Mena News

 

  Qatar cashes in to make USD2.7bn from Barclays deal
Nov , 27 , 2012  
  Qatar's sovereign wealth fund sold the last of the warrants it owns in Barclays, notching up a gain of more than GBP1.7bn (USD2.7bn) from the controversial fundraising deal it struck with the bank four years ago. The warrants, which convert into shares, were sold to Deutsche Bank AG and Goldman Sachs Group Inc Qatar Holdings will keep its 6.7 percent stake in Barclays and make a profit of around GBP170mn from the "monetizing" of the warrants.
 

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  Abu Dhabi's IPIC to price benchmark-size three-tranche bond
Nov , 27 , 2012  
  International Petroleum Investment Co (IPIC) plans to price a three-tranche, dual-currency bond, arranging banks said. IPIC plans to issue a three-year Dollar-denominated portion, and two Euro-denominated pieces carrying maturities of 5.5 and 10.5 years. All three tranches will be benchmark-sized, which is typically understood to mean at least USD500mn. BNP Paribas, JP Morgan Chase, National Bank of Abu Dhabi, Natixis, RBS and Unicredit are joint bookrunners on the deal.
 

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  Dubai plans USD2.7bn theme park complex
Nov , 27 , 2012  
  Dubai plans to build a AED10bn (USD2.7bn) complex of five theme parks, including one focused on India's Bollywood cinema industry, to expand its booming tourism sector, the Dubai ruler's office said. Local real estate company Meraas Holding has been chosen to develop the project, the first stage of which is expected to be completed by 2014, the office of Sheikh Mohammed bin Rashid Al-Maktoum said in a statement on its website. Located near Dubai's Jebel Ali port area, the complex is to include an adventure park featuring Hollywood brands, a marine park, a childrenís park and a night safari.
 

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  Dubai economy grows 4.1 percent in H1, seen staying strong
Nov , 27 , 2012  
  Dubai's economy expanded 4.1 percent from a year earlier in the first half of this year, indicating the Gulf's main trade and financial hub is holding up well in a weak global environment. Foreign trade, including re-exports, rose 11.4 percent in the first half, according to Reuters calculations. That was roughly half the growth rate seen a year ago; in addition to global conditions, international sanctions against Iran over its nuclear programme have hit Dubai's trade with that country.
 

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  SABIC aims to expand its investments in China, Japan
Nov , 27 , 2012  
  Saudi Basic Industries Corporation ( SABIC ) plans seriously to expand its investments in China through the implementation of new expansion at the joint venture project, ( SABIC Sinopec), in Tianjin, owned equally between the two sides. Mohamed Al-Mady, vice chairman of SABIC & CEO told Arab News that his company should expand its presence in Chain after the success of the first phase projects, which focused on the production of ethylene with an annual production capacity of 1mn metric tons.
 

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  Saudi Hollandi Bank prices USD373mn Tier two sukuk
Nov , 27 , 2012  
  Saudi Hollandi Bank has completed a SAR1.4bn (USD373.3mn) Islamic bond issue, the bank said in a statement. The subordinated sukuk, which will boost the bank's Tier two capital ratio, has a seven-year maturity but can be redeemed by the issuer after the end of the fifth year, the statement said. The sukuk priced at 1.15 percent over the six-month Saudi interbank offered rate, it added.
 

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  Saudi Arabia among world's least energy-efficient nations -Naimi
Nov , 26 , 2012  
  Top oil exporter Saudi Arabia is among the world's least energy-efficient countries due to its waste and misuse of fossil fuel, the country's oil minister Ali Al-Naimi said in remarks published. "In the kingdom, it takes an average of 2.5mn barrels of oil equivalents to produce USD1,000 of national income, whereas the [global average] rate is 1.3mn barrels," Mr. Naimi said in a speech in Riyadh, according to the state-run Saudi Press Agency SPA.
 

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  Brent holds above USD111 on Greek deal hopes, Egypt clashes
Nov , 26 , 2012  
  Brent crude held above USD111 a barrel on early Monday, November 26, as hopes Greece can avoid a near-term bankruptcy brightened the outlook for oil demand from Europe, while violent protests in Egypt reignited supply concerns.
 

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  BOJ Shirakawa calls for deregulation, fiscal reform
Nov , 26 , 2012  
  Bank of Japan Governor Masaaki Shirakawa urged the government to keep up efforts to restore the country's fiscal health and take steps to boost domestic investment such as bold deregulation. Shirakawa maintained the BOJ's forecast that Japan's economy will resume a moderate recovery after periods of weakness, but warned of the pain from a strong yen on exports and business sentiment. "We are worried that with the outlook for overseas economies highly uncertain, yen rises would hurt Japan's economy by leading declines in exports and corporate revenues as well as worsening business sentiment," he said.
 

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  Abraaj Capital unit nabs Indian remittance firm, eyes more buys
Nov , 26 , 2012  
  Card payment processor Network International , which is owned by Abraaj Capital and Dubaiís largest bank, said it has bought a majority stake in an online remittance firm held by a unit of Indiaís biggest media group. Network International Chief Executive Bhairav Trivedi said the purchase of a stake in TimesofMoney, a unit of Indiaís Times Group, was a prelude to further acquisitions by the Dubai-based firm. He declined to give the exact size of the stake nor financial terms of the deal but said it was within the industry average of 10-15 times earnings before interest, tax, depreciation and amortization (EBITDA).
 

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