2005
- The news you choose »
- Login to Add to Watchlist
HSBC doubles business
HSBC says the scale of the bank's business had doubled in the past two years, and expects it to double again over the next three years on a buoyant regional economy, reported Gulf News. CE David Hodgkinson said the bank has had its best ever year in the Middle East in 2005, with H1 profit surging 40-50% compared to the same period last year.
$171m underwater cable deal
European cable maker, Nexans, has won a $171m contract to install an underwater electrical power cable connection between Saudi Arabia and Bahrain, news agencies reported. The contract is part of a wider project, the GCC Interconnection Grid, which will connect most of the major Gulf countries.
First DIFX conference success
The first Dubai International Financial Exchange conference, organised by Euromoney was a resounding success with 200 plus delegates. The conference was told to expect around 10 new listings on the exchange within the next year. Opinion was divided on whether valuations would come up to GCC local exchange levels.
HSBC outlines DIFC debut
HSBC has indicated its intention to establish a significant presence in the Dubai International Financial Centre. Subject to approval by the Dubai Financial Services Authority, HSBC plans to establish significant divisions of its Corporate, Investment Banking and Markets division, along with the Group's Islamic Finance division HSBC Amanah, and HSBC Private Bank.
DGCX opens tomorrow
The Dubai Gold and Commodities Exchange is set to start trading gold futures contracts tomorrow. This is the start of a comprehensive range of commodities futures contracts. The DGCX will become the world's newest exchange, located at a natural cross-roads for global trading.
Lubna, UAE to invest abroad
UAE Economy Minister Sheikha Lubna told Reuters that the UAE would continue to invest its record oil revenues overseas. She pointed to the US, Australia and Turkey as places with particular attractions for investment from the UAE whose petrodollar income has soared this year.
Saudi mining privatization plan
Saudi Arabia is to privatize its mining company Maaden with an initial public offering in late 2006, officials told Reuters. This IPO will also include its bauxite and phosphate operations and not just the 300,000 ounce a year gold mining division as originally planned.
Dubai stocks fall 8%
The Dubai Financial Market has declined in value by 8% since peaking on November 9. But the market is still up 85% so far in 2005. Traders said they expect the market to trade sideways for the next couple of weeks before the year-end reporting season.
HSBC wins Saudi bank licence
HSBC has become the first foreign bank to win an investment banking licence in Saudi Arabia. HSBC is now licensed to do everything related to the stock market from brokerage to asset management and financial advising, officials told Reuters. HSBC already has a strong foothold in the country via its 40% stake in Saudi British Bank.
ABB, $220m GCC Grid job
ABB has won a contract worth $220m from the GCC Interconnection Authority for phase one of the massive Gulf Grid project, linking the electricity networks of six Gulf states. The Gulf Grid is the biggest power transmission project to be announced anywhere in the world in 2005. Phase one will link Saudi Arabia, Bahrain, Qatar and Kuwait by early 2009.
AD woos heavy industry
Abu Dhabi has embarked on a policy of developing heavy industry like aluminium, steel, petrochemicals and automobile parts, chairman of the Abu Dhabi Economy and Planning Department, Sheikh Hamed bin Zayed Al Nahyan told the new Oxford Business Group study Emerging Abu Dhabi. This would involved privatisation, he added.
Kuwait Real Estate Bank ban
The Kuwait Stock Exchange yesterday suspended trading in the shares of Kuwait Real Estate Bank and cancelled all trades on Wednesday, until the company explains how a court ruling will impact on its business, reported Reuters. Its shares had soared by 7.25% on Wednesday.
Aabar listed on the ADSM
Aabar Petroleum Investments Company was listed on the Abu Dhabi Securities Market yesterday, following its sensationally successful initial public offering earlier this year. The start-up oil company's shares opened at Dhs5.7, and hit Dhs6 before retreating to Dhs5.34.
$125m Lagoon City sukuk
Kuwait Finance House, Liquidity Management Centre and Al Muthanna Investment Company have launched a $125m sukuk to finance the Lagoon City residential and commercial real estate project, part of the Kheiran Pearl City development, paying 200 basis points over six-month US Libor.
DGCX clear for launch
The Emirates Security and Commodities Authority has granted the Dubai Gold and Commodities Exchange a license to function as a commodities derivatives exchange. This license provides DGCX, the regulatory provision to officially commence trading when it launches on November 22. SCA recently also issued new set of regulations for regulating commodities exchange and its members.
It looks like you are using a Mac - check out our 
Web Feeds