Islamic finance steps up

Companies and Markets

• Saudi Almarai eyes 50% of Egypt dairy market by 2013

  17 November 2009,Middle east's dairy giant to invest $18.3m to bring its buyout, Beyti's units to full capacity.

• Saudi stocks gain, industrials strong

  17 November 2009,UPDATE 6: Kuwait's index posts its biggest single-day decline since July 6.

• Fresh risks

  13 November 2009,The trend for specialised SWFs to seek global credit ratings may give them new sources of financing.

• Omantel expects to take $24m hit in Q4

  12 November 2009,Oman Telecoms sees OR9.2m one-off charge after offering voluntary redundancies in a bid to cut costs.

• UAE's Dana Gas posts 64% higher Q3 gross profit

  12 November 2009,Natural gas firm records AED359m ($97.74m) revenues in Q3, which is up 12%.

• Dubai falls for first day in five; Emaar down

  12 November 2009,UPDATE 6: Oman's MSI ends lower for fourth session in six; Bank Muscat biggest drag.

Results

• Air Arabia Q3 profit down 9% on H1N1, Ramadan

  14 November 2009,Sharjah-based carrier makes net profit of $39.2m in the three months to end-Sept.

• Gulf Air expects $500m loss in 2009 - paper

  11 November 2009,Loss figure presented by the state owned Bahraini carrier to parliament.

• Gulf Finance House swings to Q3 loss on lower income

  11 November 2009,Investment firm records Q3 loss of $29m; posts its fourth consecutive quarterly loss.

• Omantel's Q3 profit edges up 1.9% to $85.2m

  11 November 2009,Omani telecoms operator posts profit below analysts' forecast.

• Saudi Dar Al Arkan Q3 profit down 14.4%

  10 October 2009,Saudi's largest developer by market value sees profits drop on downturn.

• Saudi's Almarai Q3 profit rises 24%

  10 October 2009,Gulf region's largest dairy company boosts profits despite slowdown in sales in third quarter of 2009.

IPO

• Insurance companies set to launch Saudi IPOs

  20 March 2009,Four firms win approval for offerings in April in bid to raise a total of $69m.

• Mideast IPO activity slumps at end of 2008

  4 January 2009,Ernst & Young says just three IPOs in Oct, Nov compared to 10 in same period in 2007.

• Nakheel in talks with bankers over IPO - report

  4 January 2009,UK media report suggests developer could look at dual listing in Dubai and London.

• 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.

Equity

• No big deal(s)?

  15 October 2009,Private equity firms in the Middle East are low on leverage and high on cash, with around $11bn of unspent capital in their coffers.

• Capital gains

  6 July 2009,Gulf Capital CEO, Dr Karim El Solh on why the crisis is creating opportunities for the private equity industry.

• 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.

Funds

• Bullion bandwagon

  13 September 2009,The price of gold hit $1,000 for only the fourth time in history early last week. But some experts say its current price is unsustainable.

• Trading confidence

  8 May 2009,The global credit crisis has wreaked havoc with regional stock exchanges. Claire Ferris-Lay talks to Malcolm Wall Morris, CEO of the Dubai Gold & Commodities Exchange about how he is trying to boost investor confidence across the Gulf.

• ME share of global hedge fund to rise by 30%, 2013

  20 April 2009,ME investors will own 7.5% of total global hedge fund assets end-2013 - survey.     

• Hedge funds see $155 billion of withdrawals

  21 January 2009,Investors pulled $155 billion out of hedge funds last year, according to new data.

• Daman Securities invests for the future

  10 January 2009,Daman Securities has struck a deal with research firm Morningstar to begin coverage of UAE stocks.

• 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.

Sukuk

• Dubai’s debt move

  7 November 2009,Investors anxiously await the fate of Nakheel’s $3.5bn sukuk, & the next installment of Dubai’s $10bn bailout fund.

• Choosing Islamic finance

  29 October 2009,Why gov'ts in Muslim nations in the Middle East and Asia are increasingly turning to Islamic finance to raise funds.

• Shuaa Capital seeks to enter sukuk market

  15 June 2009,Dubai-based investment bank plans to sell the Islamic bonds issued by Saudi firm.

• Sukuk pricing distorted by thin secondary market

  10 April 2009,Companies keen to tap the Islamic debt markets are staying on the sidelines, amid fears the illiquidity of the sukuk market could distort the pricing of new issues.

• 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.

Bonds

• Qatar Commercial bank to use bonds for growth

  12 November 2009,Qatari bank to apply proceeds from $1.6bn bonds to repay debt, future expansion.

• Oman annual inflation falls to 1.25% in Sept

  10 November 2009,Omani consumer price index stood at 130.1 points in Sept after a brief uptick in Aug.

• Dubai’s debt move

  7 November 2009,Investors anxiously await the fate of Nakheel’s $3.5bn sukuk, & the next installment of Dubai’s $10bn bailout fund.

• Choosing Islamic finance

  29 October 2009,Why gov'ts in Muslim nations in the Middle East and Asia are increasingly turning to Islamic finance to raise funds.

• IEA says OPEC's decision "sensible"

  16 March 2009,Head of International Energy Agency says OPEC has taken into account state of global economy.

• UP seeks $681mn bond sale

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

Regulatory

• Qatar seeks to support its financial markets

  29 June 2009,Qatar's central bank governor says new measures could be introduced amid downturn.

• 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.