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 […]
The UAE Central Bank is set to launch the first phase of UAE Direct Debit System on October 5. The central bank said yesterday the registration of the banks and finance companies into the ‘Direct Debit System’ has been completed and all banks and finance companies are now ready to use the system. In a statement, the apex bank said an individual or corporate can set up […]
Qatar Holding, the investment arm of the country’s sovereign wealth fund Qatar Investment Authority (QIA), has bought NYSE Euronext’s 12 percent stake in the Qatar Exchange, the Doha-based bourse said in a statement on Tuesday. The deal, for which a price was not revealed, makes Qatar Holding the sole owner of Qatar Exchange, which operates the country’s securities market. QIA and NYSE Euronext signed a strategic partnership […]
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 […]
Dressed in a green surgical gown and cap, British restaurateur Rekha Patel cradled her newborn daughter at the Akanksha clinic in northwestern India as her husband Daniel smiled warmly, peering in through a glass door. “I can’t believe we have our own child at last,” said Patel, 42, gazing in wonderment at five-day-old Gabrielle. “We are really grateful to our surrogate mother who managed to get pregnant […]
Bahrain-based Arcapita is aiming to build a new asset management firm with a debut local deal in the logistics, education or healthcare sector as the company recovers from the first Chapter 11 bankruptcy process undertaken by a Gulf Arab entity. The Islamic investment firm emerged from Chapter 11 on Sept. 17 after seeking court protection in March 2012 under hedge fund pressure ahead of the repayment of […]
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 […]
Bank Dhofar, the Omani lender planning to merge with smaller peer Bank Sohar, said on Sunday that its chief executive Anthony Mahoney had resigned for personal reasons. Bank Dhofar has appointed Abdul Omar Al-Ojaili as its acting chief executive, the lender said in a bourse statement. Mahoney’s resignation was effective Sept. 26, it said. In July, Bank Dhofar said it had approached Bank Sohar with a view […]
The United Arab Emirates, the second-biggest Arab economy, is considering a tax on remittances, according to three bankers with knowledge of the plan. The federal Ministry of Finance has sent a circular to banks proposing the tax and invited suggestions from them on the levy, the bankers said, asking not to be identified because the information is private. The ministry plans to hold talks with financial institutions […]
A flight by foreign companies from violent unrest in Egypt threatens to drive up vacancy rates at offices and malls and prompt international investors to shift funds to sub-Saharan real estate. The army overthrew and imprisoned President Mohamed Mursi in July and the ensuing crackdown on his Muslim Brotherhood movement has killed about 900 people. This has prompted many multinational companies to scale down their operations or […]
The United Arab Emirates’ first real estate investment trust plans to sell shares in an initial public offer on the Nasdaq Dubai bourse before the end of this year, three people aware of the plan said. Emirates REIT, which was formed in 2010 and complies with Islamic investment principles, has income-generating assets worth 770 million dirhams ($210 million). REITs directly invest in properties and distribute profits as […]
Concern over budget and debt negotiations in Washington weakened the dollar on Friday and kept a lid on gains in world shares stemming from a positive batch of U.S. jobs numbers. Investors are worried that political maneuvering over the passage of bills needed to keep the U.S. government running beyond September 30 and avoid a debt default could threaten a fragile economic recovery. “Everyone instinctively wants to […]
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 […]
Dubai developer Union Properties is to seek board approval to increase the percentage of shares which foreign investors are allowed to hold in the company, its chairman said on Wednesday. The move is part of a wider trend by companies in the United Arab Emirates and Qatar to review their often-low foreign ownership caps ahead of their admittance into the MSCI Emerging Markets Index in May. “We […]
U.S. and British authorities are hours away from fining ICAP, the world’s biggest interdealer-broker, and charging current and former staff in connection with the manipulation of the Libor benchmark interest rate. The rate rigging scandal, which has laid bare the failings of regulators and bank bosses, has already seen three banks fined $2.6 billion, four individuals charged, scores of institutions and traders grilled and a spate of […]
Investcorp Bank , the Bahrain-based alternative-investment firm managing $10.5 billion, said it acquired Chicago-based retailer Paper Source Inc. Investcorp bought the stationery and greeting-card company for an undisclosed amount from Los Angeles-based buyout firm Brentwood Associates Inc., it said today in an e-mailed statement. Paper Source, which operates 73 stores across 23 states, designs and produces fine and artisanal papers. Investcorp said in July it planned to […]
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 […]
Tamweel Aviation Finance (TAF), a new and integrated financing platform offering turnkey alternative financing solutions to airlines and aircraft leasing companies, has been established by Novus Aviation Capital in partnership with Development Bank of Japan Inc. (DBJ) and Airbus. The new enterprise has been set up to facilitate the funding of aircraft acquisitions, providing secured junior and mezzanine loans to airlines for all Airbus aircrafts, with a […]
Hedge funds cut bullish gold bets, reducing long contracts to the lowest since June, before prices rose the most in a month as the Federal Reserve unexpectedly decided not to taper stimulus. The net-long position held by speculators fell 17 percent to 70,113 futures and options in the week ended Sept. 17, U.S. Commodity Futures Trading Commission data show. Long wagers fell 6.8 percent to 109,217, the […]
Dubai Mercantile Exchange (DME) today announced a new record by reaching the 5 billion barrel mark, with a total of 5 million contracts (eqv. 5 billion barrels) traded on the exchange. This milestone comes 7 months after the DME passed the 4 billion barrels mark and continues the strong growth trajectory in trading volumes across the last 12 months. The 5 millionth trade on the Exchange took […]
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. […]
