2005
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UAE stocks recover a little
The UAE stock market recovered by 1% yesterday but is still more than 13% off its recent peak. The Emnex index closed at 10,018.20 points, up 81.44 points. Traders expect the market to stay volatile but hope for a rally on strong annual results in the New Year.
UAE public holiday confusion
The private sector has been left without official guidance about the UAE National Day holiday that falls tomorrow on a Friday, the traditional weekend break, reported Gulf News. By contrast the UAE public sector has announced a four-day holiday and the Central Bank will close on Saturday only.
Dana Gas to list
Dana Gas says it will list its shares on the Abu Dhabi Securities Market on 6 December. The energy company's recent $564m initial public offering attracted over 450,000 subscriptions. It is the first private-sector gas resource company in the region to be publicly listed.
DIB $500m Enoc finance
Dubai Islamic Bank has been mandated to arrange a $500m Islamic facility by Enoc to finance an upgrade of the Jebel Ali refinery. A Foster Wheeler subsidiary has been awarded an engineering, procurement and construction management contract, which includes the installation of a 70,000 bpd hydro-treater and a 36,000 bpd crude catalytic reformer to the 120,000 bpd refinery.
Credit Suisse, brokerage firm
Credit Suisse and its Saudi partners are setting up a brokerage business in Riyadh called Saudi Swiss Securities. It will start operations from Q2 2006. Credit Suisse operates out of the Dubai International Financial Centre and is a founding member of the Dubai International Stock Exchange.
Saudi women win chamber spots
Two Saudi women have been elected to the Jeddah Chamber of Commerce and Industry board. The polls held this week were the first in which women were allowed to stand as candidates. Seventeen women were among 71 candidates in the elections.
IIB, 50% stake in $80m project
Bahrain-based International Investment Bank is taking a 50% equity stake in an $80m office tower project at Business Bay in Dubai. The bank says it is placing the shariah compliant investment with GCC investors. The Dubai-based Al Masa Group is co-sponsor of the development
BDB five-times capital increase
The Bahrain government is increasing the Bahrain Development Bank's capital by five-times to $132.7m from December. The move is so that the bank can fund its expansion plans and introduce new products, including a fast track loans approval scheme.
PCFC, $2.8bn sukuk
Dubai's Ports Customs and Free Zone is planning to raise $2.8bn through an Islamic bond issue to fund its expansion, reported Gulf News. Dubai Islamic bank is the lead manager of the two-year sukuk, which opens on 2 December.
Saudi's foreign assets grow
Saudi's central bank held foreign assets worth $132.3bn at the end of October 2005, representing an increase of 57% since the start of the year, and 6% up on the $124.8bn at the end of September, according to figures cited by Reuters. The Kingdom is earning record revenues from its crude exports.
Saudi ups gold production
Saudi mining firm Maaden plans to double gold output to 700,000 ounces a year by 2009, but it will not be enough to reduce imports needed to keep up with growing local demand, reported Reuters. Saudi gold demand is expected to rise 18% at the end of 2005 from 134 tonnes last year, according to the World Gold Council.
UAE shares drop further
The Dubai Financial Market index lost 3.45% yesterday to close at 1,087.87 points in moderate trade, while Abu Dhabi shares fell 1.77%. Analysts say the market is likely to pick up again once year-end corporate financial results start to come out.
GCC, 3% inflation differential
The GCC monetary union will allow a maximum inflation rate differential of 3% between member states when it comes into effect in 2010, UAE Central Bank Governor Sultan bin Nasser Al Suwaidi told Gulf News. He said technical details of the union are almost finalised.
$136.8m freight rail contract
Saudi Arabia has a awarded a contract worth $136.8m to a consortium led by the US-based Louis Berger Group to design and construct a 2,400 km freight and mineral rail link from Al Jalamid and Al Zabira in the north to Riyadh, with another line branching off to Ras Az Zour in the Eastern Province, reported Arab News. The network may be modified in the future to carry passengers.
Dubai buys P&O for $5.7bn
Dubai is to buy Peninsular & Oriental Steam Navigation Company, the UK's largest port operator, for $5.7bn, reported Bloomberg. DP World, Dubai's port operator, will make the largest ever acquisiton by a Gulf State, and become the world's third-biggest port company.
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