2004
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NI posts 93pc profit hike
UAE investment bank The National Investor has posted a 93 per cent increase in first-half profits to USD5.2m. Revenues from investment banking and advisory fees quadrupled to USD1.4m. Its portfolio of listed equities posted a return of 52 per cent for the six month period ending September 30, outperforming the market by 18 per cent.
UAE businesswomen awards
Organisers of the Emirates Businesswomen Award have launched an intensive marketing campaign to encourage women in all fields of the UAE's business and professional sectors to participate in the 2005 Awards. Dubai Quality Group and Shell aim to encourage applications from national and expatriate women, who over the years have made a mark either as businesswomen or as professionals. Visit, www.ebwa.net.
Luxembourg, Dubai trade office
Luxembourg is planning to set up a trade office in Dubai to promote commercial relations with the UAE, reported Gulf News. Minister of Economy and Foreign Trade Jeannot Krecke has highlighted Dubai's position as being the gateway to a future GCC trading block and Luxembourg's position as a financial centre of the EU. Trade between the two is USD62.6m per year.
ABC, USD500m syndicated loan
Arab Banking Corporation has raised a USD500m syndicated loan after a USD400m facility was oversubscribed. Lead arrangers were The Bank of Tokyo-Mitsubishi, BayernLB, BNP Paribas, Calyon, Citibank, Gulf International Bank, HSBC, ING, Mizuho Corporate Bank, National Bank of Abu Dhabi, SanPaolo IMI Bank Ireland, Standard Chartered Bank, Sumitomo Mitsui and WestLB.
Paris Club cuts 80pc of Iraq debt
The Paris Club of creditor nations has agreed to waive 80 per cent of the USD42bn it is owed by Iraq, German Finance Minister Hans Eichel told agencies. He said we see a special situation in Iraq and this does not set a precedent for any other case. The US had lobbied for a 90 per cent cut in Iraqi debt.
Investcorp buys Thomson Media
Bahrain-based Investcorp has bought Thomson Media, previously a division of Canadian publishing group Thomson Corporation, for USD350m. This investment is now being offered to Investcorp's client base and is its first in the media sector. Thomson Media is a provider of print and electronic media that reports on banking, financial services and technology.
AEB Barka, USD28.6m IPO
The AES Barka power station is entering Muscat Securities Market today with a USD28.6m initial public offering of 11.2m shares. The issue will close on December 20. AES Barka Holdings, a subsidiary of AES Corporation of USA owns 85 per cent, while Suhail Bahwan Group has a 15 per cent stake. Today's IPO is for 35 per cent which will dilute the founding shareholders.
USD40m Alliance Housing loan
Oman's Alliance Housing Bank has raised a USD40m, three-year loan from a syndicate led by BankMuscat and West LB. The syndication was modestly oversubscribed but the borrower decided not to increase the amount. Alliance Housing is the leading provider of housing finance in Oman.
IPO listings slow in the UAE
Shareholders of the Arab Technical Construction Company have complained about the slow listing of their shares after an initial public offering three months ago, reported Gulf News. They are annoyed by the delay in trading the shares when the UAE market is enjoying a bull run.
GCC-India free zone talks
GCC officials are in New Delhi to meet officials and open talks for the establishment of a free trade zone between India and the Gulf states, reported Gulf News. Sources said the two sides reckon a free trade zone could be concluded by the end of 2006.
Gold new high, oil falls back
Gold prices continued to reach new highs yesterday hitting USD444.60 an ounce with traders saying the yellow metal will go higher. Meanwhile, oil prices retreated again with US light crude down 33 cents to USD45.78 a barrel and Brent 54 cents lower at USD41.75.
US dollar sinks past USD1.30
The US dollar yesterday sank decisively past the USD1.30 to the euro mark, and closed at USD1.3047. The meeting of G20 Finance Ministers in Berlin on Friday is not expected to halt the slide of the greenback which has come under pressure since the US Presidential Election.
New 750MW Qatar power plant
Qatari Emir Sheikh Hamad bin Khalifa Al Thani is set to inaugurate the new 750MW Ras Laffan power plant on November 29. The USD714m power and water desalination plant at Ras Laffan Industrial City also produces 40 million gallons of water per day.
Oman, UAE, US free trade talks
US Trade Representative Robert B. Zoellick has informed Congress that the US intends to negotiate free trade agreements with Oman and the UAE. He said the move would be an important part of the President's vision of developing economic growth and democracy in the Middle East.
DIFX delayed until Q3 next year
The projected launch of the Dubai International Financial Exchange has been put back from Q1 to Q3 next year, reported Gulf News. Officials said the DIFX would offer companies the opportunity to list a minimum of 10 per cent of their stock compared with 55 per cent for the UAE bourse.
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