2006
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Dubai eyes $1.4bn surplus
Dubai is set to achieve a surplus of $1.4bn in its 2007 budget, according to the local WAM news agency. The city is anticipating revenues of $27.1bn as against expenditure of $25.7bn. The budget has now been ratified by Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai; the oil sector is set to contribute about 4% of revenues.
APC IPO, 252% oversubscribed
The allocation of shares has been completed after the IPO of the Advanced Polypropylene Company, reported Arab News. Eissa Al Eissa, the CEO of the Samba Financial Group, which managed the IPO said more than 3m Saudis subscribed to APC shares, investing a total of $445m. The IPO was oversubscribed by 252%.
Wala Insurance set for IPO
Saudi Arabia's Wala Insurance, a co-operative insurance company due to open next year, is to offer 40% of its 20m shares in an IPO, reported Arab News. The company aims to be included in the Tadawul listing after all the regulations and bylaws are in place. The $53m company will issue 8m shares at a cost of SR10 per share by next February and intends to start operations in Q2.
ADSM, Muscat cross-listing
The Abu Dhabi Securities Market, Muscat Securities Market and the Muscat Depository and Securities Registration Company have signed a cross-listing agreement to facilitate the listing of Omani companies in Abu Dhabi. The Oman and Emirates Company will become the first company to be listed on the ADSM. The ADSM has 54,000 Omani investors registered, making up 7% of the ADSM's investors, with investments of more than $62.6m.
Kipco raises $265.6m
The Kuwait Projects Company, Kipco, has raised another $265.6m under its $2bn Euro Medium Term Note Programme which was launched earlier this year. The two year floating rate note maturing on November 27, 2008 is listed and tradable on the London Stock Exchange. The paper is priced at a re-offer spread of 55 bps over the three month Euribor.
DP World eyes Hamburg stake
DP World and Deutsche Bahn are two companies that may have tendered bids for a stake in German container terminal company Hamburger Hafen und Logistik, reported Bloomberg. A deadline for buying up to 49.9% in HHLA ran out on December 1. Hamburg is Europe's second largest container port.
Dubai's population hits 1.3m
Dubai's population has passed 1.3m, according to the latest census figures cited by the local WAM news agency. The statistics reveal that 19.4% of Dubai's residents are in the 30-34 age range, an increase of 84.5% in this category in the last five years. Three quarters of Dubai's population is male.
India, GCC FTA for 2007
India is aiming to sign a free trade agreement with the GCC by the end of 2007, according to Indian Minister of Commerce and Industry Kamal Nath and cited by Gulf News. India is keen to attract more Arab investment in infrastructure projects, as the country needs to invest about $400bn over the next five years in order to keep pace with its rapidly booming economy.
C&W sells 20% Batelco stake
The UK's Cable and Wireless has sold its 20% stake in Batelco to three Bahraini government agencies including the Mumtalakat Property Holding Company, the Bahrain General Organisation for Social Insurance and the Bahrain Pension Fund Commission, according to Bloomberg. The deal is worth $506m and Cable and Wireless International claims it will make a profit of $295m.
UAE markets on the rise
UAE shares rose for a third straight day on Thursday, as trading volumes also crossed the Dhs1bn barrier in Dubai, reported Gulf News. The Dubai Financial Market General Index rose 2.1% to nearly 4,239 points, with fifteen gaining stocks and two losers. The Abu Dhabi Securities Market climbed 1.4% to a shade under 3,018 points.
$2 a day for 20% of Arabs
The UAE's Minister of Economy Sheikha Lubna Al Qasimi has voiced concerns about the low incomes of many Arab citizens, with one in five living on less than $2 a day, reported Gulf News. She stressed knowledge creation was key to economic development and she drew attention to a UN report revealing that while Arabs make up 5% of the global population, they account for only 0.7% of Internet users.
DIFX, DFM eye dual listings
The Dubai International Financial Exchange and the Dubai Financial Market are considering dual listings, according to a report in Moneyworks magazine and cited by Gulf News. Nasser Al Shaali, the CEO of the Dubai International Financial Centre Authority said closer alignment of activities between the two exchanges is being discussed and dual listings could follow. But he stressed the markets would continue to have different regulators.
DIC faces Liverpool battle
Dubai International Capital is facing competition in its bid to buy English Premier League team Liverpool from George Gillett, the owner of the Montreal Canadiens NHL outfit, according to agency reports. Last week it seemed that the club's Chairman David Moores was favouring DIC's bid but Gillett has stepped up his interest and both groups are offering similar financial packages.
Oman, US FTA set for Q1 2007
Oman's free trade agreement with the US is likely to be implemented in Q1 2007 according to Maqbool bin Ali Sultan, the Minister of Commerce and Industry and cited by the Oman Daily Observer. He said both governments were currently working hard to set up a legal framework to enable the implementation. Sultan added that the FTA was a natural progression for Oman since it joined the WTO in 2000.
Bank Albilad, JODC IPO deal
Bank Albilad is to manage the IPO of the Jabal Omar Development Company, reported Arab News. The company, which is to develop housing for pilgrims in Mecca, is offering more than 200m shares with a total value of $533m or 30% of its capital. Prospective shareholders can acquire as many shares as they want but the minimum purchase is 50 shares.
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