2002
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USD4bn Saudi Telecom IPO
The USD4bn sale of a 30 per cent stake in Saudi Telecom to Saudi citizens and pension funds will go ahead on Tuesday this week. Local brokers expect a heavy oversubscription of the offer, the largest ever privatization in the kingdom. STC has a monopoly and posted a profit of USD762m for the first nine months of the year.
January 1, GCC customs union
Finance ministers from the GCC confirmed on Sunday that the customs union of the six Gulf states will go ahead on January 1. AFP reported a statement from Qatari finance minister Yussef Hussein Kamal that all remaining hurdles had been overcome. There will be a unified common external tariff of five per cent. GCC leaders meet December 21 and 22 to approve the union.
KSA, 3.5 per cent non-oil growth
Saudi Arabia's non-oil sector will see growth of around 3.5 per cent next year, according to a study from the Saudi British Bank. The SBB points to strong fundamentals, including little inflation, a strong trade balance, buoyant oil revenues and good domestic liquidity. However, the study admits that the threat of an invasion of Iraq by the USA next year does remain an unknown factor.
Sheikh Hamdan urges diversification
UAE finance minister and deputy ruler of Dubai Sheikh Hamdan bin Rashid Al Maktoum told a conference in Dubai that Arab countries needed to diversify their economies beyond petrochemicals and LNG. He said that governments should take up the implementation of e-government and digital management. This is the nucleus of the comprehensive management of advanced technology, he added.
Inmarsat sell-off early next year
Inmarsat ceo Michael Storey told Gulf News that by early next year an offer for all or a significant portion of the satellite based communications provider would be passed to its board for approval. Etisalat and Saudi Telecom both hold one per cent each in the group whose initial public offering vanished with the slump in telecom shares worldwide. On Sunday Inmarsat launched a mobile broadband data transmission system covering the Middle East.
UAE women, majority of bankers
UAE national women comprise 57 per cent of the 1,776 nationals working in the banking sector, communications minister Ahmed Humaid Al Tayer told a meeting of women bankers. The Women's HR Committee in Banking and Financial Services elected Nawja Ruwaished as its president and Mariam Bahlouk of the National Bank of Dubai as its vice-president.
Emaar launches Arabian Ranches
Emaar Properties is offering a no deposit scheme on its latest development, the 3,000 acre Arabian Ranches equestrian, golf and residential community. Sales start on Monday this week and the first 2,100-4,000 sq ft villas will be ready in June 2004. Emaar chairman Mohammed Alabbar said the project would capitalize on huge demand for themed residential communities and include two championship golf courses and a polo club.
British ceo for StanChart UAE
British banker Ray Ferguson is the new chief executive officer of Standard Chartered Bank in the UAE, replacing Andrew Duff who has resigned from the bank. He joins from Indonesia and has worked for the bank since 1985 both in the UK and Far East. Ferguson holds an MBA from Henley and is tasked with strengthening the bank's presence in the public sector.
Trade boom boosts freight rates
Major shipping lines have increased their sea freight rates from the Far East to Middle East by USD50-100 for a 20-foot container this week, reported Gulf News. The Peak Season Surcharge imposed by the shipping cartel of 17 major groups will last until February 9. Ship owners said the surcharge was necessary to maintain the standard of service, but industry observers said they were cashing in on a trade boom.
Dubai investments top USD28bn
Investments in new projects in Dubai exceed USD28bn, and this figure is too conservative, director general of the Dubai Development and Investment Authority Saeed Muntafiq told Gulf News. He was speaking after the opening of the Cityscape 2000 exhibition at the Emirates Towers hotel on Sunday. Officials said over 50 per cent of the recently announced USD1.8bn Dubai Healthcare City had been taken up.
DIFC unveils its fee structure
The Dubai International Financial Centre has proposed a fee structure for its banks and corporate financiers, according to Gulf News. They will pay USD30,000 as an application fee, and an annual fee of USD30,000-100,000 depending on their total income. Registration fees for individuals will be USD1,000. The DIFC has asked for industry comments on these proposed fee levels.
UNB to list on UAE bourse
Abu Dhabi's Union National Bank has set its sights on expansion into other GCC countries over the next three years, and will list on the local stock market early next year, reported Gulf News. Ceo Mohammed Nasr Abdeen said the bank will also refurbish all its 26 UAE branches before the end of 2003. He said the bank had posted good results every quarter this year and expected to continue.
Abdullah praises Jordan-US pact
King Abdullah II of Jordan has praise the benefits of the Jordan-US free trade agreement to diplomatic gatherings in London, Washington and Abu Dhabi over the past week, reported Gulf News. His majesty said more than USD100m in foreign investment had resulted from the pact. He said the US would like to become a trading partner with other states such as Bahrain, Egypt and the UAE.
StanChart, big Indian expansion
Standard Chartered Bank will be opening a dozen new branches in India every three months, and is set to expand its network from 60 to 100 branches over the next 18 months, reported Bloomberg. Last year SCB made a profit of USD133m in India, slightly ahead of its performance in the Gulf region. Bank officials said they saw enormous scope to grow consumer banking in India, which is very profitable for the bank.
BIB recovery plan, shareholder nod
Shareholders in the Bahrain International Bank have given their support to a recovery plan which includes a USD30-50m rights issue. The board has also formed an interim management committee, headed by the chairman, to replace ceo Robin McIlvenny who has resigned.
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