2004
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KSA, first female realty firm
The establishment of the first-ever fully women owned and run real estate company in Saudi Arabia has received ministerial approval, reported Gulf News. Al Bidaya Real Estate Investments has a capital of USD6.6m and will promote its business in Riyadh and the Eastern Province, said Chairwoman Hessa Al Oun.
BKME, USD200m loan
The Bank of Kuwait and the Middle East has signed a USD200m syndicated loan with a group of regional and international banks for general corporate purposes. Lead arranger Gulf International Bank said the facility was increased from USD150m due to oversubscription. Other arrangers are, Arab Banking Corporation, Commerzbank and Dresdner Kleinwort Wasserstein.
US contractor exits Iraq
Contrack International has become the first major US contractor to exit Iraq due to spiralling security costs, reported AFP. The Arlington, Virginia based firm had won a USD325m contract to repair Iraq's transport system. A Pentagon spokesman said it is not a terrible loss.
AXA, NU merge Gulf operations
AXA Insurance and Norwich Union Middle East are set to combine their GCC operations into a new company called AXA Gulf which will emerge as a joint venture with the Kanoo Group, reported Gulf News. With a premium income of more than USD100m it will be the largest international insurance company in the region.
UAE implements WTO rules
From January 1 the UAE is to start implementing new World Trade Organisation rules governing pharmaceuticals, textiles and financial services, reported Gulf News. The measures will be completed by the end of the year, and for example pharmaceutical patents must be protected within this time frame.
Moody's ups UAE currency rating
Credit rating agency Moody's has raised its long-term foreign currency ceilings for bonds and bank deposits in the UAE from A2 to A1. The short-term rating is up from Prime-2 to Prime 1. This upgrading reflects the strength of the UAE economy and its political stability.
DIFC CEO to leave his post
Dubai International Financial Centre CEO Naser Nabulsi is to leave his post in January, DIFC Director-General Omar bin Sulaiman told Dow Jones Newswires yesterday. His departure is the latest action by the DIFC in answer to questions about corporate governance at the upcoming financial centre whose two top regulators were fired last June.
NCCI launches USD383m IPO
The initial public offering of Saudi Arabia's National Company for Co-operative Insurance was launched yesterday for the sale of 7m shares worth a total of USD383m. Saudi Arabia's largest insurance company is selling 70 per cent of its shares. NCCI is half owned by the Public Investment Fund, and the General Organisation for Social Insurance and the Retirement Pension Directorate each hold 25 per cent.
Summit marred by Saudi absence
The GCC Summit in Bahrain issued its final communique yesterday, and said the issue of US bilateral trade agreements was deferred for further consultations, but pledged the gradual introduction of economic reforms. The summit was marred by a Saudi boycott due to a disagreement over the recent US-Bahrain bilateral Free Trade Agreement.
Saudi banks seek UAE licence
Two Saudi banks have applied for licences in the UAE, Central Bank Governor Sultan bin Nasser Al Suwaidi told Gulf News. The National Commercial Bank and Samba Group have applied for licences, he said, adding that the granting of licences was up to the Board of Directors. Emirates Bank is the only UAE bank to have a Saudi licence.
New Danish business group
The Dubai Chamber of Commerce is to allow the formation of Danish, Turkish and Somalian business groups, bringing the total number of Dubai business groups to 18. Alongside the 11 business councils, the groups play an important role in communicating the needs of business to the government.
AD, privatization pledge
The sale of the Emirates Foodstuff and Mineral Water Company is just the first of further privatizations, including the full or partial sale of factories, Chairman of the Abu Dhabi Planning Department Sheikh Hamed bin Zayed Al Nahyan told Gulf News. He said this will activate the stock markets in the UAE as companies get listed.
Siemens, USD430m Bahrain plant
Siemens has won a USD430m order for a turnkey combined cycle power plant in Bahrain from Al Ezzel Power, reported Dow Jones. This will be the first power station in Bahrain operated by an independent power producer. The Siemens contract includes four gas turbines, two steam turbines, six generators and electrical systems. The station comes online in phases in 2006 and 2007.
UAE, 2pc nationals mandatory
The UAE Labour Ministry is to enforce a two per cent minimum quota of nationals on trading companies by the end of this month. The ministry will not grant further labour permits to companies that do not comply, reported Gulf News, and companies will be sent questionnaires this week to declare their compliance.
Ettihad Etisalat shares rocket
Shares in the second Saudi mobile phone operator Ettihad Etisalat jumped from 50 to 300 riyals in the first day of trading yesterday. Brokers said they expected the shares to rise further. The company's initial public offering in November was 51 times oversubscribed.
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