UAE

Sixth International Humanitarian Aid & Development Conference & Exhibition in Dubai

The UAE is hosting the sixth International Humanitarian Aid & Development Conference & Exhibition - DIHAD 2009 from 7th - 9th of April 2009 at the Dubai International Convention and Exhibition Centre under the patronage of H.H. Sheikh Mohammed Bin Rashid Al Maktoum, Vice-President, Prime Minister of United Arab Emirates, Ruler of Dubai. It is organised by Index Holding with the offical support of the United Nations and the UAE Red Crescent Society. The theme of the event is "Empowering Communities: From Disaster to Development". Specialised sessions are offered:

- Building Community Resilience and Capacity for Disaster Preparedness and Response
- Climate Change and the Global Food Crisis: How can Communities prepare and respond.
- Case Studies of Mitigation, Preparedness and Response to Disasters and other emergencies at the Community Level Urban and Rural Environments.
- Technologies, partnerships and approaches to support communities to prepare and respond to Disasters and direct their development.
- Recovery from Disasters and Sustainable Development -Community Mobilization, and Community Empowerment and Development through Micro-Credit: Global Experience.

Arab Bank lists funds on the Cayman Island Exchange

CPI Financial reported on 22 April that Arab Bank Fund Managers (Guernsey), a subsidiary of Arab Bank lists nine investment funds on the Channel Islands Stock Exchange. The IIAB Sukuk and Murabaha MENA Fund and the IIAB MENA Feeder Fund, are Shari’ah compliant funds and are both part of International Islamic Arab Bank Protected Cell Companies (IIAB PCC). The investment adviser for these funds is AB Invest in Jordan.

All of the funds are dollar denominated and open-ended, with monthly valuation and dealing.

The Guernsey administrator for all the funds is Legis Fund Services.

Source: http://www.cpifinancial.net/v2/News.aspx?v=1&aid=203&sec=Wealth%20Manage...

Millennium Private Equity first close

Finalternatives reported on 22 April that Millennium Private Equity has held a first close on its Global Energy Fund, which has raised USD 200 mn, and its Telecoms, Media & Technology Fund at USD 150 mn. Both are targeting USD 1 bn in equity. The funds shall have a tenor of 7 years, targeting 20 % IRR and investing between USD 20 to 100 mn per transaction.

Sponsors of the funds include Dubai Islamic Bank, United Gulf Bank, the Bahrain-based investment banking arm of the KIPCO Group of Kuwait, and the Saudi Arabian Islamic Development Bank, each conbtributing USD 50 mn to each fund, as well as Kuwait Finance House, which invests USD 50 mn into in the Global Energy Fund.

Keba Keinde is chief executive of Millennium Finance Corporation and chairman of Millennium Private Equity. Millennium Private Equity, a subsidiary of Millennium Finance Corp., is based at the Dubai International Financial Centre.

Source: http://www.finalternatives.com/node/4155

Abyaar seeks credit rating for Sukuk sale

Rania El Gamal reported on 23 April in Arabien Business that Kuwait's Abyaar Real Estate Development is in the process of getting a credit rating to help it sell between USD 250 to USD 500 mn of Sukuk for general expansion. Abyaar is talks with NBD Investment Bank, a unit of Emirates NBD. Merill Lynch is advising on the sale for another specific project in Dubai about USD 500 mn.

Abyaar has other financing arrangements with Dubai Islamic Bank, Emirates Islamic Bank, Kuwait's Global Investment House and Rasameel Structured Finance.

Abyaar has said it wants to expand in Saudi Arabia, Qatar and is seeking opportunities in Turkey, Malaysia and Singapore.

Marzouq al-Rashdan is vice-president of Abyaar.

Source: http://www.arabianbusiness.com/517396-kuwaits-abyaar-seeks-credit-rating...

Tamweel successfully closes USD 235 mn syndicated bank facility

Tamweel PJSC, a Dubai-based real estate financer has closed a 3-year USD 235 mn syndicated bank facility.

ABN AMRO and Noor Islamic Bank served as lead arrangers and joint bookrunners for the transaction, which has been priced in both US dollars and UAE dirhams, and will reach maturity in three years.

Wasim Saifi is Chief Executive Officer of Tamweel.
Gaurav Agarwal is Chief Financial and Support Services Officer, Tamweel.
Hussain Al Qemzi is Chief Executive Officer of Noor Islamic Bank.
Vishnu Deuskar is Head of Global Markets ABN AMRO UAE.

Source: http://www.albawaba.com/en/countries/UAE/226249

Nakheel sets USD 1 bn Sukuk price guidance

Mohammed Abbas reported on Arabian Business on 27 April that state-owned Nakheel, developer of three palm-tree shaped islands off Dubai's coast, set price guidance for the 2-year USD 1 bn Sukuk Al Ijara at 225 to 250 basis points above the Emirates Interbank Offered Rate (Eibor). The Sukuk will be denominated in Dirham. 3-month Eibor is at about 1.92 %, according to data from newswire Reuters. Date for sale is not yet set.

Dubai Islamic Bank, JPMorgan Chase & Company and Dubai-based Emirates NBD are Arrangers.

Kar Tung Quek is Nakheel Chief Financial Officer (CFO).

Source: http://www.arabianbusiness.com/517621-nakheel-sets-1bn-bond-price-guiden...

Al Jaber Group closes USD 400 mn dual-currency Ijara financing facility

Gulf News reported on 19 April about the USD 400 mn, 5-year dual currency syndicated Ijara facility for the UAE-based Al Jaber Group.

BNP Paribas, Dubai Islamic Bank (through its investment banking arm, Millennium Capital Limited) First Gulf Bank, and National Bank of Abu Dhabi served as the underwriters and bookrunners for the transaction, which has been priced in both US dollar and UAE dirham. The syndicate comprised 7 banks.

Obeid Al Jaber is the Chairman of Al Jaber Group.

Source: http://archive.gulfnews.com/business/Banking_and_Finance/10206883.html

Sharia compliant Ajman Bank holds founding general assembly meeting

Albawaba reported on 20 April that Ajman Bank PJSC it had held its Founding General Assembly meeting for shareholders of the company.
Convened on Wednesday 16 April, the shareholders approved all of the meeting’s resolutions including the completion of the incorporation of the Bank; the adoption of the Bank’s Memorandum and Articles of Association; the Founders’ report and the Pre IPO Auditing report.

Ajman Bank will be Ajman’s first commercial bank. Investors include the Government of Ajman and some of the UAE’s leading financial institutions and private individuals.

The Board of Directors comprises:

HH Sheikh Ammar bin Humaid bin Rashid Al Nuaimi, Chairman
HH Sheikh Ahmed bin Humaid bin Rashid Al Nuaimi, Vice Chairman
HH Sheikh Rashid bin Humaid bin Rashid Al Nuaimi, Member
Dr Ali Rashid Abdullah Al Nuaimi, Member
Mr Ali bin Abdullah Al Hamrani, Member
Mr Yousef Ali Fadil Bin Fadil, Member
Mr Salem Rashid Al Khadar, Member

The Fatwa and Shariah Board comprises:

Dr Husain Hamid Hassan, Sheikh Mohammed Abdulrazaq Al Siddiq,
Dr Jassim Ali Al Shamsi

Yousif Khalaf, the CEO of Ajman Bank and former CEO of Bahrain Islamic Bank and Ithmaar Bank.

Dubai Islamic Bank and DIC in talks to open bank in Jordan

Business 24/7 reported on 16 April that Dubai International Capital (DIC) talks with Dubai Islamic Bank about setting up a Shariah-compliant Islamic bank in Jordan.

Sameer Al Ansari heads Dubai International Capital. DIC manages a $500 million (Dh1.8 billion) fund investing in Jordan.

Source: http://www.business24-7.ae/cs/article_show_mainh1_story.aspx?HeadlineID=...

Dow Jones Indexes opens Dubai Office

Talal Malik reported on 14 April in Arabian Business that Dow Jones Indexes opens its first Middle East office in Dubai.

Michael A. Petronella is president of Dow Jones.
Sumeet Nihalani is Dow Jones' senior director of sales for the region.
Imran Vohra is Head of Dubai office.
Rushdi Siddiqui is global director of Dow Jones Islamic Market Indexes.

Source: http://www.arabianbusiness.com/516453-dow-jones-indexes-opens-first-midd...

Emirates NBD Group launches Fund linked to the performance of Global Property

Property Report reported on 11 April that the Emirates NBD Group launches the Sharia compliant Emirates Islamic Global Property Fund, an open-ended daily dealing investment fund to provide investors with access to property globally.

The fund will be managed by Emirates Investment Services Ltd (´EIS´), the asset management arm of Emirates NBD group and a company licensed and regulated by the Dubai Financial Services Authority. It uses an Islamic certificate that derives its returns based on the profit from a reference index linked to the value of physical commercial property and real estate globally.

EIS has partnered with New Star Asset Management to structure this product as the manager of the reference fund to which returns of the Fund will initially be linked.

Jamal Bin Ghalaita is Head of Consumer Banking and Wealth Management at Emirates NBD.

Source: http://www.property-report.com/aprarchives.php?id=1373&date=110408

Tabreed names banks for Sukuk issuance

Business 24/7 reported on 13 April that National Central Cooling Co (Tabreed) has mandated Morgan Stanley, Standard Chartered and National Bank of Abu Dhabi as lead managers for its planned USD 300-500 mn convertible Sukuk due by 2011.

Source: http://www.business24-7.ae/cs/article_show_mainh1_story.aspx?HeadlineID=...

Sharia compliant Gold Exchange Traded Fund

Peter Cooper reported on 9 April on Business 24/7 about the Sharia compliant Exchange Traded Fund (ETF) by Dubai Multi Commodities Centre (DMCC) and World Gold Council. The ETF will be backed by physical Gold deposited under the Almas Tower of DMCC. After approval of the regulatory body Dubai Financial Services Authority (DFSA) a secondary market will be operated by listing the ETF on the Dubai International Financial Exchange (DIFX).

DMCC has taken a share in London-listed Shariah Capital, which is supervising the compliance. Other Gold ETFs usually used derivatives to replicate the performance of Gold.

Source: http://www.business24-7.ae/cs/article_show_mainh1_story.aspx?HeadlineID=...

EIB and Emirates launches Islamic airline co-branded credit card

Business Intelligence reported on 9 April about the Islamic Visa card of Emirates Islamic Bank, Skywards, and Emirates.

The Emirates Islamic Bank Skywards Credit Card will come with a list of benefits and features.

Faisal Aqil is General Manager of Retail Banking at Emirates Islamic Bank. Kamran Siddique is Visa General Manager for the Middle East and North Africa.

Source: http://www.bi-me.com/main.php?c=3&cg=2&t=1&id=19053

Tamweel sets up holding - plans Sukuk

Parag Deulgaonkar reported on 7 April about the extraordinary shareholder meeting of Tamweel, deciding to restructure Tamweel as a holding firm. The UAE mortgage business, property investment, escrow management services and Tamweel International will be the first four operating units.

The company also plans to raise Dh 5.1 bn through sukuk in 2008. This total amount includes Dh 1.1 bn of convertible sukuk and Dh 4 bn of non-convertible sukuk.

Further Tamweel has signed a joint venture agreement with Al Oula Development Company in Saudi Arabia, where the company expects to open a subsidiary later this year. Other expansion plans include Egypt.

Wasim Saifi is CEO of Tamweel.
Zayed bin Saqer Al Nehayan is Chairman of Tamweel.

Source: http://www.business24-7.ae/cs/article_show_mainh1_story.aspx?HeadlineID=...

Millennium Finance Corporation announces UGB as new shareholder

Al Bawaba reported on 30 March on the new share holder of Millenium Finance Corporation (MFC), which is United Gulf Bank BSC (UGB).

MFC, a Dubai Financial Services Authority (DFSA) licensed investment bank, was established by an experienced team of bankers from major international investment banking firms, in partnership with DIB. UGB is the investment banking arm of the KIPCO Group, Kuwait.

Khaled Al Kamda is Chief Executive Officer of Dubai Islamic Bank, Masaud Hayat, Managing Director of UGB, Keba Keinde, Chief Executive Officer of MFC, and William Khouri, Chief Executive Officer of UGB all signed off the transaction.

Source: http://www.albawaba.com/en/countries/UAE/224596

Amlak Finance first quarter profits soar by 425%

Gulf News reported on 6 April that Amlak Finance reported a 425 %growth in first quarter net profits to Dh 126 mn compared to only Dh 24 mn in the first quarter of 2007.

Amlak also reported an impressive 165 per cent rise in revenues to Dh 270 mn during the first quarter of 2008 compared to Dh 102 mn in the same period last year.

The Extraordinary General Meeting mandated the board of directors with the issuance of convertible sukuk, up to Dh1.8 billion, in addition to non-convertible sukuk up to at Dh3 billion, for a total value of Dh4.8 billion.

Nasser Bin Hassan Al Shaikh is the chairman of Amlak Finance.

Source: http://archive.gulfnews.com/business/Banking_and_Finance/10203528.html

Hong Kong and Dubai sign Islamic finance pact

Rita Raagas De Ramos reported in Asian Investor on 7 April about the Memorandum of Understanding (MOU) between the Hong Kong’s Securities & Futures Commission the Dubai Financial Services Authority (DFSA) calling for mutual cooperation on capacity building and human capital development in Islamic finance, as well as the promotion and development of their respective Islamic capital market segments; both parties will examine the possibility of establishing a framework for the mutual recognition of their regulatory regimes on Islamic funds to facilitate cross-border marketing and distribution of such funds.

The MOU for cooperation on Islamic finance and capacity building was signed by Hong Kong SFC CEO Martin Wheatley and the DFSA CEO David Knott.

Source: http://www.asianinvestor.net/article.aspx?CIaNID=73222

Lawyer Michael McMillen joins Fulbright & Jaworski

The reknown Islamic finance specialist lawyer, Michael McMillen, joins Fulbright & Jaworski as partner to lead its global Islamic finance practice. He used to work previously for Dechert and King & Spalding.

Source: legalweek.com

Amlak, UAE to sell Sukuk worth Dh 4.8 bn

John Irish reported on Monday, 24 March in ArabianBusiness that Dubai-based mortgage lender Amlak Finance plans to sell as much as 1.8 billion dirhams convertible and 3 billion dirhams non-convertible Sukuk this year to help finance expansion.
 
The CEO, Arif Al-Harmi confirmed the approval to Reuters given by the extraordinary general meeting of the board and the Chairman, Nasser Al-Shaikh, revealed that the total plans are to raise 6 billion dirhams this year. Amlak, an affiliate of Emaar Properties, will launch operations in Qatar and Jordan this year and has applied for a licence in Bahrain, Al-Harmi said. Syria is in discussion state.
 
Amlak delayed a sale of Sukuk late 2007 because of unsecure demand situation caused by the US credit crisis.
 
Source: http://www.arabianbusiness.com/514474-amlak-to-sell-islamic-bonds-worth-...

Syndicate content