GCC News Roundup – July 2, 2009
News & Views General
§ Saudi Electricity plans to invest $28 Bn in the next three years to meet the rising demand in the domestic market.
§ Almarai Co. offered to acquire Hail Agricultural Development Co. for $253.2 Mn to foray into the Saudi poultry business.
§ International Petroleum Investment Co. announced to borrow $5 Bn to acquire Canada’s Nova Chemicals Corp. and hike stake in Spain’s Cia Espanola de Petroleos SA.
§ Aramex announced that foreign investors could own up to 49% stake in the company with effect from July 1, 2009.
§ Flydubai has agreed to finance four Boeing 737-800 aircraft worth $320 Mn with GE Capital Aviation Services (GECAS).
§ Qatar Aluminium Extrusion Co. signed a deal with UBE Machineries of Japan and Granco Clark of USA, for the supply of equipment & machinery for its Aluminium Extrusion project.
§ Dubai based ANC Holdings LLC, announced the strategic acquisition of a majority stake in Amusement Whitewater LLC.
§ European space and defense company EADS bagged $2.8 Bn worth contract from Saudi Arabia to install radars and checkpoints along 8,000 kilometers of Saudi borders.
§ Saudi Arabia state-run pension fund – The General Organization for Social Insurance invested $10.7 Bn in Saudi companies.
§ Gozour acquired the Nile Company for Food Industries from Haykala, the Egyptian private equity firm founded by Commercial International Bank.
§ Fitch Ratings affirmed ‘A+’ rating with a ’stable’ outlook to Qatar’s RasGas 2 Series A bond and RasGas 3 Series B, C and D bonds.
Real Estate and Private Equity
§ Sorouh Real Estate is providing 20% discount on property units in its Gate Towers project for avoiding payments’ default.
§ Emaar International Jordan finished the second phase design of The Apartments, a residential community in Samarah Dead Sea Resort.
