2004
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Marubeni wins Taweelah B
An international consortium headed by Marubeni of Japan and BTU Power from the US is to develop the USD1.7bn Taweelah B power station for Abu Dhabi, reported Gulf News. The consortium will hold a 40 per cent stake in the project. BNP Paribas, ANZ Investment and Kreditanstaldt Fuer Wiederaufbau are to finance the winners.
Militants dead in Riyadh
Saudi police killed seven militants yesterday after several bomb blasts rocked central Riyadh, reported agencies. One bystander was said to have died while the main target of the attacks appeared to be government buildings. The incident is the latest to follow a call to arms by Al Qaeda leader Osama bin Laden.
EIA elects Faisal as chairman
The Emirates Insurance Association has unanimously elected Sheikh Faisal Al Qasimi from Sharjah as its chairman for a two-year term. He is also chairman of Buhaira Insurance, and will work closely with Economy Minister Sheikha Lubna Al Qasimi as the industry faces the challenges of liberalisation in 2005.
EFS extends capital base
An extraordinary meeting of Emirates Financial Services, part of the Emirates Bank Group, has approved an increase in capital to USD34m. EBG is to also invest in debentures and extend a loan of up to USD68m to EFS whose activities have been extended to include underwriting and syndicated loans.
BoS enters investment banking
The Bank of Sharjah is to set up an independent investment banking arm, General Manager Varouj Nerguizian told Gulf News. He said the bank was also looking at the acquisition of an insurance company in the region following its rights issue early last year which tripled its capital base.
GFH exits IFC holding
Bahrain investment bank Gulf Investment House has sold its 80 per cent stake in International Franchise Capital to the Bahrain based Jawad Business Group. The exit price delivers a 50 per cent return to clients over three years, said a statement.
Gold suffers trading losses
Gold prices slipped sharply yesterday with an ounce of yellow metal trading around USD435 in New York, down from USD448. Gold hit a 16-year high of USD458.70 an ounce on December 2. The fall back appears to be due to year-end fund trading as the dollar remains very weak.
QIC, 40pc cash dividend
Qatar Insurance Company's board of directors has recommended a 40 per cent cash dividend of QR4 per share for 2004. The meeting also recommended bonus shares at the rate of three shares for each ten shares held, and a 25 per cent capital increase by offering 5,662,800 additional shares for public subscription at Doha Securities Market with priority given to shareholders.
Dollar hits new low
The US dollar hit a new low of USD1.3644 against the euro yesterday shortly before new data showed better than expected US household confidence. However, trading was very thin as most dealers in Europe are on holiday between Christmas and New Year.
AUB share issue oversubcribed
Ahli United Bank has closed subscription to its issue of 600m preference shares on scheduled with total proceeds of USD464m, and an over subscription of 172 per cent. To accommodate the investor demand AUB increased the final issue size to 1,000m shares.
DMCC men get promotion
The Dubai Metals and Commodities Centre has announced the promotion of CEO Tawfiq Abdullah to Vice Chairman while Dr David Rutledge steps into the CEO role. This year the DMCC has launched the Dubai Diamond Exchange, Dubai Commodity Receipts and the Dubai Gold and Commodities Exchange.
ADSM record trading day
The Abu Dhabi Securities Market recorded its highest ever trading volume yesterday on expectations of good financial results and share splits in the New Year. USD104.5m in shares changed hands, overtaking a previous record of USD73.6m for a single day of trading.
AD sets up power companies
Abu Dhabi has created two new power companies, reported Wam. Al Taweelah United Power will have a capital of USD354m and be wholly owned by the Abu Dhabi Water and Elecricity Authority, while the USD270m Taweelah Asia Power Company is to be 40 per cent owned by Asia-Gulf Power Holding Company and the balance by the Taweelah Power Company.
DFM online trading from Q1
The Dubai Financial Market is to introduce online trading for brokers from the first quarter of next year, reported Gulf News. There are 57 registered brokers in the UAE capital markets and the online system will help them to cope with rising share trading volumes.
Dollar down, gold up again
The US dollar has continued its relentless decline and yesterday passed the USD1.36 to the euro barrier. Meanwhile, gold has recovered from a recent sharp sell off and advanced past USD445 per ounce. Most analysts think a USD1.40 euro may not be far away now.
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