2007
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Doha Bank in Yemen deals
The Doha Bank and Yemen's Cooperative and Agricultural Credit Bank are discussing the possible establishment of a joint insurance company, reported The Peninsula. The talks follow an agreement to set up an Islamic bank, with a capital of $100m, in Sana'a. R. Seetharaman, the Doha Bank's CEO, said international advisors are currently preparing the bank's structure.
Qatalum construction begins
The foundation stone is being laid today, Monday, at the site of the $5.6bn Qatalum aluminium plant at Mesaieed Industrial City in Qatar to mark the start of full-scale construction, reported The Peninsula. Qatalum is a 50-50 joint venture between Qatar Petroleum and Norway's Hydro which will comprise of a smelter, a casthouse, a carbon plant and a dedicated gas-fired power plant. Aluminium production should begin in late 2009.
Credit Suisse hires Saudi team
Credit Suisse has hired a team of six private banking relationship managers for Saudi Arabia, which will be based in Dubai. Ashraf Bajsair has been appointed as the Team Leader; previously, he was the Head of Private Banking for the BNP Paribas Private Bank in Jeddah. The Dubai based unit complements existing dedicated resources in Zurich, Geneva and London covering Saudi Arabian clients.
Al Snobar paper mill underway
The Nuqul Group's Al Snobar paper mill in the Arainbeh-Al Jeezeh area of Jordan has commenced production. The plant, which cost a total of $100m, hopes to generate 54,000 tonnes of paper per year. The Nuqul Group also owns three other paper producing factories - one in Jordan and two in Egypt.
ADBIC, Rio $5bn smelter talks
The Abu Dhabi Basic Industries Corporation (ADBIC) is in advanced negotiations with Rio Tinto about setting up an aluminium smelter at Al Ruwais, west of Abu Dhabi, reported Reuters. The project would be a 50-50 joint venture and would be undertaken in three phases, with the first two stages each costing around $5bn, according to ADBIC's COO Jim White. The Royal Bank of Scotland is advising ADBIC.
Virgin bids for troubled bank
Sir Richard Branson told delegates at the Leaders in Dubai conference that he soon hopes to add a big UK bank to his portfolio of companies. Yesterday Virgin put in its bid to buy troubled bank Northern Rock, one of eight that have been submitted. He told delegates that he hopes to 'give the big four [in the UK] a run for their money', by creating the Virgin Bank.
Shamil $63.9m 9-month profit
Bahrain's Shamil Bank has posted a net profit of $63.9m for the first nine months of the year, an increase of 27% when compared to the net profit of $50.2m earned during the same period last year. Total income also rose by 23% from $76.7m to $94.7m, while consolidated total assets rose by $160m, from $1.7bn at the end of 2006 to $1.9bn at the end of Q3 this year.
GAC opens Prague office
Dubai based logistics firm the GAC Group is opening a new regional logistics office in Prague in the Czech Republic. The office is now operational and is headed up by Gunnar Lundgren, the Regional Logistics Manager for Europe, Mediterranean and Africa who moves from his previous base in Egypt. The Prague office will be supported by facilities in Poland and Russia.
Islamic bankers training to improve Shariah efficiency
Afaq Khan, CEO Standard Chartered Saadiq, told delegates at the DIFCweek conference that Islamic banking will soon evolve to a point where specially trained bankers will have better knowledge of Shariah Law, and that this improve communication with scholars. 'There are a number of programmes in several countries right now that educate bankers about Islam and Shariah compliancy... and I think that this is a trend that will continue in the future,' he said.
Islamic banking in need of guidelines
Diverse understanding of Shariah among Muslims means that many Islamic banks are finding it increasingly difficult to make decisions. "Every day we have scholars disputing aspects of Shariah and how they should be interpreted. That's why there is a dire need for standardisation of Shariah opinions," said Humayon Dar, CEO of BMB Islamic at the Dubai International Financial Centre (DIFCweek) conference.
Islamic banking still catching on
Islamic banking still remains "opaque" in the international market, despite the sector's steady growth of 5 to 10 per cent per annum, reaching more than $500bn today. Speaking during the second day of the Dubai International Financial Centre (DIFCweek) conference, Arul Kandasamy, Head of the Islamic Financing Solutions at Barclays said: "Islamic banking is still not understood or even rated by international companies.'
Al Sorayai makes switch
Saudi Arabia's Ministry of Trade and Commerce has approved the Al Sorayai Trading Industrial Group's switch to a paid up capital, closed stock company. Carpet manufacturer Al Sorayai has made the conversion in order to boost its expansion plans both inside and outside of the kingdom. The firm produces around 400m sqft of carpets annually.
Kuwaiti port workers to strike
Employees at Kuwait's Port Public Authority are set to go on strike this Wednesday, reported the Kuwait Times citing the Al Wasat Arabic newspaper. The employees are demanding that a salary increase which they requested now be approved. It is thought the ports of Shuwaikh, Ahmadi and Boubyan will be affected by the action, causing mass disruption and the loss of significant revenue.
BBK completes $133m issue
The Bank of Bahrain and Kuwait (BBK) has completed a $133m rights issue and has invited shareholders to collect their certificates and refund cheques, reported the Bahrain Tribune. The BBK had previously revealed that it was issuing 100m new shares at BD0.5 each, with the funds raised being used to support its aggressive growth strategy as well as its commitments under the Basel II capital requirements.
UAE banks, Iran pull-back
UAE based banks have scaled back on issuing of letters of credit for trade finance involving Iran based companies, due to international criticism of the Islamic Republic's nuclear policy, reported Gulf News. Un-named sources said UAE based banks want to protect their interests in western nations which have implemented sanctions against Iran. There are no financial implications for UAE based firms which are owned by Iranians.
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