2007
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IIB buys stake in Amrahbank
Bahrain-based International Investment Bank, a globally-focused Islamic investment bank, has acquired a 49% stake in Amrahbank, one of the fastest growing banks in the republic of Azerbaijan, reported the Bahrain Tribune. The remaining 51% of the shares were kept by existing shareholders. IIB targets an annual internal rate of return in excess of 21% to its investors.
First Gulf profit rises to $138m
Abu Dhabi-based First Gulf Bank, said it posted a net profit of $138m for the third quarter of 2007, which is 7% higher than the previous quarter and 29% higher than the same period last year, reported Gulf News. FGB said its net profit for the first nine months of 2007 reached Dhs1.39bn, 21.5% higher compared with the same period last year.
Bank of Baroda enters Bahrain
The Central Bank of Bahrain has issued a licence to Bank of Baroda to establish a wholesale branch in Bahrain. The new licence marks the return to Bahrain of Bank of Baroda, the fifth largest bank in India. The bank's total assets stood at $36.4bn for the fiscal year ending March 31 this year, while net profit for the year amounted to $261m.
GCC ups industrial projects
The total value of all non-oil and gas industrial projects in the region currently exceeds $115bn, according to research company Proleads. The high demand for finished products and materials is being fueled by booming economic growth, the report said.
CBB creates new licence
The Central Bank of Bahrain has created a new licence aimed at facilitating the conduct of private banking business from Bahrain. The Private Banking Licence caters to all activities related to banking, investment and financial services targeting high net worth individuals, with liquidity of at least $1m. CBB's private banking licensees will be allowed to undertake a wide range of wealth and asset management services, including investment and advisory services and wealth management.
NBAD loans Dhs1.1bn for Dalma Mall
National Bank of Abu Dhabi (NBAD) and the Developers LLC has signed an agreement for a term loan facility of Dhs1.1bn to finance the Dalma Mall in Mussaffah. The mall is expected to open in April 2009. NBAD has underwritten the financing in full and anticipate inviting other interested banks to join the deal at later stage.
Bank raises $630m for Energy City
Gulf Finance House has raised equity over $630m from investors across the GCC to fund Energy City India. The issue was oversubscribed by almost 60% and targets total return of 75% over a three year investment period.
Al Khaliji to buy BLC Bank
Al Khaliji announced that its plans to buy the entire assets of BLC Bank in the UAE is in advanced negotiations. The move is part of its regional expansion, which will provide branch presence in Abu Dhabi, Dubai, Ras Al Khaimah, and Sharjah.
Barclays arranges $937m for DAE
Barclays Capital announced its successful syndication of $937m for Dubai Aerospace Enterprise(DAE) first lien facilities. It included a $100m 6-year revolver, a two-year $280m asset sale bridge and a 7-year $557m term loan. The facilities were made in relation to DAE's purchase of Landmark Aviation and Standard Aero.
EIB posts highest returns
Emirates Islamic Bank (EIB) announced its profits on investment and savings accounts for Q3 2007 has recorded the highest profit rates in the market for the 3rd consecutive year. The bank said in a statement that its annual rate of 6.86% on the 2-year investment accounts is considered the highest return declared by all banks in UAE.
Dubai Bank profit soars 540%
Dubai Bank has announced that its net profit for the 9-month period ending in September 2007 hiked to 540%. The bank made Dhs125m net profits compared to Dhs19.5m recorded for the same period in 2006. Two of the bank's most valued shareholders are Dubai Holding and Emaar Properties.
First Gulf eyes Algeria branch
First Gulf Bank (FGB) announced in a statement that its senior delegation has met with Algerian government officials in Algiers to discuss FGB's application for a license to operate in the country. This would be FGB's second branch in North Africa following last month's announcement of an MoU with the Economic & Social Development Fund (ESDF) Libya to open a fully fledged commercial bank in Tripoli.
Gulf Bank profits $376.3m in Q3
Gulf Bank has reported a net profit ending 30th September 2007 reaching $376.3m, an increase of 38% over the corresponding period in 2006. The bank also posted 3.14% return on assets and a 34.4% return on shareholder's equity. Solid results were also delivered across the bank's corporate, treasury, international and investment banking businesses in the first nine months of 2007.
Dubai World secures $5bn loans
Dubai World Corporation has completed its debut syndicated fundraising of $5bn in loans, which will fund part of its global acquisitions and investments, reported Gulf News. DWC has upped its total facility size to $5bn from an initial launch of $2.7bn.
EIB net profit up 88%
Emirates Islamic Bank has reported that it achieved a net profit of Dhs144.4m for the third quarter of 2007, compared to Dhs77m for the same period of 2006, an increase of 88%. Total income in Q3 2007 grew from Dhs360m in the third quarter of 2006 to Dhs654m, an increase of 82%.
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