Finance
NoozzVIEW; JP Morgan moves in
The news that US banking giant JP Morgan is to open a branch in Doha is a sign of the troubled times for the American financial system. With its profits and balance sheet hammered by the credit squeeze sparked by the sub-prime lending crisis, the bank is turning to one of the few regions of the world with a booming economy.
Saudi Arabia: Sovereign fund plans
In a bid to diversify its income, Saudi Arabia is in the early stages of creating a small sovereign wealth fund (SWF). However, given recent calls from the EU for more transparency from state-run funds, the kingdom may have to tread carefully to avoid creating international economic tensions.
Plans for the Saudi fund first emerged in January from Muhammad Al Jasser, vice governor of the Saudi Arabian Monetary Agency (SAMA).
Dubai ruler agency plans India investments
Dubai International Capital (DIC), an investment firm owned by the ruler of Dubai, said it plans to make "big" acquisitions in India, adding to the US$1 billion already invested in the second-most populous nation.
"We have big deals in the pipeline," DIC Chief Executive Officer Sameer al-Ansari told reporters in Dubai. "We are very actively looking at more things in India" to tap the country's growing economy and population, Ansari said.
Bahrain is fastest growing financial centre
The third Global Financial Services Centre Index report commissioned by the City of London Corporation has revealed that Bahrain is the emerging markets’ fastest growing financial centre.
Bahrain was placed at the 39th position, up three places from September and ahead of neighbouring Qatar.
Spain to allocate €30m of funds to support joint-ventures with the Egyptian private sector
Spain will allocate €30m of funds to support Spanish private sector's initiatives to set up joint-ventures with Egyptian counterparts, according to Antonio Lopez Martinez, the Spanish Ambassador to Egypt.
Adia tops global wealth funds with US$900bn in assets
The Abu Dhabi Investment Authority (Adia) is the world's largest sovereign wealth fund with US$900 billion worth of assets under management, Deutsche Bank research shows.
NoozzVIEW; Qatar fund eyes Europe
Undeterred by the recent verbal barrage from European Union officials about the need for new guidelines on transparency, Qatar’s US$30 billion sovereign wealth fund – regarded as one of the most skilfully run of those from the oil-rich region – is now focussing its attention on European lenders.
Qatar, regarded as the richest of all Arab states per capita, already made its presence strongly felt in London last September when it bought a 15 percent stake in the London Stock Exchange. It is now actively considering adding to that share.
Saudi-British SAR2.5bn JV to debut this summer
A Saudi-British joint venture investment company is due to debut in the summer at an initial capital of SAR2.5 billion, revealed UK Trade and Investment Minister Digby Jones. A six-man workgroup representing both countries has been formed to finalise preliminary studies for the JV in collaboration with consulting houses and law firms.
Indignant Hicks pulls the plug on Dubai's bid for minority stake
Dubai International Capital's attempt to purchase a minority stake in Liverpool was thrown into turmoil when Tom Hicks, the club's co-owner, terminated talks and vetoed the sale of George Gillett's holding to the company.
Hicks and DIC hit deadlock over their possible working relationship on the first day of negotiations between lawyers representing the Liverpool co-chairman and company officials in Dubai. The investment arm of the Dubai government had indicated a willingness to back down on intentions to acquire complete control by purchasing 49 percent of the club from Gillett and would, providing the American agreed to sell his remaining 1 percent to his co-owner, let Hicks become majority owner.
Global M&A's to hit US$5 trillion in 2008, Dubai leads
The value of merger and acquisition deals in all economic sectors in world markets is set to total US$5 trillion in 2008, anticipates a report released by Bonyan International Investment Group.
The report explained that in light of 2007's results, global investors will continue to pump more funds into feasibility studies on possible M&A deals - reversing the dominant trend in recent years – on the background of the sliding US dollar and the growing benefits of M&A impact on economies of scale. It also focused on Dubai as a "lead player on the global scene in relation to M&A's, after turning heads from all around the world to the major deals sealed by the emirate in the realty, communications, transport, securities and banking sectors."
Two Saudi IPO’s to raise more than US$4.6 billion
Two major initial public offerings (IPO’s) valued at US$4.67 billion will be launched soon in Saudi Arabia, the Saudi Capital Market Authority announced.
Saudi Mobile Telephone Co, operated by Kuwaiti telecom giant Zain, will offer 700m shares valued at SR7 billion (US$1.87 billion) and representing 50 percent of its total shares.
Egypt: Broadening and strengthening market
Egypt's Cairo and Alexandria Stock Exchange (CASE) looks set to secure and build upon last year's impressive gains and will vie with major world bourses for an important upcoming IPO as it looks to increase liquidity and visibility. Such moves will be important to strengthen the bourse and help the market mature, as authorities are aware that while the CASE has made a strong showing recently, current bouts of excitement may not last forever.
Qatar funds Chelsea barracks deal with ground-breaking Islamic financing
A consortium headed by Qatar's state-owned property group said that it will fund its purchase of a former military barracks in the heart of one of London's most exclusive neighbourhoods with a groundbreaking US$2.5 billion (€1.65 billion) Islamic financing deal.
Shariah, or Islamic law, prohibits charging or paying interest, so bankers and lawyers have developed a rapidly growing financial market by restructuring conventional products to make them compliant with Islam.
New finance options for aspiring entrepreneurs in the UAE
The Al Tomooh Scheme and Mohammad Bin Rashid Establishment for Young Business Leaders have signed a Memorandum of Understanding to support entrepreneurship throughout the UAE.
Al Tomooh, which provides financial support to start-ups and UAE nationals interested in establishing private commercial projects, will work with the Establishment to offer finance options to both new and existing projects and support the development of the country's small-scale enterprises (SMEs).
QIB, QInvest and Silver Leaf Capital to establish US$1bn private equity fund and company in Qatar
QIB, the leading Islamic Bank in Qatar and QInvest, the Islamic investment bank operating from QFC and Silver Leaf capital (SLC) have signed in London a Memorandum of Understanding to establish the Dhow Gulf opportunities fund, the first large-scale private equity fund in Qatar.
Iraq's stock exchange goes electronic
Iraq's rising prosperity was symbolically marked in March with the inauguration of a new stock exchange system in Baghdad. The country's small band of traders marked the end of an era with the switch to electronic trading. It is a milestone in the nation's recovery.
Dubai aims new sovereign wealth fund at the West
Dubai, the oil-rich Gulf state, has launched a new multi-billion pound sovereign wealth fund as it looks to extend its reach in the global economy.
The fund, which will be chaired by Sheikh Mohammed bin Rashid Al Maktoum, the emirate's ruler, was officially created just eight days ago.
NYSE Euronext agrees venture with Abu Dhabi bourse
The Abu Dhabi stock exchange said it has agreed with NYSE Euronext to develop a derivatives market in the Gulf Arab emirate, among other ventures.
Sub-Sahara backyard draws Arab investors
Arab investors, flush with revenue from record oil prices, once again see golden opportunities in sub-Saharan Africa. From waterfront resorts in Cape Town to phone networks in Congo, they are pouring in billions of dollars.
BankMuscat to set-up securities firm in Saudi
Oman’s leading bank, BankMuscat, has received initial approval from Saudi Arabia's market regulator to set up a new company dealing in securities. The firm will be called Muscat Security House and will be allowed to conduct securities trading, custodial service and advisory services.