Finance

Dubai deal with Qatar could end LSE doubt

Talks between organisations controlled by Dubai and Qatar could soon bring to an end three years of uncertainty and turbulence at the London Stock Exchange (LSE). Bourse Dubai and the Qatari Investment Authority (QIA), both of which have big shareholdings in the LSE, are understood to be seeking an amicable resolution of the future ownership of the Exchange.

Egypt plans baby bourse

Egypt plans to launch the Middle East's first bourse for small and medium-sized companies. Mahmoud Mohieldin, the minister of investment, said the exchange would open on October 25, with between four and eight companies expected to list initially.

Report: Omani financing sector woos US$48 billion projects

A recent report has estimated the financing sector in Oman ? the bulk of it comprised of banks - to be worth US$48 billion, placing the sector in an advantageous position to benefit from the robust growth in the Sultanate's economy. The report maintained that Bank Muscat - being a pioneering and major player in the project financing sector in Oman ? is nominated to play a key role in financing and providing advisories to the project developments.

Kuwait Stock Exchange flourishes despite controversy

Even though there has been dispute about the rules for listings, the Kuwait Stock Exchange has prospered, breaking new barriers. On October 7, the Kuwait stock exchange benchmark broke through the 13,000 barrier for the first time. Even at the height of Ramadan, and despite controversy over regulation, the exchange continues to perform well.

Borse Dubai/Nasdaq offer for OMX to run from January

Borse Dubai and Nasdaq's public offer for Nordic stock exchange operator OMX should be launched in January. The cash offer of 265 kronor per share values OMX at some 32 billion kronor (US$4.9 billion, ?3.47 billion)

CBB grants licence to Islamic Bank of Asia

The Central Bank of Bahrain (CBB) has granted a licence to the Islamic Bank of Asia (IB Asia), to establish a Representative Office in Bahrain. The licence clears the way for IB Asia to establish its first overseas presence, following its launch in May 2007 as the first Islamic bank to be licensed in Singapore.

DP World on verge of dollars US$4 billion Dubai float

DP World, the Dubai ports operator, is set to launch its much-anticipated market listing in what should be the largest flotation in the Middle East. The world's third-largest container group is seeking to raise US$4 billion by floating 20 per cent of its equity, valuing the company at about US$20 billion.

JP Morgan to advise on Banque Du Caire sale

The investment bank JP Morgan has been appointed financial advisor for the sale of Banque Du Caire, beating five other international investment banks in the competition. A tentative agreement would be signed with JP Morgan before the end of this month and the sale of the state-owned bank will take six or eight months to complete.

U.S. insurance regulators sign cooperation pact with Egypt

The Arab Republic of Egypt has become the 9th global insurance jurisdiction to enter a formal dialogue with U.S. regulators, as the Egyptian Insurance Supervisory Authority signed an MOU with the National Association of Insurance Commissioners. The deal spells out a framework for regulators in both countries to share information, provide technical assistance, and cooperate on cross-border regulatory functions affecting the performance of insurance markets.

ICBC plans Dubai, Doha outlets

The Industrial and Commercial Bank of China is on the verge of setting up outlets in the Gulf Area. The state bank plans to establish a wholly owned subsidiary in Dubai International Financial Centre with working capital of US$50m and a Doha branch in Qatar Financial Centre with working capital of US$10m.

Doha Bank hopeful of getting licence

Doha Bank hopes to get a banking licence to operate in India, after a wait of three years, as it believes RBI would be more open to give one after ICICI Bank's recent entry into Qatar.? A banking licence would help Qatar's fourth-largest bank get a toehold in India to launch a range of products and services straightaway and scale up fast once the sector gets further liberalised in 2009.

NoozzVIEW; Regulator wanted in short order

The Kuwaiti authorities have begun an urgent hunt for a financial regulator of impeccable international standards in a much-needed bid to defuse the unceremonious row that has damaged its Stock Market and set back its ambitious plans to emulate its neighbours Dubai and Bahrain and transform into a regional financial hub.