2006
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DFSA rule change for auditors
The Dubai Financial Services Authority has amended rules in relation to standards of auditors that audit authorised firms, market institutions and collective investment funds domiciled in the Dubai International Financial Centre. The rules are available on the DFSA's website dfsa.ae.
ICL gets QFC license
Law firm International Legal Consultants has been granted a license by the Qatar Financial Centre Authority to operate from the Qatar Financial Centre. It will offer banking and finance-related legal services. ILC, which is also licensed by the Dubai International Financial Centre, is a member of the ILC group, which has offices in Zurich, Dubai and Singapore.
Qatar GDP hits $14bn in Q3
Qatar's GDP reached $14.04bn in current prices in Q3 2006, compared to $6.58bn in Q3 2005, according to Planning Council figures cited by The Peninsula. The GDP for Q1 and Q2 was $12.30bn and $13.22bn respectively. Mining and quarrying activities represent about 64% of total GDP.
Qatari Diar eyes Chelsea Barracks
Qatari Diar Real Estate & Investment is in talks with Britain's Ministry of Defence to buy Chelsea Barracks, The Peninsula reported. The London property is said to be worth around $484.4m, according to a report in the Evening Standard newspaper. It was the former home of the Foot Guards and the Territorial Army.
Liquidity to follow IPO closure
Analysts are predicting a return of liquidity to the UAE's stock markets following the closure of the Dubai Financial Market's IPO, reported Gulf News. Almost Dhs200bn was pulled from the bourses to pay for shares in the float that was 300 times oversubscribed, said one broker. Trading was flat on both the DSM and ADSM Monday.
Emirates, DME working group
The Dubai Mercantile Exchange has said Emirates Airline has joined the working party established by the DME and ENOC Supply and Trading, in order to develop a jet fuel futures contract. The working group expects to commence discussions this week and aims to have a draft proposal on the key elements of the contract by the year end, with a view towards listing the on the DME during Q2 2007.
UAE, $136bn real estate projects
Real estate projects worth $136.2bn are to be unveiled in the UAE during December's Cityscape event and in the forthcoming months according to Adel Al Shirawi, the CEO of Tamweel and cited by Emirates Today. Al Shirawi predicted 30,000 residential and commercial units will be delivered in Dubai by the end of 2007. He also voiced concerns about an imminent slump in the property market and called for greater regulation.
GOF 1 buys Medsol
Global Investment House has revealed that its Global Opportunistic Fund I, along with other managed funds, has acquired Medical Solutions, a company engaged in the clinical pathology business in Dubai. Medical Solutions was a subsidiary of the UK based Medical Solutions, which is listed on the London Stock Exchange. Medsol owns four laboratories in Dubai and is currently in the process of expanding its network in three further locations.
Abraaj Capital, MS Forgings stake
Abraaj Capital has acquired a controlling interest in MS Forgings, Pakistan's largest steel forging house, specialising in steel components for the automotive industry, domestically and abroad. The acquisition of the 80% stake marks the first investment by the Abraaj BMA Pakistan Buyout Fund which was launched earlier in the year and had its first closing in June.
UAE seeks global trade deals
The UAE is stepping up it efforts to secure free trade agreements and strategic partnerships with countries all around the world in a bid to boost the volume of foreign trade, according to the local WAM news agency. Germany, France, South Korea and other European and Asian countries top the list, while talks with the US over an FTA continue.
Egypt, 7.2% economic growth
Egypt's economy grew at a rate equivalent to 7.2% a year in the July-September quarter, compared with 5.3% in the same period last year, reported Reuters. In the last financial year, which ended June 30, GDP grew by 6.9%, a level not seen since the 1980s. The expansion of the natural gas industry and a construction boom partly supported by oil rich Gulf States have been key growth factors.
KFH eyes Malaysian venture
Kuwait Finance House is interested in buying a stake in Malaysian financial house Rashid Hussain, which controls Malaysia's fourth largest banking group, RHB Capital, but has yet to make a firm offer, according to Reuters citing the Edge financial weekly. KFH denied an interest last month and has not yet made a bid as it wants to gauge the reaction of shareholders to the idea.
Corporate governance call
The Governor of the Dubai International Financial Centre, Dr. Omar bin Sulaiman, has stressed the importance of building sound and efficient financial markets and banking systems within the Mena region. He added that introducing good corporate governance will ensure the region can operate on a level playing field with other markets and attract foreign capital. Companies should define board responsibilities, ensure shareholders' rights and provide financial disclosure.
DFM IPO, 300 times oversubscribed
The Dubai Financial Market has announced that its $435m IPO collected about $51.7bn, being around 300 times oversubscribed. The DFM has said that excess funds will be returned on December 10. Market analysts have put the recent slump and thin trading levels at the exchange down to investors pumping liquidity into the DFM flotation instead.
Kuwait, $29.6bn H1 earnings
Kuwait has posted H1 earnings of $29.6bn, exceeding the country's full year forecast of $29.5bn, according to TradeArabia. The figure is also 27.5% up on the $23.2bn earned in the same period last year. The annual budget, which was based on oil prices of $36 a barrel, predicted a deficit of $8.1bn, but Kuwaiti oil averaged $63 a barrel in H1 although it has now fallen to $52 a barrel.
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