2005
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JA 20% shipping increase
Jebel Ali Port's first expansion stage, due in 2007, will see a 20% increase in trans-shipments and a 16% rise in imports and exports, according to port operators. The multibillion dollar developments at the port, Dubai Dry Docks and Dubai Maritime City are expected to give a huge boost to the emirate's importance as a maritime hub.
ABC Islamic, EIB, $70m Iran deal
ABC Islamic Bank and Emirates Islamic Bank have announced their joint mandate for a $70m, three-year Morabaha Financing Facility for Esfahan Steel Company, Iran which is guaranteed by the Iranian Mines and Mining Industries Development and Renovation Organization and enjoys a margin of 3.48% with top ticket fees of 1%.
Saudi Arabia joins WTO
Saudi Arabia officially joined the World Trade Organisation yesterday, becoming the global trade body's 149th member. The news came in advance of trade talks this week aimed at lowering trade barriers, although initial discussions over agriculture stalled.
Ithmaar Bank, IPO early 2006
Bahrain based investment bank Ithmaar is planning an initial public offering in the first quarter of next year. The bank has already boosted its capital to $200m through a $50m private placement. The proceeds will be used for diversification and expansion, said officials.
NBAD, $850m note oversold
The National Bank of Abu Dhabi's $850m debut floating rate note was oversubscribed by 1.3 times. The note is part of a $5bn euro medium term note programme, and a second tranche should be launched in the first half of next year. The issue was sold mainly in Europe and the GCC.
Dubai export trade up 27%
The Dubai export and re-export trade jumped by 27% in the first nine months of 2005 to $19.4bn, according to new figures from the Dubai Chamber of Commerce and Industry. Trade in gold and diamonds surged with re-exports up by 135% over 2003. Iran and Saudi Arabia remained the biggest export markets but Qatar was the fastest growing.
DIFX to list largest ever sukuk
The Dubai International Financial Exchange is to list a $2.8bn sukuk in two month's time, the largest Islamic fund raising to date, reported Gulf News. Officials did not reveal the identity of the sukuk, but the only one of this size is for the Dubai Ports, Customs and Free Zone Corporation.
DIFX, $1bn IPOs in pipeline
The Dubai International Financial Exchange is planning three to five initial public offerings worth a total of more than $1bn in the next few months, development head Fadi Ghosaini told the Dubai Property Group yesterday. He said 15 more IPOs are planned before the end of 2006.
Dubai buys Thomas Cook India
The Dubai Investment Group is preparing to pay $92m to acquire Thomas Cook's 60% stake in Thomas Cook India, according to Gulf News. Sources said that Dubai Government body would also offer a further $35m for an additional 20% stake as required under Indian takeover rules.
Commercialbank $630m rights issue
Commercialbank, Qatar's first private sector bank, has announced the successful completion of its rights issue raising $630m, part of a capital development plan enabling the bank to pursue growth opportunities in the GCC region. The rights issue attracted strong interest from shareholders and was oversubscribed by over $200m.
QIPCO buys Mannai majority stake
The Qatar Investment and Project Holding Company has bought a majority stake in the Mannai Corporation, reported The Peninsula. The share purchase agreement was signed by QIPCO chairman Sheikh Hamad bin Abdulla bin Khalifa Al Thani last week. No further details were released.
UAE stocks down, Etisalat falls
UAE stocks are now 79% up since the start of the year compared with a peak of 95% a month ago. Yesterday shares in telecom giant Etisalat dropped 3.5%, leading the market down 0.75%, on confirmation that its monopoly was in the process of ending.
DP World upbeat on P&O bid
Dubai port operator DP World remains optimistic about its $5.7bn bid for P&O despite revelations that Singapore has bought a stake to disrupt the planned takeover, reported Gulf News citing sources close to DP World. However, there has been no official response from DP World yet.
Jordan Telecom sell-off delay
The planned sale of a 41.5% government stake in Jordan Telecom is being held up by the change of government, reported Reuters. Sources said Jordan has appointed Goldman Sachs as adviser on how to handle the sell-off. The government netted $508m in the 2000 sale of shares in Jordan Telecom.
AUB buys Iraq bank stake
Bahrain's Ahli United Bank has bought a 49% stake in the Commercial Bank of Iraq, and increased its capital base from $9.6m to $43.7m. Chairman Fahad Al Rajaan said that after years of isolation the country's industry, infrastructure and oil sector will need considerable banking support.
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