2005
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Arcapita, $800m US exit deal
Bahrain based Arcapita Bank has announced the sale of three real estate portfolios in the US to ProLogis for $800m. Arcapita and its co-investors acquired the 71 properties comprising the three portfolios in three different transactions in April, June and September 2001.
Saudi stocks hit record high
Saudi stocks ended last week at a fresh all-time high of 16,337 points, with the bourse now more overvalued that the Nasdaq before its crash in 2000. The index is up by 99% so far this year thanks to surging oil prices and optimism surrounding Saudi accession to the World Trade Organisation.
DP World poised to buy P&O
DP World is close to reaching an agreement with P&O to acquire the British ports and ferry giant, sources close to the deal told Gulf News. The Dubai port operator is offering around $5.3bn in a deal advised by Barclays Capital which would place DP World among the top four global port operators.
UAE, China trade to hit $2.7bn
Trade between the UAE and China will pass $2.7bn this year, said Sharjah Crown Prince Sheikh Sultan bin Mohammad bin Sultan Al Qasimi at the opening of the Chinese Commodities Fair. More than 600 Chinese companies are showing their products at the event.
Investcorp closes $300m fund
Bahrain based Investcorp has announced the closure of its $300m Investcorp Technology Ventures Fund II which was oversubcribed by $50m above its $250m target. The fund will focus on investments in technology companies, mainly in the US and Europe, with established products, growing revenues and near-term profitability.
UAE, Muscat share corrections
The UAE bourse is presently trading 10% lower than its highs hit a few weeks ago, while Muscat Securities Market is 14% off its summer highs. Analysts are divided as to whether this is the start of a bigger correction movement, but note that in 1998 it was Muscat that signalled the start of a GCC share price crash.
Arab Bank, $52m Qasco Dubai loan
Arab Bank has agreed to loan $52m to Qasco Dubai Steel to expand its plant in the Jebel Ali Free Zone and cover working capital requirements, reported Gulf News. Arab Bank is also a part of the consortium that recently loaned Qasco Dubai Steel's owner Qatar Steel $559m.
Al Noor Capital formed in AD
Al Noor Capital was launched as a private placing company in Abu Dhabi last week with a capital of $329m last week, with 52% of subscriptions from the UAE and the balance from the rest of the GCC, reported Gulf News. The start-up will focus on investment banking and brokerage services.
RSH, 30% IPO
Saudi-based Red Sea Housing Services has appointed Saudi Hollandi Bank as manger and lead underwriter for an initial public offering comprising 30% of its shares. The IPO will take place in H1 2006 on approval of the Capital Market Authority. RSH says the float will allow the company to fund its expansion strategy.
Morgan Stanley sets up at DIFC
Morgan Stanley has appointed the firm's first regional head for the Middle East and North Africa and plans to open an office at the Dubai International Financial Centre. Chairman Sir David Walker says the move is clear demonstration of the firm's commitment to the region, which is a key growth market.
Saudi, 4.6% five-year growth
Saudi Arabia's five-year economic plan projects an average 4.6% annual economic growth over the 2005-09 period, pushed by crude exports which are expected to be worth $106.3bn by 2009, up 8% from $98.2bn in 2004, reported Reuters. The Ministry published no projection for the price of oil covering the period.
Emirates Bank looks to outperform
Emirates Bank International expects to sustain core revenue growth above 30% in 2006 on gains from its personal and corporate banking businesses, the bank's chief financial officer Sanjay Uppal told Gulf News. He says the bank's ambition is to outperform the market, which is expected to record revenue growth of between 18-20% from core businesses.
Iran advances Iraq $10m
Iran will advance to Iraq a $10m grant and $1bn long-term loan, according to Iraqi President Jalal Talabani quoted in a report by the Kuwait News Agency. He said recent talks with Iranian officials covered oil and gas issues, and Iranian pilgrims visiting Iraq's sacred sites.
ADIC buys Al Wathba stake
Abu Dhabi Investment Company has acquired a 51% stake in Al Wathba Central services from the Abu Dhabi Water and Electricity Authority, which now holds 49%. ADIC plans to develop Al Wathba into one of the biggest letting companies in the UAE.
UAE shares lose ground
UAE shares drifted lower in trading yesterday with the Dubai Financial Market index losing 0.62% to 1,174.20 points, and the Abu Dhabi Securities Market shedding 1.27% to close at 5,556.60. Analysts say trading volumes will be generally thin in the next week, but are likely to pick up thereafter on the expectation of strong corporate yearly results.
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