GCC News Roundup – August 12, 2009
News & Views General
- Zain Saudi Arabia announced the closing of $2.5 Bn worth Murabaha financing facility to finance its expansion plans.
- Kuwait government established two closed shareholding companies namely KIC Petrochemicals and Arabian Sponge Industries with a capital of KD5 Mn.
- ABB bagged orders worth $60 Mn from the Saudi Electricity Company to enhance the power efficiency of 28 distribution substations.
- Moody’s Investors Service has placed the ratings of four banks in the UAE – Emirates Bank International, National Bank of Dubai (currently merging into Emirated NBD), MashreqBank and Dubai Islamic Bank on review for possible downgrade reflecting the rising challenges facing the sector, chiefly triggered by the stressed domestic property market (especially in Dubai), as well as the economic slowdown forecast for 2009 with a modest recovery in 2010.
- Standard and Poor’s assigned the rating of ‘A/Stable/A-1′ to Abu Dhabi Commercial Bank due to the government backing and revenue diversification initiatives.
- Qatar National Bank’s Syrian Unit has raised at least $37 Mn through an IPO, which is offered to Syrian private investors at 500 pounds per share.
- The Central Bank of Oman has announced a new issue of government development bonds worth RO50 Mn. The bonds will have a maturity period of 3 years and a coupon rate of 4% a year.
- Agility launched its new Container Freight Station (CFS) – a major new consolidation and redistribution service – from its hub in Dubai.
- Saudi Ethylene and Polyethylene (SEPC), a joint venture between LyondellBasell Industries and Tasnee & Sahara Petrochemical, has started a low density polyethylene (LDPE) plant based on the Lupotech T process technology.
- Dubai-based Aramex has entered in to an agreement with Vodafone Malta to provide a range of logistics services, including express and freight shipping, inventory management, and provision of warehouse space within its logistics centre located at Mriehel Industrial Estate in Malta.
Real Estate and Private Equity
- Qatar-based Barwa Real Estate plans to invest more than EGP50 Bn ($9 Bn) in the coming few years in Egypt to establish an integrated mixed-use community project over more than 2,000 feddans in New Cairo.
