2005
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Mashreqbank rail guarantee
Mashreqbank and Mizuho Corporate Bank have agreed to provide a guarantee facility to the Dubai Rapid Link consortium, which is building the Dubai Metro project. The Mitsubishi-led consortium won the construction contract with a $3.4bn bid.
Addax, $1bn purchase fund
Bahrain-based Addax Investment Bank will use a $1bn fund to acquire serviced apartment residences in the UAE, Bahrain and Qatar, in a deal with The Ascott Group, who will manage them. They are aiming to buy at least 15 properties, each of 120 to 250 units, by 2010.
$54m Sharjah Expo expansion
The Sharjah Chamber of Commerce and Industry is investing $54.5m on expansion works at the Sharjah Expo Centre, reported Gulf News. The centre will get an extra 500,000 sqft of space and a 300-room hotel.
EU, GCC FTA deal hopes
The EU and GCC are expected to resolve outstanding issues and conclude negotiations on a free trade deal before the end of 2005, GCC secretary general Abdurrahman Al Attiyah told AFP. He said the two sides will hold talks in Riyadh next week.
Saudi stocks go higher
Saudi stocks surged to a record high yesterday, with the Tadawul All-Share Index closing at 16,430.56, up 50.33 points. The index is now up more than 100% so far in 2005.
Dubai shares fall over 3%
Some over priced Dubai stocks experienced a correction yesterday, with the DFM index dropping 3.37% to close at 1,126.75 points. The index has now come down 11.1% from a record close of 1,267.32 points on 11 November. Abu Dhabi shares fell 0.95% on trading of high volumes.
Northrop $230m Jordan contract
Northrop Grumman has won a contract worth $230m to update the Jordanian armed forces' communications and information technology networks, according to Reuters. The five-year deal will allow operations between the all sectors of the country's armed forces, including the Army, Navy and Air Force.
Telecom Egypt IPO split
The $785m IPO of 340m shares in a partial privatisation of Telecom Egypt will be divided into two tranches, half for small investors and half for institutions. Officials have set the minimum price at $2.31 per share for the offer which closes on 7 December. Trade in the company's shares will start on 14 December, and some of the shares will be listed in London as global depositary receipts.
Leadership summit in Dubai
More than 2,500 Gulf business leaders are set to converge on Dubai today for the annual Leaders in Dubai conference. The event will feature world business leaders including former Soviet premier Mikhail Gorbachev and former US Secretary of State Madeleine Albright. Corporate survival in a rapidly changing global environment will be the key issue.
Aujan drinks to success
Saudi-based beverage company Aujan Industry has opened its new $55m manufacturing facility at the Dubai Investment Park. The centre will boost the company's production capacity by more than 50% as part of moves to expand into markets in Iran, Iraq and North Africa.
Paltel lists in Abu Dhabi
Palestine Telecommunication has listed 30m of its shares, equivalent to 30% of its shareholding, on the Abu Dhabi Securities Market. Chairman Sabih Mansri said Gulf investors were interested in buying shares in Paltel, but wanted the company listed outside Palestine. Paltel competes with four Israeli telcos in the Palestinian telecom market.
DIP, $408m expansion plans
Dubai Investment Park is looking to attract 250 new companies and $408m worth of investment by expanding its site, reported Gulf News. The plans would bring the total investment in the park to close to $2.09bn, according to Dubai Investments CEO Khalid Bin Khalban.
Dubai shares drop, AD up
Dubai shares lost 1.45% yesterday, led by falls in the banking and services sectors. Abu Dhabi shares countered to finish 0.71% higher, with banks generally doing well. UAE shares have been drifting lower in the last two weeks, but analysts predict strong yearly corporate profits should give the local bourses a boost in the coming weeks.
Dubai hit by earth tremor
An earth tremor has hit a triangular area between Ras Al Khaimah, Al Ain and Dubai, after a major seismic event in southern Iran. Tall buildings and skyscrapers on the Sheikh Zayed Road and Dubai Media City were evacuated. The US Government Geological Survey confirmed that the event took place and its website recorded 65 reports from Dubai. There is no damage to people or property in the emirate.
VCBank, $250m SME fund
Venture Capital Bank, the Islamic venture capital investment bank, has announced the Q1 2006 launch of a $250m venture capital fund focusing on small and medium-sized enterprises in the GCC and MENA regions. The fund will be jointly established and co-managed by Global Emerging Markets Group, a US-based private investment firm.
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