2007
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Dubai Islamic Bank CEO quits
Dubai Islamic Bank has announced that its chief executive officer, Saad Abdul Razak, is stepping down to take a government job, reported Reuters. The move follows the loss last month of the bank's former head of capital markets Ehsun Zaidi, and Omair Mooraj, former head of syndication and project finance. A source at the bank said no circumstances at the bank had prompted the move, and that Abdul Razak had moved on to a more senior role.
Citigroup expects strong growth
Citigroup is expecting its private banking business to grow by 25 to 30% in the Middle East, Asia, and other high-growth markets, reported Reuters. Samir Raslan, head of Citi Private Bank in Central, Eastern Europe, Middle East and Africa (CEEMEA) said rapid economic growth and cooperation with Citi's commercial bank will help the wealth management business boost revenue and attract assets even without acquisitions.
Banks sign $72m loan facility
Barclays Bank, Al Ahli Bank of Kuwait and GPD Investments have signed a $72m term loan facility for the development of Empire Heights in Business Bay in Dubai. The agreement will provide a term loan for the Grade 'A' twin-tower development comprising 32 floors of commercial offices, six levels of car parking and two floors of retail outlets. ABK will also be acting as the escrow agent for the development.
HSBC in Oman names CEO
HSBC has appointed Ewan Stirling as the Chief Executive Officer of the HSBC Bank in Oman, reported the Times of Oman. Stirling succeeds Richard Groves, who will be moving to Saudi Arabia as executive director and chief operating officer of The Saudi British Bank, an associate member of the HSBC Group. Stirling has been with HSBC Bank since 1986.
Barclays to expand in Abu Dhabi
Barclays plans to open a new branch in Abu Dhabi next year as part of its expansion plans in retail and commercial banking, reported Gulf News. Robert E. Diamond, the bank's president, said Barclays ranked first in the UAE in terms of debt financing in 2006, as well as for the first six months of 2007.
Eskan issues RMBS bonds
Eskan RMBS Company, a subsidiary of Eskan Bank, has issued BD30m worth of conventional residential mortgage backed securities (RMBS) to add depth to the kingdom's debt capital market, reported the Bahrain Tribune. The RMBS issue is a first for the kingdom, and potentially the first of its kind in the region. The RMBS, carrying maturities of three, five, seven and 10 years, were 1.74 times subscribed by local investors.
Masraf Al Rayan's profit soars
Third-quarter profit for Masraf Al Rayan, Qatar's third-largest Islamic bank by market value, soared more than tenfold, reported Reuters. Net income in the three months to September 30 jumped to 382.5m riyals ($105.1m), or 0.51 riyals per share, compared with 36.2m riyals in the year-earlier period, the bank said in a statement.
Ritchie to broadcast auctions live
Ritchie Bros., the world's largest industrial auction company, will begin broadcasting its Dubai and Moerdijk (Netherlands) auctions live from an exhibition booth at the Big 5 PMV next month, reported Gulf News. The firm recently conducted two unreserved auctions in Dubai resulting in total gross auction proceeds of over $50m. The broadcast at the Big 5 PMV, the Middle East's newest construction industry event, will be a first for the region.
Alghanim doubles production
Kuwait's Alghanim Industries is doubling its capacity in its mineral wool insulation and pre-engineering steel buildings (PEB) units. The insulation business will ramp up its production to 230,000 tonnes due largely to new plants in the UAE and India. The PEB unit will lift its output to 400,000 tonnes due to new factories in Ras Al Khaimah and Vietnam, as well as expansion at facilities in India.
Dubai textiles up 11%
A survey by the Emirates Industrial Bank has revealed that Dubai's textile imports increased by 11% per annum between 2002 and 2006, while re-exports grew at a rate of 13.3%, reported Gulf News. Last year, imports were worth nearly $3.8bn, while re-exports generated $1.9bn. But the UAE's garment industry, undercut by cheaper rivals like India, continues to shrink with just ten factories in operation as opposed to 100 in 2003.
Emirates Bank $81.6m deal
The Emirates Bank has agreed an $81.6m credit facility with Nael Bin Harmal Investment, part of Al Ain's Nael and Bin Harmal Group. The funds will help finance the construction of a livestock market, the Bawadi Mall and a hotel in Al Ain, which will cost more than $170m in total. The market should be operational by the end of the year, with the 1.2m sqft mall ready in late 2008.
SEC appoints Baker Botts
The Saudi Electricity Company (SEC) has named Baker Botts, in association with the law firm of Mohanned Bin Saud Al Rasheed, as legal adviser on all aspects of the development of two power plants to be built in Rabigh and Riyadh. The plants will generate more than 3000 megawatts when they are completed, with Rabigh scheduled for commercial operations in 2012 and Riyadh in 2013.
Arab National $530m profit
Saudi Arabia's Arab National Bank (ANB) has achieved a net profit of $529.7m in the first nine months of the year, a 1.6% lift on the $521.3m earned over the same period in 2006, reported Arab News. The ANB has also seen a 5% rise in its operating income which had reached $824.5m by the end of September. The bank's total assets now stand at $22.9bn.
Seven killed in Jeddah blaze
Seven men, thought to be Bangladeshi nationals, died in a blaze at an illegal furniture factory in Jeddah yesterday, Saturday, reported Arab News. The men all lived in the building, which contained a living area and three bedrooms. The fire broke at around 1pm and it is possible more bodies may yet be found; the 6,000 sqft factory, which was located in a residential area, was packed with furniture.
al khaliji appointment
Florence Janin Goodman has joined new Qatari lender al khaliji as its Senior Executive, Corporate Affairs. Goodman was previously the Head of Corporate Affairs, GCC at Barclays Bank, based in Dubai, but she will now have responsibility for driving all of al khaliji's internal and external communications. The bank is also shortly to boost its staff levels to more than 130.
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