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Abraaj buys stake in Karachi power firm
Dubai-based private equity firm Abraaj Capital has bought a controlling stake in KES Power, the parent company of Karachi Electric Supply Co, to help boost generating capacity in Pakistan's largest city. Dubai-based Abraaj, which manages about $5bn in funds, said it was buying new shares in KES Power, giving Abraaj a 50% stake and management control of the firm, reported Reuters.
United Arab Emirates: Wednesday, October 15 - 2008 at 14:28

Investcorp to invest $98m in Redington
Investcorp plans to invest $98m in Dubai-based Redington Gulf, a leading distributor and service provider of IT and telecom products in the Middle East and Africa, reported Arab News. Investcorp will make the investment through its $1.1bn Gulf Opportunity Fund I. Redington Gulf is a subsidiary of Redington India Limited, the global IT distributor listed in India and operating in India, South Asia, the Middle East and Africa.
United Arab Emirates: Wednesday, October 15 - 2008 at 11:39

Gulf General Investment profit up 75%
Gulf General Investment, an investment firm based in the UAE, has reported that its nine-month profit jumped 75%. Net income advanced to Dhs614m ($167m) from Dhs351m in the year-earlier period. Revenue for the period jumped to Dhs5 bn from Dhs3.2bn.
United Arab Emirates: Wednesday, October 15 - 2008 at 11:06

Global sukuk market falls sharply
Sukuk or Islamic bond markets have witnessed a dramatic decline during the third quarter of 2008, according to the Islamic Finance Information Service. Global sukuk issuance in Q3 2008 dropped to $3.21bn, down from $11.34bn in Q3 2007. At the end of Q3 2008, total sukuk issuance for the year to date reached $14.77bn, 59% lower than the comparable amount in 2007 and even lower than the $18bn which the market reached by Q3 2006. IFIS believes the global credit crisis has led to the deterioration in sukuk markets.
Middle East: Wednesday, October 15 - 2008 at 11:02

Jumbo Electronics may launch IPO
Jumbo Electronics, one of the largest consumer electronics retailers in the Gulf, is considering floating an initial public offering despite current market conditions, Gulf News has reported. Peter McElwaine, the company's new chief executive officer, said being listed on a local stock exchange 'remains a possibility', although he said that the company is not actively moving forward with any such plans and is waiting for the 'right time and right place'. The funds raised from the IPO could go towards their expansion plans.
United Arab Emirates: Wednesday, October 15 - 2008 at 08:18

DFM gains 10.76%
The Dubai Financial Market jumped 10.76% on Tuesday, gaining 359.78 points to close on 3,703. The day's big gainers included Emaar, which rose 14.92%, and Arabtec, which gained 14.93%. The Abu Dhabi Securities Exchange also had a strong day, gaining 252.23 points, or 7.53%, to end the day on 3,602.
United Arab Emirates: Tuesday, October 14 - 2008 at 14:46

Gulf firms will meet debt payments, says report
A new report by Merril Lynch says Gulf companies will meet their debt repayments because regional governments are pumping liquidity into local state-controlled banks, reported Bloomberg. State-owned companies account for 92 percent of the total debt to be repaid this year and 61 percent for next, Merrill's London-based analyst Tala Boulos wrote in the report. The region would need $15bn by the end of this year and $35bn next year to meet offshore funding repayments.
Middle East: Tuesday, October 14 - 2008 at 14:38

JP Morgan takes DME stake
Global finance house JP Morgan has taken a stake in the Dubai Mercantile Exchange (DME). The company joins Goldman Sachs, Morgan Stanley, Vitol, Concord Energy, and Casa Energy Trading who all became strategic investors in the DME in August.
United Arab Emirates: Tuesday, October 14 - 2008 at 11:49