2004
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AD, Idex defence show in Feb
Abu Dhabi is gearing up to host the seventh International Defence Exhibition and Conference from February 12-17 which will attract more than 800 companies from 45 countries. The conference will focus on Iraq and regional security, said the organisers of the landmark show.
KSA loan deals for NBS
The National Bank of Sharjah has participated in two separate syndicated loan deals in Saudi Arabia. NBS acted as lead arranger for Shamil Bank's USD60m syndication. The bank was also a main participant in a USD15.8m syndicated Murabaha financing for the Al Gossaibi group.
Citigroup, e-banking innovations
Citigroup has unveiled Multibanking and Trade Transactions, two innovative e-banking solutions for corporate and institutional customers. Multiple Banking allows clients to interface with one bank as a front end, while managing accounts across various banks. CitiDirect Trade allows online issuance of Letters of Credits, Guarantees and Acceptances.
USD135m Oman bond oversubscribed
Oman's Central Bank said a USD135m government bond issue was oversubscribed by 53 per cent. The subscription for the five per cent coupon bond began on November 9 and ended on December 9. The bonds, available to local and international investors, will be issued on December 15 and mature on November 1, 2010.
Al Watany boosts capital
Al Watany Bank of Egypt has announced an increase in capital by LE185 million through a public offering of 18.5m shares, at a par of LE10 a share, in addition to issuance fees of LE0.25 a share. The public offer will open in 15 days and stay open for two months with the issuer maintaining the right to close the subscription after 10 days on the contingency of oversubscription.
VW to assemble trucks in UAE
German carmaker Volkswagen will start assembling heavy trucks in the UAE from early 2006, reported AP from Berlin. VW will produce 1,000 commercial vehicles a year, before expanding production to 3,000, said a spokesman. A cooperative contract between VW and the emirate of Abu Dhabi was signed over the weekend.
US dollar starts to fall again
The US dollar appeared to end its recent rally on Monday and weakened by around half of one per cent against the euro to USD1.33. Last week the greenback dropped as low as USD1.347, and traders are not sure whether the currency is likely to re-test these levels this week. Gold also rallied to USD437 an ounce.
HK, Mideast trade up 10pc
Trade between Hong Kong and the Middle East is up by around 10 per cent this year to USD12.5bn. Imports to Hong Kong amount to USD5.7bn while exports to the region stand at USD6.8bn. Officials expect this trade to boom by 15-20 per cent in 2005.
IDB, Bahrain, USD92m loans
The Jeddah based Islamic Development Bank and the Bahrain Government have signed two financing agreements worth a total of USD92m. The loans are for the financing of the construction of the Khalifa Port and a segment of the 66KV power grid project.
Sadafco to list in KSA
The Saudia Dairy and Foodstuff Company is to list on the Saudi Arabian Stock Exchange and offer 30 percent of its shares to retail and institutional investors. The IPO will be fully underwritten by the lead manager of the transaction, National Commercial Bank.
UGB, USD65m Murabaha
United Gulf Bank of Bahrain, a subsidiary of Kuwait Projects Company, has closed a USD65m three-year Syndicated Murabaha Facility marking its first ever medium-term Islamic facility. It is for purchasing and selling of certain commodities listed on the London Metal Exchange and is priced to give an annual profit margin of one per cent above Libor.
Clinton heralds 2020 optimism
Former US President Bill Clinton told the Arab Strategy Forum that his positive scenario for the Arab world in 2020 was peace with Israel, a Palestinian state, an Arab free trade zone, an independent Iraq, nuclear-free Iran, good healthcare and education and ties to China and India. His negative scenario was for conflicts to continue with high population growth.
GFH, new commercial bank
Bahrain's Gulf Finance House has launched a fully-owned onshore commercial bank subsidiary with a capital of USD80m. The Gulf Finance House Commercial Bank will focus on real estate banking, including project finance, direct investment, asset management and project management.
Mohammed opens Arab Forum
Dubai Crown Prince General Sheikh Mohammed bin Rashid Al Maktoum will open the Arab Strategy Forum in Dubai today. He will also introduce the keynote speaker Bill Clinton, former US President. The three-day event will debate the Arab World in 2020.
UAE, US pre-screen cargo
The UAE has become the first country in the Middle East to join the US Customs and Border Protection's Container Security Initiative, reported Gulf News. A small number of US customs officials will be based in Dubai to pre-screen containers bound for the US which are identified as potential terrorist risks.
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