DIFX bourse rebrands as Nasdaq Dubai

Dubai bourse DIFX has rebranded itself as Nasdaq Dubai and the Nasdaq OMX Group listed on the newly-named bourse on November 20. Last year, the emirate of Dubai agreed to sell 33 per cent of the DIFX to Nasdaq OMX.

Barclays' shareholders on track to approve funds

Shareholders of Barclays PLC, Britain's second largest bank, were on course in late November to vote in favour of a plan to raise £7 billion (US$10.5 billion), largely from funds in the Middle East. Chairman Marcus Agius told shareholders that the count of proxy votes cast ahead of the meeting indicated that the required majority would be achieved. If approved, the deal will see the bank accepting roughly £5.3 billion from a trio of private investors from Qatar and Abu Dhabi as well as £1.7 billion from other investors. The deal had been dogged with controversy since it was originally announced last month.

Oman establishes new fund to help securities market

Maqbool Ali Sultan, Oman's Minister of Commerce and Industry announced the government will establish an investment fund with a capital of RO150 million (US$390 million) with 60 per cent (RO90 million) participation by the government and 40 per cent (RO60 million) by the private sector and pension funds to help the local securities market. Sultan had earlier announced that the government is mulling over establishing a fund to act as market maker. The Ministry of Commerce and Industry took the initiative and invited some financial and banking institutions to contribute to the capital of the fund that aims at striking balance in the securities market in the Sultanate through investment in securities.

Arab stocks drain US$255bn in October

Arab stock markets shed a cumulative US$255 billion in losses during October 2008, marking the worst monthly slump ever suffered by the compound regional index since its debut in 2005. "Conditions throughout Middle Eastern and North African stock market can only be described as a complete fall-out, across the board, with the impact of the global financial crisis weighing in heavily on the region," read a specialised report. Selling sprees dominated Middle Eastern & North African markets last October – with no exceptions - said Dubai-based investment banking firm Rasmala Investments in its monthly report.

First Gulf Bank teams up with Libya to launch first joint lender

Abu Dhabi-based lender First Gulf Bank (FGB) and Libya's Economic and Social Development Fund (ESDF) have launched First Gulf Libyan Bank (FGLB) operations in Tripoli, Libya. Ahmad Al Sayegh, FGB board member, said, "The Libyan economy is seeing tremendous growth in all sectors and enjoying diversified sources of income. At First Gulf Bank, we are pleased to partner with the Economic and Social Development Fund of Libya and open First Gulf Libyan Bank.

Islamic finance industry 'bucks global downturn'

Islamic financial institutions have escaped relatively unscathed from the severe downturn which is affecting most conventional financial institutions. This certainly presents the industry with an opportunity to continue its successful growth of recent decades, Central Bank of Bahrain (CBB) Governor Rasheed Al Maraj told delegates at the opening of the AAOIFI World Bank Conference on Islamic Banking and Finance. But he warned against complacency, particularly because a large proportion of the industry was involved in real estate.

Egypt's EFG-Hermes to buy back up to 5 million shares

EFG-Hermes, Egypt's largest investment bank by market value, said it would buy up to 5 million treasury shares, the latest in a series of buybacks after shares have plunged. The bank, whose third-quarter profit tumbled about 50 per cent, said it would buy back the shares between Nov. 17 and Dec. 16. It did not say at what price it would buy the shares.

Jordan: Doha deal

The proposed establishment of a Qatari-Jordanian investment fund is a welcome vote of confidence in Jordan's economic future, and represents a new strengthening of ties between the two countries. Qatar is preparing to set up a fund worth at least US$1 billion to invest in the Kingdom, Jordanian Prime Minister Nader Dahabi announced on November 13, having returned from an official visit to Doha. According to Dahabi, the new organisation will strengthen Qatar's investment presence in Jordan, targeting a wide range of sectors including real estate, industry, agriculture and tourism.

Azerbaijan bank opens Dubai office

International Bank of Azerbaijan (IBA) launched its first representative office in Dubai, a report said. Established in 1992, IBA currently has 36 branches, 95 service outlets and 572 ATMs, and spans over 40 cities. IBA belongs to the IBA financial group, which includes the International Bank of Azerbaijan-Moscow, International bank of Azerbaijan-Georgia, International Insurance Company, processing company Azericard and Jointleasing Leasing Company.

US$200m Islamic bank launched in Bahrain

A group of Middle East investors has pressed ahead with the launch of a US$200 million Sharia-compliant investment bank in spite of the current global financial turmoil. First Investment Bank, headquartered in Bahrain, says it offers institutional and individual investors innovative, diversified products and services with a special focus on the Middle East and North Africa region. It will look at opportunities in private equity, oil and gas and real estate and when the market improves look to get involved in the sukuk market. And it is already looking at a US$500 million investment in a real estate project in Bahrain. It has an authorised capital of US$200 million and a paid-up capital of US$120 million.

MerchantBridge and UBS launch private equity firm

MerchantBridge, a private equity company focused on the Middle East, and UBS Global Asset Management announced the launch of a 50:50 joint venture called MerchantBridge-UBS Private Equity. The new company based in Dubai plans to invest US$500 million in private equity investments in the region. "Our strategy will be to acquire either majority stakes or significant minority stakes in target companies and help them add value for our investors," said Basil Al Rahim, CEO of MerchantBridge-UBS Private Equity.