2006
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$3.52bn Nakheel sukuk on DIFX
Nakheel has listed a $3.52bn issue of Islamic bonds, or sukuk, on the Dubai International Financial Exchange. It is the world's largest listing of its type, said Nakheel CFO Kar Tung Quek. The sukuk carries subscription rights for future public offerings of Nakheel Group companies. DIFX now carries listed sukuks worth $7.63bn.
KSE bans trading by companies
The Kuwait stock exchange is banning 13 companies and individual investors from selling shares in other firms for breaking disclosure rules, The Peninsula reported. A further 30 firms and investors are under investigation. An inquiry found the family-owned Kharafi Group and affiliates had been using the stock market to sell shares in 10 firms for the past six years. Investors are required by law to declare stakes of 5% or more in listed firms.
Oil revenues push Mena growth
Economies in the Middle East and North Africa grew by 0.5% to 4.9% in the first eight months of 2006, pushed by revenues from high oil prices, according to World Bank estimates cited by Gulf News. World GDP growth this year is put at 3.9%, compared to 3.5% in 2005.
Moody's rates Doha's $1bn EMTN
Moody's Investors Service has assigned foreign currency debt ratings to Doha Bank's $1bn euro medium term note programme. The senior notes issued under the programme will carry an A2 foreign currency debt rating, while the subordinated notes will be rated A3. Both ratings carry stable outlooks.
DAE $3bn into leasing business
Dubai Aerospace Enterprise will invest between $1bn and $3bn to establish an aircraft leasing business, Bloomberg reported. DAE is one of four bidders for Singapore Aircraft Leasing Enterprise, Asia's biggest plane lessor, with each bidder said to be offering around $1bn each, the report said. Middle East-based airlines will need 1,000 more planes through 2025 to meet rising demand for air travel, according to Airbus.
Investor fined for illegal trades
Saudi's Capital Market Authority has fined an investor SR2.4m for fraudulent transactions, and published his name on stock market website, Reuters reported. Mohammad bin Mouaid bin Yaha Al Qahtani was also ordered to repay SR88.6m he made from the illegal trades. It is the third case of market manipulation of the stock exchange to be reported this year.
Monetary union deadline 'unfeasible'
Oman believes a Gulf Arab monetary union by 2010 is unworkable, a senior government official told Reuters. Deputy minister of the national economy, Abdul Malek bin Abdullah Al Hinai, told the news agency that prerequisites to a common currency such as a customs union and a common market have still not been completed, making the deadline unfeasible.
Turkish company at DIFC
Ata Invest, a member of the Turkey-based Ata Finance Group, has been granted a license by the Dubai Financial Services Authority to operate from the Dubai International Financial Centre. The company says it plans to take advantage of cross-border business opportunities between the GCC and Turkey, and will primarily offer investment banking services to Turkish and Gulf corporate clients.
DGCX steel contract in Q1
Dubai Gold & Commodities Exchange will add a steel futures contract in Q1 2007, Zawya Dow Jones Newswires reported. The contract will be for prime steel reinforcement bars and have a minimum size of 10 tonnes, said Chairman Colin Griffith. The steel rebar contract will be delivered locally. The exchange is also planning more futures and options contracts for next year.
$630m fund for Bahrain Bay
Singapore-based CapitaLand will create a $630m sharia-compliant property fund, called the Raffles City Bahrain Fund, to invest in the $2.5bn Bahrain Bay project, Bloomberg reported. CapitaLand will hold 20%-30% of the fund and sell the remaining shares to institutional investors and high net-worth individuals.
Aldar $3.5bn bonds issue
Abu Dhabi-based Aldar Properties will sell Islamic bonds worth up to $3.5bn in Q1 2007, more than double initially planned, the developer's chairman told Reuters. This could be raised in a single issue if demand was strong. The bond would have a maturity of three to five years, Chairman Ahmad Ali Al Sayegh said.
Nasdaq $5.3bn LSE bid
Nasdaq, the largest US electronic stock exchange, has made a $5.3bn hostile bid for the London Stock Exchange, Reuters reported. A take-up by just over one-fifth of LSE shareholders will give Nasdaq control over the exchange. The direct bid of 1,243 pence per share follows two unsuccessful offers in the past nine months to Europe's biggest bourse.
NBD gets QFC licence
The Qatar Financial Centre Regulatory Authority has granted authorisation to National Bank of Dubai to carry on regulated activities in the Qatar Financial Centre. NBD has been allocated QFC Licence No. 00026.
Challenges for ME IPOs
Transparency and due diligence are key challenges for Middle East companies going through an IPO, a survey by KPMG has revealed. It found that 80% of companies would do things differently if they went through an IPO again. Twelve percent of CEOs and 24% of CFOs spent more than half of their time on the IPO process, and more than a third of companies experienced delays in the planned timetable.
Zabeel, $1.74bn in developments
UAE-based Zabeel Investments has a property development portfolio worth $1.74bn, the company said in a statement. This comprises the recently announced $477m Tiara United Towers, with Dubai-based United Holdings; $572m Tiara Residence on Palm Jumeirah; $191m TUI Resort properties on the Palm; and the $504m America Hotels & Resorts, part of the Bawadi hospitality and tourism project.
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