GCC News Roundup – July 9, 2009
News & Views General
-
Petroleum Development Oman awarded a contract worth over $350 Mn to Petrofac for engineering, procurement and construction works of Kauther gas-field depletion-compression project.
-
Bahrain’s Finance Ministry denied that Bahrain Livestock Company (BLC) was suffering continuous losses.
-
Actis announced to buy 9.3% stake in Commercial International Bank (CIB) of Egypt for $244 Mn. The deal will enable Actis to become the largest shareholder in CIB.
-
Dar Al Arkan General Assembly approved a capital hike of 50.0% to SR10.8 Bn through the issue of 360 Mn shares.
-
Moody’s Investors Service cut the credit rating of Jebel Ali Free Zone’s $2 Bn worth sukuk to A2 from A1 due to financial constraints of Dubai World.
-
Al Abdullatif Industrial Investment received a loan of $24.3 Mn from the Saudi Industrial Development Fund to increase production.
Real Estate and Private Equity
-
Deyaar Development expects customer defaults in high single digits amid the fall in the Dubai’s property prices.
-
Al Mazaya Holding announced that 80% of the development works of Clover Clinic, the company’s first investment effort in the healthcare sector, is completed.
