2003
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USD100m Islamic shipping company
Dubai Islamic Bank and Tufton Oceanic Finance Group has formed the USD100m Alislami Oceanic Shipping Company Limited, a vehicle for Islamic investment in internationally traded marine vessels. DIB and Tufton have committed to underwrite the Islamic equity subscription of AOSC. Tufton will manage and administer AOSC.
Emirates, GE, USD200m deal
Emirates Airline has signed a letter of intent worth more than USD200m with GE Engine Services for a long-term maintenance agreement to support the engines that will power the airline's Airbus A340-300 aircraft. The airline will begin operating eight leased four-engine A340s in 2004.
Dow past 10,000, dollar down
The US dollar hit record lows against the US dollar while the Dow Jones stock market passed the 10,000 mark, confirming the end of the bear market. The euro was worth USD1.2276 but recovered a little later in the day. All eyes are on the Federal Reserve for an indication on the outlook for interest rates.
Qatar, USD3bn Airbus deal
Qatar Airways has signed a contract to buy 14 aircraft from Airbus worth USD3bn. This includes two A380 superjumbos to arrive in 2009 and options on two more; two A340-600s for delivery in 2006 and options on a further eight. Qatar Airways operates an all Airbus fleet.
ABC, USD75m NAS aircraft loan
Arab Banking Corporation is financing the USD75m purchase of three Gulfstream G300 business jets for Saudi based National Air Services. The deal will be guaranteed by the US Export-Import Bank. NAS is the only fully licensed independent private aircraft operator in Saudi Arabia.
UAE, USD350m Northrop deal
The UAE is set to buy five Hawkeye early warning aircraft from Northrop Grumman for USD350m. Officials said the negotiations had been completed in record time over the past week. Delivery will be between Q1 2006 and Q1 2008. Oman and Saudi Arabia are also interested in the aircraft.
DMCC, gold advisory panel
The new Dubai Metals and Commodities Centre has set up a gold advisory committee to campaign for the industry to be headed by Colin Griffiths. He said the committee would form a new regional forum to develop and launch new initiatives in the sector.
Dolphin funding in Q4 2004
The UAE's Dolphin Energy Limited expects to sign a deal in Q4 next year with regional and international banks to fund its USD3.5bn gas project, reported Reuters, citing Khaldoon Al Mubarak, executive vice president on the sidelines of a power conference in Oman.
NAS, USD75m Gulfstream order
The US Export-Import Bank is providing a USD69m loan guarantee to support a USD75m sale of three Gulfstream G300 aircraft to National Air Services of Saudi Arabia. The mid-range business jets are powered by twin engines manufactured by Rolls-Royce. Arab Banking Corporation is the lender.
ABC, Mitsui, USD250m CBK loan
Arab Banking Corporation and Sumitomo Mitsui have been mandated to arrange a three-year, USD250m loan facility for the Commercial Bank of Kuwait for general funding purposes. The senior stage of syndication was launched yesterday and the response has been very positive.
US dollar down, gold higher
The US dollar fell to its lowest level ever against the euro yesterday, while gold traded at USD406 an ounce. The euro was worth just USD1.22, and the dollar fell to 107.62 yen, a three-year low. Traders blamed weaker than expected jobs data and the twin deficit problem.
Saudi closer to US trade pact
Saudi Arabia has made outstanding progress towards a trade deal with Washington, a senior US official told Reuters. This deal could pave the way for accession to the World Trade Organisation, said Assistant Commerce Secretary William Lash. There is a strong commitment to economic reform, he added.
Bahrain realtor boost capital
Bahrain based real estate firm Al Khaleej Development Company has won approval from shareholders to raise its capital from USD16m to USD50m. Existing share holders will take up USD14m and the balance be placed with investors. Tameer is the only listed realtor on the Bahrain Stock Exchange, and was founded in July 2002.
USD1.5bn Emirates engine order
Emirates Airline has signed a USD1.5bn order for engines to power its new fleet of superjumbo Airbus A380s. But the order went to General Electric and Pratt and Whitney, and not Rolls Royce as expected. The US alliance will supply 92 GP7200 engines for delivery from 2009.
Investcorp buys European bed firm
Bahrain based investment bank Investcorp is buying Hilding Anders, a leading European bed maker based in Sweden from a group of European investors for an undisclosed price. In the past five years revenues have grown eightfold, and the company employs 2,200 staff.
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