2005
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NBAD now open to foreigners
Foreigners will be able to trade in National Bank of Abu Dhabi shares from 29 December following a ministerial resolution, according to a statement by the bank. An extraordinary general meeting of the bank had already approved a proposal to allow foreigners a stake of up to 25%.
UAE leads in IPOs
UAE companies led the region in IPO activity in 2005, raising nearly $1.9bn out of a total of $7.4bn in the Middle East and North Africa, according to statistics by Ernst and Young cited by Gulf News. Saudi companies were next, raising $1.7bn. IPO growth has been boosted by increased liquidity on high oil prices, a supply of good quality issues, and healthy stock markets.
EFS to open at DIFC
Emirates Financial Services has applied for a licence to operate an office from the Dubai International Financial Centre, reported Emirates Today. EFS says it wants to pursue investments with a wider regional focus in countries with strong GDP growth. The office will be called Emirates Financial Services International.
Central Bank says no market crash
The UAE Central Bank Governor Sultan bin Nasser Al Suwaidi says UAE shares are undergoing a correction which should eliminate any concerns of a stock market bubble burst. UAE bourses are currently around 20% off peaks reached in November 2005.
Egypt, Turkey free trade agreement
Egypt and Turkey are due to sign an agreement today (Tuesday) that will establish a free trade zone between the countries, according to the Kuwait News Agency. The agreement is expected to boost trade and investment between the two countries.
Bahrain $5.3bn holding company
The Bahrain government is setting up Bahrain Holding Company to manage its interests in various business concerns. It will have a capital of $5.3bn, of which $3.45bn will be paid up.
Dubai controls money laundering
Billions of dollars generated by organised crime are laundered annually through Dubai, according to Dubai Police spokesperson Laurence Al Moalim, quoted in Khaleej Times. The main sources include drugs and arms smuggling, and prostitution rackets. Al Moalim says laundering is still within "controllable range".
UAE stocks recover further
UAE shares made gains on Tuesday as the Dubai Financial Market index jumped 1.77% to close at 1029.55 points, and the Abu Dhabi Securities Market index surged 2.76% to 5112.95 points. The property sector led the recovery in Dubai, as Amlak Finance shot up 11.1% to Dhs10.10 and market heavyweight Emaar Properties closed 2.21% up at Dhs22.85.
Gulf Navigation, $185m finance
Gulf Navigation has concluded a $185m ship financing agreement with Fortis Bank of Belgium as lead arranger, reported Gulf News. The syndication of the transaction will start in January 2006. Under the agreement Fortis Bank will finance the remaining 85% of the contract value of four IMO II chemical carriers ordered by Gulf Navigation in June 2005.
Omani banks must raise capital
Oman's central bank has raised the minimum required capital of Omani banks to $129.9m from $52m, and doubled that of foreign bank branches to $26m, according to the Oman News Agency. The bank's board said the capital increases should be carried out within three years.
Al Diyafa to raise $253m capital
Kipco Asset Management is raising $253m capital in Al Diyafa Holding through a private placement of 740m shares. Kuwait-based firm Al Diyafa is looking to acquire a diversified portfolio of hospitality companies and assets in Egypt, Lebanon and Kuwait.
UAE economy grows 12%
The UAE's gross domestic product grew by 12% to $115.5bn in 2005, according to government statistics cited by Gulf News. The energy sector contributes 27% and manufacturing 13% to the GDP figure, indicating the success of the country's macroeconomic policies, it said.
MTC repays $2.4bn loan
Kuwait-based Mobile Telecommunications Company has repaid early a $2.4bn bridge facility it received from regional banks to help pay for the acquisition of Dutch firm CelTel for close to $3.4bn, the company said in a statement. The facility had been arranged in April 2005.
PWC, $2.85bn petro deal
Kuwait-based PWC Logistics has won a $2.85bn logistics contract from the Equate-2 petrochemicals plant, a joint project between Kuwait and US Dow Chemical, according to a company statement. PWC Logistics is a global provider of integrated transport and logistics services.
Saudi fund sends $2.56bn offshore
A Saudi pension fund plans to invest an estimated $2.56bn in premium bonds and stocks abroad, according to a report in Al-Eqtisadiah business daily. The General Retirement Foundation has $6.9bn invested in local stock market and funds, and wants to invest the remaining 27% of its assets offshore.
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