2003
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Saudi Governor lashes firm
Baha Governor Prince Mohammed ibn Saud has formally complained to the Saudi Commerce Ministry about the poor performance and neglect of duties by the board of directors of the Baha Investment and Development Company. Prince Mohammed is also unhappy about the inefficiency of the Baha Chamber of Commerce and Industry. Speaking to Arab News, Prince Mohammed criticised the directors who exploited their position in the company to promote their personal business interests with scant regard for development of the region.
FZ info booklet launched
A reference booklet regarding the 12 UAE free trade zones (FTZs) has been launched by Morison Menon Chartered Accountants. Doing Business in the UAE and UAE Free Trade Zones, covers the legalities involved in setting up business in the UAE and gives an overview of recent business developments in the country.
ArabBrazil opening in Dubai
Jordanian Arab-Brazil, the consulting company promoting Arab-Brazilian trade, is set to open its GCC headquarters in Dubai this month. The move follows the initial success of ArabBrazil's office in Amman. ArabBrazil's Dubai operation will have five staff, including a promotions team and a researcher.
NBD raises Iran bond funds
National Bank of Dubai (NBD) raised more than 10 per cent of funds for the 375 million euro bond floated by Iran recently.
NBD raised almost the same amount for the previous bond issued by Iran, which raised 625 million euros in July. Both issues were heavily oversubscribed, where NBD was the largest single fund-raiser among all institutions involved in placing the issues in the market. The Private Office, NBD's private banking division, handled the Iran eurobond placements, according to reports in Gulf News.
NBD raised almost the same amount for the previous bond issued by Iran, which raised 625 million euros in July. Both issues were heavily oversubscribed, where NBD was the largest single fund-raiser among all institutions involved in placing the issues in the market. The Private Office, NBD's private banking division, handled the Iran eurobond placements, according to reports in Gulf News.
UAE unleaded fuel move
Fuel stations across the UAE have all switched to unleaded petrol. Nearly 750,000 vehicles will start using the clener, greener fuel, marking a new era in preserving the environment and ensuring clean air for future generations.
More than 500 service stations have converted the pumps and stored millions of gallons of unleaded fuel in the largest ever transformation in the country's fuel industry.
More than 500 service stations have converted the pumps and stored millions of gallons of unleaded fuel in the largest ever transformation in the country's fuel industry.
Bahrain: Fitch blow to BMB
Bahrain-based BMB Investment Bank has failed to secure a USD75 million syndicated financial facility. In a statement the bank said that this was due to the prevailing uncertainty over Iraq issue. Fitch has downgraded the bank's long-term foreign currency rating to DDD from CCC and short-term foreign currency to D from C. Bad economic conditions were blamed for the bank's failure to secure the finances. The bank's individual and support ratings remain at E and 5, respectively.
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