2007
- The news you choose »
- Login to Add to Watchlist
Delta Sugar sweet on refinery
Egypt's state owned Delta Sugar is to build a new $131m refinery north of Cairo, reported Reuters. Delta is currently choosing a suitable site and the facility should take around two years to construct. Initial production will be about 150,000 tonnes per year but a second production line, costing $70m, will be set up at a later date.
HSBC wins trade finance award
HSBC Bank Middle East has been named best trade finance bank in Middle East by Global Finance magazine. The bank also picked up the same award for Asia, Hong Kong and the UK. Banks were judged on their transaction volume, scope of global coverage, customer service, competitive pricing and innovative technologies.
DP World $158m Oz JV
DP World and a consortium led by local private equity fund Kaplan Equity Limited have agreed to run joint venture logistics operations in Australia, in a deal it says is worth around $159m. DP World will expand its logistics activities in the country through companies P&O Automotive and General Stevedoring and P&O Trans Australia, DP World will retain a 25% stake in A&GS and a 50% stake in POTA.
Premier Baltrans opens in Bahrain
Oman-based Premier Baltrans Middle East, a freight forwarding and logistics company, has established an office in Bahrain through local partner Trans-Continental Shipping, Gulf Daily News reported. Premier Baltrans Middle East holds the region's master franchise for Hong Kong's Baltrans Holdings. The company is looking to use Bahrain as a re-export hub for Saudi Arabia and Kuwait, an official said.
Dubai Bank completes conversion
Dubai Bank has started operating as a sharia-compliant bank. The conversion process took six months. Dubai Bank says it wants to open 10 new branches, from which it will offer a range of Islamic banking products, before the end of 2007.
Iran steel output up 20%
Iran's steel output rose by 20% to more than 10.5m tons in 2006, the Iran Daily reported. Exports comprised 1.6m tonnes, while 6.5m tons were imported, according to head of the Association of Iranian Steel Producers Taqi Bahrami. He said the country is expecting to produce 13m tons of steel in 2007.
ADIB $410m private sukuk
Abu Dhabi Islamic Bank plans to issue $410m worth of convertible Islamic bonds to Emirates International Investment Company, according to Zawya Dow Jones newswires. The sukuk can be exchanged for shares in the bank. Shareholders meet on 21 February to approve the issue.
Tough Q4 for UAE banks
A slump in local stock markets in 2006 is expected to hit last-quarter profits of UAE banks, according to an EFG-Hermes report cited by Emirates Today. Of eight banks tracked, five will show negative profit growth compared to Q4 2005. The report said IPO gains, asset management fees and income from sale of securities had all fallen substantially by the middle of 2006.
Iran shipping line turns to euro
Islamic Republic of Iran Shipping Lines has replaced dollars with euros for foreign transactions, in accordance with a request by the government that state companies cut dollar-based transactions to a minimum, Bloomberg reported. The company operates Iran's largest non-oil shipping fleet, and has the biggest container market share in the region.
It looks like you are using a Mac - check out our 
Web Feeds