2006
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Investcorp, $500m loan facility
Bahrain based Investcorp has closed a $500m five year syndicated revolving loan facility, reported TradeArabia. The facility was launched at $300m but strong interest from new and existing lenders led to commitments of more than $850m. The total facility was increased to $500m and there was no general syndication; JP Morgan Chase and Dresdner Kleinwort were joint bookrunners.
Oil boom fuels Mena jobs
Job creation in the Mena region is outpacing the number of people entering the job market according to a report by the Dubai School of Government and cited by TradeArabia. The study says that a significant number of the new jobs are temporary and are the result of government spending due to the oil price boom. Unemployment has fallen from 15% in 2000 to 12.7% last year.
Al Qudra, CRC form CRCQ
Al Qudra Holding and the Kuwait based Company for Credit Rating and Collection have launched Al Qudra Credit Rating and Collection, or CRCQ. Whilst focusing its business on offering consultancy and financial services, CRCQ, which has an initial capital of $16.3m, will also be involved in the design and implementation of financial studies and will collect and purchase commercial debts.
Kuwait, $37bn 8-month revenue
Kuwait's revenues to the end of November, the first eight months of the country's fiscal year, topped $37bn, a 17% increase over the same period last year, according to a report by Al Shall and cited by the AFP. The figure is 26.1% up on the projected revenue of $29.5bn for the entire fiscal year. High oil prices helped provide income of $35.4bn.
Saudi eyes economic cities
Saudi Arabia intends to develop two more economic cities in the north and east of the country in order to achieve a more even spread of development, reported Arab News. Amr Al Dabbagh, the Head of the Saudi Arabian General Investment Authority, said the four cities launched in Rabigh, Hail, Medin and Jizan will generate investment of around $80bn.
Sabic, $6bn finance for Q2
Saudi chemical giant Sabic is negotiating with five international and Gulf Arab lenders about arranging finance for Q2 2007 to help fund the construction of the $10bn Saudi Kayan Petrochemical complex on the Gulf coast, reported Reuters. Sabic's CFO Mutlaq Al Morished revealed in October that between $4-6bn would be raised via bonds, loans and Islamic finance. The debt will have a maturity of at least 15 years.
RJ privatisation in 2007
Jordan plans to sell a majority stake in state carrier Royal Jordanian by the end of next year, reported Reuters. CEO Samer Majali said the government will retain a 26% holding but the rest will go to foreign and local investors. The government will next week choose a financial adviser from the three banks that put in a bid: Merrill Lynch, Goldman Sachs and Citibank.
US warns UAE on exports
The US has warned the UAE that it might take action against it if the Gulf state fails to exercise tighter control on exports, reported Reuters. The US is concerned that goods which can subsequently be used to make improvised explosive devices are being transhipped via the UAE's ports to Iran and Syria. The US has worked with the UAE to set up an export control law.
Saudi Aramco, world's biggest
Saudi Aramco is the world's biggest company according to research carried out by the UK's Financial Times and cited by Bloomberg. The state-owned oil giant is worth an estimated $781bn, while ExxonMobil, the largest publicly listed company is worth $454bn. The FT's research found that nine of the world's top ten unlisted companies are state-owned oil firms.
Up and down week for Tasi
The Tadawul All Share Index experienced volatility last week but eventually managed a gain of nearly 0.6% overall, reported Arab News. The bourse finished the week at 7,950.4 points, 52% down on its level at the start of the year. Trading has thinned out a little and experts believe the government's budget predictions for 2007 and annual results of listed firms will set the trend of the market.
India's Mideast trade hits $25bn
India's trade with the Middle East has increased three-fold over the past five years, according to figures released by the Export-Import Bank of India and cited in the Khaleej Times. India's exports have jumped from $5bn in 2001-2 to $15bn in 2005-6, while imports have risen from $3bn to $10bn. The UAE accounts for 52% of total bilateral trade with the region.
CBE raises interest rates
The Central Bank of Egypt has raised its overnight deposit and lending rates by 25 basis points to 8.75% and 10.75%, reported Reuters. The move is an attempt to cool inflationary pressure and is the second hike in less than two months. Inflation for the year to the end of November stood at 12.2%, the highest level for over two years.
UAE markets, modest gains
The UAE's stock markets enjoyed very moderate gains last week with the Dubai Financial Market General Index rising 0.5%, or 23.3 points, to close at 4,262.3 points, reported Gulf News. The Abu Dhabi Securities Market also gained nearly 0.5% on the week, ending at 3,031.9 points, a lift of 13.9 points. Analysts say that liquidity is gradually starting to return to the exchanges following the DFM's IPO.
UAE ups Pakistan investments
The UAE's investments in Pakistan is expected to reach about $50bn in the next few years, up from $12bn during the past 16 years, according to a top UAE official cited in Gulf News. The UAE Ambassador to Pakistan Ali Mohammed Al Shamsi said the increase is a result of Pakistan's major privatisation drive. UAE based firms such as Emaar, the Giga Group and Limitless have recently announced projects.
DP World sells China terminals
DP World has agreed to sell its take in two terminals at Shenzhen to China Merchants Holding - International for $229m, reported Reuters. DP World said another minority shareholder is also to sell its stake in the terminals to CMHI. The deal is expected to be completed in Q1 2007 and would enable the three terminal facilities to be merged into a single container terminal.
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