Mideast IPO activity slumps at end of 2008

Companies and Markets

• No Sunday trading for UAE stock markets

  3 January 2009,Emirates Securities and Commodities Authority's move after death of Umm al-Quwain ruler.

• Saudi Kayan completes deal for $6bn complex

  31 December 2008,Company 35%-owned by SABIC obtains $533mn loan from state-owned SIDF.

• UAE markets close at near four-year lows

  31 December 2008,UPDATE 5: Dubai finishes 2008 more than 72% down, making it the Gulf region's biggest loser.

• Gulf markets rise on year-end positioning

  30 December 2008,UPDATE 4: Exchanges in UAE, Qatar, Kuwait and Saudi all close higher, while Bahrain finishes down.

• Depa JV wins $32mn Singapore hotel contract

  29 December 2008,Majority Dubai-owned SE Asia venture to fit out Sentosa island resort.

• Saudi Atheeb telco plans $80mn IPO in January

  29 December 2008,The Batelco-affliliated company will be the Kingdom's first initial offering since August.

Results

• Bad debts, loan curbs to hit UAE bank profits in '09

  15 December 2008,Income from trading, corporate finance, asset management will also fall - EFG Hermes.

• Medinet Nasr Housing quarterly profit up 39%

  30 November 2008,Egyptian developer reports $5.5mn net profit for three months to end Sept.

• UAE's Union Nat'l Bank sees '08 profit up 17%

  30 November 2008,Bank has taken two Ministry of Finance loans but nothing from central bank, says CEO.

• Dana Gas profit climbs 18%

  15 November 2008,UPDATE 1: Abu Dhabi firm sees Q3 net income increase to $7.08mn, coming in line with analyst forecasts.

• Egypt's GB Auto Q3 profits surge, sees slowdown

  12 November 2008,Quarterly net income at $32.57mn, seen well placed as Egypt's economy cools. 

• UAE's Gulf Cement Q3 profit plunges on investment loss

  11 November 2008,Operating profit rises 44% to $68mn but wiped out by stock market losses.

IPO

• Saudi Atheeb telco plans $80mn IPO in January

  29 December 2008,The Batelco-affliliated company will be the Kingdom's first initial offering since August.

• Drake & Scull eyes listing 'before end of 2008'

  18 December 2008,EXCLUSIVE: Contracting giant's long-awaited IPO close to completion.

• UAE developer to delay IPO

  16 November 2008,Al-Benaa also reviewing projects due to market conditions, 'we need to look at all aspects', CEO says.

• ADX to target Asian dual listings

  5 November 2008,Exchange has been in talks with banks to encourage Asian corporates, says chief exec.

• Kuwait's Jazeera Airways to delay Dubai listing

  5 November 2008,Low-cost carrier's chief exec blames poor market conditions for postponement.

• Abu Dhabi bourse sees 40-60 IPOs in pipeline

  28 October 2008,Number of companies expected to double after change in law, says chief exec.

Equity

• Egypt's Olympic Group announces share buyback

  15 December 2008,Domestic appliance maker's board approves acquisition of 5% of company's stock.

• Mubadala increases stake in chip maker AMD, joint venture

  9 December 2008,Abu Dhabi fund renegotiates deal following sharp drop in company's share price.

• Travco chairman El-Chiaty eyes increase in TUI stake

  1 December 2008,Egyptian businessman looks to reinvest in German tour operator after share slump.

• Bahrain's Ithmaar Bank to up BBK stake via Shamil swap

  1 December 2008,Share-swap to act as merger between the two banks after shareholder approval.

• Qtel to pay original price for PT Indosat shares

  29 November 2008,Raising its stake to 65% from 40.8% will cost Qatari operator $802mn.

• Kuwait's Gulf Bank in $1.4bn capital hike after shock loss

  17 November 2008,Entire board resigns as state fund agrees to mop up any shares left unsubscribed.

Funds

• Mubadala increases stake in chip maker AMD, joint venture

  9 December 2008,Abu Dhabi fund renegotiates deal following sharp drop in company's share price.

• Kuwait fund in merger talks, cbank in support

  5 November 2008,Islamic asset manager's sees consolidation as regulator offers sector help.

• $1.5 million to improve special needs education in Uzbekistan

  11 October 2008, The Asian Development Bank (ADB) has announced a US$1.5 million grant to help improve education for special needs children throughout Uzbekistan.

• Abu Dhabi's ADIH eyes $1.5bn China fund

  28 September 2008,Plans to invest in real estate, manufacturing with Chinese partner despite uncertainty.

• Deutsche Bank to launch sharia hedge fund range

  23 September 2008,Launch follows on heels of sharia-compliant offerings by Barclays Capital, Newedge.

• UK fund manager Duet opens in Dubai, Singapore

  23 September 2008,New hires from Merrill Lynch to staff sales offices, with fund launches in the future.

Sukuk

• Saudi Hollandi completes $207mn sukuk sale

  30 December 2008,Islamic bond issue has ten-year maturity, priced at 200bps above Saudi interbank rate. 

• Global sukuk market seen dormant until mid '09

  24 November 2008,Local banks supportive but 'don't have the balance sheet', says senior banker.

• Islamic bond market 'wrecked' by critical remarks

  28 October 2008,New issues fall to $14bn this year from $50bn after Bahrain-based sheilkh's ruling.

• Saudi developer Al-Oula to raise $800mn via sukuk

  19 October 2008,Two-year timetable to obtain credit rating and finance expansion plans.

• West turning to sukuk as debt markets dry up

  8 October 2008,ASEAN secretary general says appeal of Islamic bonds growing as credit crisis worsens.

• Kuwait's Dar closes 1st part of $400mn Islamic loan

  7 October 2008,Three-year $150mn deal for Aston Martin part-owner backed by Saudi, Oman banks.

Bonds

• UP seeks $681mn bond sale

  22 December 2008,UPDATE 1: Dubai developer seeking regulatory approval to issue convertible bonds to strategic investors.

• Dubai Holding repays $653mn in bonds, loans

  26 November 2008,News comes after another Dubai Inc fund seeks better terms for debt refinance.

• Iran mulls $1bn international bond issue

  19 November 2008,Islamic Republic tries to raise money in difficult financial climate against sanctions backdrop.

• Kuwaits's Global Investment House cancels $410mn loan

  17 November 2008,Decides not to proceed with acquisition of 20% stake in National Bank of Umm Al-Quwain. 

• Dubai Holding unit to take 32% stake in troubled Shuaa

  28 September 2008,Dubai Banking Group to convert $408mn worth of bonds on Oct. 31, as planned. 

• Dubai's CBD planning $2bn bonds sale

  24 September 2008,Commercial Bank of Dubai publishes its prospectus for Euro Medium Term Note Programm.

Regulatory

• US moves to seize US assets of Iranian bank's 'front'

  17 December 2008,New-York based unit owns 40% in 36-storey tower on Fifth Avenue, says Justice Dept.

• India unveils $4bn economic stimulus package

  7 December 2008,Export incentive schemes, value-added tax cuts follow interest rate reductions. 

• UAE allows ministers to be company directors

  2 December 2008,Constitution change by Federal National Council legalises already existing situation.

• Islamic finance sector needs more sharia scholars

  1 December 2008,Fewer than 100 scholars worldwide qualified to sit on sharia compliance boards, says expert.

• Al Salam and HSH Nordbank in Islamic finance venture

  30 November 2008,UAE-based ASI and German bank set to register with DIFC next year.

• Qtel to pay original price for PT Indosat shares

  29 November 2008,Raising its stake to 65% from 40.8% will cost Qatari operator $802mn.