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Distressed exchanges prominent in EMEA
Distressed exchanges are likely to continue to represent a prominent proportion of total defaults among non-financial corporates in the Europe, Middle East & Africa region (EMEA) region in 2012-13, says Moody's Investors Service in a Special Comment.
DGCX reports record volumes
Dubai Gold and Commodities Exchange (DGCX) built on its excellent start to the year with a 147 per cent year-on-year rise in monthly volumes in February. Total monthly volumes on the Exchange in February touched 519,222 contracts, valued at US$21.92 billion.
US$15 bn Abu Dhabi contracts in 2012
New research states that 2012 will see U$15.068 billion worth of contracts awarded in Abu Dhabi, an increase of 26.57 per cent from last year. The latest figures from research specialists Ventures Middle East have been released in the build-up to WORLD ecoConstruct, featuring Infrastructure Arabia Summit, the pioneering industry event taking place from April 22-25, 2012 at the Abu Dhabi National Exhibition Centre.
DFM barely profitable in 2011
Dubai Financial Market (PJSC) announced its results for the financial year ending December 31, 2011. The company recorded a net profit of AED8 million for the year 2011, compared to a net profit of AED89.9 million in 2010, whilst, DFM group (including its subsidiary NASDAQ Dubai) recorded a net loss of AED6.9 million in 2011 compared to a net profit of AED78.9 million in 2010. Total revenues reached to AED176.5 million at the end of 2011, compared to AED260.5 million in 2010.
DP World's outlook revised to stable
Standard & Poor's Rating Services today said that it has affirmed its 'BB/B' long- and short-term corporate credit ratings on Dubai-based port operator DP World Ltd. At the same time, the outlook on the company was revised to stable from positive.
UAE attitude index score drops
The Friends Investor Attitudes Index dropped in all three of the markets measured, the first time this has happened since the report began in June 2010. Hong Kong and Singapore's index scores dropped four points each to 11 and 12 respectively while UAE dropped two points to 15.
Al Ansari signs up NBAD
The UAE's Al Ansari Exchange has signed an agreement with National Bank of Abu Dhabi (NBAD) to accept bill payments from credit cardholders of the bank. Under this new service offering, customers can now make their credit card bill payments through any of the Al Ansari Exchange branches across the UAE with no extra charges.
GCC workers are optimists: Mercer
Workers across the Gulf region are setting new global standards of optimism about their career prospects with regional firms, employee engagement research conducted by global Human Resource consultancy firm, Mercer, has found.
DBFS Egypt's capital rise 50%
Mubasher Financial Services (MFS), one of the leading regional financial institutions and a subsidiary of National Technology Group (NTG), has announced that it has increased the capital of Direct Broker for Securities – Mubasher Egypt (DBFS Egypt) by 50 per cent as part of the company's ongoing growth program in Egypt. Mubasher further revealed plans for DBFS Egypt to obtain the Margin Trading License.
Gulf Capital infuses AED100 mn in Reach
Gulf Capital, one of the largest and most active private equity firms in the Middle East, announced today that it will inject additional financing of up to AED100 million in one of its portfolio companies, Reach Group (Reach), following a major acquisition of the Group last month.
Al Hilal launches first sukuk fund
Al Hilal Bank announced the launch of its first sukuk fund, the Al Hilal Global Sukuk Fund. The new offering reaffirms Al Hilal Bank's full commitment to product and service innovation and its keen interest in strategic segments of the financial services sector.
Citigroup appointed fund administrator
Citigroup has been appointed by Abraaj Capital, a leading private equity manager investing in the Middle East, Asia, Africa and Turkey, to provide fund administration services for Riyada Enterprise Development, the US$ 650 million small and medium sized enterprise fund of the Abraaj Capital group.
UAE sets up mortgage assets registrar
In line with its commitment to promote small and medium enterprises (SMEs) in the UAE, and to alleviate obstacles for their establishment, the UAE ministry of finance (MoF) signed an agreement with the International Finance Cooperation (IFC) to establish an institution for registering mortgage capital assets.
Era of cheap water over: Deloitte
Deloitte has launched the Water Tight 2012 report, which explores the future of the global water sector in the year ahead. The report examines how major global trends such as population growth, increasing economic development, and urbanization, coupled with the changes in climate patterns, underscore the importance of effective public policy and private sector water stewardship in managing this finite and shared resource.
ME Electricity opened
More than 1,000 exhibitored gather in Dubai to participate in world's leading energy exhibition; hundreds of exhibitors launch new products
Dubai launchs cash online
Dubai eGovernment and Commercial Bank of Dubai (CBD) has launched "Cash Online", a virtual account for both CBD and non CBD account holders to pay their government payments online.
DGCX volumes shoot up
Dubai Gold and Commodities Exchange (DGCX) got off to a strong start in 2012 with January volumes rising 95 per cent from the same month last year to hit 475,942 contracts, valued at US$19.32 billion.
GCC consortium acquires Turkish firm
Venture Capital Bank and Bank Alkhair (formerly Unicorn Investment Bank) announced today the acquisition of 65 per cent of Goknur Foods Import Export Trading and Production Co., which is one of the largest producers of fruit juice concentrate and fruit puree in Turkey. This equity stake in Goknur has been placed with investors in the GCC region.
Pakistan's B3 rating reflects its weaknesses
Moody's Investors Service has said in its annual report that Pakistan's B3 rating reflects the country's low economic, institutional and government financial strengths, and its high susceptibility to event risk.
IBQ profits rise 25%
IBQ reported a 25 per cent rise in net profits to QAR573 million for the year ending 31 December 2011. The figure compares with profits of QAR458 million recorded in the previous year.
ACC gets US$90 contract
Arabian Construction Co. (ACC) has been awarded the US$90 million contract to covert the historic Nile Hilton into The Nile Ritz-Carlton hotel. The renovation project includes interior finishing and mechanical electrical and plumbing (MEP) scheduled to be completed in 18 months.
Great changes ahead: Saxo Bank
The Middle East and North Africa (MENA) region faces headwinds, but should manage 3.5 per cent growth in GDP as domestic demand returns.
Human capital mobility rising
Global mobility of human capital is set to become increasingly important over the next three to five years, particularly in the Middle East, according to Deloitte's Global Strategic Moves survey, which gathered responses from over 140 organisations across the globe including a sampling from the Middle East region. This is due to the complexity of doing business on a global scale and the increasing importance of emerging markets.
KSA's double tax treaties
Saudi investments in Bangladesh and Singapore are expected to increase in the near future as a result of two new double tax treaties that have entered into force between Saudi Arabia and the two respective nations.
FH announces cash dividend
Abu Dhabi based Finance House P.J.S.C. (FH) has reported a consolidated Group net profit of AED63.2 million for the year ended December 31, 2011, subject to UAE Central Bank approval. This translates to an earning of 21 fils per share. Total assets grew to AED3.31 billion, representing an increase of nearly six per cent over the figure of AED3.12 billion as at 31 December 2010.
Al Ansari Exchange gives awards
Al Ansari Exchange, the UAE's largest exchange house network that provides worldwide remittance and foreign exchange services, recently handed over brand new Mazda 3 cars to 10 winners of the Al Ansari Rewards – Winter Promotion 2011.
NBAD launches bond fund
The National Bank of Abu Dhabi (NBAD) today announced that from Monday, January 30, its new mutual fund, the NBAD Cautious Income Fund, will accept subscriptions. This new bond fund offers investors attractive returns with low levels of risk, a press release from the bank said.
MoF finalises salary transfers
Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai, and the UAE minister of finance, today announced that the ministry of finance (MoF) has successfully finalised transfers of salaries for January 2012, which included increments as per the decision issued by UAE President HH Sheikh Khalifa bin Zayed Al Nahyan on the occasion of the UAE's 40th National Day.
UAE's renewable energy capacity rising
Integrating renewable energy generation into UAE power grids is more achievable and realistic than in other countries in Europe, an industry expert has said today.
Crises offers opportunities: Ahmed Heikel
Investors will both do good and maximize their chances of locking in attractive long-term returns by investing in businesses that provide solutions to some of the greatest challenges of our age, said the chairman of Africa's largest private equity firm
Moody's credit opinion on the UAE
Moody's foreign and local currency issuer ratings for the federal government of the UAE are Aa2. These high, investment grade ratings are based on Moody's assumption that the government of Abu Dhabi, the richest of the seven emirates that compose the UAE, stands fully behind the federal government. Given this assumption, Moody's links its ratings of the federal government to those of the government of Abu Dhabi (also rated Aa2 with a stable outlook).
MENA PE Association launched
The MENA Private Equity Association announced its official launch at the Dubai International Finance Centre this week. The association is a platform for facilitating more investment by private equity and venture capital funds in the region, exchanging information, and lobbying for a better investment environment.
Pharmaplus to roll out Revelar in MENA
Believe it or not, but it is now possible to diagnose in real time if you are ill or not by breathing into a tube. US-based Pulse Health's Revelar system is a new milestone in medical technology, as it is able to diagnose a person's wellness or illness by tracking aldehydes, or organic compounds released when cell damage occurs in a body.
Global bank ratings likely to decline in 2012
Several trends are currently weakening the credit profiles of many rated banks globally, according to Moody's Investors Service. These trends include deteriorating sovereign creditworthiness, particularly in the euro area; elevated economic uncertainty; and elevated funding spreads and reduced market access at a time when many banks face large debt maturities.
Tamweel's US$300mn sukuk gets Baa1 rating
Moody's Investors Service has today assigned a Baa1 senior unsecured debt rating (outlook stable) to the US$300 million sukuk issuance of Tamweel Funding III Ltd ("the Issuer"), established in the Cayman Islands. This issuance benefits from an unconditional and irrevocable guarantee from Tamweel PJSC's majority shareholder, Dubai Islamic Bank PJSC ("DIB") rated Baa1.
Qannas to raise US$50 million
Abu Dhabi Capital Management (ADCM) yesterday announced the intention of Qannas Investments Limited to raise up to US$50 million as part of a US$200 million investment program, and admit its shares to trading on AIM, a market of the London Stock Exchange Plc.
Al Ansari Exchange opens branch
Major General Sheikh Taleb bin Saqr Al Qasimi, Commander-in-Chief of the Ras Al Khaimah Police, inaugurated yesterday the fifth Ras Al Khaimah branch of Al Ansari Exchange.
DME trading volumes shoot up 19%
The Dubai Mercantile Exchange Limited ("DME") recorded year-on-year trading volume growth of 19 per cent in 2011, it announced today.
Gloom lifting: BoFA Merrill Lynch
Global investors have started 2012 with a reawakened sense of optimism towards the global economy and greater appetite for risk, according to the BofA Merrill Lynch Survey of Fund Managers for January.
UAE raises minimum wages for retirees
The UAE ministry of Finance (MoF) today announced that as of January 2012, minimum wages for retirees are to be raised to AED10,000, and salary increases are to be applied to 37,950 employees working within the federal sector.
DJIM CHIME to benchmark new fund
Dow Jones Indexes, a leading global index provider, today announced that Tebyan Asset Management has licensed the Dow Jones Islamic Market (DJIM) CHIME Index to benchmark its new fund, the Tebyan CHIME Opportunities Fund, to be launched today.
BSF's net income up in 2011
Banque Saudi Fransi (BSF) today announced a four per cent increase in annual net income for 2011 at SAR2.9 billion compared to SAR2.8 billion for the same period in the previous year.
APICORP Q4 profits up record 86%
The Arab Petroleum Investments Corporation (APICORP), a multilateral bank owned by the ten member states of the Organisation of Arab Petroleum Exporting Countries (OAPEC), today announced record profits for the fourth quarter (Q4) of 2011.
ME insurers face credit risk
The ratings of insurers in the Middle East will continue to remain constrained over the next 12-18 months, due to the significantly concentrated and highly correlated investments in the local real-estate and equity markets, says Moody's Investors Service in a new Special Comment published today.
DWTC starts 2012 on a high
In a significant annoucement for the region, Dubai World Trade Centre (DWTC) today said that it anticipates 2012 to be one of its busiest year's to-date with more than 5000 exhibiting companies and 135,000 trade visitors from over 150 countries expected in January alone.
Asset allocation conference held
The Family Office Co. BSC (c) – the first significant multi-family office in the Arabian Gulf – held its Annual Global Asset Allocation (GAA) conference for the first time in Dubai following the recent establishment of a representative office at the Dubai International Finance Centre (DIFC).
Dow Jones Islamic Market US Titans 50 Index gained 3.98% in 2011
Despite posting a gain in the final month of the year, the Dow Jones Islamic Market Titans 100 Index finished 2011 down 0.83 per cent, according to data compiled by Dow Jones Indexes. The index, which rose 0.53 per cent in December and 5.79 per cent in 2010, measures the performance of 100 of the world's leading Shari'ah-compliant stocks.
Negative prospects for EMEA corporates
The year 2012 will be a challenging year for non-financial corporates in Europe, the Middle East and Africa (EMEA), says Moody's Investors Service in a special comment report published today. The main drivers of this view are the European sovereign debt crisis, the weak macroeconomic climate, falling consumer confidence and deteriorating funding conditions.
NBAD gives near 10 % return
The National Bank of Abu Dhabi (NBAD) has delivered 9.26 per cent returns for its fixed income unconstrained institutional clients in 2011, despite tough conditions in financial markets, a press release from the bank said.
KSA insurers brace for competiton
In a report published yesterday, Standard & Poor's Ratings Services said domestic insurers in the Kingdom of Saudi Arabia remain profitable, despite the effects of increasing competition and low interest rates.