2004
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AD, USD77m factories
Emirates International Investment Company is building two factories in Abu Dhabi, one making polyester for car seats and other products, and the second producing 8mm copper rods for the electric cable sector, with a total investment of USD77m, reported Gulf News.
New law court for the DIFC
The Ruler of Dubai Sheikh Maktoum bin Rashid Al Maktoum has enacted new laws establishing the Judicial Authority and the independent court system for the Dubai International Financial Centre. The first law sets out the jurisdiction of the court, allowing for the independent administration of justice in the DIFC; and the second sets out the powers, procedures, functions and administration of the court.
UAE banks up base rates
UAE banks have upped their base lending rates in line with dollar interest rates. Emirates Bank International has raised its base rate from 7.25 to 7.5 per cent. The UAE Central Bank announced a 0.25 per cent increase in interest rates on certificates of deposit to 2.25 per cent following the December 14 hike in US interest rates.
Atlas, Arab Bank, USD40m bond
Arab Bank and its subsidiary Atlas Investment Group has announced the closure of a USD40m bond offer for the Middle East Complex for Engineering, Electronics and Heavy Industries. This amortising dollar-denominated bond issue was the first of its kind in Jordan to offer investors a fixed rate on the dollar for a five-year period, officials told Jordan Times.
Addar IPO raises USD101.6bn
The final statistics showed that the Addar Properties initial public offering which closed on November 25 raised a record USD101.6bn from 21,980 subscribers, said a statement from the Abu Dhabi Investment Company. The IPO was 448 times oversubscribed and refund cheques were posted yesterday along with allotment letters.
Waleed, Fairmont, USD1.5bn JV
Saudi investor Prince Al Waleed, Fairmont hotels and the Bank of Scotland have signed a USD1.5bn joint venture to invest in hotels in Europe. A statement from the Prince's Kingdom Hotels International said the three partners anticipated equity contributions of up to USD390m.
ABC, USD240m Iran loans
Bahrain based Arab Banking Corporation has been mandated by Iran's state-owned Bank Mellat to underwrite USD240m in loans. A statement from ABC said that the five-year facilities would help finance municipality projects in Iran's capital Tehran and in other districts.
Gulf Bank, USD100m ABC loan
Kuwait's Gulf Bank has signed a 10-year USD100m loan from Bahrain-based Arab Banking Corporation. The loan is priced at 75 basis points over Libor including costs, and it will support Gulf Bank's long term funding requirements, bank officials told reporters.
Kuwait jails KIO embezzlers
The Kuwait Criminal Court has sentenced two people, including a member of the ruling family, for embezzlement during the 1980s at the Kuwait Investment Office in London, reported Gulf News. The court sent Foud Khalid Jaffar to jail for 30 years and Fahad Al Sabah got 15 years, while a third suspect Khalid Al Sabah was acquitted.
USD57.9m Agthia IPO opens
The USD57.9m initial public offering for the Emirates Foodstuff and Mineral Water Company opens today which is being targeted at the smaller investor. All investors will get an allotment of at least 1,000 shares and bank financing is not being allowed, reported Gulf News.
Dubai Credit Bureau soon
The Dubai Economic Development Department's Credit Bureau project should be operational in months, officials told Gulf News. The USD5m commercial body will give banks detailed access to retail market credit information by the end of its first phase, said officials. Dun and Bradstreet are coordinating the project.
USD9.5bn AD island project
The Abu Dhabi Government is about to give the green light for the USD9.5bn development of Abu Al Shuoom island, reported Gulf News. A development mandate has been granted to PPM International and local companies Al Rayyan and the National Real Estate. The 1,300 hectare island will be linked to Abu Dhabi by a bridge.
Alwaleed buys 5pc of KIHC
Prince Alwaleed, the legendary Saudi investor has bought a five per cent stake in the Kuwait Invest Holding Company, in an extension of his strategic cooperation with Jassim Al Bahar and International Financial Advisors. This dates from September 2002 and Al Bahar's purchase of shares in Kingdom Holdings International and in the Four Seasons Beirut hotel project.
USD1.35 to the euro
The US dollar starts this week at a record low of more than USD1.35 to the euro. Market analysts believe the greenback may test new lows in the range of USD1.40-1.50 early in 2005. This will cause considerable problems for Middle East importers which source the majority of imports from the euro zone. Inflation looks inevitable.
Mashreqbank, Islamic debut
The UAE's Mashreqbank is to create an Islamic finance unit to deliver Sharia compliant products, CEO Abdulaziz Al Ghurair told Gulf News. He said the Islamic finance sector is growing faster than any other and we will be able to participate in the growing market for Shariah-compliant instruments.
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