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ADCB plans 3.5bn ringgit bond sale
Abu Dhabi Commercial Bank plans to sell as much as 3.5 billion Malaysian ringgit ($1.1bn) of bonds, reported Bloomberg. ADCB plans to sell senior unsecured medium-term notes through a Cayman Islands-based unit and received an AAA credit rating for the issue.
United Arab Emirates: Thursday, June 26 - 2008 at 11:03

Egypt cancels sale of Bank Du Caire
Egypt hsa canceled the sale of Banque du Caire SAE because bids were too low, reported Bloomberg. The government was seeking $1.6bn for the 67% stake, but the highest offer was about $250m below that.
Egypt: Thursday, June 26 - 2008 at 07:46

Qatar to invest $3.9bn in Barclays
Qatar has agreed to invest more than £2bn ($3.9bn) in Barclays to help the British bank strengthen its balance sheet, reported the UK's Telegraph. The Qatar Investment Authority will invest as much as £1.76bn and Challenger, a company representing the ruling family in Qatar, will inject another £533m. Japan's Sumitomo Mitsui is adding £500m as part of a plan that will give the bank £4.5bn in a placement of 1.5m new shares. Barclays will issue 1.4bn of the shares through a placing and open offer at 282p a share, a 9.3% discount to yesterday's closing share price of 310¾p. The remainder will be issued through a firm placing at 296p each, a 4.7% discount.
Qatar: Wednesday, June 25 - 2008 at 14:32

Mashreq closes $205m credit facility for Omantel
Mashreqbank said it has successfully closed the general syndication of a $205m financing facility for Oman Telecommunications Co (Omantel). The deal represents the debut debt offering for the majority government owned telecom operator. Mashreqbank acted as the lead arranger and bookrunner for the facility.
United Arab Emirates: Wednesday, June 25 - 2008 at 11:58

Swiss bank expanding in Dubai
UBS AG, Switzerland's largest bank, is relocating six bankers to Dubai as part of plans to expand investment-banking operations in the Middle East, reported Bloomberg. Among the bankers moving to Dubai are Enrique Febrer-Bowen, managing director of UBS's equity capital markets group, and Simon Dowker, a director in the company's financial sponsors advisory business.
United Arab Emirates: Wednesday, June 25 - 2008 at 07:18

DIB arm arranges over Dhs20bn in Sukuk
Dubai Islamic Bank's wholly-owned investment banking arm, Millennium Capital Limited, has arranged in excess of Dhs20bn ($5.4bn) of sukuk and syndication transactions in the first half of 2008, the bank said in a statement. DIB has risen to second place in the GCC Islamic Bonds League Tables, up from sixth place in 2007, according to the Bloomberg Underwriter Rankings published in June 2008.
United Arab Emirates: Tuesday, June 24 - 2008 at 14:28

DIB probe prompts call for compliance
Criminal probes into irregularities at Dubai Islamic Bank and its affiliate Deyaar have led to calls for better compliance and transparency in banks in the region, reported Reuters. Police in Dubai have detained seven people, two of whom were former employees of Dubai Islamic Bank, as part of an embezzlement investigation. It is thought that the high-profile investigation could harm not only the Islamic finance sector but also the overall financial sector in the Gulf.
United Arab Emirates: Tuesday, June 24 - 2008 at 13:53

Taqa names arrangers for $3bn loan
State-owned Abu Dhabi National Energy Co (Taqa) has appointed Bank of Tokyo-Mitsubishi, Barclays, BNP Paribas, HSBC, National Bank of Abu Dhabi and Royal Bank of Scotland as initial mandated lead arrangers and bookrunners for a $3bn, three-year revolver, reported Reuters. The deal pays a margin of 65 basis points over Libor. Taqa will use the proceeds to refinance its $3.1bn, one-year facility that it signed on January 10, 2008 and for general corporate purposes.
United Arab Emirates: Tuesday, June 24 - 2008 at 07:03

Index : Banking : Page 33