2007
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Wastewater plant for Zarqa
A plant to treat industrial wastewater from factories in the Zarqa Governorate is to be built alongside the Zarqa River, reported the Jordan Times. A Ministry of Environment spokesperson said once the facility comes on stream, nearby industrial complexes will be obliged to transfer their wastewater directly to the plant. The step is designed to decrease pollution levels in the river.
EIIC plans clinker factory
The Emirates International Investment Company (EIIC) plans to establish a $408m clinker cement factory in Abu Dhabi. The EIIC has said construction on the plant will commence next month and it will take approximately three years to complete the various construction phases. Abdellatif Sfaxi, the CEO of the firm, said the factory should be able to cover most of Abu Dhabi's needs for clinker once it is fully operational.
Subprime crisis hits GIB
Fears that some Gulf based lenders could be affected by the US subprime crisis have been heightened by Moody's Investors Service's decision to revise the outlook on the A2/Prime-1 deposit ratings and A3 subordinated debt ratings of Bahrain's Gulf International Bank (GIB) to 'negative' from 'stable', reported Gulf News. Moody's stated the GIB's investments in US residential mortgage-backed securities and structured investment vehicles could hit its intrinsic financial strength.
EFG-Hermes Qatar to QFC
EFG-Hermes Qatar has been granted a license by the Qatar Financial Centre Authority (QFCA) to carry out investment banking and asset management activities. Egyptian lender EFG-Hermes holds a majority 51% shareholding in EFG-Hermes Qatar and the new entity has an initial capitalisation of $37m. The Qatar operation will be headed up by Ahmed Waly.
Dow, KPC $11bn petrochem venture
The US based Dow Chemical Company and Kuwait's Petrochemical Industries Company (PIC), a subsidiary of the Kuwait Petroleum Corporation (KPC), are to form an equal share global petrochemicals company. The joint venture (JV), to be headquartered in the US, will manufacture and market polyethylene, ethylenamines, ethanolamines, polypropylene and polycarbonate. The JV is expected to have revenues of more than $11bn and employ more than 5,000 people worldwide.
Egypt leaves rates unaltered
The Central Bank of Egypt has left its overnight interest rates unaltered, due to a drop in the rate of inflation, reported Reuters. The bank left rates at 8.75% for deposits and 10.75% for lending - they have been left unchanged since last December. But the bank said the country's rapid economic growth threatened a rise in inflation, which actually fell to 6.8% last month.
Julfar, Global pharmacy deal
Gulf Pharmaceutical Industries (Julfar) has teamed up with Kuwait's Global Investment House to set up a chain of pharmacies across the Mena region, reported Gulf News. The new firm, Planet Pharmacies, will invest around $245m to set up 2,000 pharmacies within the next three years. Julfar will own 40% of the new entity with funds managed by Global owning the remaining shares.
Zain refinances Islamic loan
Kuwait's Mobile Telecommunications Comapany Zain agreed a $1.2bn Islamic loan with seven regional and international lenders to refinance existing debt for the same amount, reported Reuters. The loan, which complies with Islamic principles, is for one year and expires in December next year. No details about the terms of the loan.
Albara plans $50m IPO in Syria
Bahrain's Albaraka Banking Group (ABG) plans to sell shares in a $50m IPO of a planned unit in Syria in the first quarter, chief executive Adnan Yousif said, reported Gulf Daily News.
Suwaidi: I am not resigning
UAE Central Bank Governor Sultan Bin Nasser Al Suwaidi has denied a report that he is planning to step down as early as December 18, reported WAM. The report claimed Suwaidi was to be replaced by Saeed Mubarak Rashid Al Hajeri, chairman of Abu Dhabi Commercial Bank.
DFSA issues hedge fund code
The Dubai Financial Services Authority (DFSA) issued its Hedge Fund Code of Practice (Code). The Code sets out best practice standards for Operators of Hedge Funds in the Dubai International Financial Centre (DIFC). The Code addresses some specific risks that are associated with Hedge Funds.
Qatar bank invests $2.9bn in UK property
QInvest, a Qatari Islamic investment bank, said on 10 December that it would take part in developing a $2.9bn real estate project in London, reported Reuters. Currently the bank is working with a British company and four Qatari partners. Without identifying the partners or giving further details about the project, QInvest is also considering investing in the US, said CEO Abdullatif Almeer. Qatar Islamic Bank, which owns 15 per cent of QInvest, is seeking an operating licence in Britain.
Saudi water reuse under review
Regulation of the Saudi water reuse system following privatisation, which is now getting under way, may be vested in the kingdom's existing power and water regulator, Saudi Arabia's Deputy Water & Electricity Minister Loay al-Musallam told MEED's Wastewater Treatment & Reuse 2007 conference in Abu Dhabi.
Lafarge buys Orascom for $12.9bn
French cement maker Lafarge is to buy Egypt's Orascom Cement for $12.9bn, reported Reuters. Orascom Cement is a unit of Orascom Construction Industries and its CEO Nassef Sawiris will receive an 11.4% stake in Lafarge as part of the deal. Lafarge will borrow $8.8bn to finance the deal which should be tied up in Q1 next year; Lafarge has said it might make further acquisitions in emerging markets.
NBK $1.5bn share sale
The National Bank of Kuwait (NBK) plans to generate $1.5bn by selling shares to existing investors to help finance its acquisitions, reported Reuters. The sale will commence tomorrow, Tuesday, and will close on December 26. The lender's shareholders gave the green light to a capital increase in September to support the purchase of Egypt's Al Watany Bank and a 40% stake in Istanbul's Turkish Bank.
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