2005
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Saudi Cement, $578m investment
Saudi Cement Company is investing $578m to step up production and meet steadily rising local and regional demand by expanding the company's production at its Hofuf Plant with the construction of two complete new lines of 10,000 tons of clinker capacity each.
Ex-Im Bank, $404m Qatargas 3 deal
The US Export-Import Bank has guaranteed a loan facility of up to $404m for US equipment and services for the Qatargas 3 project and related facilities in Qatar. The Qatargas 3 project takes natural gas offshore from Qatar's North Field via pipeline to Ras Laffan Industrial City, where it will be processed into 7.8m tonnes of LNG a year for export to the USA.
Saudi Fransi boosts capital
Banque Saudi Fransi, in which France's Credit Agricole has a 31% stake, is to boost its paid up capital by 50% to $900m and issue a one new share for every two held. The bank also said its board had approved a SR5 dividend for the second half of 2005 after SR8 in the first half.
GIC launches $751m CDO
The Gulf Investment Corporation has launched a $751m collateralised debt obligation which is backed mainly by US residential asset receivables. The CDO is underwritten by GIC and US investment bank Merrill Lynch, and has an intended maturity of five years.
Abraaj closes $500m Buyout Fund
Dubai based Abraaj Capital has closed its $500m Buyout Fund II, and claims it will achieve a 50% internal rate of return during good times and bad, reported Gulf News. Due to overwhelming demand the fund was closed a month early. ABOF I returned its initial investment capital to investors within 18 months.
Yansab IPO, unprecedented demand
Thousands of Saudi citizens flocked to the banks yesterday to buy shares in the $525m Yanbu National Petrochemicals initial public offering. Yansab is an affiliate of Saudi Basic Industries Corporation and a 35% stake is being sold. The minimum IPO application is for 10 shares of 50 riyals each and the maximum is 5,000.
Expert moots GCC bourse
Dr. Saud Al Shaikh, the influential chief economist of the National Commercial Bank in Jeddah, has called for the creation of a common GCC stock market. He told Gulf News that due to cross listings and the huge volumes of trade across borders, a common stock market is badly needed. Other commentators argued for a more gradual approach to intergration.
Omniyat sells 50% stake in tower
Omniyat Properties, the property development arm of Dubai-based Almasa Holdings, has sold a 50% equity stake in an $80m, 30-storey commercial tower project at Dubai's Business Bay to Bahrain-based International Investment Bank. Omniyat Properties was launched on 10 December with capital of $81.7m.
Saudi companies get IPO advice
More than 20 speakers including financial advisers, lawyers, and CMA officials will be on hand to discuss the initial public offering process with prominent Saudi business families in at a meeting in Riyadh on 18 December. Analysts say more local private companies are looking to go public and cash in on record high stock valuations.
Qatar, $236m BLC bank purchase
The Qatar Central Bank has bought Lebanon-based BLC bank from Banque du Liban for $236.37m, giving it a 96.22% stake, reported The Daily Star. Qatar's High Supreme Council has indicated it will soon raise the bank's capital to $100m and further increase it to $300m in the next five years.
Bahrain, US FTA approved
Bahrain's free trade agreement with the US has been approved by the US Senate, making the Gulf state the third Arab country, after Jordan and Morocco, to conclude a deal. The UAE is in the final stages of FTA negotiations with the US, with a fourth round of talks due in 2006.
Full ownership in AD special zones
Foreign companies will be allowed to have 100% ownership in Abu Dhabi's Special Economic Zones under new legislation, reported Gulf News. It will apply to companies in phase two of the Industrial City of Abu Dhabi, which was launched on Wednesday, and will eventually extend to comapnies in ICAD-1 and all upcoming SEZs, according to Abu Dhabi Department of Economy and Planning Chairman Sheikh Hamed bin Zayed Al Nahyan.
AD2 Industrial City
The Higher Corporation for Specialised Economic Zones has announced plans for the Industrial City of Abu Dhabi 2. The development will be a mixed estate that will include a building materials cluster and dedicated oil and gas industrial services complex. Key investors include Dubai Investment Company, Ali & Sons, Emirates International Investment and the Bukhater Group.
UAE float glass plant
Emirates Float Glass is setting up a 600 tonne per day float glass plant in Dubai, after a license agreement with PPG Industries. IANUA SPA has won the lump sum turnkey contract to build the plant. The float glass line will start production in 2007, expanding within two to three years into related manufacturing facilities such as additional float line and coating line.
$100m health fund launched
Injazat Capital has developed a $100m sharia compliant healthcare fund, called the Shefa Fund, which will invest in the regional health sector. The fund will hold Islamic debt not exceeding a 60/40 debt-to-equity ratio. It will be managed by a Dubai Financial Service Authority - registered company, yet to be nominated.
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