2005
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Saudi stocks eye 17,000-mark
The Saudi stock market surged 1.07% yesterday, pushing the Tadawul All-Share Index to a record close of 16,758.87 points. The index is now up 104.22% so far in 2005, and analysts predict it will reach 17,000 points within weeks.
Citigroup, new Kuwait HQ
Citigroup has taken new premises in Ahmed Tower in Kuwait City. The new office accomodation will house all of Citigroup's businesses in Kuwait. This will initially include Corporate and Investment Banking and other units at a later stage.
DGCX to trade fuel futures
The Dubai Metals and Commodities Exchange is set to open trading in fuel oil futures in H1 2006, according to CEO Geoff Thompson. It will cater to 380-centistoke parcels of 100-tonne lots each for delivery to the bunkering port at Fujairah.
Saudi 2005 GDP over 6%
Saudi's GDP should rise over 6% in 2005 on account of record high oil prices, with its current account surplus widening to 30% of GDP and fiscal surplus reaching 15.5% of GDP, according to an International Monetary Fund annual review. The IMF praised the Kingdom for its effective use of oil revenues to invigorate the private sector and sound macroeconomic management.
MTC raises $2.3bn
Kuwait-based Mobile Telecommunications has brought in $2.3bn through a 1:1 rights issue, the largest capital raising ever on Kuwait's booming stock market. MTC will apply the funds towards paying off a $3.4bn syndicated loan to acquire Dutch-based Celtel in H2 2005, and to finance expansion plans.
$100m fund to advance ME medicine
The US-based Ascent Group has introduced its $100m Ascent Medical Technology Fund II, a private equity vehicle to promote the development of the medical technology industry in the Middle East. The lead investor is the International Finance Corporation, a member of the World Bank Group. The fund is based in the US but regional investors can apply through Bahrain based subsidiary Ascent Medical Technology Middle East Fund.
ADCCI elects board members
The first-ever elections for the board of the Abu Dhabi Chamber of Commerce and Industry has resulted in 15 candidates, including two expats winning positions, reported Gulf News. None of the three women candidates out of the final list of 85 nominations were elected.
DMCC, gem authentication service
The Dubai Metals and Commodities Centre has introduced a gem authentication service for diamonds, gemstones, pearls and jewellery. ISO-certified Dubai Gem Certification aims to promote ethical and transparent trade practices and give a competitive edge to the regional gem trading business.
UAE stocks in correction mode
UAE stocks Dubai shares dropped 0.74% and Abu Dhabi shares were down 1% in day of thin trading yesterday. Dubai-listed heavyweight Emaar Properties fell 2.31% to Dhs23.25 and the DFM index is now down 13.2% from the record close of 1,267.32 points on 11 November.
Singapore ups P&O stake
Singapore's Temasek Holdings says it now has a 4.1% shareholding in P&O after buying more shares in the group, reported Reuters. Analysts say Temasek could try and block Dubai state-owned DP World's $5.7bn bid or seek to buy key port assets.
Dana Gas lists today
Dana Gas will be listed on the Abu Dhabi securities Market today, making it the first private sector natural gas company in the region to be publicly listed. The energy company's recent $564m initial public offering attracted over 450,000 subscriptions.
Bahrain to replace BMA
The Bahrain Monetary Agency will be replaced by a new Central Bank if the local parliament approves a new draft law, reported The Bahrain Tribune. The bank will be an autonomous commercial and financial organisation and have its own budget, and licence more stock exchange organizations, said local sources.
Jawad Fashion IPO, Dec 19
Bahrain's Jawad International Fashion is to open an initial public offering for 40% of its shares on December 19, reported Reuters. Family owned Jawad Business Group owns 51% of JIF. All nationalities can buy shares. The lowest subscription will be 100 shares for individuals and 100,000 for institutions. Khaleej Finance & Investment Bank is lead manager.
$302m Barwa Real Estate IPO
Qatar's $302m initial public offering for the Barwa Real Estate Company has opened, set to profit from strong investor confidence in the local economy, reported Reuters. Long queues grew outside Doha banks as investors waited to apply. The IPO is open to Qatari nationals only and closes December 18.
20% P&O stake to block Dubai
Singapore government owned Temasek Holdings will need to buy a 20% stake in P&O to block the $5.7bn agreed bid by DP World, the Dubai state-owned port operator, said analysts. Neither side has commented since Singapore bought a 3.2% stake in P&O last Thursday.
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