Finance
Abu Dhabi bourse gets new brand
The Abu Dhabi Securities Exchange (ADX) is the new name of the UAE capitals bourse. Formerly called the "Abu Dhabi Securities Market", the ADX said the renaming, and accompanying rebranding, reflects international practice and the increasing diversity and sophistication of the types of securities to be traded on the exchange.
Abu Dhabi buys ExCel's London site for US$626m
Abu Dhabi National Exhibition Co said it bought the London exhibition and conference site of ExCel for more than AED2.3 billion (US$626.4 million), as the oil producer looks to diversify.
"This very important acquisition is designed to directly support the Abu Dhabi government's economic diversification strategy," Sheikh Sultan bin Tahnoon al-Nahayan, Chairman of Abu Dhabi National Exhibition said in a statement.
Reliance Islamic products target Indians in Gulf
Reliance Money, the financial distribution company of Reliance Anil Dhirubhai Ambani Group, announced the launch of its first Sharia-compliant portfolio management schemes for investors in India and the Middle East.
Reliance Money has launched the scheme in association with Parsoli Corporation, a pioneer of Islamic Investment services in India.
Launch propels Pictet into the frontier markets
Pictet Funds is the latest to have entered the frontier markets, with the Europe-wide launch of a Middle East and North Africa fund at the end of May. The PFT MENA fund will be managed out of London by Oliver Bell and Emad Mostaque, respectively head of the company's emerging markets specialist equities team and an investment manager within it.
The portfolio will include companies from the GCC countries and other selected Middle East and North African countries such as Jordan, Egypt, Morocco and Tunisia.
German and Dubai bourses keen on CSE
German stock exchange operator Deutsche Borse Group and Borse Dubai, which owns two-thirds of the Dubai International Financial Exchange (DIFX), have evinced interest in buying equity stakes in Calcutta Stock Exchange (CSE). Their proposals were discussed, albeit briefly, at CSE's board meeting in Kolkata.
CSE chairman Udayan Bose confirmed that two foreign bourses were keen on joining forces with the beleaguered exchange in Kolkata, but would not identify them, saying that he didn't want to name the exchanges because talks are at a preliminary stage.
Mideast bankers defend sovereign wealth funds
Mideast bankers say sovereign wealth funds - the vast government-directed pools of investment money that have raised controversy in the West - have helped save the US financial system from collapse.
But World Bank President Robert Zoellick cautioned that the funds will continue to raise international concern as countries question whether their investments are driven by the search for profit or by political interests that could threaten national security.
Gulf credit markets report best returns in 12 months
Bond markets internationally continued to rally (albeit at a slower pace), spurred by real money-buying together with short covering and a shortage of supply. These factors led to credit markets posting their best returns in 12 months.
Banks continued to shore up their balance sheets, with Citigroup announcing an additional US$3 billion common stock offering and Bank of America issuing US$6 billion of debt.
Kuwait's Burgan Bank to buy United Gulf Bank
Burgan Bank, one of the leading banks in Kuwait, has announced plans to buy United Gulf Banks holdings in four regional operations for a total of US$725 million (KD194 million).
The proposed transaction which is subject to regulatory approval from the relevant authorities in Kuwait, Bahrain and four other countries will allow Burgan to become one of the most geographically diversified Kuwaiti controlled commercial banks within the MENA region. Burgan has agreed to buy United Gulf Banks holdings in Algeria Gulf Bank, Bank of Baghdad, Jordan Kuwait Bank and Tunis International Bank.
Asian Finance to set up US$500m Islamic fund
Asian Finance Bank, one of three foreign Islamic lenders in Malaysia, plans to set up an Islamic property fund worth as much as US$500 million in 2009 to tap what it considers an undervalued market.
The bank, owned by Qatar Islamic Bank, RUSD Investment Bank of Saudi Arabia and Global Investment House of Kuwait, also plans to set up a fully fledged Islamic bank in Indonesia by 2010 as part of its expansion effort in Asia.
Credit Markets: Pakistan, Iraq bonds shine
Iraq and Pakistan may be two of the roughest places around, but for those intrepid fixed-income investors who have bought into the two countries' sovereign debt, they have been worth the trouble.
Their international bonds are posting returns that far exceed most of those from other emerging markets. Pakistan's bonds have returned 9.1 percent so far this year, while Iraq's have returned 8 percent, according to J.P. Morgan Chase's Emerging Markets Bond Index Global. That compares with a 1.9 percent gain for the broader EMBI Global index.
Government in talks over US$1.5bn loan from the World Bank
The Egyptian Minister of Investment Mahmoud Mohieldin unveiled plans for negotiations with the World Bank on US$1.5 billion of loans to finance reforms in the Egypt's banking system.
In a press conference with the Minister in Sharm el-Shiekh, where he attended the WEF Middle East conference, Mohieldin said Egypt has 38 new projects for cooperation with the World Bank in areas such as education, human development, electricity, agriculture and partnerships with the private sector.
HSBC takes Qatari companies to investors in New York
Nine listed companies from the Doha Securities Market (DSM) presented to some of the world’s largest investment companies in New York.
The event was organised by HSBC, as part of its promotion of Qatar to its worldwide clients. Investor interest in the visit is strong: More than 50 investors have signed up to meet the companies, representing hundreds of billions of assets under management.
Kuwait's GIH lists US$1.15bn issue on London bourse
Global Investment House announced that it has concluded the capital increase through issuing Global Depositary Receipts (GDR), which will be listed on the London Stock Exchange (LSE).
The offer was oversubscribed and raised approximately US$1.15 billion for Global. "This issue is considered to be the first of its kind for a Kuwaiti company to be listed on the London Stock Exchange. We are delighted by the high level of investor demand for the offer..." said Maha K. Al Ghunaim, chairperson and managing director of Global.
Egypt eyes Banque du Caire stake sale end June
Egypt hopes to sell a stake in Banque du Caire by the end of June, Egyptian Prime Minister Ahmed Nazif said. "There is a short-list of five banks and I'm hoping (it will be sold) by the end of June, or mid-July maximum," Nazif said on the sidelines of the World Economic Forum.