Finance
Joint ventures in the Gulf States
In the past few years, the Middle East has become a fierce battlefield for the international banking and fund management community.
On the front line is Russell, the international multi-manager investment house, which has established a number of strategic partnerships with dominant players in the region.
Saudi Swiss Securities licensed for investment banking
Saffar, a regional financial services company, is pleased to announce that Saudi Swiss Securities was awarded the following licenses by the Capital Market Authority (CMA): dealing as principal, underwriter, managing, arranging, advising and custody in the securities business. Saudi Swiss Securities, part of the ABQ Investments Group portfolio, was previously granted the license to deal as agent. The CMA also approved a change of name to Credit Suisse Saudi Arabia.
UAE, Libya embrace US$4bn new joint investments
A top Libyan government official expressed optimism that UAE companies will be increasing their stakes in the comprehensive economic and investment reform programs in his country, valued at more than US$150 billion.
UAE corporations have a strong presence in Libya, especially with Tameer building a US$20 billion tourist city in the Libyan city of Janzour, the Secretary of the General People's Congress of Libya Al-Baghdadi Al-Mahmoudi said.
Vietnam and Qatar to establish US$1 billion investment fund
Vietnam and Qatar have agreed to set up an investment fund valued at US$1 billion (€640 m) to invest in Vietnamese companies.
SCIC and QIA will set up the fund to invest in oil, power, infrastructure and property projects in Vietnam, he was quoted as saying, giving no further details.
Sovereign wealth funds to reach US$10trn by 2015
"Total funds under sovereign wealth fund management will be US$10 to US$12 trillion by 2015," said Steve Ellis, worldwide managing director of Bain and Company. Today the six GCC states are home to US$2 trillion of the present global total US$3 trillion of money in sovereign wealth funds.
Dubai and Chinese firm link up for US$1bn fund
Dubai International Capital (DIC) and Chinese firm First Eastern Investment Group announced the launch of a fund that will invest in Chinese companies and possibly list them on Dubai securities markets.
The joint venture between Dubai Holding's investment arm and the Chinese investment bank and private equity firm is expected to raise US$1 billion. It will be called China Dubai Capital.
Kuwait's Global plans GDR sale, London listing
Kuwait's Global Investment House said it plans next month to start offering global depositary receipts (GDR) for sale to institutional investors. The GDRs will list on the London Stock Exchange, Global said in a statement.
Egypt's Sawiris says looking to buy Greek bank
Egyptian billionaire Naguib Sawiris, whose Weather Investments controls Greece's second-largest Telco, Tellas, said he was looking at buying a Greek bank as part of plans to develop phone banking.
Sawiris last year bought out Tellas and joined its operations with his Wind Hellas mobile phone operator in an effort to boost market share and diversify products available to customers.
NoozzVIEW; Kuwait opposes fund code
One of the Middle East’s most experienced and influential sovereign fund chiefs, Bader al-Saad, managing director of the long-established Kuwait Investment Authority, has spoken out strongly against attempts within the European Union to impose even a voluntary code of conduct among investments made abroad by funds such as his own.
Insurance Sector probes E£1 trillion scheme for real estate insurance
The Egyptian Insurance Sector has embarked on a comprehensive study of a proposal to provide insurance coverage on housing and office buildings throughout Egypt against disasters and other risks, including earthquakes, fire and explosions.
The overall cost of the proposed insurance coverage is estimated at E£1 trillion at an average of E£75,000 per each housing unit.
Prudential fund arm cleared for Saudi venture
The Asian fund arm of UK insurer Prudential Plc said it received approval to launch a Saudi Arabian joint venture, its latest move to gain exposure to high-growth emerging markets.
Prudential Asset Management, which operates in nine Asian markets and the UAE, said Saudi Arabia's Capital Market Authority had cleared it to set up an asset management company in the oil-rich country. The new firm, Prudential Jazira Asset Management, is a joint venture between Prudential and Bank Aljazira. The British insurer and the Saudi bank announced a deal last year to set up an Islamic life insurance venture.