2006
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Sinopec, $100bn Iran deal
Iran has invited the MD of China's Sinopec to the country in order to sign a contract for the development of the Yadavaran oil field, reported Bloomberg. The deal, which the National Iranian Oil Company says is complete, could see China pay $100bn for a controlling stake in the field, in addition to 150,000 bpd of crude oil at market rates and 250m tonnes of LNG over 25 years.
Dubai Energy eyes Premier Oil
The UK's Premier Oil has given Dubai Energy permission to carry out due diligence on the company, according to the Daily Telegraph. Dubai Energy has gained access to the firm's financial information after suggesting it might bid around $29 a share. Premier Oil, which is worth around $1.9bn, has refused to comment on the speculation.
UAE, OIC investment advice
A senior UAE government official has urged other Islamic countries to do more to attract foreign investment, reported the local WAM news agency. Abdullah Al Saleh, the Under-Secretary in the UAE Ministry of Economy, speaking at the Organisation of Islamic Conference, said OIC countries should target high return investment ventures. He warned that a lack of transparency and legislation could lead to unethical practices and undermine economies.
ADFD provides $5.7bn
The Abu Dhabi Fund for Development has provided more than $5.7bn in the form of loans and grants to countries across the world over the past 35 years, according to the local WAM news agency. The ADFD programme has assisted 51 countries, with a total of 243 projects directly supported. The fund has released a report to mark the 35th anniversary of the UAE's foundation.
Etisalat denies TIM Hellas bid
Etisalat has denied it has made a $5bn bid for Greek telco firm TIM Hellas as was reported yesterday on the Dow Jones newswires, according to Reuters. The firm will this week decide whether it will tender a bid but Etisalat's General Manager of International Business, Jamal Al Jarwan, said any offer would be less than $5bn. Etisalat's investment committee has been carrying out due diligence over the past month.
GCC, Singapore FTA talks
The GCC nations and Singapore are to commence talks concerning a free trade agreement early next year according to Abdullah Al Saleh, Under Secretary in the UAE Ministry of Economy, and cited in Gulf News. Al Saleh said a date for the negotiations has yet to be set but the talks would encompass all aspects of trade and investment. Bilateral trade amounted to $23.7bn in 2005.
KIA eyes China deal
The Kuwait Investment Authority is to discuss investment opportunities with the Industrial and Commercial Bank of China, according to agency reports. The ICBC Chairman Jiang Jianqing is due to arrive in Kuwait today, Saturday, to hold talks with the KIA's MD Bader Mohammed Al Saad. The ICBC recently raised $22bn in the world's biggest ever IPO.
Unilever to earn $700m
Unilever expects its Middle East earnings to increase from $600m to $700m this year, reported Gulf News. Tea accounts for about a third of the firm's regional sales, with its Lipton brand enjoying a sales growth of 10% per annum. Unilever claims it has secured a 75% share of the GCC tea market, with its biggest customers being the UAE and Saudi Arabia.
Oman, $11.7bn 9-month revenue
Oman's government revenues rose by 8.6% during the first nine months of 2006, reaching $11.7bn, reported the Oman Daily Observer. The Ministry of National Economy's monthly statistical report put the rise down to a 0.3% lift in the country's oil net revenues which increased to $8.3bn by the end of September and a 76.3% jump in natural gas revenues which stood at $1.1bn.
Etisalat, $5bn TIM Hellas bid
Etisalat has offered $5bn for Greece's TIM Hellas Telecommunications according to Bloomberg, citing the Dow Jones newswires. The bid is thought to have comfortably beaten that of Turkcell Iletisim Hizmetleri and Providence Equity Partners. Binding offers are due at the end of the month and decision is expected at some point in December.
Al Bateen, $1.6bn buyout
A consortium including Abu Dhabi's Al Bateen Investment, as well as Lehmann Brothers Private Equity and Mid Europa Partners have purchased Altima of Radiokomunikace and a 39.2% stake in T-Mobile Czech Republic. The deal is worth $1.6bn and is believed to be the biggest private equity transaction in the Czech Republic and the largest central European buyout.
UAE, non-oil sector hits $85bn
The UAE's non-oil sector grew by 18.6% last year to reach $85bn, according to Sultan bin Saeed Al Mansouri, the UAE Minister of Public Service Development. The figure represents about 64% of the country's total GDP. Al Mansouri said the UAE will continue to diversify its sources of income.
DFM, ADSM at 2004 levels
Last week saw the Dubai Financial Market and the Abu Dhabi Securities Market continue their downward movement and both are now at levels previously seen in 2004, reported Gulf News. The DFM lost 5.5% to finish at 358.6 points, while the ADSM fell 3.9% to hit 3,013.7 points. Analysts expect liquidity to return to the bourses this week following the closure of the DFM's IPO.
DDF, $700m annual revenue
Dubai Duty Free is expecting to achieve sales of $700m this year, representing about 70% of the UAE's total duty free sales and nearly 50% of the entire region's sales, reported Gulf News. Colm McLaughlin, the MD of DDF, said Dubai is on track to secure about 5% of global airport duty free sales and only London Heathrow and Seoul are ahead of it in terms of operation and sales.
Gulf IPOs looking healthy
Oger Telecom's cancellation of its $1.25bn IPO due to market volatility will not impact greatly on other future listings according to local analysts, reported Gulf News. Regional stock markets have plummeted this year with the Gulf's biggest exchange in Saudi Arabia down by 48% and Dubai down 65%. Imad Ghandour of Gulf Capital said that companies in the process of setting up IPOs will have to revise their valuations.
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