GCC News Roundup – August 6, 2009
News & Views General
- The United Arab Emirates’ central bank has asked all banks operating in the country to obtain its permission before selling structured financial products – Gulf News.
- Dubai World put “a number” of projects on hold as the global economic crisis hurt the government-owned investment group. Dubai World may be forced to restructure a $3.5 billion bond issued by property unit Nakheel PJSC, Standard & Poor’s said in April when it placed six government-linked companies in Dubai on credit watch with a “negative” outlook.
- Dubai’s Drake & Scull International is bidding for contracts worth about AED700 Mn in the Gulf and hopes to bag its first contract in Libya in the next three-four weeks.
- Qatar Gas Transport Co. plans to start building marine vessels in the first half of 2010 through a venture with Damen Shipyards Group BN of the Netherlands to augment its revenue sources.
- National Bank of Abu Dhabi received a license from The Central Bank of Jordan to establish a subsidiary with a minimum capital of $71 Mn.
Real Estate and Private Equity
- Mayfair Wealth Management launched a new Sharia-compliant distressed property fund worth $50 Mn in the UAE. This fund is open for subscription until August 31, 2009, with a maximum tenure of 36 months at a rate of $1 per share.
