2005
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Dubai markets ends friendly
The Dubai bourse defended its recent re-advances over 2,000 points by gainin 1.04% today, closing at 2,098.72 points. Bank Emirates NBD posted the largest gains among banks by adding 4.80%. According to Standard and Poor's, asset and credit quality in the GCC will detoriate further in 2009. 17 shares advanced, eight declined and five remained unchanged at the DFM today.
Dubai Holding 70% Dubai Bank stake
Dubai Holding has taken a 70% stake in Dubai Bank from Emaar Properties, leaving the Dubai-based property developers with a 30% interest. CE Mohammed Al Gergawi says the group will work to sustain the rapid growth rates that the bank has achieved, and help to position it as one of the leading banks in the UAE.
UAE banks head for record growth
Total assets of the 46 banks in the UAE grew by 35% to over $146bn in the 12 months to the end of June 2005, according to Central Bank figures. The 21 local banks accounted for $116bn, or almost 80% of total assets held. The sector has benefited from a sustained period of strong oil prices and analysts expect record year-end results.
Savola takes 5% in Red Sea project
The Saudi-based food group Savola says it has paid $66.67m for a 5% stake in a firm which will own and run the King Abdullah Economic City on the Red Sea coast, reported Reuters. A further 30% stake in the unnamed firm will be floated on the Saudi stock market. The $26.7bn project is led by Emaar Properties.
UAE 2006 balanced budget
The UAE will declare a deficit free budget for the second consecutive year, with 2006 revenue and expenditure up 13% to $7.01bn, reported Gulf News. The government will allocate 37% of expenditure for the year to the education sector. The IMF has praised the UAE for its budget and general accounts system.
Foreign ownership change on way
The new UAE company law could allow private businesses to keep a majority control of up to 55% when floated, and remove the requirement that companies outside free zones have a UAE national partner with majority ownership, according to Emirates Today citing a draft of the law. The Dubai International Financial Exchange requires companies to list only 25% of their equity, while other international exchanges require even less.
Workers to get 5% pay rise
Bahrain MPs have backed a statutory 5% pay increase for private sector workers, the terms of which will now go before cabinet. Both Bahraini and expat workers who have completed five years of service will be eligible.
IFA Hotels closes share offer
The 45% share issue in Kuwait-based IFA Hotels & Resorts has brought in $520m, according to principals International Financial Advisors. The company will list on the Kuwait Stock Exchange on 3 January 2006 and later apply for listing on the Dubai Financial Market.
GFH raises capital by 30%
Kuwait-based Gulf Finance House is raising its capital by 30% through a rights issue to existing shareholders. Shares will be offered at a premium of $1.03 over a par value of $0.34. The bank says it wants to expand its geographical reach and diversify income streams and its asset base to take advantage of new opportunities.
Al Wathba to raise capital
The Al Wathba Insurance Company is increasing its capital from $16.3m to $65.3m to prepare for growing business opportunities in the UAE, MD Rashid Darwish Al Kitbi told Gulf News. The company will raise the capital through a private issue to current shareholders in a two stages; $16.3m issue in the first stage and $32.7m in the second.
DFM to sell off 20%
The government-owned Dubai Financial Market will offer up 20% of its shares in a public float, making it the first Middle East bourse to privatise. The stock will list on the DFM during Q1 2006, with the value of the bourse to be evaluated prior to the initial public offering. Analysts predict the move will be followed up by more privatisations of government owned businesses.
NBAD leads the way
National Bank of Abu Dhabi was the best performed bank in the UAE for the first nine months of 2005 posting a profit of $550m, followed by Dubai Islamic Bank, which pushed National Bank of Dubai out of second place with a profit of $398m, according to a report by Kuwait's Global Investment House. Profits of UAE banks have surged during 2005 due to the growth of non-interest income, the report said.
Almasa re-brands, chases $1.6bn
Dubai-based Almasa Group has re-branded itself as Almasa Holdings, and is looking to reach a turnover of $1.63bn in the next five years, according to a company statement. Almasa has six group companies under its umbrella and claims to be the biggest IT distributor in the Middle East and North Africa.
Central Bank forex reserves up 25%
The UAE central bank's foreign exchange reserves rose to $23bn in December this year, up 25% from December 2004, according to a central bank official quoted by Reuters. The bank is considering whether to convert some of its reserves from dollars to euros, but no decison has been made.
Takaful Re sets up at DIFC
Takaful Re has been granted a licence to operate from the Dubai International Financial Centre. The Islamic reinsurance firm, which has an authorised capital of $500m and paid-up capital of $125m, will focus on business in the Middle East and North Africa.
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