2003
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GCC form monetary union body
The six GCC states have taken a step closer to monetary union with the launch of a technical committee yesterday. This body will comprise representatives from the central banks and finance ministries. The GCC summit which opens in Kuwait today may bring the deadline for monetary union forward to 2008, said officials.
Emirates, USD400m bond issue
Emirates plans to launch a USD400m, seven-year, international bond issue with a floating-rate of interest in 2004. Chairman Sheikh Ahmed bin Saeed Al-Maktoum said this will initially be listed in Luxembourg and later on the Dubai International Financial Centre. HSBC, Emirates Bank International, National Bank of Abu Dhabi and National Bank of Dubai are managers.
KSE fails to maintain new high
The Kuwait Stock Exchange closed up 1.3 per cent this week at 4,643.10 points, although the KSE failed to maintain the new all-time high set on Saturday. So far this year the KSE is up 95.5 per cent on 2002. Tuesday's provisional nod by parliament to foreign investment in the oil sector was greeted positively.
BankMuscat buys Citibank Oman
BankMuscat has bought the personal loan portfolio of Citibank in Oman, reported The Bahrain Tribune. CEO Abdul Razzak Ali Issa said this was part of a strategy to become one of the foremost GCC banks by the end of the decade. He promised ex-Citibank customers that the same high standards of service would be maintained.
Egypt's CIB doubles capital
Egypt's largest private sector bank, Commercial International Bank, is to double its paid-up capital to USD211m through a one-for-one stock dividend financed from reserves. All shareholders holding shares on December 29 will get the stock dividend, reported Reuters.
Airbus responds to Dreamliner
Airbus may respond to the development of the new Boeing 7E7 Dreamliner by upgrading the A300-600 and A330-200, experts told AFP, although officially Airbus said no response was needed. But the Dreamliner will not even enter service until 2008 and still requires firm orders for production to go ahead.
Tabreed plans Q1 Islamic bonds
Abu Dhabi listed National Central Cooling Company has retained The National Investor as sole advisor to plan to issue Islamic bonds on the Luxembourg Stock Exchange in the first quarter of 2004, market conditions permitting. Tabreed has offered district cooling as a utility in the UAE for over five years.
USD222m Iraq work for Halliburton
US firm Halliburton was allocated USD222m more work in Iraq last week despite an audit finding that the company may have overbilled for some of its services there, reported Reuters. The firm has now won USD2.26bn in contracts in Iraq so far to rebuild the oil sector.
Mashreqbank, Moody's upgrade
Mashreqbank has been ranked three positions higher for foreign currency deposits by ratings agency Moody's. This reflected the bank's improving fundamentals and growing franchise. Mashreqbank is the largest privately owned bank in the UAE, and fifth-largest in assets.
GCC, common industrial law
GCC states are soon to have a common industrial law, reported Gulf News. Officials said ratification at the summit in Kuwait next week is expected. There will be one law but implementation and regulation will be left to the individual countries.
Boeing's new 7E7 Dreamliner
Boeing is poised to launch the 7E7 Dreamliner with firm orders from All Nippon, its first new aircraft since the 777 a decade ago. Emirates is understood to be looking at the airplane but has made no commitment. Two years ago Boeing marketed its Sonic Cruiser aircraft which was later abandoned.
Kuwaitis buy 5.7pc Emaar stake
Kuwaiti investors yesterday bought a 5.7 per cent stake in Emaar Properties for USD102m on the Dubai Financial Market. Shuaa Capital acted as undewriter for the sale, and Al Ahlia Investments and Gulf Invest co-managed the deal. The shares were part of Emaar's treasury shares programme established last year to buyback shares.
USD1.5bn Sohar refinery loan
A consortium of 27 local, regional and international banks have signed off a USD1.25bn loan to build an oil refinery in Sohar in northeastern Oman. The banks include Japan Bank for International Co-operation, Societe Generale, Arab Bank, HSBC Bank, Bank Muscat, Oman International Bank, National Bank of Oman, Oman Arab Bank and Bank Dhofar Al Omani Al Fransi.
BoS plans regional expansion
The Bank of Sharjah is planning to grow into the GCC and other regional markets through organic growth and acquisitions. Yesterday the bank unveiled its new corporate identity, and officials said profits could rise 40 per cent in the current year. The bank has tripled its capital to USD68m recently.
Mideast stocks get Saddam lift
Middle East stock markets felt an uplift from the capture of Saddam Hussein and key henchmen yesterday. The UAE's Emnex jumped 2.9 to 2,899.92 points, while the Kuwait bourse climbed to a new record high of 4,665.90. The removal of this security threat in Iraq boosted trade hopes.
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