2004
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UAE Foods IPO open Dec 27
The USD80m initial public offering for a 49 per cent stake in Emirates Foodstuff and Mineral Water Company will be open from December 27 to January 13. HSBC Bank Middle East is financial adviser while the Abu Dhabi Investment Company is lead manager. A 51 per cent stake will be retained by state bodies and staff.
Two more UAE stocks list
The Arabian Construction Company and Al Wathba National Insurance Company have both been granted permission to list their shares on the UAE stock market by Economy Minister Sheikha Lubna Al Qasimi. This brings the total of stocks listed to 55 of which three are foreign.
Arig rights issue a success
Arab Insurance Group has completed its rights issue of 50m shares priced equal to the nominal value of USD1 per share. Following the allotment of 40.4m shares, the balance of 9.6m shares were issued and allotted in a private placement. Arig's paid up capital is now USD200m.
SABB, NCCI IPO website
The Saudi British Bank has launched a web-site, www.ektetab.com, for online registration for the forthcoming initial public offering of the National Company for Co-operative Insurance. The website is a first for Saudi Arabia, and will be available to all local banks and their customers.
Qatar Gas Transport IPO, Jan 16
The initial public offering for the Qatar Gas Transport Company is set to launch on January 16. The company is among the largest in the world and will own carriers to transport LNG from Qatar. Officials said the IPO will be priced at QR10, half the amount is to be paid on application, and the balance in 2007.
Atlas, USD63m Zara note issue
Arab Bank and its subsidiary, Atlas Investment Group, has announced the closure of its USD63m step-up note issue for Zara Investment. In less than five days, Atlas was placed the issue with 25 institutional investors, in addition to attracting high demand from individuals.
Qatar Cement, USD120m loan
Qatar National Cement Company has signed a syndicated loan deal worth USD120m with four banks: Commercialbank, Qatar National Bank, Standard Chartered Bank and Gulf International Bank. The loan is payable in half yearly installments for five years after a two-year grace period.
KSA Crown Prince boycotts GCC
Saudi Arabia's Crown Prince Abdullah bin Abdul Aziz is to boycott the 25th annual summit of GCC leaders in Bahrain today, according to Gulf News. Diplomats said his absence cast a heavy shadow over the summit, and that His Highness would not be present due to differences with Manama over its recent US Free Trade Agreement.
UAE top Saudi export market
The UAE is the biggest export market for goods from Saudi Arabia at USD10.4bn followed by Kuwait at USD774m and China at USD613m, according to 2003 figures just released by the Saudi Customs Department. Saudi Arabia's main non-oil exports are petrochemicals, plastics and rubber.
Arab National Bank to up capital
Saudi Arabia's Arab National Bank has said it plans to raise its capital through a one-for-four share issue, reported Reuters. The bank also announced a 4 riyal per share dividend for the second half of 2004. The proposal will be recommended at a general assembly meeting on March 13, 2005.
ABN Amro, Qatar, Kuwait entry
ABN Amro is weighing up whether to set up branches or representative offices in Qatar and Kuwait, UAE Representative Jan Willem van den Bosch told Gulf News. He said this region is very important to us, and we intend to grow much faster here. ABN Amro is also in discussions to enter the Dubai International Financial Centre, he said.
Ettihad shares trade today
Today is the first day of trading for shares in Ettihad Etisalat whose IPO was 50 times oversubscribed last month. The second Saudi mobile phone operator's stock is already trading heavily in the grey market and is expected to boost the value of the Saudi bourse by USD8bn.
Kuwait Airways mulls privatization
Kuwait is still studying ways to privatize its loss-making national carrier Kuwait Airways, officials told a celebration of the airline's 50th anniversary. They said the next step was to introduce the most modern administration while maintaining national employment and granting employees their full rights.
GCC growth rates to slow in 2005
The GCC states will see GDP growth slowdown next year but still reap windfall oil profits, according to year-end forecasts from Standard Chartered Bank. Qatari GDP growth will fall from 10 to eight per cent, while Saudi Arabia will be down from eight to 2.5 per cent and the UAE from eight to four per cent. Bahrain will slip from 6.9 to four per cent, Kuwait from eight to one per cent and Oman from 4.3 to 1.5 per cent.
Mashreqbank recovers Patel debts
Mashreqbank continues to recover dues on account of the famous UAE absconder Patel, and has recently recovered a sum of USD2m, said a statement. This brings total recoveries since Patel absconded in 1999 to about 40 per cent of Mashreqbank's USD12.8m delinquent loan.
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