2004
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Emaar, Al Oula regional JV
Saudi realty giant Al Oula has signed a joint venture deal with Dubai's Emaar Properties to develop projects across the region. Emaar Middle East will be 60 per cent owned by Emaar and invest in viable regional real estate projects, said officials.
Welch: Saudi should copy Dubai
Former General Electric CEO Jack Welch asked the Leaders in Dubai event yesterday: Why can't Saudi Arabia be like Dubai? Why can't others have the best practices like those in Dubai? He praised the high-tech infrastructure and openness to multinationals found in the emirate.
UBS, Noriba, Malaysian sukuk
UBS Investment Bank and its Bahrain-based subsidiary Noriba Bank are the joint lead managers of a five-year USD350m Malaysian sukuk. The funds will be used to re-finance projects in the Sarawak region of Malaysia. Sarawak is one of the biggest states in Malaysia and is currently developing its large reserves of natural resources.
Bahrain PM , FTA statement
Bahrain Prime Minister Sheikh Khalifa bin Sulman Al Khalifa has entered the debate over Bahrain's right to negotiate a bilateral trade deal with the US. He said that since other GCC states have signed trade and economic agreements with other states without any GCC objection, they don't have the right to criticise Bahrain's deal.
Jebel Ali cement expansion
Dubai's Jebel Ali Cement Factory will invest USD32.7m in the first phase of a five-year expansion plan. It will construct a new plant in the Jebel Ali industrial area, to be completed by January 2006, with a capacity to produce 2,300 tonnes of cement a day. Huge ongoing construction projects have resulted in shortages of supply and high costs of cement this year.
USD800m Sharjah Industrial City
Emirates Industrial City, a proposed USD800m industrial and warehouse facility financed by Saudi investors is to be built in Sharjah. The project by Industrial City Development led by Al Hanoo Holding, will cover 83m sqft of industrial land and is expected to be completed by 2007.
Palestinian economy declines
Palestine's economy is performing below its potential, despite a short-lived increase in Palestinian jobs in 2003, according to a World Bank report. Unemployment stands at 25 per cent, compared with 10 per cent before the Israeli occupation four years ago. A brief easing of violence and Israeli closures saw 104,000 jobs created last year, but 22,000 jobs were lost in the first half of 2004.
Addar IPO exceeds UAE GDP
The USD103bn collected in the initial public offering for Addar Properties is 40 per cent bigger than the GDP of the UAE. Shuaa Capital CEO Iyad Dawaji told Gulf News that this raises questions about the amount of money banks provide for IPO leverage. By some estimates banks have made more than USD500m in charges for the IPO funding in a matter of days.
Gergawi opens leadership event
CEO of Dubai Holding, Mohammad Al Gergawi will deliver the opening address at the Leaders in Dubai conference today. He is Chairman of the Young Arab Leaders Executive Committee. More than 2,500 delegates are gathering to hear seven global leadership experts, the largest forum held in Dubai since the IMF and World Bank meetings last year.
CBIE listed on the ADSM, KSE
The Commercial Bank International of Egypt has listed its shares on the Abu Dhabi Securities Market and Kuwait Stock Exchange from today. CBIE is the fifth largest Egyptian bank with assets of USD3.9bn, and has been listed in Cairo since 1993.
Dubai Bank raises its capital
Dubai Bank is raising its capital from USD82m to USD136m, after a decree issued yesterday by Economy Minister Sheikha Lubna Al Qasimi to amend the articles of partnership and statute, reported Wam. Sheikha Lubna also granted another month to the committee evaluating the Damas Jewellery flotation.
GIC issues USD500m euro note
The Gulf Investment Corporation has issued a five-year floating-rate USD500m euro note, the first tranche of a USD1bn medium term note programme. Officials told a press conference in Kuwait City the first issue comprised notes of USD100,000 each at 0.55 per cent over three-month Libor, reported Reuters.
USD103bn chases Addar IPO
Abu Dhabi's Addar Properties received USD103bn from investors for its initial public offering, an oversubscription by 453 times. The Founders Committee said refunds would be made within 30 days. UAE real estate investment is expected to total USD63bn over the next six years, according to local analysts.
Kuwait petrochems IPO opens
The initial public offering of shares in Qurain Petrochemicals Industries will open tomorrow in Kuwait, with 90 per cent on sale to the public and 10 per cent retained by a subsidiary of the Kuwait Petroleum Corporation. The new company will invest in the field of petrochemicals.
UAE top exporter to Iraq
The UAE has emerged as the biggest post-war exporter to Iraq, surpassing Jordan, Iran, France, China and Russia, according to a report from HSBC. Last year UAE exports to Iraq stood at USD588m with USD399m from the Dubai free zones.
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