2006
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Mayadeen raises capital
Kuwait's Global Investment House has completed a capital increase to KD100m for the local National Ranges Company, or Mayadeen. Global said the private placement of shares was oversubscribed. Mayadeen has property investments in the UAE, including buildings in Emaar Business Park, Dubai Healthcare City, and development plots at Shams Abu Dhabi on Reem Island.
$272m Real Estate Bank fund
The Real Estate Bank, a property financing arm of the UAE government, plans to create a $272m property investment fund, Gulf News reported. The fund will work with other companies to develop commercial and residential property projects in the country. The Minister of Finance and Industry yesterday gave approval for the fund's launch.
Emke to invest $272m in Abu Dhabi
Local retailer the Emke Group plans to invest more than $272m in retail and development projects in Abu Dhabi, Gulf News reported. The company yesterday signed an agreement with Abu Dhabi Municipality to manage the $218m Madinat Zayed Shopping Centre and Gold Souq from January 2007. The ten-year deal will see Emke subsidiary Line Investment in charge of leasing and managing the renamed Madinat Zayed Mall.
Pension funds $8.24bn deficit
Bahrain's two private and state pension funds are facing a projected deficit of more than $8.24bn, equal to 89% of the kingdom's GDP, according to a 2005 audit by the Financial Audit Bureau cited by Trade Arabia. The state Pension Fund Commission and private sector General Organisation for Social Insurance could become bankrupt in 25 years if the imbalance is not corrected, the report said.
Iran's inflation up on spending
Government spending helped push Iran's inflation up to 15.1% in the year to 22 October, compared to 14.6% the previous month, according to economists cited by Reuters. Analysts say the official figures underestimate the actual price increases of goods in the country's bazaars and shops. President Ahmadinejad has blamed the media for exaggerating the price rises.
ADSM, Lahore bourse deal
The Abu Dhabi Securities Market and the Lahore Stock Exchange have signed an agreement which will pave the way for Lahore listed companies to dual list on the ADSM. This agreement follows one signed by the ADSM and the Central Depository Company of Pakistan earlier this year. The ADSM currently has more than 2,226 Pakistani investors registered, with investments worth $12.3m.
Injazat fund exits Docman
Injazat's $50m technology fund has strategically exited its investment in Docman, a records management and imaging services company, through the sale of its shares to Aramex. The fund had invested in Docman in 2002 and by completing the $4.1m sale, Injazat has generated about 20% internal rate of return for its shareholders. Docman will now be merged with InfoFort.
World Bank appoints Muasher
The World Bank has appointed Jordan's Marwan Muasher, a former Foreign Minister and Deputy Prime Minister, to the post of senior vice president, external affairs, communications and UN affairs, reported the Jordan Times. Muasher's position will become effective from March next year.
CBB, consultation paper
The Central Bank of Bahrain has issued a consultation paper, consolidating and streamlining existing requirements relating to collective investment undertakings. The proposed framework introduces Bahrain's first ever rules for schemes targeting experienced investors, as well as rules for unregulated professional schemes, aimed only at professional and market counterparties. The new framework is to be finalised and implemented in early 2007, with the deadline for comments being January 31; visit www.cbb.gov.bh
UN hits Iran with trade sanctions
The UN Security Council has unanimously voted in favour of imposing sanctions on Iran's trade in sensitive nuclear materials and ballistic missiles, reported Reuters. Russia's hesitation in supporting the resolution was overcome by the exemption from the final draft of an $800m light-water reactor that it is building for Tehran. Russia's UN Ambassador Vitaly Churkin emphasised that the sanctions did not permit the use of force against Iran.
15% more IPOs for region
The Middle East will see a 15% increase in initial public offerings in the next 12 months according to the UK's Oxford Business Group. Following a slowdown in IPOs due to the widespread market slump this year, several major firms are lining up flotations once exchanges start to pick up, according to Andrew Jeffreys, OBG's Editor in Chief. Jeffreys feels market prices will have risen significantly by next summer.
Mubadala eyes Russia, China
The Mubadala Development Company is planning to invest in healthcare, the aviation sector and basic industries in Russia and China, reported Reuters. Waleed Mokarrab Al Muhairi, Mubadala's COO, said the firm was looking to exploit growth opportunities in big markets. GCC states are now keen to move their investments away from the US and Europe and move them into booming Asian economies.
Oman, H1 GDP rises by 21.8%
The GDP of Oman's oil and non-oil sectors increased by 21.8% in H1 this year, reported the Oman Daily Observer. The sultanate earned $17.2bn during the period, as opposed to $14.3bn in 2005. The Ministry of National Economy put the increase down to a rise in the GDP of oil related activities including crude pumping and the extraction of natural gas.
UAE, $15.2bn from tourism
The UAE will receive $15.2bn in tourism revenue this year, up 20% from 2005, reported Emirates Today. Dubai's revenues will increase by 7.9%, with the emirate expected to play host to around 6.6m tourists by the end of this year. The UAE Minister of Economy Sheikha Lubna Al Qasimi recently predicted that the tourism sector would grow by 22% this year.
UAE, German trade boost
Trade between Germany and the UAE has jumped over the past four years, with exports and re-exports from the UAE increasing from $980m in 2001 to $2.3bn in 2005 and imports from Germany almost doubling to $4.1bn, reported Gulf News. There are around 600 German companies in the UAE as well as 435 registered commercial agencies.
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