GCC News Roundup – July 8, 2009
News & Views General
- The power grids of Saudi Arabia, Kuwait, Qatar and Bahrain will be linked later this month – Gulf Cooperation Council Interconnection Authority (GCCIA). Gulf countries hope the $1.4 billion power connection project will help them meet rapidly rising power demand and avoid power outages.
- Abu Dhabi National Energy Co announced plans for acquisitions with a budget of $1.5 Bn over the next 6 to 8 months. The company is also eyeing acquisitions in Iraq’s power sector.
- Abu Dhabi-based International Petroleum Investment Co. acquired North America based plastics and chemicals company, Nova Chemicals in a share transfer for $6 per share.
- Royal Jet and Arabasco entered into an agreement for commercial and operational partnership for expanding Royal Jet’s business aviation services to Saudi Arabia.
- Standard & Poor’s lowered the ratings on Emirates Bank International PJSC, National Bank of Dubai PJSC, Mashreqbank and Dubai Islamic Bank due to weak macroeconomic environment.
- Al Salam Bank BSC received approval from 90.4% of the shareholders of Bahraini Saudi Bank BSC with regards to the merger proposal.
- Rajhi Steel Industries plans to complete acquisition of the biggest stake in one of the largest local steel companies.
- Agility is scouting for oil and gas opportunities in Iraq as part of its expansion drive in the emerging markets
- Bahrain-based Addax Bank announced that International Finance Corporation, a member of the World Bank Group, will make a $14 Mn investment in its education platform, First Education Holding.
Real Estate and Private Equity
- Deyaar Development will establish with Dubai Islamic Bank a fund to buy distressed debts worth AED500 Mn.
