2005
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UAE insurers fear FTA competition
A quarter of UAE insurance companies fear that free trade agreements will impact negatively on their business, according to a survey by the Dubai Chamber of Commerce and Industry. But 42% said a FTA would have a positive effect and 24% no change.
Kuwait sells $2bn BP stake
The Kuwait Investment Office sold around $2bn worth of shares in BP on Friday, representing 0.89% of the oil giant, reported Reuters. The KIO will continue to own 2.56% of the company and said the move was part of a portfolio rebalancing exercise. BP shares have risen 30% in the past year.
BLOM buys Misr Romanian Bank
Lebanese banking giant BLOM has bought Egypt's Misr Romanian Bank in a deal valued at $97.8m, and now has control of 96.8% of the bank's shares, reported Reuters. The acquisition was signalled in a statement by the Egyptian stock market back in October.
Aldrees gears up for IPO
Chairman of Aldrees Petroleum & Transport Services Company, Sheikh Hamad bin Mohammed said that the Minister of Commerce and Industry had approved a request to transform the group into a public shareholding firm. Aldrees intends to float 30%, representing 1.2m shares in an initial public offering, Sheikh Hamad added, with HSBC Saudi Arabia Limited as financial advisor and Saudi British Bank as lead manager of the IPO.
OIC ten-year plan
The Organisation of the Islamic Conference is to put forward a ten-year plan aimed at boosting development and domestic trade in member states aimed at eliminating some of the conditions that breed violence and extremism. It includes a fund for development and disaster relief, to be overseen by the Islamic Development Bank.
Shuaa's regional expansion plans
UAE-based investment bank Shuaa Capital plans to buy-up regional financial services companies with funds of $850 at its disposal, reported Gulf News. The firm is looking for firms in banking, insurance, asset management and brokerage businesses, mainly in the GCC.
MEA, up to 20% IPO
Lebanon's Middle East Airlines says it will offer 10-20% of its stock in an initial public offering and planned float on the Beirut Stock Exchange in 2006. The carrier was hit by a downturn in travel following the assassination of former Prime Minister Rafic Hariri in February, and will make a profit of around $40m in 2005 compared to $50m last year, according to Chairman Mohammad Al Hout.
$272m DVD facility at DSO
Planet Optical Disc, a DVD and CD manufacturer, is investing $272m in a establishing a facility at Dubai Silicon Oasis, reported Gulf News. The company, which already has premises at Dubai airport, will use more than half of the investment on equipment designed for new disc formats which will be introduced shortly.
Sabic's $500m Yansab
Sabic Basic Industries will hold a $500m initial public offering for a 35% stake in its subsidiary Yanbu National Petrochemicals, starting 17 December. Saudis can apply for between 10 and 50,000 shares priced at $13.33 each out of a total of 39.4m shares being offered. The float will give Yanbu a paid-up capital of $1.5bn.
UAE 8% GDP prediction
The UAE economy will show a growth of 8% for 2005, up from 7.4% last year, according to Central Bank Governor Sultan bin Nasser Al Suwaidi. He said inflation was high during the year, without giving estimates, due mainly to rising property and energy prices, reported Gulf News.
Fitch to open in Dubai
Fitch Ratings says it will open an office in Dubai in April 2006 to meet the growing demand of a booming securitisation market in the region, according to Reuters. Stephen de Stadler, managing director in South Africa, will head the Dubai operation.
FLSmidth, Emirates Cement deal
Danish engineering group FLSmidth says it has won a $221.5m contract with Emirates Cement to deliver a cement plant in the UAE, reported Reuters. The plant is due to come on line by the end of 2007.
AJIB Qatar licence
The Arab Jordan Investment Bank has been granted a licence to operate in the Qatar Financial Centre. The bank is the first entity in the centre to offer full commercial, investment and private banking services.
DME appoints CEO
The board of directors of the Dubai Mercantile Exchange, the joint venture between the New York Mercantile Exchange and Dubai Holding, has appointed Gary King as its chief executive officer. King has more than two decades of experience in the energy and finance sectors, having worked for ENOC, Morgan Stanley, and Finland's national oil and energy company Neste Oy.
Siemens, Qipco venture
Siemens has entered into an agreement with Qatar Investment and projects Development Holding to establish a regional joint venture company, Siemens WLL Company Qatar. The move positions Siemens for further growth in the region.
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