2005
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DIC, $1.23bn Doncasters deal
Dubai International Capital says it has agreed to pay $1.23bn for the UK-based Doncasters Group from Royal Bank of Scotland Equity Finance. Doncasters is a leading manufacturer of precision engineered components and systems with clients that include Boeing, GE, Rolls-Royce, Honeywell in aerospace and Siemens. Completion of the deal is subject to regulatory approval, expected in February 2006.
Rasmala gets DIFC licence
Rasmala Investments, an investment banking and asset management firm, has been granted a licence to operate in the Dubai International Financial Centre. The firm has recently relocated its holding company from Bermuda, and also has subsidiaries in London and Amman.
Qafco turns $495m profit
Qatar Fertilizer Company says it has recorded a profit of over $495m in 2005, an increase of 92% over last year. GM Khalifa Abdullah Al Suwaidi put the result down to a price increase of urea on world markets and strong demand for its products.
Saudi stocks on a high
Saudi stocks scaled a new record high yesterday on news of a $57bn 2005 budget surplus, with the Tadawul All-Share Index surging 0.61% to 16,838.59 points. Analysts say the budget figures will act as a stimulus for even more investment in listed companies.
Sagia, Swicorp $5bn consortium
The Saudi Arabian Investment Authority and Swiss-based investment bank Swicorp have created a consortium, called Swicorp Joussour Company, to invest in energy related projects in the Kingdom worth $5bn. The funding of the company is structured into debt and equity, with $500m already committed by partners.
GCC, EU FTA to bring FDI
The Dubai Chamber of Commerce and Industry says a free trade agreement between the GCC and EU will result in more foreign direct investment in the region and strengthen the service sector. But benefits are more likely come in the medium and long term rather than the short term.
Steep drop for gold
Gold fell more than 1% on heavy selling in Tokyo futures, as traders predicted a steep downturn. Spot gold fell to as low as $521.75 an ounce before rallying to $522.50/523.50 in morning trade, according to Reuters. Gold is at its highest level in more than 24 years.
Jawad IPO on BSE
Bahrain-based Jawad Business Group will list its Jawad International Fashion division on the Bahrain Stock Exchange from 19 December. Ten million shares will be available to investors of all nationalities. Receiving banks selected for the IPO include Ahli United Bank, Bahrain Islamic Bank, and Standard Chartered.
Saudi's $18.9bn budget
Saudi Arabia has announced an $89.3bn budget for 2006, from which it has earmarked $33.6bn for new development projects during the year, reported Gulf News. Revenues are expected to reach $104bn and a surplus of $14.7bn is anticipated.
Gulf telcos outbid for Telsim
Etisalat and Emaar have lost out to UK-based Vodafone in a bid to buy Telsim, Turkey's second largest mobile telephone operator, reported Gulf News. Vodafone offered $4.55bn for the company, which represents a 62.5% premium on a $2.5bn valuation. Kuwait's MTC was the next highest bidder at $4.53bn.
UAE stocks down
UAE stocks declined further yesterday, with Dubai shares falling more than 1% and Abu Dhabi shares losing more than 2%. Analysts say some liquidity has been moving from the UAE bourses to the stronger Saudi and Kuwaiti markets, but local markets should rally in the third and fourth week of December.
DIFC, Islamic finance advice
The Dubai International Financial Centre has set up an Islamic Finance Advisory Council to help it develop Islamic finance at the centre. The global market in the sector is expected to grow 15-20% annually over the next 10 years, according to Director-General Omar Bin Sulaiman.
UAE shares lose ground
The Dubai Financial Market index lost 2.8% yesterday to close at 1,102.23 points and cancel out the previous day's gains. Emaar Properties was down 2.37% to Dh24.75 and Dubai Investments fell 7.06% to Dh21.05. Abu Dhabi shares slipped 1.26% as newcomer Dana Gas dropped nearly 7%.
Carborundum comes to UAE
Carborundum Universal, a subsidiary of the $1.5bn Indian conglomerate Murugappa Group, has set up its Middle East operations in the UAE where it has opened a marketing office at the Business Park Ras Al Khaimah Free Trade Zone. The company manufactures bonded adhesives with markets in the US, Europe, Japan, Australia and Africa.
UAE railway, up to $3.89bn cost
The UAE's nationwide railway system, Emirates Railway, which could eventually cover 700-1000km, has been costed at between $2.68bn to $3.89bn, reported Gulf News. German transport consultants Doriner is conducting a feasibility study into the project which it will deliver in September 2006.
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