2006
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$40bn bonds in 2007
Gulf Arab governments and companies could sell up to $40bn of bonds in 2007, 60% more than this year, Reuters reported, citing an HSBC official. Bond sales, including Islamic issues, reached $25bn in 2006, compared with $10bn in 2005 and $5bn in 2004.
Saudi stocks drop 4.33%
Saudi shares plunged 4.33% on Tuesday, as news of the kingdom's largest-ever budget failed to ignite the GCC's biggest bourse, Arab News reported. The Tadawul All-Share Index slipped below 8,000 points to close 357.14 points lower at 7,890.50. The only gainers out of 85 stocks traded were Samba Financial Group, Banque Saudi Fransi and Saudi Fisheries. Dubai shares lost almost 1% on lower volumes.
Investcorp buys US logistics major
Bahrain-based Investcorp has acquired the US' Greatwide, a major transportation and logistics services company. Greatwide has 5,300 truck operators, 400 independent sales agents, 20,000 third-party brokered carriers and 3.2m sqft of warehouse space. Financial details were not disclosed.
Bayan lists on DFM
Kuwait's Bayan Investment Company listed its shares on the Dubai Financial Market on Tuesday. Shares will be classified in the Investment sector. Foreign investors can acquire 49% of the company's ordinary shares. Bayan has paid up capital of around $115m.
DFM to list in January
The Dubai Financial Market will list its shares in the second half of January 2007, and expects to make a profit of between $337m-$354m in 2006, below the $354m it made in 2005, Gulf News quoted director-general Eisa Kazim as saying. The bourse plans to invest $708m in a range of sharia-compliant investments, and to start investing in derivatives as well as cash products, Kazim said.
Saudi $70.66bn surplus
Saudi Arabia expects to record a 24% increase in its budget surplus to $70.66bn in 2006, with around a third going towards paying off debt, Reuters reported. Debt is expected to fall to $97.6bn, or 28% of GDP, by the end of the year. The 2007 budget will see spending rise by 19% to $101bn, while revenues were forecast to reach $106.7bn, according to a royal decree cited by news agencies.
IMF against GCC dollar revaluation
The International Monetary Fund is telling GCC countries they should invest their record oil revenues in infrastructure, education and health, rather than revalue currencies to resolve imbalances caused by a falling US dollar, Emirates Today reported. Investment would raise capacity for foreign investments and imports, the daily quoted IMF deputy MD Takatoshi Kato as saying.
$2bn Macquarie REIT on DIFX
Australia's Macquarie Bank plans to start a $2bn UAE real estate investment trust with Abu Dhabi Commercial Bank and the Dubai International Financial Centre to take advantage of rising property prices, Bloomberg reported. The trust will acquire assets owned by DIFC as well as other UAE properties. It will be listed on the Dubai International Financial Exchange.
QFC, draft fund rules
The Qatar Financial Centre Regulatory Authority has released its consultation paper and accompanying draft rules on the regulation of collective investment funds operating in or from the QFC. The rules provide for the regulation of funds in the QFC for qualified investors; a regime for retail funds is being put together separately in conjunction with the development of the retail regime in the QFC. Comments can be submitted until February 9.
DCCI, Saudi talks
The Dubai Chamber of Commerce and Industry has held talks with a trade delegation from Saudi Arabia concerning ways to develop bilateral trade relations and volumes. Obaid Humaid Al Tayer, the DCCI's Chairman, underlined the investment opportunities that exist in both countries and said that 1,500 Saudi firms have branches in Dubai. Dubai's total non-oil trade with Saudi reached $2.9bn in 2005.
DGCX, Gold Souk ticker
The Dubai Gold and Commodities Exchange has unveiled a rate ticker in the Deira Gold Souk. The ticker will flash the real time rates of gold, silver, fuel oil, the Euro, the British Pound and Japanese Yen as trading at the DGCX progresses during the day. The ticker will also give news flashes on business-related developments.
Tourism, 22% of UAE's GDP
Sheikha Lubna Al Qasimi, the UAE Minister of Economy, has revealed that tourism contributes around 22% of the country's GDP. She also said it was important that GCC nations look to diversify their exports away from oil and gas and called on the GCC's private sector to strengthen ties and look to compete globally rather than regionally.
Guardian RAK, $100m loan
The Guardian Zoujaj International Float Glass Company, or Guardian RAK, has signed a joint venture with the Guardian Industries Corporation, Saudi Arabia's National Company for Glass Investments and the kingdom's Zamil Group, for a seven year $100m loan facility agreement. Guardian RAK will use the loan to part finance its upcoming 700 tonnes per day float glass manufacturing unit. The facility has a term loan component of $75m.
UAE, monetary union doubts
The Governor of the UAE's Central Bank Sultan Nasser Al Suwaidi has said full implementation of the GCC monetary union is unlikely by the planned date of 2010, reported Gulf News. Al Suwaidi said a simpler form of the union will be in place by then but a GCC central bank may not have been created. He didn't state if he thought the GCC would have a single currency by then.
Jafza top for Dubai trade
The Jebel Ali Free Zone has accounted for 68.8% of non-oil foreign trade through Dubai's free zones in the first nine months of the year. The zone was followed by the Dubai International Airport Zone, which handled 26.1%. Statistics compiled by Dubai World's Statistics Department reveal that $26.7bn worth of trade went through Jafza in the first nine months of the year.
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