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Wednesday, 23 January 2013

Damac and Abu Dhabi investment company in bidding war for Northacre - The National

Damac has entered into a bidding war with Abu Dhabi Capital Management to win control of the London-listed luxury property developer Northacre.

ADCM, through its investment vehicle Spadille, made a public offer of 96 pence per share to Northacre investors last Friday, according to a filing posted on the London Stock Exchange.

The Abu Dhabi boutique investment company offered shareholders the choice between a payment in cash or non-transferable unsecure loan notes, with a coupon rate of 10 per cent annually.
Damac and Abu Dhabi investment company in bidding war for Northacre - The National

MIDEAST DEBT-Dubai defies doubters with bond issue success | Reuters

A $1.25 billion bond issue by Dubai this week underlined the spectacular recovery of the emirate's reputation since its debt crisis. But some investors are wondering whether the world is once again getting a little too optimistic about Dubai.

The flamboyant emirate attracted over $9 billion in bids for a $750 million, 10-year sukuk (Islamic bond) on Tuesday, paying little more than 1 percentage point above what gas-rich Qatar would have paid to issue debt.

Demand for Dubai's debt was so strong that it in addition to the sukuk, it unexpectedly sold a $500 million, 30-year conventional bond at the request of investors.
MIDEAST DEBT-Dubai defies doubters with bond issue success | Reuters Egypt: U.S.$500 Million UAE Investments to Set Up Industrial Complex for Sugar

Minister of Industry and Foreign Trade Hatem Saleh has discussed with representatives of a major UAE industrial group operating in manufacturing and producing sugar the possibility of establishing a mega industrial complex to produce quality white sugar from beet plant.

The compound will work at a capacity of 400,000 tons and investments of about 500 million dollars.

Saleh also reviewed with the UAE group the establishment of an agricultural project at 200,000 feddans to cultivate beets and other crops such as wheat. Egypt: U.S.$500 Million UAE Investments to Set Up Industrial Complex for Sugar

Abudhabi Securities Exchange close - January 23, 2013

General Index
Intraday  3 month  
 Daily Statistics
 General Index2783
 Change (%)1.05%
 T. Volume94925978
 T. Companies 66
Abudhabi Securities Exchange

MENA stock markets close - January 23, 2013

 ExchangeStatus IndexChange  
 TASI (Saudi Stock Market)
 DFM (Dubai Financial Market)
 ADX (Abudhabi Securities Exchange)
 KSE (Kuwait Stock Exchange)
 BSE (Bahrain Stock Exchange)
 MSM (Muscat Securities Market)
 QE (Qatar Exchange)
 LSE (Beirut Stock Exchange)
 EGX 30 (Egypt Exchange)
 ASE (Amman Stock Exchange)
 TUNINDEX (Tunisia Stock Exchange)
 CB (Casablanca Stock Exchange)
 PSE (Palestine Securities Exchange)
MENA stock markets

Etisalat CEO Weighs Financing for $6 Billion Vivendi Maroc Stake - Bloomberg

Emirates Telecommunications Corp. (ETISALAT), the Middle East’s second-biggest phone company by market value, said it’s weighing finance options for the potential acquisition of Vivendi SA (VIV)’s $6 billion stake in Maroc Telecom. (IAM)
“We are very much underleveraged and we have the cash; that leaves us with all options open,” Group Chief Executive Officer Ahmad Julfar said in an interview in Davos today. “We can fund with all the cash we have, partly with the cash we have, or completely through debt financing,” he said.
The Abu Dhabi-based company, known as Etisalat, said this month it submitted a preliminary expression of interest for Vivendi’s 53 percent stake in Maroc Telecom. Etisalat had about 12.2 billion dirhams ($3.3 billion) in cash at the end of the third quarter, according to data compiled by Bloomberg.
Etisalat CEO Weighs Financing for $6 Billion Vivendi Maroc Stake - Bloomberg

Nakheel reports 57% rise in 2012 profit - Business Intelligence Middle East - - News, analysis, reports

Nakheel today announced its results for the financial year ending 31 December 2012, posting a profit of AED2.017 billion (US$550 million) – a 57% increase on 2011.

Revenues of  AED7.8 billion in 2012 were up 91 per cent against revenues of AED4.1 billion for the financial year ending 31 December 2011.

Nakheel’s strong financial performance in 2012 underpins the continued  support of the Government of Dubai and the commitment by Nakheel management in implementing its post-restructuring business plan, and is a clear sign of a recovery in Dubai’s real estate sector. Nakheel’s total profit since 2010 now stands at AED4.3billion.
Nakheel reports 57% rise in 2012 profit -

Algeria: stepping off the gas? | beyondbrics

The choice of target in the recent bloody hostage standoff in Algeria was not by chance. By attacking the gas sector, jihadist terrorists went for maximum impact. Energy accounts for 98 percent of the Algeria’s exports and 70 per cent of tax revenue, with the In Amenas plant accounting for 12 per cent of the country’s gas output

It is unlikely to prompt any large-scale pull by foreign companies, but the events cap a longer term deterioration in the operating environment of Africa’s biggest natural gas producer, where new investment has all but dried up, with steadily decreasing numbers of successful oil round awards.

Beyond cautious statements about ‘reviewing security’ and communicating grave concern for still-missing workers, the major international oil companies in Algeria – BP and Statoil – have not said much yet about how the tragedy has affected their views about the country in the long term.
Algeria: stepping off the gas? | beyondbrics

First Gulf Jumps to 4-Year High on Dividend Bet: Abu Dhabi Mover - Bloomberg

First Gulf Bank PJSC (FGB) advanced to the highest level in more than four years on bets the Abu Dhabi- based lender will boost its full-year dividend above its peers when it reports results next week.
Shares of the bank, which is controlled by Abu Dhabi’s ruling family, rose 2.1 percent to 12.10 dirhams, the strongest level since August 2008, at the close in Abu Dhabi. The stock led a gain of 1.1 percent for the benchmark ADX General Index (ADSMI), the biggest advance since Jan. 2. First Gulf Bank, which was the second-best performing bank on the gauge last year, has increased 3 percent this week.
First Gulf Bank will offer a 7 percent dividend yield, JPMorgan Chase & Co. estimated in October, raising its price estimate for the bank to 13.5 dirhams. That compares with 4.5 percent for the ADX Banks Index. Net income for 2012 probably climbed 7 percent to 3.97 billion dirhams (1.08 billion), the average estimate of 12 analysts compiled by Bloomberg shows.
First Gulf Jumps to 4-Year High on Dividend Bet: Abu Dhabi Mover - Bloomberg

Abu Dhabi's Etihad posts profit for second-year running - Transport -

Abu Dhabi-based Etihad Airways made a profit for a second year running, its president said, adding that the airline will release formal figures for 2012 in February.
The UAE flag carrier, which has expanded globally through stake purchases in the likes of airberlin and Virgin Australia, has over US$6.5bn in funding from more than 50 financial institutions, James Hogan said at conference in Dublin.
“We are set to post our second successive profit which is rare in the current uncertain economic climate and illustrates the impact and success that the Etihad Airways’ unique business model has made,” said Hogan.
Abu Dhabi's Etihad posts profit for second-year running - Transport -

Kuwait's Gulf Bank reports steep rise in Q4 net profit | Reuters

Kuwait's Gulf Bank said on Wednesday it had more than doubled its net profit in the fourth quarter and recommended the distribution of five percent bonus shares.

Net profit was 8.5 million dinars ($30.2 million) for the three months to the end of December, compared to 3.2 million in the same period a year ago, the bank said in a statement.

The bank's total assets were 4.8 billion dinars while deposits were 4.1 billion as of Dec. 31, the company said.End

Dubai is back? Time to borrow | beyondbrics

Savvy as a market trader, Dubai knows when to strike bargain. With everyone mumbling that “Dubai is back” the government realised that now is the time to borrow.

So on Tuesday, the emirate sold $1.25bn in Islamic bonds, to appeal to a broad spectrum of buyers from the Middle East, Asia and beyond. Bankers said Dubai issued $750m of 10-year Islamic debt at 3.875 per cent and $500m of 30-year notes at 5.375 per cent.

The sale, its first since last April, is yet another sign that investors have forgiven the emirate for the roller coaster ride of 2009 when it received a $20bn bailout underwritten by its oil-rich neighbor Abu Dhabi, to avert a default.
Dubai is back? Time to borrow | beyondbrics

UPDATE 1-Bahrain's GFH eyes Khaleeji Commercial Bank affiliate merger | Reuters

Bahrain-based Gulf Finance House (GFH) is studying options to merge its affiliate, Khaleeji Commercial Bank (KCB), with other Bahraini banks, it said on Wednesday.

GFH, which has undergone a number of debt restructurings since 2009, currently owns 47 percent of KCB, which would be worth around 23.3 million dinars ($61.8 million) at current market value.

"GFH is currently studying a number of options to merge Khaleeji Commercial Bank with other banks in Bahrain to create a bigger and stronger bank," GFH said in a bourse filing in Dubai, where it is also listed.
UPDATE 1-Bahrain's GFH eyes Khaleeji Commercial Bank affiliate merger | Reuters

Oman wealth fund in talks for Dubai Group's ONIC stake - sources | Reuters

An Omani sovereign wealth fund is in advanced talks to buy a near 42-percent stake in Oman National Investment Corp Holding (ONIC) from a unit of Dubai's ruler's personal investment firm, two sources aware of the matter said.

Oman Investment Fund, which has a regional and global investment portfolio, is in discussions to buy the stake, currently worth about $59 million, the sources said, speaking on condition of anonymity as the matter has not been made public.

"The talks are at an advanced stage and the involvement of a local fund makes it easier for Dubai Group to see the deal through," one of the sources said, declining to be identified.

Dubai Group and OIF both declined to comment. No details on the valuation for the stake was available.

Dubai Group - part of Sheikh Mohammed bin Rashid al-Maktoum's Dubai Holding conglomerate and which is restructuring $10 billion of debt - put the stake up for sale as part of a wider asset divestment plan aimed at raising money for debt repayment, sources told Reuters in December.End

Qatar Telecom to issue benchmark bond Wednesday - leads | Reuters

Qatar Telecom (Qtel) plans to issue a 15-year bond of at least $500 million on Wednesday, arranging banks said.

Early price guidance for the bond maturing 2028 was released at 250 basis points over 10-year U.S. Treasuries.

RBS, Bank of America Merrill Lynch, JP Morgan Chase, Citigroup and QNB Capital are joint lead arrangers and bookrunners for the deal.

The bond issue will be 144a-compliant, meaning it will be open to institutional investors in the United States.

Qtel last tapped debt markets in December with a $1 billion 10-year bond in a substantially oversubscribed sale.End

‘No Glimmers of Hope’: Two Years After Egypt’s Revolution, an Economic Crisis Looms |

Ramadan Khalaf Amin, 24, a microbus driver who earns the equivalent of $4.50 a day, is one of the myriad faces of the Egyptian revolution the world does not know. “I was going down to Tahrir the whole time,” Amin remembers of the uprising, whipping out a cell phone in order to play a video of a demonstrators chanting, “Down with Hosni Mubarak!”

On a recent Friday, Amin was parked at the noisy junction where the ramshackle brick buildings of the Manshiet Nasser district meet the main highway, one of many such points where commuting workers make the crossing from Cairo’s unplanned, helter-skelter slums into the government-planned districts of the city. It was at this intersection where, during the uprising, demonstrators set fire to the local government offices.
‘No Glimmers of Hope’: Two Years After Egypt’s Revolution, an Economic Crisis Looms |

Make Saudi women visible -- boost the economy -

(File photo) Saudi women shop at a local mall in Riyadh on August 18, 2012.
A friend once said "We women must learn to choose our battles." Women in Saudi Arabia shape their agenda according to where they choose to take on their new challenges, what they prioritize, when they let go, and how they win. The self-evident statement that "Saudi Arabia should integrate and empower women economically" defines my battle and that of many other women.

Economic empowerment offers a win-win scenario for Saudi Arabia and its women. It promotes gender equality and helps the country to diversify away from petroleum, a longstanding national goal.
Make Saudi women visible -- boost the economy -

Is the UAE Solar Market a Mirage? : Greentech Media

The World Future Energy Summit, or WFES, is a massive annual conference in Abu Dhabi highlighting cleantech in the Middle East and internationally. The event is as high profile as any, with an estimated 30,000 attendees in 2013 and speakers like Wen Jiabao and Ban Ki-moon in 2012 and Francois Holland in 2013.

It seems that many things in the United Arab Emirates are world’s biggest, largest, or first. The UAE is home to the world’s tallest building and the world’s fifth highest carbon dioxide emissions per capita. However, under the patronage of Masdar, Abu Dhabi will be home to the world’s largest single-unit concentrating solar power plant when the Shams-1 facility is complete in the first quarter of 2013.
Is the UAE Solar Market a Mirage? : Greentech Media

Establish new laws | Oman Observer

Working in accordance with the government principles, Oman Development Bank (ODB) approved loans worth about RO 390 million to finance 40,000 projects undertaken by citizens across the Sultanate, including small and medium enterprises, in the last 12 years. This was stated by Hamed bin Salim al Harthy, Director of Assistance, ODB, during his discussion at the Symposium on Small and Medium Enterprises being held at Saih al Shamikhat in the Wilayat of Bahla.
"The ODB finances interest-free loans up to RO 5,000 and with simple guarantees, which comes to support of small and medium enterprises in the Sultanate," Al Harthy added. Meanwhile, the second day of the Symposium discussed yesterday two topics. The first topic focused on policies, legislations and regulations, while the second dealt with finance and investment.
Establish new laws | Oman Observer