2005
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HSBC to join QFC
Deputy Chairman and CEO of HSBC Bank Middle East, David Hodgkinson has confirmed the bank's intention to establish financial services activities in the new Qatar Financial Centre in early 2006. This follows an earlier commitment made by Group Chairman Sir John Bond to the Emir that HSBC would join the QFC.
Syria to float the pound
Syria is to float the pound as a part of a wider set of economic reforms to be unveiled on December 10, reported Reuters. Deputy Prime Minister Abdullah Al Dardari said this is a strong sign of confidence from the Syrian monetary authorities.
DIFC, Islamic benchmarks
The Dubai International Financial Centre is to set up an advisory council to develop benchmarks for the Islamic finance industry, director-general Dr. Omar bin Sulaiman told reporters. He said you have a Bahrain model, the rest of the GCC, and now you will have a western model.
Injazat, $100m healthcare fund
Injazat Capital has launched a $100m Sharia-compliant healthcare fund. The Shefa HealthCare Fund will invest in healthcare providers and ancillary services in the region with the objective of creating industry-dominant health groups with regional reach.
ADCCI calls out voters
The Abu Dhabi Chamber of Commerce and Industry is calling on all its 50,000 members to take part in its first-ever elections tomorrow for its board of directors. Polling will be held from 9am to 8pm at the Abu Dhabi International Exhibition Centre.
Riots marr Bahrain reputation
Demonstrators have clashed with police in Bahrain over the past three days, burning cars and disturbing the peace, reported AP. The protests are centred on the lack of jobs, but were inflamed by allegations of a rape of a student arrested by police during another demonstration last week. Business is concerned that Bahrain's reputation abroad will suffer.
Singapore buys into P&O
Singapore state-owned ports operator Temasek has bought a small stake in P&O, leading to speculation that it might try to block the $5.7bn agreed takeover by Dubai Government-owned DP World, reported Reuters. Shares in P&O jumped more than 10% on Friday.
Qatar ends bank brokerage
The Doha Securities Market has terminated the licences of local banks offering brokerage services, and from March 1 these operations will merge into one superbroker, Al Dilalah, said a statement. The banks will not accept new accounts from January 1.
$27m Alf Yad private equity fund
The Young Arab Leaders UAE Chapter has launched a regional private equity fund called Al Yad, which will be the first of ten funds with a value of $27m each, reported Gulf News. Manager of the fund will be Shehab Gargash, MD of Daman Securities.
Young Arab Leaders meet
Dubai Crown Prince General Sheikh Mohammed bin Rashid Al Maktoum yesterday addressed the first meeting of the Young Arab Leaders Forum in Dubai. He said that young leaders had an important role to play in intellectual reform and the development of women, and confronting violence, extremism and bigotry.
Etihad, Cargolux stake talks
Abu Dhabi based Etihad Airways is talking to European cargo airline Cargolux about buying a 33.7% stake valued at $130m, reported Gulf News. Etihad's own Crystal Cargo is forecast to end 2005 with 100,000 tonnes of cargo transported, and the Cargolux deal would probably help boost this network.
DIFC to register equity funds
The Dubai International Financial Centre will start registering equity funds in Q1 next year, chairman of the Dubai Financial Services Authority, Dr. Habib Al Mulla told Reuters. He said there was a lack of local legal instruments to establish funds and trusts.
Retail bankers to feel heat
Retail bankers in the Gulf will find themselves under increasing competitive pressure in future years, Simon Gulliford of Barclays Bank told a MEED conference. He said excess capacity, declining margins, service competition, specialization and customer behavoir would all make life more difficult for banks presently enjoying boom years.
DP World may keep P&O ferries
Shipping consultants predict that DP World will not sell P&O's loss making ferry operations immediately but wait for a return to profitability, reported Reuters. However, the new owner has yet to make a statement on its intentions for the group which it bought on Tuesday for $5.7bn.
DGCX trading starts well
The Dubai Gold and Commodities Exchange picked a lucky week to launch with gold prices passing $500 an ounce to a 22-year high. DGCX futures contracts for December 2006 stood at $520.70, predicting a health year for the yellow metal in 2006. Gold has risen by 15% in 2005, outperforming global stocks and bonds.
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