GCC News Roundup – May 5, 2009
News & Views General
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Kuwait based Zain is planning to reduce its headcount by 13.0% till 2011 and outsource back office functions in order to boost its operating margin.
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UBS AG and Abu Dhabi Investment Co. received commitments of about $250 Mn to invest in the transportation and utilities industries of Middle East and North Africa.
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Net foreign assets of Saudi Arabia stood at SR1.541 Tn in March 2009, 2.8% lower as compared to the previous month, due to global financial crisis.
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Kuwaiti Islamic firm Aayan Capital announced closure. The company’s parent firm, Aayan Leasing and Investment is trimming costs as part of a restructuring move.
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RAK Ceramics, which consolidated its Europe operations, recently attained an annual production capacity of over 115 Mn sq mts.
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The Capital Market Authority in Saudi Arabia granted AB Capital, an investment arm of Arab Bank Group, a licence to offer investment banking and asset management services.
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Abu Dhabi National Energy Co. announced plans to pay $302 Mn to Abu Dhabi Water and Electricity Authority for acquiring 90% stake in Fujairah Water and Electricity.
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Vodafone Qatar, a venture between Qatar Foundation and Vodafone Group announced that its $928 Mn IPO has been fully subscribed. Shares allocation is expected to be finalized on or before May 20, 2009.
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Oman’s oil production rose 6.1% y-o-y in the first two months of 2009 to 780,000 barrels per day-Ministry of Economy.
Real Estate and Private Equity
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Dubai based Memon Investments awarded AED19.5 Mn worth MEP contract to Anwar Al Aqsa. The MEP contractor would manage electrical, fire alarm, plumbing, and fire fighting works for Champions Tower II and Champions Tower III projects.
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Hong Kong based CSHK won AED860 Mn worth contract to build two residential towers on Reem Island in Abu Dhabi.
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Panceltica Holdings, offering steel technology to the construction industry, is studying an acquisition offer from Barwa Real Estate Co.
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UAE has planned to issue multi-entry visas to foreigners owning properties worth AED1 Mn or more, in order to support the ailing real estate market.
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Jabal Omar Development cancelled its deal with Jadwa Investment as the latter failed to secure SR12.4 Bn of funds. Jabal Omar Development has planned to issue sukuk to its shareholders on June 10, 2009.
