2002
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ATFP income down 11 per cent
The Abu Dhabi based Arab Trade Financing Programme saw its income fall by 11 per cent to USD35.5m in 2001, according to figures released last week. Credit lines at the end of 2001 totalled USD2.1bn. Utilisation of credit lines grew by 52 per cent with drawdowns up from USD333m to USD507m due to negative global trends and lower oil prices in 2001.
Gold close to a six-year peak
Gold prices closed last week near to a six-year peak of USD345, its highest level since May 1997. This yellow metal's strength was in vivid contrast to the weakness of the US dollar as military preparations for a war in Iraq intensify. Gold is up by 25 per cent in dollar terms this year though by less in euros.
DDF, new daily sales record
The Dubai Duty Free posted a new record day on December 20 when daily sales hit USD1.3m, reported Gulf News. This beat a previous record of USD1.2m set on November 1. These figures underline the expansion of Dubai as a regional tourist destination despite international tensions.
FIIB, Lend Lease real estate JV
Bahrain's First Islamic Investment Bank has formed a joint venture with the giant property firm Lend Lease to invest 150-200m euros in a portfolio of leased industrial distribution facilities in Germany, reported the Bahrain Tribune. First Islamic expects an attractive income stream for investors from the properties. Real estate is increasingly attractive to regional investors.
NBO, OIB revive merger talks
Merger talks will start again early next year between the National Bank of Oman and the Oman International Bank, reported the Khaleej Times. Last year merger talks broke down with some acrimony. But this year the NBO's ceo absconded in the summer and the chairman and ceo of the OIB have also changed. A successful merger would create the No1 bank in Oman.
Slow response to STC privatization
Arab News reported that the USD4bn initial public offering for Saudi Telecom had received a modest response. Officials claimed that the slow response to the sale of a 30 per cent stake in the company was down to the timing of the IPO which is just after the Eid Al Fitr holiday. However, the Saudi stock market has been sluggish this autumn and the lack of enthusiasm for such a massive share sale is perhaps not so surprising.
Batelco monopoly goes next month
A number of foreign companies have expressed interest in the Bahrain telecommunications sector once Batelco loses its monopoly in January. Officials told Gulf News that other Gulf states would also have to liberalise telecoms to meet WTO rules. Bahrain's new Telecom Sector Regulating Board announced on Wednesday that it had approved the allocation of frequencies for mobile phone operators.
Gulf Air board set to approve plan
Gulf Air is expected to announce formal board approval for a USD130m turnaround plan today, reported Gulf News. President and ceo James Hogan presented the plan to restore profits in three years to a board meeting in Bahrain last night. The meeting has been rescheduled twice while the owners requested further consultations.
Al Futtaim, USD2bn Cairo investment
Dubai's Al Futtaim Group intends to invest USD2bn in a mixed use property development in Cairo, according to Gulf News. Officials said most of the land had been acquired close to the international airport and development would begin in two years. It will include a championship golf course and other leisure and sporting facilities. The delay in starting is due to Egypt's economic problems.
Bahrain, new insurance strategy
The Bahrain Monetary Agency has launched a four-pronged strategy to develop its domestic and offshore insurance industry, reported Gulf News. The BMA has recently become the sole regulator for the financial sector in Bahrain, rising to the challenge now posed by the Dubai International Financial Centre. In particular the BMA wants to promote bank-assurance, captive insurance and Islamic insurance.
Cairo-Amman Bank downgrade
Credit rating agency Moody's Investors Service has downgraded Cairo-Amman Bank from D to E+ for financial strength, reported Gulf News. The fall reflected the deterioration of the bank's loan portfolio and the reduction in value of its franchise in the West Bank and Gaza. There was also a failure of internal systems relating to a fraud in the West Bank, said Moody's.
UAE-Syria trade talks
Syrian transport minister Makram Obeid headed a trade mission to Abu Dhabi this week, and met with UAE communications minister Ahmed Humaid Al Tayer. He said they explored the idea of training air crews in the UAE. The visit follows the first ever Syrian state visit to the UK this week which may mark a new chapter in trade relations.
Ducab, record sales, investment plan
Ducab, the cable manufacturer owned by the Abu Dhabi and Dubai Governments, is heading for a record year with sales in excess of USD110m. At a presentation to journalists managing director Colin Paskins said Ducab would invest USD6.8m in its plant near Jebel Ali free zone next year. He said 75 per cent of sales were to the booming UAE market, mainly for large construction projects.
USD4bn Saudi Telecom IPO
The biggest ever privatization issue in the Middle East got underway on Tuesday. The USD4bn sale of a 30 per cent stake in Saudi Telecom to Saudi nationals and pension funds only is expected to be oversubscribed. STC shares will be listed on February 15 and then available for GCC funds to buy.
Ireland sets up GCC trade office
Enterprise Ireland, the Irish Government's trade promotion arm, is setting up a regional office in Dubai to promote business opportunities in the GCC to Irish companies. Regional director Nicholas Marmion said the office would introduce the UAE to Irish companies involved in financial and mobile telecoms software, e-learning, process control and implementation, higher education, aerospace and others. Irish exports to the UAE last year totalled USD199m.
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