IslamicFinance.de

Morocco has signed a letter of intent with Itmar developpement, Abou Dhabi Investment and Gulf Finance house to develop a USD 1.8 bn, 270 hectar large resort in Essaouria, Morocco at Davos.

Frederik Richter reported on Arabianbusiness on 1 February that Gulf Finance House is looking for acquisitions of undervalued assets in the region.

Deputy Chief Executive Mehran Jamsheer was cited.

Waheed Abbas from Emirates 24/7 reported on 2 February about the regional investment bank and private equity company Millennium Finance Corporation (MFC), which aims to expands its reach to Saudi Arabia, India and Nigeria through joint ventures and acquiring licences. The firm is also considering IPO.

CEO is Keba Keinde, which gave an exclusive interview with Emirates Business. Please click on the source below.

Press Release

PARIS (Standard & Poor's) Jan. 28, 2009--Standard & Poor's Ratings Services said today that it has lowered its long- and short-term counterparty credit ratings on Bahrain-based Arcapita Bank B.S.C. to 'BB+/B' from 'BBB/A-2' and placed the long-term rating on CreditWatch with negative implications.

"The downgrade and CreditWatch placement reflect our opinion of Arcapita's weak liquidity profile amid an increasingly difficult operating environment," said Standard & Poor's credit analyst Mohamed Damak.

At the same time, we believe that the value of Arcapita's own investments--mainly in private equity and real estate--could decline in value given current market conditions (like other private equity firms). We view Arcapita's leverage as high. We understand that Arcapita made certain investments in 2008 that it was not able to fully place with customers that triggered a decline in liquidity and an increase in investment leverage (as measured by the ratio of total investments to total equity).

Press Release

London, 27 January, 2009 – Bank Of London And The Middle East plc (BLME), the London based wholesale, Sharia’a compliant bank, today announced that it is providing a £10 million leasing facility to Ocado Ltd (Ocado), the UK independent online grocer.

Full text attached

Press Release
PARIS (Standard & Poor's) Jan. 26, 2009--Standard & Poor's Ratings Services said today that it revised its outlook on Bahrain-based Gulf Finance House (GFH) to negative from stable. At the same time, we affirmed the 'BBB-/A-3' long- and short-term counterparty credit ratings on the bank.

"The outlook revision reflects the increasingly difficult environment in which the bank operates, which is likely to limit its capacity to execute new transactions and therefore lead to a weaker financial performance," said Standard & Poor's credit analyst Emmanuel Volland.

In addition, the value of GFH's own investments, largely illiquid by nature, is set to decline. On a positive note, we believe that the nature of these assets means that they are less subject to marked-to-market deterioration than those of GFH's peers.

AMEinfo reported on 25 January that Kuwait-based financial services company Investment Dar has appointed Credit Suisse Group to advise the firm on its financial strategy.

John Irish and Jason Benham reported on Reuters on 20 January about the financing needs of Emaar Properties, Dubai both conventional euro medium term note and Islamic. The notes would be listed on the London Stock Exchange, with HSBC and Royal Bank of Scotland acting as lead arrangers..

CPIFinancial reported on 20 January that the Islamic Bank of Asia is one of the two Lead arranger for SGD 200 mn Sukuk Al-Ijarah Trust Certificate Issuance Programme from Monetary Authority of Singapore. The bank itself will be the first investor in the programme.

Vince Cook is the CEO of The Islamic Bank of Asia.

Global-Saudi is an investment bank with a capital of 50 million Saudi riyals. It carries out conventional and Islamic financial services such as the establishment and management of investment funds, portfolio management, international brokerage, private and public placement, underwriting, advisory, dealings as a principal and as an agent as well as custody. Additionally, Global-Saudi obtained approval from the Authority to launch 3 Investment Funds, which are the Global GCC Market Fund, Global GCC Equity Fund and Global Saudi Equity Fund (Noor Fund).

Al-Khabeer Merchant Finance Corporation announced on 12 January 2009 to create a SAR 400 mn real estate fund for the benefit of Jazan Economic City projects.

Karen Remo-Listama reported in Emirates Business 24/7 on 13 January that Carbon trading can fetch Gulf USD 5bn annually citing Armen Vartanian, Director at EcoVentures, the Middle East and North African (Mena) as there is no single project on carbon trading. Announcement of DMCC were out and also Doha Bank plans an exchange for carbon trading and works with the San Francisco, California-based RainTrust Foundation on the Qatar exchange project and has then secured expressions of interest from Citigroup and Credit Suisse Group. Chief Executive Officer Raghavan Seetharaman said the bank would invest USD 27 mn in its electronic Qatari exchange, and has so far spent USD 7 mn on a plot of land in the USD 2.6 bn Energy City business park that Qatar is building. The start depends on the overall market conditions. Masdar launched already in February 2008 a project to develop a national CO2 capture network capable of creating a significant reduction in Abu Dhabi's carbon footprint.

Andy Sambidge reported on 13 January 2009 in Arabianbusiness on the launch of the Sharia compliant Capinnova Investment Bank by The Bank of Bahrain and Kuwait. It is licensed by the Central Bank of Bahrain and has an authorised capital of USD 500 mn and paid-up capital of USD 125 mn. Capinnova’s core areas of business will include private equity, asset management and corporate finance.

Capinnova’s chairman is A. Karim Bucheery. CEO is Jamal Hijres.

Deutsche Bank announced the launch of “Al Mi’yar”, a platform to facilitate the issuance of Sharia compliant securities domiciled in Luxembourg with Luxembourg Financial Group AG as the Sharia investment manager. Deutsche Banks Trust & Securities Services group providing the settlement framework. The platform allows for access of all asset classes including money market instruments.

Vision 3 is strategic alliance formed by the trio of leading Middle Eastern banks, Gulf Finance House (GFH), Ithmaar Bank and Abu Dhabi Investment House (ADIH). The primary goal of Vision 3 is to create tailored Islamic financial institutions. Vision 3 has already announced the creation of InfraCapital, the GCC's first investment bank specialising in the provision of tailored infrastructure development and finance; AgriCap, a new investment vehicle focused entirely on serving agricultural ventures and communities and Hospitality Development Fund (HDF), established to nurture and support opportunities across the global hospitality sector.

The board members include GFH chairman Esam Janahi who will be chairman of the company, Bonyan International chairman and chief executive officer (CEO) Imad Nesnas, ADIH chief executive officer Rashad Janahi and Ithmaar Development Company CEO Mohamed Khalil Al Sayed

Xinhua reported on 9 January that Gulf Finance House (GFH) launches a new USD 3 bn project in Tunisia, named "Tunis City Communication". In December 2007 GFH has already announced the "Tunis Financial Harbour", with an investment close to USD 3 bn.

Gulf Daily News reported on 9 January that Kuwait's Investment Dar, is considering selling a stake in real estate affiliate Oqyana. Daily As-Seyassah said Dar had received an offer from an unidentified Gulf investor to buy 50 % of its stake in Oqyana.

Bank of London and The Middle East plc (“BLME”), has announced on 7 January the completion of a 3-year GBP 31.5 mn finance transaction for Premio Group Holdings to refinance Premio’s property portfolio in Mayfair, London. This is the first Islamic finance transaction completed by Premio Group Holdings.

Premio Group Holdings is a joint venture between Chelsfield Partners LLP and Rollpost established in December 2005. Premio owns over 50,000 square ft of prime residential and commercial property in London’s Mayfair.

Advisers to both firms were Alexander Marks, SJ Berwin and KPMG for Premio and Herbert Smith LLP for BLME.

Ulf Laessing wrote in Reuters on 6 January that Investment Dar, is in talks with a Saudi investor to sell up to 10 % in luxury car maker Aston Martin, citing the daily newspaper Rai. The firm said in December that they would consider to sell up to 20 %. Further Kuwait Finance House may buy Investment Dar's 40 % stake in a Bahraini financial institution. Eventually the newspaper is quoted Investment Dar considers to sell all majority stakes to an investor group to cover liabilities.

Gulf Daily News reported on 7 January that Kuwait may issues Sukuk or Murabaha facilities using qualified investment firm's assets as collateral. Citing another daily Al Rai, saying the government had finalised plans for a bill to do so, but may need parliament's approval. Several of the investment firms have said they need fresh funds and have difficulties raising them. Global Investment House and Investment Dar both are said as seeking finance up to USD 1 bn. Further the daily newspaper Al Qabas wrote that Global is still waiting response from foreign financers on a 3-month moratorium to repay elder loans.