2004
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New USD1.3bn Kuwaiti port
The Kuwait Council of Ministers has approved the construction of a new USD1.3bn port on the island of Bubiyan, reported Gulf News. The 450 sqkm port project includes roads, rail and environmental protection and will be completed by January 2006. A private management company will be floated in Q2 2008.
SHB, first woman board member
Saudi Hollandi Bank has appointed businesswoman Lubna Olayan to its board, the first time a woman has served on the board of a Saudi listed company. She was elected for a three-year term and is a very successful businesswoman in her own right.
Sharjah, new Islamic IPO
Four Sharjah banks have joined forces to establish the Islamic Finance Company with a capital of USD270m to provide wholesale Islamic finance. The Bank of Sharjah, National Bank of Sharjah, United Arab Bank and InvestBank are likely to raise 55 per cent of this capital from an initial public offering.
UAE mulls US FTA strategy
A committee headed by Finance Minister Sheikh Hamdan bin Rashid Al Maktoum is to meet today to formulate the UAE's negotiating position on a free trade agreement with the US. Officials told Gulf News the meeting precedes GCC discussions on FTAs this week after Bahrain's controversial unilateral deal.
Addar bank loans, profits cut
Abu Dhabi Government has ordered banks funding the record USD103bn oversubscription for Addar Properties last week to limit interest charged to 15 days. IPO refunds will also have to be completed not later than December 26. The action comes after reports that banks might make USD500m in windfall profits on the IPO loans.
Istithmar, USD300m securitisation
Dubai Government owned investment portfolio Istithmar will launch its first USD300-350m securitisation in the first half of next year. This will be a securitisation of home loans from The Palm, Jumeirah project. Barclays will be lead manager with Citigroup and Credit Suisse First Boston joining the line-up.
EFS raises its capital base
Emirates Financial Services, part of the Emirates Bank Group, is to up its capital from USD54.5m to USD136m. EFS is a major player in regional capital markets and has its own UAE mutual funds. The whole EBG is planning regional expansion and EFS will expand as well, said Chairman Ahmad Humaid Al Tayer.
Istithmar, USD500m portfolio
Istithmar, the Dubai Government holding company, has celebrated its first anniversary by announcing the investment of USD500m in a portfolio of companies such as Tamweel, BankMuscat International, Dubai Security Services Company, Istithmar Building Facilities and the Palm Marine. Istithmar also has significant equity placements in the resort Atlantis, the Palm and Kerzner International.
Islamic Banking forum Dec 11-13
The Bahrain Monetary Agency has announced the 11th World Islamic Banking Conference, which brings together more than 400 practitioners. It is being held under the patronage of Sheikh Khalifa bin Salman Al Khalifa, Prime Minister of the Kingdom of Bahrain from 11-13 December.
Giuliani highlights accountability
Former New York Mayor Rudi Giuliani emphasised the need for greater accountability in business and Middle East politics in a wide ranging roundtable discussion in Dubai (see Executive Interview). He saw business links as the best way to bridge the cultural divide between the US and Arab world.
HSBC, SBB new bank JV
HSBC is setting up a new investment bank in Saudi Arabia in a joint venture with the Saudi British Bank, in which HSBC already owns a 40 per cent stake. Chairman of HSBC Middle East Stephen Green said the bank was also looking to enter Kuwait, Libya and Iraq by organic growth. Last year HSBC earned USD220m in the region, or five per cent of worldwide income.
Dollar hits new low, USD1.33
The US dollar plunged to a new low against the euro yesterday and closed above USD1.33. However, there was a brief rally after the Chicago manufacturers' survey showed greater than expected activity in Q3 suggesting that the economic recovery was continuing.
ADSM, more settlement time
The Abu Dhabi Securities Market has extended settlement time up to two business days after trades, in line with demands from brokers. The new rule is effective from December 11. This brings the UAE closer to accepted international practices and should encourage foreign investors.
Financial task force set-up
The Middle East and North Africa Financial Action Task Force was established yesterday in Bahrain by 14 MENA countries. It is part of the UN's Organisation of Economic Cooperation and Development. Officials said the task force represented a new blow against money laundering and terrorist financing.
Aqaba privatization, Dubai bid
Jordanian officials are in talks with the Dubai Government about a management contract for its ports, airport and free zone operations in Aqaba that is undergoing privatization, reported Gulf News. Tender packages are due to be published soon.
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