2003
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Gulf Air expands to 36 aircraft
Gulf Air has signed an aircraft leasing agreement that will increase the size of its present fleet from 33 to 36 aircraft. The airline will take delivery of a further three Airbus wide-bodied A340-300 aircraft, one of which rolled off the delivery line at the Airbus factory in Toulouse at the end of October. This takes the total of A340s in the Gulf Air fleet to 13.
HSBC Egypt, USD10.9m profit
HSBC Egypt has doubled its profit in the nine months to the end of September and reported a profit of USD10.9m. Net operating income was up by 35 per cent to USD38.9m, while interest income was up 34 per cent to USD54m. Fees and commission grew by 38 per cent to USD19m.
UAE bourse attracts buyers
The UAE bourse has registered a modest uptick over the past few days after drifting sideways for two months. The Emnex Index closed at 2,873.06 on Monday, up 31 per cent so far this year. The market's dividend yield eased to 2.98 per cent and its price earnings ratio extended to 17.77.
NBF, USD27m rights issue
The National Bank of Fujairah is to boost its capital base by USD27m through a rights issue. This will increase shareholders' funds to USD209m. Shareholders have one month to take up their rights. Chairman Sheikh Saleh bin Mohammed Al Sharqi said the additional funds were needed for a planned increase in business in the near future.
USD5bn Dubailand, heritage JV
The upcoming USD5bn Dubailand theme park outside Dubai is to showcase a permanent exhibition of local and Middle Eastern culture under an agreement reached with Dubai Heritage Vision, a joint venture between the Dutco Group and Heritage Vision France. DHV founders are Anita Mehra Homayoun and Pierre Marcout.
SGI cancellation bad for FDI
Saudi Prince Alwaleed bin Talal has sharply criticised the abrupt cancellation of the USD25bn Saudi Gas Initiative in remarks to the Arab press. He said it was a grave mistake to cancel a contract signed three years ago with the biggest global firms in the presence of the King and Crown Prince. We have missed a major opportunity, he noted.
Riyadh bomb worries business
The bomb in a Riyadh residential compound that left 17 dead and more than 100 wounded has been roundly condemned by the local business community. However, there are also worries that the attack signals a wider campaign by terrorists, and calls for the government to take stronger action against extremists.
Fifth IWPP for Abu Dhabi
Abu Dhabi is to get a fifth independent power and water project, the Taweelah B/C plant, officials told Gulf News. This replaces the Al Mirfa project which is now on hold. The new IWPP will have a capacity of 1,000MW and 65m gallons of water per day. International companies will be invited to bid at the end of Q1 2004.
Dubai Bank, break even 2004
Barely one year old, the new Dubai Bank is likely to break even next year, according to CEO Ahmed bin Brek. He was speaking at the launch of a credit card scheme that gives cardholders 50 per cent more in rewards than any other programme. Dubai Bank is a wholey owned subsidiary of Emaar Properties.
NSGB profit up 20pc, USD22.6m
Egypt's National Societe Generale Bank has posted a 20 per cent rise in profit to USD22.6m for the first nine months of the year. The bank is 54.3 per cent owned by Societe Generale of France, and is among the best performing private banks in Egypt. Its loan portfolio is focused on retail and big corporations.
Aer Rianta, USD250m sales
Air Rianta International which has duty free concessions in Bahrain, Qatar, Kuwait, Beirut and Muscat is celebrating its 20th anniversary of operations in the Middle East. The subsidiary of Ireland's Airports Authority expects a USD250m turnover this year with strong growth in Qatar and Bahrain.
EBI ups emiratisation target
Emirates Bank International to invest USD3m in recruitment and training of UAE nationals over the next five years to reach a 40 per cent emiratisation level as soon as possible, said a statement. So far EBI has reached 30 per cent emiratisation.
Bahrain OBU assets down
Total assets of the 50 offshore banking units based in Bahrain fell by 5.2 per cent to USD78.2bn in Q3, according to figures from the Bahrain Monetary Agency. This was also a fall on the USD89.1bn in assets held in the kingdom in this period a year ago.
GCC follows global standards
The GCC states have agreed to follow international standards where no regional standard is available, UAE Minister Dr Mohammed Khalfan bin Kharbash told Gulf News. He said this is a very important development, and was approved in principle at the recent Doha meeting of industry ministers.
Saudi-German hospital opens
Saudi Arabia will inaugurate the new 300-bed Saudi-German hospital in Madinah on Monday, reported local newspapers. The German hospital will serve a region of three million citizens and also cater for the millions who visit Madinah and neighbouring Makkah as pilgrims.
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