2004
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Citigroup joins DMCC
Citigroup has joined the Dubai Metals and Commodities Centre and become a founding member of the Dubai Commodity Receipts, a new system created by the DMCC to facilitate the secure storage, trading and financing of commodities in Dubai. Launched in September 2004, the DCR system is a strategic initiative by the Dubai Government to promote trade.
Dubal project ahead of schedule
Dubai Aluminum's USD204m Potline-7 expansion is ahead of schedule, said a company statement. The project started in March and will be finished by Q4 next year, and will expand output to 761,000 tonnes per annum. The groundwork on the site has been completed, while the civil works are underway and the structural steel work is up.
Arabs not to be pushed on reform
Arab nations have rebuffed US calls for speedy democratic reforms in the region. Speakers at the Forum for the Future conference in Morocco, have said that support for reform in the region will go hand-in-hand with a just and lasting settlement to the Arab-Israeli conflict.
RAK Real Estate, USD272m IPO
Fifty-five per cent of shares in UAE-based Ras Al Khaimah Real Estate Company will be offered in an IPO. The Ras Al Khaimah government aims to capitalise on the emirate's growing real estate boom, reported Gulf News. The RAK Real Estate Company, with capital of USD272m, will develop residential and hotel projects and offer freehold dwellings to expatriates.
Kuwait USD100m loan deal
The Kuwait Projects Company's first syndicated loan has closed with subscription valued at USD100m, exceeding original forecasts by USD40m. The three-year term loan at libor plus 125 basis points is funded 50 per cent from the Middle East, 35 per cent from Europe and 15 per cent from Asia and the Far East.
Saudi delivers record budget
Saudi Arabia has delivered its most balanced budget in decades recording a USD12.3bn reduction in public debt to USD164bn, according to analysts quoted in Gulf News. The Kingdom is forecasting a USD26bn surplus, mainly due to consistently high oil prices and demand. USD20.1bn has been allocated for development projects for 2005, double the amount set aside in 2004.
DPI, USD1.15bn CSX deal
Dubai Ports International has won a USD1.15bn bid for CSX Corporation's international terminals business. DPI beat off rival offers from the world's largest port operators Hutchison Whampoa and Singapore's PSA International. It will acquire CSX's nine container terminals having a combined capacity of 14.6m TEU's.
Islamic Finance Report
Innovation and branding are the key drivers for Islamic finance, according to a new report launched at the World Islamic Banking Conference in Manama. The WIBC report also found that Islamic banks have higher capitalisation rates than their conventional counterparts and are far more liquid than conventional Gulf banks.
Debating Arab Strategy
Some of the world's leading thinkers and policy makers will address the future issues facing the Arab world at the Arab Strategy Forum, being held in Dubai. It features former US president Bill Clinton and New York Times Columnist Thomas Friedman. The three day event will suggest ways to achieve sustainable growth until 2020.
Al-Rajhi, 110 HNW branches
Al-Rajhi Banking and Investment Corporation, a top bank in Saudi Arabia, is to open 110 branches next year targeting high-worth customers, reported Arab News. Plans are also in hand to promote electronic banking with new technology especially at the new branches.
GIC, USD41m Jeddah Cable deal
Gulf Investment Corp, an investment firm equally owned by six GCC states, has signed a deal to purchase a 25 per cent stake in Saudi electrical cable manufacturer Jeddah Cable Company for around USD41m. GIC expects a returns of 15 per cent a year and shareholder equity in Jeddah Cable to reach USD55m officials told local papers.
Dollar up, gold down
The US dollar gained marginally on world currency markets yesterday, and recovered to USD1.32 to the Euro after testing USD1.34 in recent days. Gold dropped to USD436.90, almost a USD15 fall from its peak last week. See Dr. Marc Faber on AME Info for further analysis.
AD, new Executive Council
UAE President and Abu Dhabi Ruler Sheikh Khalifa bin Zayed Al Nahyan has created a nine-man Executive Council for Abu Dhabi, replacing a body with 14 members. Abu Dhabi Crown Prince General Sheikh Mohammed bin Zayed Al Nahyan heads the new council, and local departments are to be streamlined as part of the reforms.
UAE shares continue rally
UAE stocks surged by 2.5 per cent on Wednesday and the Emnex index closed at 4,979.98, up 123.41 points. This means that UAE stocks are up by more than 70 per cent this year. However, analysts have begun to question how much longer this strong rally can be sustained.
China, GCC, FTA next year
China and the Gulf States could sign a free trade agreement next year, said Deputy Minister of Commerce Wei Jianguo on a visit to the UAE. He said more than 400 Chinese companies have invested in the UAE while USD200m has been invested in the UAE by China. A GCC free trade deal would further unlock opportunities, he added.
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