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Discuss this article (0 Comments)Arabic Press Review - 23 May 2007
by Safura Rahimi and Reuters on Wednesday, 23 May 2007
The UAE daily Al Bayan today reveals that Dubai Islamic Bank (DIB) expects to arrange AED60 billion ($16.34 billion) of Islamic bond (sukuk) sales this year.
The figure is an increase of 80% compared to the AED33 billion (about $9 billion) the bank lead managed during the past 18 months.
DIB is set to lead manage these sukuk for various firms in the UAE and across the Gulf region.
A senior delegation from DIB Group met with a large group of UK-based institutional investors in London today in a bid to highlight the strength of the bank and the Islamic finance sector.
This week the bank, which was the first Islamic bank to incorporate the principles of Islam in all its practices, won an award for Best Islamic Bank for the third consecutive year at the 2007 Banker Middle East Awards.
***
In Egypt today, Al Alam Al Youm newspaper reports that National Bank of Kuwait (NBK) has said it is competing to acquire an unnamed Egyptian bank.
NBK is expanding abroad to offset strong competition at home, where foreign players have entered.
This week the bank also received approval from Jordan's central bank to open six more branches in the kingdom.
Earlier this month NBK, one of the biggest banks in the Middle East, was in talks to buy a 30% stake in Turkish Bank.
The bank began talks to buy a majority stake in Jordan's Union Bank for Savings and Investments but called them off in February.
...and in other news...
Al Qabas, Kuwait: Gulf Cable and Electrical Industries Co. and National Cleaning Co. have made mistakes in reporting their first-quarter net profits.
Al Seyassah, Kuwait: Sri Lankan President Mahinda Rajapaksa has asked Kuwaiti investors to explore investment opportunities in Sri Lanka during a meeting with Kuwaiti investors at Kuwait Chamber of Commerce and Industry (KCCI).
Alam Al Yawm, Kuwait: Real estate investors at an exhibition have highlighted the need for a market-maker to address and help resolve the rising cost of construction materials.
Al Alam Al Youm, Egypt: Cooperation with the United Arab Emirates to reclaim 3,000 feddans (1,200 hectares) of land in Salhia.
Al Alam Al Youm, Egypt: An Egyptian-Chinese electronic portal is launched to encourage economic and commercial relations.
Al Alam Al Youm, Egypt: The Gulf region is anxious after Kuwait breaks the link between the dinar and the U.S. dollar.
Al Alam Al Youm, Egypt: Oriental Weavers is the latest victim of theft at Egyptian ports, with 1,300 carpets having disappeared.
Al Gomhuria, Egypt: The salary of teachers is set to go up 50% from July.
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