2007
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Iraq eyes AWB imports
Iraq is in talks with Australia's AWB regarding the possibility of resuming wheat imports, reported Reuters. Imports ended in February 2006 when AWB was investigated for the alleged payment of kickbacks totalling more than $200m to the regime of former leader Saddam Hussein. Iraq used to import around 2.5m tonnes of Australian wheat per annum prior to the scandal; recently, Iraq has been importing wheat from the US.
EEP starts production
Emirates Extruded Polystyrene (EEP), a joint venture between Dubai Investments and the Farha Brothers of Cloisall Company, has been inaugurated. The new plant started commercial production of extruded polystyrene sheets in the first week of September after a trial run and it will generate around 2,500 tonnes per annum. Dubai Investments owns 51% of EEP's shares, while Farha Brothers holds the remainder.
NBD, EBI merger go-ahead
It has now been officially confirmed that shareholders holding the majority of the stock of the Emirates Bank International (EBI) and the National Bank of Dubai (NBD) have accepted the offer from Emirates NBD to acquire the share capital of the EBI and the NBD in exchange for shares in the company. Shareholders who have yet to tender their shares can do so by September 17.
Dubai gets SME banking centre
Standard Chartered, a leading international bank in the UAE, has opened Dubai's first dedicated SME Banking Centre in Jebel Ali. Nigel Jones, CEO of Standard Chartered UAE, said the bank has seen its SME customer portfolio in the UAE grow by over 400% in the past three years, and it expects the SME market to be a continous growth area in the emirate.
Saudi to build security fence
Saudi Arabia has invited five companies to bid for a contract to build a 560 mile-long security fence along its border with Iraq at a cost of up to $1.07bn, reporters Reuters. The contract calls for a double-lined, razor wire fence along the Kingdom's frontier with its northern neighbor, complete with thermal imaging and radar equipment.
ABC arranges $100m facility
Bahrain-based ABC Islamic Bank has announced that it will arrange a $100m 3-year syndicated revolving Murabaha financing facility for Munshaat Real Estate Projects Company, Kuwait. This marks the first syndication for Munshaat and the funds will be used to finance development of properties in the Holy Haram area in Makkah and Madinah in Saudi Arabia. Athman Investment Company, Kuwait is acting as the financial advisor to Munshaat for this financing.
MMG revenues up 206%
Saudi-based industrial contractor Mohammad Al-Mojil Group has announced revenues of $235.3m for the six-month period ending June 30, 2007, a 206% increase compared to the same period a year ago. The firm also said it achieved an operating profit of $76.4m during the first six months of 2007, up 336% compared to the same period last year.
QNB closes $1.85bn loan facility
Qatar National Bank announced the successful closing of a $1.85bn syndicated term loan facility arranged by a group of international banks and financial institutions. The transaction, which has a five year maturity, was initially mandated at $1.6bn, but due to strong support was increased to $1.85bn, making it the largest syndicated loan for a Middle Eastern bank borrower to date.
ATFP in $40m pact with Tunisia
The Arab Trade Finance Programme and the Central Bank of Tunisia have signed a $40m credit line agreement to help finance Tunisia's foreign trade, reported WAM. The new agreement marks the 20th credit line that ATFP has granted so far to Tunisian national agencies, bringing the total to $338m.
Ramadan to start on Thursday
Saudi Arabia will start the Muslim fasting month of Ramadan on Thursday along with most fellow Gulf Arab states, reported Reuters. State religious panels in Saudi, the UAE, Kuwait, Qatar and Bahrain said the crescent moon was sighted after nightfall, signalling the start of Ramadan. Businesses and offices in the region reduce opening hours during the day and often open in the evenings.
UAE would cut interest rates
UAE Central Bank Governor Sultan Nasser Al Suweidi said the UAE will lower interest rates 'accordingly' should the US Federal Reserve decide in favor of a rate cut at its Sept. 18 meeting, reported Reuters. He added that the Gulf Arab state, which pegs its dirham currency to the sliding US dollar, has no immediate plans to change the value of the dirham. Rising inflation in the UAE is 'just a temporary situation,' he said.
Emirates, Russia space tie up
The Emirates Institution for Advanced Science & Technology, a Dubai government organization, has signed an MoU with the Russian Federal Space Agency as it gears up to launch DubaiSat-1, a project that initiates its space program. The agreement calls for joint research, exchange of data and expertise, the development and production of satellites and their spare parts, and other scientific and technological projects.
Another massive fire in Jebel Ali
Another massive fire has caused severe damage in Jebel Ali, this time engulfing a plastic packaging factory in a blaze that broke out in Jebel Ali Industrial Area 3 early this morning, Tuesday. Early reports revealed that the fire started in the middle of a hall where a machine and plastic materials were stored. The cause of the fire to United Flexible Packaging Co. Ltd. is unknown.
M&A activity to spur growth
Gulf banks continue to operate in a highly supportive economic environment that is expected to prevail in the foreseeable future, according to a new report by Standard & Poor's. Increasing M&A activity among banks in the region and development of the real estate sector will be key drivers of Gulf banks' growth as well as raising risks. S&P regards this trend positively, the report noted.
BNP Paribas to expand in Gulf
Leading European bank BNP Paribas will open offices and delivery channels in the Gulf as part of its ongoing expansion, reported Gulf News. Jean-Christophe Durand, regional director of the bank in GCC countries, said the new units will be primarily focused on corporate banking and trade finance.
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