2004
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NBS, USD105m rights issue
The National Bank of Sharjah is planning a USD105m rights issue to raise its capital to USD270m. The rights issue is likely in February, said officials. The Islamic bank has an ambitious expansion plan including the opening of 15 branches in the coming year.
Dubai Ports, USD1.4bn CSX bid
Dubai Ports International has tendered a USD1.4bn bid for CSX Corporation's global port assets. DPI may beat the world's powerful container terminal owners including Hong Kong's Hutchison Whampoa, reported the South China Morning Post. The paper quoted a source close to the deal as saying that DPI may be planning to flip the Asian assets of the CSX network to Hutchison in a private deal
IMF calls for Islamic rules
The IMF is calling for regulation to help develop the Islamic banking sector. Stefan Ingaves, head of Monetary and Financial Systems, said developing a legal and supervisory framework is key to integrating Islamic markets and international financial markets.
Al Tayer criticises US FTA
Former UAE Communications Minister Ahmad Humaid Al Tayer has spoken out against a bilateral free-trade agreement between the UAE and US in an interview with Al Khaleej. He said GCC states should negotiate collectively, and should not sign individual agreements. Bilateral UAE negotiations with the US broke down last year after demands for changes to the law, he added.
NI, three more UAE IPOs
Abu Dhabi based National Investor is to lead manage three more IPOs in the first half of next year with a combined value of USD490m, reported Gulf News. One is for a new oil and gas company. NI has lead managed eight of the 13 IPOs staged in the UAE in the past few years, most recently the Addar Properties IPO which attracted USD103bn and was 453 times oversubscribed.
NBS, USD22m Sugar loan
The National Bank of Sharjah has signed a USD22m Islamic finance deal with the local manufacturer Al Khaleej Sugar Company. NBS has converted from traditional to Islamic banking and now offers corporate clients a range of Sharia compliant financial services.
USD60m Kipco syndicated loan
The Kuwait Projects Company's first syndicated loan is likely to exceed its target of USD60m due to strong international and regional demand, said Chairman Abdullah Yacoub Bishara. The three-year term loan at libor plus 125 basis points is due to be signed in Dubai next week. Lead managers are HSBC, Arab Bank of Bahrain and The Arab Investment Company of Bahrain.
UAE brokers commissions low
UAE stock broker commissions are too low to pay for independent market research. Analysts said it was not surprising so little company research was done as the rewards for brokers were so poor. The Emirates Securities and Commodities Authority is set to study the issue, with investors claiming commissions are too high.
Ansbacher, CS, join DIFC
Ansbacher, the London based bank, has launched its first Middle East office in Dubai after receipt of a licence to operate from within the Dubai International Financial Centre. Ansbacher Group was recently acquired by Qatar National Bank. Meanwhile, Credit Suisse has also been awarded a DIFC licence and plans to open offices in The Gate by next April.
Jeddah, US consultate attack
The US consulate in Jeddah was attacked yesterday by five armed men. Three were killed and two captured by Saudi security forces in a three-hour pitched battle. Five non-American staff died in the attack. The news underlined business concerns about the security situation in Saudi Arabia.
Egypt-US free-trade deal
Egypt, Israel and the US are expected to sign a free-trade deal on December 14 in Cairo. It will exempt certain goods from four free-trade zones from US customs tariffs, provided that 35 per cent of the products comes from mutual Israeli-Egyptian cooperation, with Israel's input not less than 8 per cent.
WTO votes on Iraq, Iran
The World Trade Organisation will vote for the first time on December 13-14 on membership requests from Iraq and Afghanistan, as well as a repeated demand by Iran. Iraq asked for full WTO membership in October, eight months after being given observer status.
GCC ministers meet pre-summit
Gulf foreign and finance ministers are meeting in Manama today ahead of the GCC summit on 20-21 December. The meeting will review progress on plans for a common market and a unified currency. They will also discuss relations with other economic groups including the EU, as well as strategies to combat terrorism.
UAE, Japan trade up 16pc
Trade between the UAE and Japan was valued at USD10.2bn for the first six months of 2004, up 16.4 per cent on the same period in 2003. Japan imported USD8bn worth of UAE products for the period, up 14.2 per cent, mainly as a result of higher oil prices and increased oil imports.
UASC, USD500m deal
In a USD500m deal, the United Arab Shipping Company will build eight new high-speed containerships to expand its Middle East routes, reported Gulf News. UASC has an annual turnover of more than USD750m and total assets of about USD1bn and is anticipating year end profits of USD120m.
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