2007
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Bank Mellat IPO plans
Iran's Bank Mellat intends to sell shares in an initial public offering (IPO) despite the impact of economic sanctions imposed upon it by the US due to its alleged support of the Islamic Republic's nuclear policy, reported Reuters. Bank Mellat intends to sell a 5% stake in the IPO to determine a price before more shares are floated. The IPO should occur before the end of the Iranian year next March.
Emal nets $4.9bn loans
Emirates Aluminium (Emal) tied up $4.9bn worth of loans last week to help pay for its mega smelter project in Abu Dhabi, reported Bloomberg. Banks including BNP Paribas, Calyon, the Royal Bank of Scotland Group and the Standard Chartered Bank led the deal. The debt facility includes a six year equity bridge of $2.8bn and a 16 year term loan worth almost $1.9bn.
Emal to sell $2bn bonds
Emirates Aluminium (Emal), which is building the world's biggest aluminium smelter in Abu Dhabi, intends to sell about $2bn worth of bonds next year to help pay for construction, reported Bloomberg. Un-named sources said the bonds will have tenures of ten years and some of them may be sold as sukuk. It is thought Citigroup, the Goldman Sachs Group and the National Bank of Abu Dhabi will manage the sale.
Zamil sets up pipes plant
Saudi Arabia's Zamil Group has signed a deal with Canada's Brandt Engineered Products for the development of a new seamless pipes processing facility in Dammam's 2nd Industrial City. The project's design has already been established and construction should get underway early next year. The pant will have an initial capacity of 170,000 tonnes of American Petroleum Institute specification pipes and joint casing per annum.
BNP Paribas, Depa $55m loan
Dubai's Depa Interiors, an interior decoration and contracting firm, has signed a syndicated term loan facility for $55m. The loan, which was arranged by BNP Paribas, was oversubscribed and also involved the participation of a number of other lenders including the Arab Bank and Barclays Bank. Depa Interiors intends to use the loan for capital expenditure and acquisitions purposes.
New Chairman for Taib
Following the recent completion of the sale of 60% of Bahrain's Taib Bank to the Dubai Financial Group (DFG), Soud Ba'alawy, the Executive Chairman of the Dubai Group, has been elected as the lender's new Chairman. Iqbal G Mamdani will continue to be the board's Vice Chairman. In all, the DFG has appointed five people to Taib's board, which will itself retain four directors.
HSBC offers Saudi Indexes
The HSBC is launching two indexes, as well as associated funds, which will provide investors with access to Saudi Arabian equities, reported Reuters. The bank's HSBC Saudi Equity Index offers 36 stocks, while the HSBC Saudi Petrochemical Equity Index includes 11 firms' shares, including leading blue chip entity, the Saudi Basic Industries Corporation. The Saudi equity market is ordinarily closed to investors not based within the region.
Sumitomo, Aramco resin plans
Japan's Sumitomo Chemicals and Saudi Aramco are discussing a possible $1.8bn expansion of their joint $10bn PetroRabigh venture, reported Reuters citing the Nikkei Business Daily. The extra funds would be used to develop a compound resin production facility which would come on stream in 2012; PetroRabigh's CEO Saad Al Dosari revealed last month that new product lines were a possibility at the complex which will begin operating late next year.
DGCX appoints Baroda
The Dubai Gold and Commodities Exchange (DGCX) has appointed India's Bank of Baroda as a clearing bank. The partnership will now enable DGCX members to open settlement accounts with the bank; the exchange's present list of clearing banks includes the National Bank of Dubai and the HSBC. The Bank of Baroda has been in the UAE since 1974 and has six branches in the country.
DIB to launch charity
Dubai Islamic Bank has launched a nonprofit charity foundation that aims to help needy UAE nationals and expatriates, as well as support charity organisations across the country in their work. The foundation will provide good deed loans to those who are insolvent according to specific conditions and guarantees and will participate in projects that are beneficial to citizens and residents in the UAE.
Deutsche Bank to double number of employees in ME
Deutsche Bank plans to double the number of its employees in the Middle East over the coming two years, reported Thomson Financial. Juergen Fitschen, Global Head of Regional Manager of the bank said that he expects an increase in ME operations to reach the same level as South America. He further expects the Gulf's Region investment to reach $1,500bn over the coming four to five years. Deutsche bank currently has 170 employees in six countries in the Middle East.
Qatar International to launch Islamic insurance firm
Qatar International Islamic Bank has announced it plans to set up an Islamic insurance company in Syria, reported Gulf News. The company will own 20 per cent of the new venture, according to a statement given to the Qatari bourse.
Doha bank seeks Kuwait permit
Doha Bank, Qatar's fourth-largest lender by market value, said it applied for a license to operate in Kuwait, reported Gulf Times. In a statement on the Doha bourse website, the bank said it had made an application. Kuwait News Agency reported in September that Doha Bank had received initial approval to open a branch in Kuwait.
Kuwait inflation rises to 6.2%
Annual inflation in Kuwait surged to an all time high of 6.2 per cent in September as the increasing oil prices fuelled economic growth, reported Gulf Daily News. Analysts claim that the rate would have been even higher had the country failed to revalue its currency.
Qatar eyes LSE
Qatar Holding has lost interest to bid for Nordic Exchange OMX to focus instead on a potential deal to become the biggest shareholder in the London Stock Exchange (LSE), reported Reuters. The Gulf country said it has no plans to make an offer for the LSE but by building a stake it could help protect the London exchange. The Doha-based company, part of the state-owned Qatar Investment Authority, withdrew a request to Swedish regulators for approval for a potential bid for OMX, dousing hopes for a higher offer and leaving the way clear for Nasdaq and Borse Dubai to win over the Nordic operator.
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