2004
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Ettihad shares trade tomorrow
Shares in the second Saudi Arabian mobile phone company Ettihad Etisalat start trading on the stock exchange tomorrow. The company's initial public offering was 50 times oversubscribed last month and traders expect the shares to open at around four times the flotation price.
Bahrain open for GCC nationals
Bahrain is to allow Gulf nationals to participate in almost every aspect of its national economy, according to a royal decree. This removes the need for a Bahraini partner to set up a business, although real estate agencies, newspapers and car rental firms remain on a restricted list.
USD14m Jordan mortgage bond
Jordan Mortgage Refinance Company and Atlas Investment Group have signed an agreement whereby Atlas will structure and distribute a USD14m mortgage bond offering, and Arab Bank will undertake the role of registrar, custodian, and paying agent. JMRC provides medium and long term finance to local banks and financial institutions that grant housing loans.
Bumar wins USD236m Iraq deal
State-owned Polish weapons firm Bumar has won a USD236m order for military equipment from Iraq. It includes helicopters, grenades, pistols, automatic rifles, ambulances and fuel and water systems. Bumar won a USD54m Iraqi contract in September.
Kuwait, USD680 per citizen
The Kuwait Parliament yesterday approved a grant of USD680 to the country's 950,000 nationals to help them cope with the rising cost of living. The 1.7m expatriate residents of Kuwait are not included. MPs also filed draft laws calling for salary increases for Kuwaiti nationals.
Dollar down, gold up
The US dollar resumed its relentless fall yesterday in the wake of a 0.25 per cent interest rate rise from the Federal Reserve. The greenback was again past USD1.34 to the dollar, and gold was back above USD440 per ounce, recovering from last week's sell-off.
DIFC members multiply
European financial consultancy Total Solutions is the latest firm to win a licence to operate from the Dubai International Financial Centre. It offers specialist solutions for companies in the financial sector. The DIFC is set to announce a slew of new licences over the next few months.
DFM doubles capitalisation
The Dubai Financial Market has more than doubled its capitalisation to USD28.6bn this year, Director-General Essa Kazim told a conference in London's Chatham House this week. He said regional governments should be committed to capital market reforms to achieve successful diversification objectives.
Gateway to Iraq, June 13-16
The Dubai Government has announced Gateway to Iraq, a major event to support the reconstruction and economic development programme of Iraq, and to create awareness of the vast investment and trade potential in that country, from June 13-16. It will include a trade exhibition, workshops and business and job opportunities seminars.
EBG, USD63m tanker finance
Emirates Bank Group has announced a USD63m term facility to finance construction and purchase of two oil or chemical tanker ships by Dubai based Gulf Energy Maritime. The loan will help Gulf Energy expand its fleet size in line with its strategy to become a major regional shipping business, said Captain Jim Hayer of GEM.
CFC Securities opens Dubai office
CFC Securities, a Swiss based, specialist fixed income securities house with offices in Europe and Asia has opened a new office in Dubai, dealing in fixed income and structured products for institutional clients. It was founded 12 years ago in Lausanne, Switzerland and moved its headquarters to Hong Kong in 1999.
Lubna sets new speed targets
New UAE Economy and Commerce Minister Sheikha Lubna Al Qasimi yesterday told the Arab Srategy Forum in Dubai that Arab nations should be able to do things much faster than by setting targets of four to five years. She said Arab countries needed to invest more energy in developing their infrastructure, a job primarily for the Government.
Egypt, Israel, sign US trade deal
Egypt and Israel yesterday signed a first joint trade accord since their peace treaty 25 years ago. Egyptian Trade Minister Mohammad Rashid said it would contribute postively to regional prosperity and in achieving a just and comprehensive peace in the Middle East.
BMB signs USD75m re-financing
BMB Investment Bank has signed an agreement with its medium-term lenders to re-finance its USD75m syndicated facility which matured in December 2002. The re-financing now opens the way for BMB to proceed with two-year old plans to begin a capital increase exercise to improve the bank's capital and liquidity positions, reported Bahrain Tribune.
Riyad Bank to raise its capital
Riyad Bank plans to increase its capital to USD1.3bn through a one-for-four share issue financed by a transfer of funds from reserves. The bank said it would also distribute a SR10 dividend per share for the second half of 2004. Riyad Bank shares shot up in later trade by the maximum daily limit of 10 per cent. The bank said its profits in the first nine months of the year rose by 16.6 per cent to USD377.6m.
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