Sunday, 28 August 2011
The Islamic bank, which is fully owned by the Abu Dhabi Investment Council, seeks to issue at least US$1 billion (Dh3.67bn) of sukuk before the end of the year.
Al Hilal is hoping the bond issue will help it to build a track record among international credit markets for future bond sales, said Sarie Arar, the head of wholesale banking at Al Hilal.
|Inside of the Zeki Paşa Mansion is seen in this photo. Sotheby’s is in talks with tourism investors who want to buy the asset.|
Due to ongoing conflicts and clashes sweeping through Middle Eastern and North African countries, Arab investors are flocking to the Turkish real estate market to invest in luxurious residences and waterfront villas by Istanbul’s Bosporus Strait, according to the top executive of Sotheby’s local branch.
The BRDC, which owns the circuit, is in talks with the Qatar Investment Authority (QIA) to lease the 850-acre Silverstone site for 150 years, in a deal expected to be worth up to £250 million (US$405.7 million), the paper said.
The Independent added that QIA was selected from a shortlist drawn up by PricewaterhouseCoopers .
“A default that involved Spain and Italy would almost certainly lead to a seizing up of eurozone — and quite possibly global — interbank markets,” says Saudi-based Samba bank.
“Even if the financial shock was confined to the zone itself, European demand for raw materials and manufactured products (mainly from emerging markets) and services (mainly from North America) would shrink dramatically and this would be enough to imperil the global economic recovery.”
Total reserves assets increased to SR1.90 trillion ($506 billion) from SR1.86 trillion in the previous month, according to data posted on the Saudi Arabian Monetary Agency’s website.
Foreign currency and deposits abroad rose 1.3 percent to SR493 million, while investments in foreign securities climbed 1.9 percent to SR1.3 billion.
|TASI (Saudi Stock Market)||5979.3||0.99%|
|DFM (Dubai Financial Market)||1474.52||0.65%|
|ADX (Abudhabi Securities Exchange)||2602.04||0.45%|
|KSE (Kuwait Stock Exchange)||5787.4||0.03%|
|BSE (Bahrain Stock Exchange)||1261.03||0.01%|
|MSM (Muscat Securities Market)||5702.51||2.11%|
|QE (Qatar Exchange)||8290||1.45%|
|LSE (Beirut Stock Exchange)||1285.11||-0.44%|
|EGX 30 (Egypt Exchange)||4647.16||-0.62%|
|ASE (Amman Stock Exchange)||2034.23||0.30%|
|TUNINDEX (Tunisia Stock Exchange)||4484.52||0.19%|
|CB (Casablanca Stock Exchange)||11331.1||0.56%|
|PSE (Palestine Securities Exchange)||486.59||-0.36%|
The charges are intended to prevent the world's major banks from repeating the mistakes of the global financial crisis.
The Institute of International Bankers, an association that represents lenders including Doha Bank, Arab Banking Corporation and Abu Dhabi International Bank, the American arm of National Bank of Abu Dhabi, has complained that higher capital buffers for big banks will reduce competition.
Abraaj, the largest Middle East private equity firm with assets under management of $6.2 billion, will manage the $161 million SGAM Al Kantara Fund and absorb the 11-member Amundi investment team as part of the deal, it said. The company also acquired Amundi's stake in the Kantara Fund.
It did not disclose the total value for the transaction.
The Gulf state's index ended 2.1 percent up, its highest close since Aug 4, with most bluechip stocks advancing. The index has fallen 17 percent year-to-date.
"We are seeing a lot of money coming in from local pension funds as well as some foreign investors," said Adel Nasr, brokerage manager at United Securities in Muscat.
Sales in Dubai are up about 10 percent this year, according to store companies such as Rivoli Group, which sells watches from brands including Tissot, Burberry, Gucci and Cartier. U.S. retailers, traditionally reluctant to enter the region, are coming to Dubai as sales in their domestic markets and other fashion capitals remain subdued.
'via Blog this'
The new rate fits IMF's newly revised GDP growth rate for Gulf Cooperation Council (GCC) countries, which it has raised from 5.2 per cent to 7.8 per cent in 2011. Qatar outperforms fellow GCC economies in GDP growth thanks to development of its oil and gas sector.
The notable GDP growth for Saudi Arabia in 2011 partly reflects stronger governmental projects which have led to a spillover effect in the private sector. As such, a good measure of growth is to unfold in the non-oil sector.
The move follows last week's disclosure that Standard Chartered has started discussions about the potential acquisition of a stake in Warka Bank, said the deputy governor of Iraq's central bank.
"We are trying to evolve these private banks into real institutions," said Mudher Kasim. "The first step was to segregate shareholders from management and increase the capital requirement to push the banks to consolidate, merge or join up with foreign banks to practice good standards and service."
The growing Indian diaspora and business opportunities in Dubai have excited Indian bankers in the region. No wonder, a number of public sector banks like Union Bank of India, Indian Overseas Bank and Federal Bank have started talks with Dubai Financial Services Authority (DFSA), the independent regulator for Dubai International Financial Centre (DIFC), to commence operations there. However, the Central Bank of Dubai has not shown any keeness to give them branch licences just as yet.
“We are planning to open a branch in Dubai. There is a big opportunity for us due to the large representation of the Indian diaspora. Also, when we send people from India to work there, they find it much easier to adapt to the surroundings. Proximity to India and the time zone advantage make it a preferred destination for offshore banking,” said Abraham Chacko, executive director, Federal Bank.There are other advantages as well. DIFC is an economic centre that allows tax-free income and profits by foreign institutions.