Finance

Beltone partners with Siparex to invest in Egypt

Egypt-based Beltone Financial is joining forces with France's leading independent private equity investment group to invest in small medium enterprises (SMEs) in Egypt and the GCC.

Cairo-based Beltone Private Equity and SIGEFI Private Equity part of the French Siparex Group are launching a US$150 million private equity fund to invest in SMEs in Egypt and the GCC. The Fund will invest in independent, unlisted, financially sound, and promising SMEs or potential spin-offs from large companies with growth and export potential.

UAE's largest emirate launches commodities price index

The government of Abu Dhabi, the largest emirate of the oil-rich United Arab Emirates (UAE), has launched an index to monitor price trends of essential commodities as part of efforts to enhance consumer awareness.

The index launched by the Abu Dhabi Department of Planning and Economy (DPE) will be a regular index to monitor prices trends by way of providing scientific and accurate data.

KMEFIC debuts in Egypt

The Kuwait & Middle East Financial Investment Company (KMEFIC) recently launched its services in Egypt through its subsidiary Egypt & Middle East Brokerage Co. (EMEBC). EMEBC is incorporated as an Egyptian shareholding company, and operates its services at both the Cairo and Alexandria stock exchanges.

The Kuwait-based regional investment and financial services firm is looking to practice brokerage services in Egypt by buying and selling securities both on its own behalf and on behalf of third parties.

Saudi cabinet approves US$5.3bn investment firm

The Saudi government said it had approved the setting up of an investment firm with a capital of 20 billion riyals (US$5.3 billion) that will invest in stocks, bonds, real estate, foreign currencies and commodities.

The government-owned Sanabil al-Saudia will also manage investment portfolios for other parties.

Qatar set to take 6 percent stake in Barclays after retail investors shun fundraising

Barclays could sell only 19 percent of its £4 billion share issue to its existing investors, and take-up of HBOS's £4 billion is set to be much lower.

With shareholders shunning Barclays' capital raising amid fears about the banking sector, the Qatar Investment Authority will now be the bank's biggest shareholder with a stake of about 6 percent after committing to buying the bulk of any shares left over from the offer. Barclays' offer closed on the morning of July 17th, too late to benefit from a change of heart among investors that sent the bank's shares above the 282 pence offer price.

MSM and Doha bourse to cross-list

The Muscat Securities Market (MSM) and Doha Securities Market (DSM) have signed an agreement to facilitate the cross-listing of shares of the Omani-Qatari Investment Holding Company (OQIHC). The shares of the holding company are already listed on the Doha bourse.

Bahrain bank launches US$430m Indian fund

The Bahrain-based Islamic investment bank, Khaleeji Commercial Bank, has launched an India focus investment fund ‘Global Logistix Navi Mumbai Investment Company’ with a target capital of US$430 million.

The fund will be utilised in the development of India’s first integrated logistics city project on a 400 acre site in Navi Mumbai, on the outskirts of India’s commercial capital, Mumbai.

Greece's Alpha Bank sells shares to Qatari Investment Fund

As a top Alpha Bank executive said: "It was a spectacular initiative on behalf of Yiannis Kostopoulos. On the one hand he managed to combine in one move the solid protection of its shareholders and give a major boost to its capital base during a difficult period while, on the other, he opened new business prospects for the group. Even some of the bank's top executives found out about the deal from the media."

For approximately one month, senior executives of the Paramount Services Holding, an investment fund owned by Qatar's Sheikh Hamad bin Khalifa al-Thani, were in Athens looking for profitable investments in the Greek market. Their main interest was focused on the construction and real estate sectors. By selling 4 percent of its shares to Paramount Services Holding, Alpha Bank has not only strengthened by €296 million its capital base, it has also protected its shareholders during a period marked by turmoil on the stock exchange floor.

Egypt: Negative outlook for bonds

Inflationary pressures have taken a toll on Egypt's bonds. Moody's Investors Services recently revised the outlook for the country's foreign currency bonds from "stable" to "negative". The rating agency justified its decision with rising inflation, which reached a 19-year high of 19.7 percent in May. It also emphasised the country's fiscal deficit and high public debt.

The move comes at a time when the government is preparing to launch a Eurobond of up to US$2 billion, which becomes more expensive for Egypt to sell with the new downgraded outlook.

Mashreq bank still wants to buy Banque du Caire

Dubai's Mashreq bank is still interested in buying Egypt's government-controlled Banque du Caire even though its initial offer was rejected and the sale cancelled, Mashreq's chief executive said.

Mashreq CEO Abdul Aziz Al Ghurair said his bank still wished to expand in Egypt and was waiting for authorities to come back with a new asking price.

Swiss bank wins Bahrain licence

Bahrain's apex banking authority, the Central Bank of Bahrain, has granted an Investment Business Licence to the Swiss banking major, Bank Sarasin, to establish a subsidiary in the Kingdom, the banking and financial hub of the Middle East.

The Swiss premier banking institution has already signed a joint venture agreement with Sheikh Mohammed Youssef El-Khereiji. The El-Khereiji Group has significant hotel interests in Bahrain, including a joint venture project with global hospitality giant, Marriott International. Through the Sage Capital Management Group in Bahrain, it raised significant funds for infrastructure development in all regions of the Middle East.