Banking and Finance

Middle East banking and finance news and analysis, tenders, contracts awarded, commentary and economic data.

Dubai Aerospace to raise $1bn

Dubai Aerospace Enterprise (DAE) is looking to raise a $1bn three-year syndicated loan, and has appointed Citigroup, Deutsche Bank, Emirates NBD and Lloyds TSB to arrange the deal.

Banking and Finance - Latest 20 news stories

National Bank of Abu Dhabi increases profits by 68 per cent
Ras Laffan C deal set to include Islamic financing
Bahrain opens financial bids for Addur plant
Mubadala announces $8bn partnership with GE
Emirates NBD reports 45 per cent rise in profits
Tamweel agrees low pricing on $300m sukuk
Japan seeks Middle East partners for investment fund
Commercial Bank of Qatar reports rise in profits
Royal Bank of Scotland and Riyad Bank confirmed for Ras Tanura
Samba profits continue to fall
Sabic set to refinance GE Plastics debt
Creation of a single financial regulator faces further delay
Cairo to create single regulator
Kingdom Holding seeks $1.3bn loan facility
Moroccan inflation set to rise by year end
Saudi Electricity Company to sign $1.6bn corporate loan
Sabb profits rise 25 per cent
Suwaidi to stay at UAE central bank
Kuwait Finance House profits up 29 per cent
Fitch upgrades five Saudi banks

Banking

National Bank of Abu Dhabi increases profits by 68 per cent
Mubadala announces $8bn partnership with GE
Emirates NBD reports 45 per cent rise in profits
Commercial Bank of Qatar reports rise in profits
Samba profits continue to fall
Kingdom Holding seeks $1.3bn loan facility
Saudi Electricity Company to sign $1.6bn corporate loan
Sabb profits rise 25 per cent
Suwaidi to stay at UAE central bank
Kuwait Finance House profits up 29 per cent

Currencies

Timing must be right for GCC monetary union
Saving monetary union in the Gulf
Government adviser urges Doha to drop peg to dollar
Deutsche Middle East currency platform grows 100 per cent a year
Gulf war on inflation can’t wait for revaluation
DP World chairman says he opposes dirham revaluation
GCC central banks respond to US rate cuts
Central Bank of the UAE studies effect of revaluing dirham after 2010
Project financiers to abandon dollar
Market will make decision on dollar

Debt Market

Dubai Aerospace to raise $1bn
Tamweel agrees low pricing on $300m sukuk
Sabic set to refinance GE Plastics debt
Spreads widen as crunch hits Gulf
Saudi Electricity Company to sign $1.6bn corporate loan
Fitch upgrades five Saudi banks
United Arab Shipping takes on $2bn debt for acquisitions
National Bank of Fujairah finalises $210m loan
Emirates Steel delays $2bn refinancing
International Finance Company close to signing $100m loan

Insurance

Banks take risk on fledgling insurance sector
Salama profits to soar as Islamic insurance demand grows
Islamic insurance market predicted to reach $15bn in 10 years
Europe and US to take lead in Islamic insurance
British Islamic Insurance to launch operations within weeks
Takaful al-Emarat to list shares in Abu Dhabi
Istithmar buys UK insurers’ operations in Bahrain
Gulf Investment Corporation and Arch Capital launch specialist reinsurer
Insurance market hindered by failure to develop regional hub
Easing the strain on healthcare

Islamic Banking

Ras Laffan C deal set to include Islamic financing
Tamweel agrees low pricing on $300m sukuk
Crescent to launch Latin American Sharia fund
Dubai World launches sharia funds
Dewa sukuk fails to hit pricing ambitions
Dewa plans local currency sukuk issue
Citigroup expands Islamic offering
Salama profits to soar as Islamic insurance demand grows
Market strength bolsters Manama
Sabic to raise $1.3bn through sukuk

Private Equity

Japan seeks Middle East partners for investment fund
Crescent to launch Latin American Sharia fund
Arcapita finalises $1.3bn Singapore property deal
GCC needs $1.2 trillion of energy and infrastructure investment
Abu Dhabi Securities Exchange: Relaxing rules provides $200bn boost
Citadel subsidiary signs river transport contract
Middle East to be fastest growing region for hedge funds
Palestinian economy - Housing a growing population
Palestinian economy - Supporting the private sector
Regulation restores confidence in Tadawul

Project Finance

Ras Laffan C deal set to include Islamic financing
Bahrain opens financial bids for Addur plant
Royal Bank of Scotland and Riyad Bank confirmed for Ras Tanura
Kingdom Holding seeks $1.3bn loan facility
National Commercial Bank moves team to Bahrain
Sumitomo seeks local banks' support for Ras al-Zour plant
Project finance: Developers have to tread carefully
Saudi projects slow as dollars dry up
Riyadh turns to local banks for financing of $3.1bn PP10 plant
National Bank of Abu Dhabi seeks backers for $760m Shadeed steel scheme

Regulation/ Central Banks

Creation of a single financial regulator faces further delay
Cairo to create single regulator
Moroccan inflation set to rise by year end
Suwaidi to stay at UAE central bank
Saudi mortgage law approved by Shura council
Liquidity grows by 32 per cent in Bahrain
Kuwait money supply rises 23 per cent
Money supply in Qatar up 13 per cent
UAE money supply rises 8 per cent
Abu Dhabi Securities Exchange: Relaxing rules provides $200bn boost

Special Report: Banking - Gulf bank growth accelerates

There is consensus in the banking community that 2008 will be a much better year for the industry than 2007. A stormy 2007 revealed the full impact on banks of the 20-month-long market crash that began in February 2006, which triggered severe falls in advisory fees.