2005
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Amiantit gets $453m orders
Saudi-based pipeline manufacturer Amiantit says it has sealed orders worth $453.3m, or more than half of its projected turnover for 2006, according to Arab News. Its latest sales include contracts worth $30.6m to deliver pipelines in Spain, Mexico, the United States, Lebanon and Egypt. The company lost $4.4m in H1 2005, though a company restructuring improved revenues in H2.
UAE stocks recover ground
UAE shares recovered from the previous day's losses with Dubai Financial Market index gaining 6.46% on Sunday to close at 1,011.65 points, while the Abu Dhabi Securities Market index lifted 2.6% to 4,975.84 points. Both markets had seen heavy selling in recent weeks with Dubai shares falling more than 25% since a peak of 1274.26 points in November.
Iraq gets $685m IMF accord
Iraq has won a loan accord with the IMF and a $14bn debt swap with private lenders, reported Reuters. The $685m IMF standby credit arrangement is designed to support the nation's economic programme over the next 15 months.
UAE stocks selling frenzy
Stock markets in the UAE fell sharply on Saturday, with the Dubai exchange losing $5bn as retail investors put the skids on. It was driven close to the 1,000 point level that analysts say could trigger an institutional sell-off, according to Reuters. Emaar, the biggest stock on the DFM, lost nearly 6%, costing investors over $3.4bn.
$30bn BAE, KSA defence deal
BAE Systems, the UK's largest defence company, is about to win its biggest export deal for 20 years, worth $30bn over 10 years, reported The Daily Telegraph. The update to the Al Yamamah contract includes 72 Eurofighter Typhoon jets to the Saudis in return for cash and oil.
IMF predicts 13% growth for UAE
The International Monetary Fund expects the GDP of the UAE to expand by 13% in nominal terms to $150.9bn next year. This follows a forecast $30bn increase in 2005 to $133.8bn, or 28.5% growth in nominal terms, making the UAE the third largest economy in the Middle East and Central Asia.
$80m Savola rights issue
The Saudi Arabian Capital Market Authority has given the green light for the Saudi food giant Savola Group to launch a $80m rights issue on December 26. The subscription period for the $80m rights issue will be closed on January 4 next year.
NBD, $750m DIFX bond issue
The National Bank of Dubai is to list its recently launched $750m bond on the Dubai International Financial Exchange. The floating rate note was 77% bought by investors in Europe and Asia who will now be able to trade this paper on the DIFX.
UAE stocks, correction mode
UAE stock markets continued to trend lower yesterday, continuing the correction started in November with shares now around 20% off their peak. The Dubai Financial Market was down 2.7% at 1,054.23 points, while the Abu Dhabi Securities Market was 1% lower at 5,140.14.
EIB $40m capital increase
Emirates Islamic Bank has had its plan to raise capital by $40m to $177m through a bonus share issue approved. The bank will also split shares from their original value of $2.72 to $0.27. EIB has completed one year as an Islamic bank after converting in October 2004.
KMUK gets DIFC licence
Kotak Mahindra (UK) Limited has opened an office in the Dubai International Financial Centre. KMUK is a part of the India-based Kotak Mahindra group, one of the country's leading financial institutions. It offers a full range of services from commercial banking, stock broking, mutual funds, to life insurance and investment banking.
Emirates, $265m aircraft finance
Emirates Airline has signed a $265m financing agreement with the US-based Export-Import Bank for two B777-300ER aircraft, scheduled for delivery in February and March 2006. The 12-year finance is fully arranged and funded by Royal Bank of Scotland.
$1.9m investment in iMPZ
The International Media Production Zone in Dubai has attracted $1.9m in direct investment so far, director of operations Hamad Al Huraiz told Gulf News. The media production facility is being developed over 43m sqft of land adjacent to Emirates Road and is expected to be completed by Q3 2007.
Saudi $26.6bn city to float IPO
About 30% of the equity of the consortium led by Emaar Properties that is developing the $26.6bn King Abdullah Economic City will be raised through an initial public offering. The Saudi Arabian General Investment Authority is the prime facilitator of the development.
Etisalat, PTCL deal back on
The sale of a 26% stake in Pakistan Telecom to Etisalat will go ahead after the Dubai-based telco and Pakistan reached agreement after weeks of deadlock. The deal was due to go through in September, but stalled after Etisalat failed to meet a payment deadline. The contract is expected to finalised in January 2006.
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