GCC News Roundup – August 3, 2009
News & Views General
- Saudi Cable Co. announced to buy 79% stake in Turkish electronic equipments maker Elimsan for $33 Mn.
- Kuwait-based Gas & Oilfields Services Co signed a $122 Mn worth contract with Kuwait Oil Co. to offer oil field services.
- Emirates NBD has expressed optimism over the refinancing of its AED10 Bn worth debt maturing between now and 2012.
- Abu Dhabi Fund for Development offered $45 Mn worth grant to the Palestinian Authority to start development projects in the Palestinian territories.
- National Bank of Abu Dhabi, Abu Dhabi Commercial Bank , First Gulf Bank , Union National Bank and Abu Dhabi Islamic Bank have set aside AED5.53 Bn to cover losses or emergency requirements such as exposure to Algosaibi and Saad groups or other doubtful debts.
- India has imposed import duties on polypropylene from Sabic and Advanced Polypropylene Co. India imposed $820 a ton on Sabic and $440 a ton on APC.
- DP World reported a 10% decline in cargo volume in 1H09 at 12.3 Mn TEU on a YoY basis.
- Dana Gas announced two more gas discoveries at its concessions in the Egyptian Nile Delta, adding an estimated 76 Bn cubic feet to its Egypt reserves.
- Dolphin Energy announced $4.1 Bn worth financing deal to refinance the company’s existing debt and partially fund the construction of its Taweelah-Fujairah Pipeline project.
- Yanbu National Petrochemical Co. received a loan of $124.16 Mn from its parent company – SABIC, during the second quarter 2009.
Real Estate and Private Equity
- Kuwait’s real estate sales fell 47.0% y-o-y to $977.7 Mn in the second-quarter of 2009, due to global financial crisis.
- Emaar MGF, Emaar Properties’ Indian subsidiary, plans to sell 10% to 15% of its shares in an $800 Mn Initial Public Offering in September.
