GCC News Roundup – June 26, 2009
News & Views General
- Saudi Arabia’s foreign assets are expected to dip by nearly $90 billion (Dh330bn) due to its record budget in 2009 for easing the fallout of the global economic crisis – Jadwa Investments and Financing.
- Saudi International Petrochemical Co sold 11% stake in two affiliate companies to Kuwait based Ikarus Petroleum Industries in a deal worth SR240 Mn.
- Russell Investments in partnership with Saudi based investment services group, Jadwa announced the launch of 10 Islamic compliant indexes representing Sharia compliant companies from across the world.
- Dubai Banking Group (DBG) and Shuaa Capital resolved the bond dispute issue between them with DBG acquiring a 48.4% stake in Shuaa Capital for a price of AED2.91 per share.
- National Air Services availed a 7-year $650 Mn loan from the Arab Banking Corporation backed by a guarantee from the Export-Import Bank of the United States for financing its purchase of aircrafts from US-based Hawker Beechcraft Corp.
- Abu Dhabi based Tourism Development & Investment Co. issued a 5-year $1 Bn bond maturing in July 2014 and received subscription to the tune of $6 Bn.
- India based jewellery retailer, Malabar Gold, announced an investment of AED300 Mn for its expansion plans in the UAE.
- Saad Group appointed Credit Suisse for its $6 Bn debt restructuring subject to approval from its lenders.
News & Views General
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Dubai World announced that operational management of Dubai Maritime City, Leisurecorp, and Dubai Multi-Commodities Centre is being integrated with the objective of optimizing resources and expertise. The operations of these companies would be managed by Nakheel.
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Emaar Properties is considering a merger with Dubai Holding owned Dubai Properties LLC, Sama Dubai LLC and Tatweer LLC.
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Al Habtoor Leighton Group announced that it would be postponing its IPO by a year due to the ongoing financial crisis.
