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Friday, 1 October 2010

Emaar India JV eyes USD 358 m IPO by Dec - Reuters -

The Indian joint venture of Dubai's Emaar Properties plans to launch an IPO by December to raise up to Rs 1600 crore (USD 358 million), less than half the size announced earlier, two sources with direct knowledge said.

Emaar MGF, the builder of New Delhi's Commonwealth Games village that has come under criticism for shoddy construction, said in a statement it had filed papers on Thursday with the capital markets regulator for the IPO.

The issue size has been lowered keeping in view the existing fund requirements, a company spokeswoman said in the statement, but gave no details of the size or when the sale would happen.

FACTBOX-Political risks to watch in the United Arab Emirates | Reuters

The cloud over the financial future of Dubai after the Dubai World debt crisis is the overriding risk to watch in the United Arab Emirates this year.

Added to that are some lingering worries about an escalation of Iran's nuclear dispute with Western powers, a long-running territorial row with Iran and Islamist radicalism.


The United Arab Emirates' economy is expected to grow by 2.1 percent this year, the slowest pace in the Gulf Arab region, as large debts burdening state-linked firms in Dubai weigh on a recovery following the Dubai World debt crisis."

Qatar National Bank May Buy 82% of Kesawan Through Rights Offer - BusinessWeek

Qatar National Bank SAQ may buy a stake of as much as 82 percent in Indonesia’s PT Bank Kesawan through a rights offer in the first quarter of 2011, Kesawan said in a statement published in Bisnis Indonesiatoday.

Qatar National Bank will be the standby buyer in the 734 billion rupiah rights offer, Kesawan said.

gulfnews : Nakheel confirms Dh3.4b payout

Developer Nakheel confirmed Thursday it has paid out Dh3.4 billion in cash to its creditors to date and announced the appointment of a consultant to assess claims.

It also said it has resumed work on a third project — the Emirates cluster in International City — after Al Furjan and The Gardens View Villas.

Nakheel started paying trade creditors to whom it owed Dh500,000 or less in March and confirmed it initiated payments of Dh4 billion to its other creditors on June 30. This leaves Dh600 million outstanding.

Sukuk Set to Rally in Fourth Quarter, Best Run Since 2007: Islamic Finance - Bloomberg

Islamic bonds are poised to advance for a fourth straight quarter and post their longest stretch of gains since 2007 as increased confidence in Persian Gulf issuers’ ability to pay obligations helps lure funds.

Sukuk handed investors a 4.9 percent return in the third quarter, according to HSBC/NASDAQ Dubai US Dollar Sukuk Index, extending a rally of 0.8 percent in the previous three months and a 5.1 percent gain in the first quarter. The last time Islamic bonds posted a yearlong winning streak was three years ago when issuance rose to a record.

Emerging-market bond funds took in $1.05 billion in the seven days to Sept. 22, a 17th consecutive week of gains, according to Cambridge, Massachusetts-based research firm EPFR Global. The combination of declining sukuk sales and investors’ global hunt for higher-yielding assets is spurring demand for Islamic notes, according to Dubai investment banks Rasmala Investment Bank Ltd. and Royal Capital PJSC. Dubai World’s creditors’ accord last month to reorganize $24.9 billion of debt reduced the risk the state-controlled company will default. - The House of Saud: rulers of modern Saudi Arabia

King Abdul-Aziz al-Saud of Saudi Arabia
King Abdul-Aziz al-Saud (reigned 1932-53)
Crumbling mud-brick walls mark the ancestral fortress of the Saudi royal family in Diriyah, north-west of Riyadh. The opulent palaces of the offspring of King Abdul-Aziz bin Abdul-Rahman al-Saud, the founder of the modern kingdom, are dotted around this lush valley.

The contrast between the palaces testifies to the remarkable transformation brought about by the Al Saud family since Saudi Arabia’s birth in 1932. Named after an 18th-century ancestor, the Saudi royal family has crafted an absolute monarchy, ruled by consensus within the family and by its alliance with the clerics. Family members have selected the king from the many sons of Abdul-Aziz, according to seniority.

The current King Abdullah – who is also prime minister – succeeded his brother Fahd in 2005. His brother, Crown Prince Sultan, is deputy prime minister and minister of defence. Another brother, Prince Naif, is second deputy prime minister and minister of the interior. The chain proceeds down the line, with key posts held by the extended family.

Kuwai's KUFPEC eyes BP's Vietnam assets -newspaper | Reuters

Kuwait Foreign Petroleum Exploration Company (KUFPEC) is interested in buying BP's (BP.L) stake in the Nam Con Son gas project off the coast of Vietnam, a Vietnamese newspaper reported on Friday.

State oil group Petrovietnam and KUFPEC, a unit of Kuwait Petroleum Corp (KPC), were ready to discuss buying the stake with BP and other partners in the project, Petrovietnam Chairman Dinh La Thang was quoted by the state-run Dau Tu (Investment) newspaper as saying.

BP plans to sell its 35 percent stake in the Nam Con Son gas project as part of its goal of selling $30 billion in assets to cover costs for containing the oil spill in the Gulf of Mexico. - Zain faces Saudi Arabia sell�-off

Zain, Kuwait’s telecommunications company, would have to sell its operations in Saudi Arabia if Etisalat is successful in acquiring a 46 per cent stake in the operator, bankers said.

Etisalat, the state-controlled telecommunications company that is majority owned by the United Arab Emirates government, said on Thursday it had submitted a “preliminary conditional offer” for 46 per cent of Zain for KD1.7 ($6) a share, valuing the stake at about $10.5bn.

The deal would give Etisalat a controlling stake as Zain holds 10 per cent of its own shares in treasury stock, a banker said.