China plans to establish a $100m industrial zone in Egypt's Suez region which is expected to ultimately attract $2.5bn in Chinese investments, reported Reuters. Egypt's trade ministry said in a statement that China would also give Egyptian firms a $200m credit line for production lines and technology transfers from China. The line has a seven-year grace period and interest rates of no more than 2%.
S-G plans $50m plant in UAE
Saint-Gobain, the world's top plasterboard producer, plans to establish a $50m plant in Abu Dhabi in a joint venture with Abu Dhabi-based Sultan International, reported Gulf News. Stephen Ede, managing director of Saint-Gobain Gyproc Middle East, said the GCC's plasterboard market has been growing at an annual rate of 30%, with regional demand currently at around 50m square metres.
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