2004
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Dubai Holding, China accord
The Dubai Government's Dubai Holding subsidiary Dubai International Capital has signed an investment cooperation agreement with Chinese Government credit insurance agency Sinosure. The deal will assist Chinese companies in establishing investments in the Middle East. Sinosure will set up an office in Dubai.
USD104m Dubal expansion
Dubai Aluminium is to invest USD30m in a second phase of its casthouse expansion programme, bringing its total investment in additional capacity to USD104m. This will be completed by 2005 and raise production from 750,000 to 850,000 tonnes per annum.
USD3.5bn EBI eurobond plan
Emirates Bank International is to increase its medium term eurobond programme to USD3.5bn, and will hold an EGM on December 1 to authorise the proposal. Chairman Anis Al Jallaf said the programme enables EBI to mobilise medium term money to fund its asset book and support quality corporate customers.
OTC market has its day
Over-the-counter stock trading is on the way out with the Emirates Securities and Commodities Authority notifying all UAE public joint stock companies of their obligation to list on the stock exchanges; 20 companies actively trade on the OTC market, while there are 51 companies collectively listed on the Abu Dhabi and Dubai exchanges.
USD600m NBK, KFH loan
National Bank of Kuwait and Kuwait Finance House have arranged a USD600m bridge facility for Equate Petrochemicals, a US-Kuwaiti joint venture, with the participation of 20 regional and international banks, including Arab Banking Corporation, Citibank, Gulf International Bank, HSBC and BNP Paribas, in addition to Arab Bank, Deutsche Bank and Standard Chartered.
Kuwait waives 80pc Iraqi debt
Kuwait has announced plans to forgive 80 per cent of the estimated USD12bn to USD16bn of debt owed by Iraq, according to Minister of Foreign Affairs Sheikh Mohammad Al Sabah. It proposes to write off 30 per cent immediately, 30 per cent after Iraq signs an economic reform package with the IMF, and 20 per cent in three years.
Dubai Industrial City project
Dubai Industrial City, a proposed massive manufacturing complex, is to be built in the city. The project will cover 560m sqft near Jebel Ali Port and intends to take advantage of the UAE's geographical location, tax-free status for its products and Dubai's shipping and air cargo infrastructure to draw foreign investment and attract new technology to the industrial sector.
Arig, Islamic re-insurance IPO
Bahrain-based Arig Insurance Group has announced a plan to float the region's first Islamic re-insurance company by Q3, 2005. It will address the re-finance needs of Islamic insurance companies carrying a total premium value of about USD1.5bn to USD1.8bn, according to CEO, Udo Krueger. The company is 40 per cent owned by the UAE government.
Dollar peg vital for GCC
The IMF is urging GCC states to keep the US dollar peg when they introduce a common GCC currency planned for 2010, to avoid the instability of a floating currency. Several oil-producing countries such as Iran and Nigeria have successfully implemented flexible exchange rates, but they have more diversified economies than GCC states, according to the IMF.
GFH, Islamic risk control tool
Bahrain-based Gulf Finance House is developing a risk management system tailor-made for Islamic banking. The project is a joint venture with GFH's technology partner, Kuwait-based Path Solutions. GFH says Islamic banks face additional risks due to the Sharia-compliant nature of their business.
Bahrain denies GCC FTA anger
Bahrain has denied reports that fellow Gulf states are angered by its recent bilateral trade deal with the US. All steps taken by Bahrain towards reaching the pact were fully known by, and taken in cooperation with the economic cooperation committee of the GCC, according to an official statement issued yesterday.
UAE private sector holiday Dec 2
The UAE private sector will have a holiday on December 2 to mark the occasion of the 33rd National Day. The public sector will be compensated with an extra day off as Thursday is part of the weekend for the UAE Government, while the private sector works on Thursdays.
DFM, Emaar new trading records
Trading on the Dubai Financial Market set a new record on Wednesday with USD306m worth of shares changing hands, powered higher by demand for Emaar Properties. Some USD240m worth of Emaar shares were traded, with the stock closing at Dhs9.23 compared with Dhs6.7 a few weeks ago.
Chinese exports to UAE surge
The value of trade between the UAE and China reached USD5.1bn for the eight months to August 2004, compared to USD5.8bn for the whole of 2003. So far in 2004, China has exported goods worth USD4.4bn to the UAE, an increase of 45.5 per cent.
Dubailand doubles to USD9.5bn
The total investment planned in Dubailand, Dubai's huge tourism and leisure project, has been increased from USD4.9bn to USD9.5bn, officials told the Australian Business Group lunch yesterday in Dubai. Thus far 13 deals worth USD4bn have been closed in Dubailand, and 45 deals worth USD9.5bn are expected within five years on the 3bn sqft site.
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