2007
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Alliance Housing renamed Al Ahli
Oman's Alliance Housing Bank has formed a strategic tie-up with Bahrain-based Ahli United Bank, and International Finance Corporation, a member of the World Bank, reported Gulf News. As part of the agreement, Alliance Housing has been renamed Al Ahli Bank. AUB will have a 35% stake in the renamed bank, while the IFC will have a 9.9% stake.
First Gulf signs $825m club loan
UAE-based First Gulf Bank has signed a $825m five-year syndicated club loan with a number of mandated lead arrangers. The loan has been arranged by 11 banks, with the Bank of Tokyo-Mitsubishi UFJ acting as the agent bank, and Calyon as the documentation bank. First Gulf said the deal will give it more scope in its project finance arrangements in energy and infrastructure industries.
Chinese banks block Iran trade
Chinese banks have stopped issuing loans to Iranian businesses as US led pressure to cut trade with Iran, due to its nuclear policy, intensifies, reported the AFP citing the Etemad newspaper. No specific reason has been given for the decision and Iran's Central Bank is presently seeking to negotiate a resolution. The impact on Iran's economy would be major as China is the country's second biggest export destination.
EII buys into Caparol
Emaar Industries and Investments (EII) has acquired a majority stake in Caparol, the Dubai arm of the German decorative paint manufacturer, the Deutsche Amphibolin Werke (DAW) Group, for an unspecified amount. EII will now steer Caparol's expansion into Saudi Arabia, North Africa, Egypt and South East Asia. Dubai will serve as the firm's regional hub and its production capacity will be nearly doubled via the building of a new production facility.
New $1bn bank for Bahrain
The Islamic Chamber of Industry and Commerce is to establish the Al Emaar Bank in Bahrain with a capital of $1bn, reported the Bahrain Tribune. The new lender should begin operating in H1 2008 and the kingdom was chosen as its base due to its position as a hub for Islamic banking. It is hoped the bank will encourage greater capital flow between members of the Organisation of the Islamic Conference.
Qafco confirms expansion project
The Qatar Fertiliser Company (Qafco) has confirmed that it has awarded Italy's Snamprogetti and South Korea's Hyundai Engineering and Construction Company an engineering, procurement and construction contract for its Qafco 5 expansion project, reported The Peninsula. Construction of the $3.2bn venture will get underway in the new year and will take 38 months to complete. Qafco 5 should be commissioned in January 2011.
Daewoo lands $610m Qatar deal
South Korea's Daewoo Engineering and Construction Company has said it has been handed a 'letter of award' for a $610.6m contract to build a shipbuilding plant at a dockyard in Qatar, reported Emirates Today. The firm did not say when it was likely to sign a final agreement for the deal which it received from the Qatar Gas Transport Company.
ING studies banks
ING Wholesale Banking has initiated research coverage of 13 of the region's banks, including the Qatar National Bank and the Abu Dhabi Commercial Bank. The Dutch bank has also gained execution capability in Abu Dhabi, Kuwait and Qatar to complement the capability it already holds on the Dubai Financial Market and the Dubai International Financial Exchange. ING recently opened an office in Dubai to cement its presence in the region.
Satlub to the KAEC
The Saudi Total Lubricants Company (Satlub), a joint venture between Total and the Al Zahid Group, is to lease land in the industrial zone at the King Abdullah Economic City (KAEC) in order to establish a manufacturing plant for advanced lubricant products. The plant will be commissioned in two years and its initial production capacity will be 35,000 metric tonnes of finished products per year, with the potential for expansion.
ADCB sells $544m bonds
The Standard Chartered Bank (StanChart) has arranged the sale of $544m worth of bonds for the Abu Dhabi Commercial Bank (ADCB). The two year notes were well distributed, with Middle Eastern investors taking 60%. Earlier this year, StanChart arranged reverse enquiry trades, with varying maturities, again totalling over $544m for the ADCB.
ITFC January launch
The International Islamic Trade Finance Corporation (ITFC), a member of the Jeddah based Islamic Development Bank (IDB) Group, will officially launch operations on January 10. The ITFC, which was first unveiled in February, has been established to consolidate the IDB's trade finance activities. It is hoped trade between IDB member countries will rise from 14% to 20% by 2015.
Portuguese bank to operate in DIFC
Espirito Santo Financial Group, the Portuguese banking group announced that its subsidiary, ES Bankers (Dubai), has been granted a license, to operate in the Dubai International Finance Centre (DIFC), reported Gulf News.
New term for Egypt CB governor
Farouk el-Okdah, governor of the Central bank of Egypt has been appointed to a second four-year term by Egyptian President Hosni Mubarak, reported Reuters.
Bahrain grants licence to HDFC
The Central Bank of Bahrain has granted a licence to India's second largest private sector lender, HDFC Bank, to establish a wholesale banking branch operation in Bahrain. The Bahrain operation will be HDFC Bank's first branch outside India. HDFC is a commercial bank which also undertakes wholesale banking and treasury operations.
CEO of DIB unit quits
Dubai Islamic Bank has announced that Aref A Kooheji, Chief Executive Officer of Millennium Capital, the investment banking subsidiary of DIB Group, is stepping down from his position to pursue other opportunities. The bank said a new Chief Executive Officer will be named shortly.
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