2004
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DPA posts 24pc growth
Dubai Ports Authority has recorded 24 per cent growth in Cargo to date in 2004 and is anticipating handling 6.4m TEU's by the end of the year, according to Anwar Ahmad Wajdi Executive Director as reported in Gulf News. The Jebel Ali port is currently undergoing a major expansion with phase one of the four-phase plan completed.
Mohammed to open forum
Dubai Crown Prince General Sheikh Mohammed bin Rashid Al Maktoum is to open the Arab Strategy Forum which runs from December 13-15 in Dubai. The Arab World in 2020 will present a broad range of global experts with former US President Bill Clinton giving the key address.
USD500m Turkish bank loan
State-owned Vakifbank of Turkey signed a USD500m syndicated loan with 56 regional and international banks in Dubai today. CEO Yusuf Beyazit said with 20 banks from the Gulf region participating it was appropriate to hold the signing ceremony in Dubai which was emerging as a regional financial centre.
USD550m Suez Cement bid
Ciments Francais, part of the Italcementi group, has launched a USD550m bid for the Egyptian government's share in Suez Cement. This would be Egypt's largest privatisation to date. Egypt's privatisation programme began in the early 1990s but collapsed during a general economic downturn.
Al Salam Bank ups capital
Al Salam Bank, the newest and largest addition to Sudan's banking sector, has received Central Bank approval to absorb all of the USD31m raised through its initial public offering to increase its paid-up capital to USD100m. The IPO saw demand for shares from investors in the UAE and GCC far outstripped expectations, netting 65 per cent more than the USD18m target.
Amlak, USD10m Murabaha
Amlak Finance has acted as the sole lead arranger for a USD10m Murabaha facility for Kombassan Holding, one of the largest industrial and manufacturing groups in Turkey. Other participants were Emirates Islamic Bank, Dubai Islamic Insurance and Reinsurance, Al Salam Bank of Sudan and Al Baraka Islamic Bank of Bahrain. The tenor of the Murabaha will be two years.
Qatar, USD1.5bn smelter deal
Norsk Hydro has signed an agreement with Qatar Petroleum to invest USD1.5bn in a new, 570,000 tonne aluminum smelter in Qatar, the company said in a press release. The total project cost will be around USD3bn, with full capacity due onstream in 2009.
Clinton to address Arab Forum
Former US President Bill Clinton is to address the Dubai Strategy Forum on Monday December 13 at 9.30am. The event will discuss the theme, The Arab World in 2020, and will be held in the Madinat Jumeirah from December 13-15. To register visit, www.arabstrategyforum.ae.
DIC names Al Malik as CEO
Khalid Al Malik has been appointed CEO of the new Dubai Industrial City project near to the Jebel Ali Free Zone which is under the umbrella of Dubai Holdings. He was earlier Operations Director at the Dubai Investment and Development Authority.
UAE to seek GCC unity
The UAE ministerial committee meeting held in Dubai yesterday pledged to pursue unity ahead of a GCC summit in Bahrain this month, reported Gulf News. The focus of the summit will be on bilateral trade deals which may affect unified Gulf action. It will also consider a UAE offer to host a GCC Central Bank and to remove customs from raw diamonds.
DIB denies share split
Dubai Islamic Bank has denied rumours that it plans a stock split, reported Gulf News. In a letter to the Dubai Financial Market yesterday the bank said its November 29 board meeting did not consider the issue. DIB shares have risen in recent days on the back of this rumour.
Saudi stocks drop 5.5pc
Saudi shares slumped by 5.5 per cent yesterday due to speculative trading and declining oil prices. The Tadawul All-Shares Index closed at 7,711.54 points, down from 8,158.52. Saudi Basic Industries Corporation and Saudi Telecom Company, lost 8.6 per cent and 5.4 per cent respectively. Analysts said stocks had gone too high and a 10-12 per cent correction was likely.
Gold up on failing dollar
Gold prices hit a fresh 16-year high of USD456.70 last week as the US dollar dipped to USD1.34 to the euro. Analysts commented that with the dollar likely to fall to as low as 1.40-1.50 there was plenty of room for gold to advance further.
Ettihad Etisalat listing by Dec 14
Ettihad Etisalat, the winner of the second Saudi GSM licence whose IPO generated massive oversubscription, is to list its shares within 10 days, sources told Gulf News. More than 4.2m new shareholders are keenly awaiting the start of trading.
DIFC licence for Templeton
Franklin Templeton Investment Management has won a licence to operate in the Dubai International Financial Centre. This is the first US firm to register in the DIFC and one of the largest asset management companies in the world with funds worth USD370bn under management.
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