Dana Gas PJSC (DANA), a United Arab Emirates fuel producer, began arbitration proceedings in London on rights and money owed from an oil development contract it signed with the Kurdistan regional government of Iraq in 2007. The proceedings at the London Court of International Arbitration relate to outstanding receivables owed by the Kurdish government, Dana Gas said in a statement to the Abu Dhabi bourse today. The […]
Dubai Holding’s telecom unit could conclude the sale of stakes in two other telecom firms in the next few months, its chief executive said, part of a strategy by state-linked companies to sell assets to repay the emirate’s debt pile. Dubai Holding, owned by the ruler of the emirate, is among a group of state-linked companies trying to recover from a 2009 property crash. The firms face […]
Fosun International Ltd., a Chinese conglomerate that invests in everything from steel to pharmaceuticals to Club Med, has agreed to buy the office tower at 1 Chase Manhattan Plaza from JPMorgan Chase & Co. for a whopping $750 million. This isn’t an isolated incident. Zhang Xin, a billionaire property developer who grew rich building Beijing’s central business district, recently bought about 20 percent of the General Motors […]
Mezzan Holding Co, a diversified Kuwaiti conglomerate, will acquire the distributor of Red Bull energy drink in the United Arab Emirates, highlighting appetite for consumer-related investments in the Gulf Arab region. Mezzan is buying Unitra Mets Group (UMG) from Abu Dhabi-based Invest AD and its other shareholders, Mezzan and Invest AD said in a joint statement on Monday. State-owned asset manager Invest AD had bought a majority […]
Dahabshiil Holdings Ltd., a Somali company that provides access for overseas citizens to send money there, asked a U.K. court to stop Barclays Plc (BARC) from closing its bank account. The bank gave a “dearth of detail” on its decision, Alan Maclean, a lawyer for Dahabshiil, said at a hearing in London today. The bank’s dominant position in the market for remittances means it will breach competition law if it closes […]
A call for the United Arab Emirates to consider allowing expatriates to apply for citizenship has sparked a debate about national identity in the Gulf Arab state, where foreigners outnumber the local population by more than five to one. Sultan Sooud al-Qassemi, a member of one of the UAE’s ruling families, is one of the federation’s pre-eminent commentators and also one of the most well-known Twitter users […]
Yields for real estate in Dubai have compressed and investors are now open of acquiring assets at yields closer to emerging Europe and higher than established markets such as Moscow, the 2013 Middle East and North Africa (MENA) Real Estate Investor Sentiment Survey by Jones Lang LaSalle said. The survey indicated strong demand amongst regional investors for Dubai real estate, leading to the creation of a seller’s […]
Dubai, which roiled markets with its request to delay $25 billion of debt payments in 2009, faces the prospect of rising borrowing costs if it succeeds in a bid to hold the Expo 2020 World Fair, Bank of America Corp. said. The emirate needs about 26 billion dirhams ($7.1 billion) of infrastructure spending to host the event, HSBC Holdings Plc analyst Patrick Gaffney said by phone. At […]
Abu Dhabi and Dubai have hired banks to advise on a possible merger of their two main stock exchanges, a state-backed deal that could energise financial markets in the United Arab Emirates, sources familiar with the plan said. Any merger of the exchanges would be one of the biggest reforms in the country’s financial industry in recent years; by making it easier for investors to operate across […]
Abu Dhabi government-owned Al Hilal Bank priced its debut $500 million five-year sukuk issue, a document from lead managers said on Tuesday, as Gulf issuers flood back to the market to take advantage of conducive market conditions. The transaction priced at par with a profit rate of 3.267 percent and a spread of 170 basis points over midswaps, the document said. The spread had tightened significantly from […]
Cash-rich Asian and Middle Eastern lenders are taking a larger share of the $100 billion global aircraft financing market as Western rivals step back due to the liquidity crunch and stricter regulations, a top executive at Airbus said. European commercial banks, previously the primary funding source for airlines, have substantially cut their exposure to the aviation sector after the continent’s debt crisis, leaving a funding gap for […]
Fund managers in the Middle East are set to pump more money into Saudi Arabia over coming months but may withdraw some funds from Dubai because of concern its red-hot market has risen too fast, a Reuters survey showed. The survey of 16 leading Middle East-based investment institutions, the first of its kind in the region, was conducted over the past 10 days by Trading Middle East, […]
Abu Dhabi government-owned Al Hilal Bank plans to issue a five-year benchmark-sized Islamic bond offering this week, a document from lead managers said on Sunday, in what would be the lender’s debut debt sale. Initial price thoughts on the dollar-denominated offering have been set at 190 basis points over midswaps, the document said. Benchmark-size is traditionally understood to mean at least $500 million. Al Hilal, fully-owned by […]
Dubai’s Majid Al Futtaim Holding (MAF), the sole franchisee of hypermarket chain Carrefour in the Middle East, will not pursue investments in Egypt and Syria until stability returns to the two countries, a senior company official said on Saturday. MAF, also the only Carrefour franchisee in North Africa and Central Asia, had been in advanced talks to buy Egypt’s largest supermarket chain Metro from the family-owned Mansour […]
Gulf Finance House (GFH), the Manama, Bahrain-based investment bank, said it isn’t able to explain a 10-fold jump in trading activity and surge in its share price. Gulf Finance surged as much as 12 percent today while Abu Dhabi-based Waha Capital PJSC (WAHA) gained as much as 10 percent. Waha said earlier this week that it wasn’t aware of any information that could explain the rise in […]
Dubai’s government is working on new rules to protect its real estate market and prevent any excessive rise of property prices that could end in a crash, a senior official said on Tuesday. The bursting of a property bubble in 2009-2010 caused prices to plunge by more than 50 percent, pushing Dubai close to a debt default. The market is recovering strongly this year, with apartment prices […]
The Gulf’s bond market is set to emerge from five months of near-inactivity after last week’s decision by the U.S. Federal Reserve to maintain its monetary stimulus created a window for banks and corporations to raise cash. A total of $16.6 billion was raised on global bond markets last Thursday, a four-fold rise from the day before. The Gulf market’s reaction to the Fed will not be […]
Arabtec Holding and Samsung Engineering announced the launch of Arabtec-Samsung Engineering in the Middle East and North Africa’s oil and gas, power and related infrastructure sectors. Arabtec-Samsung Engineering is incorporated and headquartered in Abu Dhabi and is owned 40% by Arabtec, 40% by Samsung Engineering and the remaining 20% is owned by Tasameem Property Investment. The shareholder agreement was formalised on September 24th at a special signing […]
Emaar Properties said yesterday that investors will this week be able to buy homes in the latest phase of Arabian Ranches, as the Dubai developer expands one of its most popular communities. Emaar said it would open online registration on its website for 121 villas with Spanish-style architecture in the Palma phase on Wednesday. Sales are to be held simultaneously in Dubai and Abu Dhabi on Saturday. […]
Dubai-based oil services firm NPS Energy has put itself back up for sale, hoping to fetch up to $700 million after a deal to be bought by Norway’s Aker Solutions fell apart last year, sources familiar with the matter said. Oil services company Aker agreed to buy NPS Energy for about $460 million in May 2012, including $110 million in debt, but the deal collapsed in November […]
Jebel Ali Free Zone FZE cut the price on a 4.4 billion dirham ($1.2 billion) Islamic loan by 1.25 percentage points, reducing rates after the emirate’s default risk fell. Jebel Ali Free Zone and Dubai Duty Free, the world’s biggest’ airport retailer, are among companies in the emirate that have lowered rates on their loans. Dubai’s five-year credit default swaps, contract insuring the sheikhdom’s debt against default, […]
Saudi Basic Industries Corporation (Sabic) has mandated Citigroup, HSBC, Mizuho and RBS to arrange a series of fixed income meetings ahead of a potential US dollar denominated senior bond. The state-owned company, rated A1/A+/A+, will hold meetings in Europe, Middle East and Asia between September 22 and September 25. A Reg S only senior guaranteed note may follow subject to market conditions via a special purpose vehicle […]
Two developers based in the United Arab Emirates say they have signed a deal for a $4.5 billion residential and commercial project in Baghdad that would be one of the county’s biggest non-oil investments. Plans calls for 30,000 housing units, five shopping centers and schools and stores to be built over a seven-year period in the Iraqi capital. Foreign investment has flowed into the relative stable Kurdish […]
DAMAC Properties, a privately held Dubai property developer, has hired two international investment banks to help arrange an initial public offering of shares in London and join a growing list of Gulf companies seeking overseas listings. Deutsche Bank and Citigroup Inc will advise on the planned flotation, two banking sources aware of the matter said, speaking on condition of anonymity as the matter is not public. The […]
