Amlak suspends new mortgage loans

Companies and Markets

• First Gulf in share buyback

  19 November 2008,Abu Dhabi lender initiating buyback of 10% of its shares, which have fallen more than 40% this year.

• DIFX rebrands itself as NASDAQ Dubai

  18 November 2008,The NASDAQ OMX Group says it will list on the newly-named bourse from Nov 20.

• Sorouh: More emphasis needed on customers

  18 November 2008,Slowdown puts focus on quality, standards and transparency, says real estate official.

• Russia's Pharos fund sets up shop in Dubai

  17 November 2008,First Russia-focused fund to join Dubai International Financial Centre, says its founder.

• Kuwaits's Global Investment House cancels $410mn loan

  17 November 2008,Decides not to proceed with acquisition of 20% stake in National Bank of Umm Al-Quwain. 

• Kuwait's Gulf Bank in $1.4bn capital hike after shock loss

  17 November 2008,Entire board resigns as state fund agrees to mop up any shares left unsubscribed.

Results

• Dana Gas profit climbs 18%

  15 November 2008,UPDATE 1: Abu Dhabi firm sees Q3 net income increase to $7.08mn, coming in line with analyst forecasts.

• Egypt's GB Auto Q3 profits surge, sees slowdown

  12 November 2008,Quarterly net income at $32.57mn, seen well placed as Egypt's economy cools. 

• UAE's Gulf Cement Q3 profit plunges on investment loss

  11 November 2008,Operating profit rises 44% to $68mn but wiped out by stock market losses.

• Air Arabia profit soars 30%

  8 November 2008,Sharjah-based budget airline posts net income of $58mn in Q3 as passenger traffic climbs 34%.

• Bahrain's ABC to expand retail banking after losses

  4 November 2008,Intends to increase retail revenues to 30% from 5% 'over next few years', says chief exec.

• Abyaar sees profit soar 96%

  4 November 2008,Kuwaiti real estate developer posts Q3 net income of $26.1mn, up from $13.3mn for year-earlier period.

IPO

• UAE developer to delay IPO

  16 November 2008,Al-Benaa also reviewing projects due to market conditions, 'we need to look at all aspects', CEO says.

• ADX to target Asian dual listings

  5 November 2008,Exchange has been in talks with banks to encourage Asian corporates, says chief exec.

• Kuwait's Jazeera Airways to delay Dubai listing

  5 November 2008,Low-cost carrier's chief exec blames poor market conditions for postponement.

• Abu Dhabi bourse sees 40-60 IPOs in pipeline

  28 October 2008,Number of companies expected to double after change in law, says chief exec.

• Middle East 'still strong' on IPOs - report

  27 October 2008, Ernst & Young says region resists global downturn in Q3, raising $3.6bn in 12 offerings.

• Zamil to delay IPO plans until after 2009

  21 October 2008,EXCLUSIVE: Saudi industrial giant will sell shares but only when market conditions are right.

Equity

• Kuwait's Gulf Bank in $1.4bn capital hike after shock loss

  17 November 2008,Entire board resigns as state fund agrees to mop up any shares left unsubscribed.

• Qatar's Al-Khalij buys BLC Bank France

  5 November 2008,Qatar lender pays $250mn for European network and licence of BLC Bank.

• Morgan Stanley to manage Etihad Etisalat share sale

  28 October 2008,UAE's Etisalat's Saudi affiliate plans to raise capital by selling 200mn shares for $530mn.

• Emaar buys back 200,000 shares

  27 October 2008,Dubai developer executes plan announced in Sept. as shares hit their lowest since Dec. 2004.

• Dubai's Abraaj raises $3bn for buyout fund

  13 October 2008,Looking for openings in Middle East and North Africa with 30% of investors from outside the region.

• Saudi top bank NCB Q3 profit dives on global woes

  12 October 2008,Profits at state-owned bank fall nearly a third to $233mn as portfolio revalued.

Funds

• Kuwait fund in merger talks, cbank in support

  5 November 2008,Islamic asset manager's sees consolidation as regulator offers sector help.

• $1.5 million to improve special needs education in Uzbekistan

  11 October 2008, The Asian Development Bank (ADB) has announced a US$1.5 million grant to help improve education for special needs children throughout Uzbekistan.

• Abu Dhabi's ADIH eyes $1.5bn China fund

  28 September 2008,Plans to invest in real estate, manufacturing with Chinese partner despite uncertainty.

• Deutsche Bank to launch sharia hedge fund range

  23 September 2008,Launch follows on heels of sharia-compliant offerings by Barclays Capital, Newedge.

• UK fund manager Duet opens in Dubai, Singapore

  23 September 2008,New hires from Merrill Lynch to staff sales offices, with fund launches in the future.

• Investcorp launches $1bn US real estate debt fund

  22 September 2008,Unidentified sovereign wealth fund commits $850mn to investment bank venture.

Sukuk

• Islamic bond market 'wrecked' by critical remarks

  28 October 2008,New issues fall to $14bn this year from $50bn after Bahrain-based sheilkh's ruling.

• Saudi developer Al-Oula to raise $800mn via sukuk

  19 October 2008,Two-year timetable to obtain credit rating and finance expansion plans.

• West turning to sukuk as debt markets dry up

  8 October 2008,ASEAN secretary general says appeal of Islamic bonds growing as credit crisis worsens.

• Kuwait's Dar closes 1st part of $400mn Islamic loan

  7 October 2008,Three-year $150mn deal for Aston Martin part-owner backed by Saudi, Oman banks.

• Unicorn Investment Bank buys Bahrain Financing Co

  28 September 2008,Has $2bn to spend in Gulf, Europe and Southeast Asia, eyes $1.5bn Islamic bonds.

• Dubai Bank plans $5bn Islamic bond programme

  24 September 2008,State-owned bank initially seeking $500mn as first stage in becoming global lender.

Bonds

• Kuwaits's Global Investment House cancels $410mn loan

  17 November 2008,Decides not to proceed with acquisition of 20% stake in National Bank of Umm Al-Quwain. 

• Dubai Holding unit to take 32% stake in troubled Shuaa

  28 September 2008,Dubai Banking Group to convert $408mn worth of bonds on Oct. 31, as planned. 

• Dubai's CBD planning $2bn bonds sale

  24 September 2008,Commercial Bank of Dubai publishes its prospectus for Euro Medium Term Note Programm.

• Taqa approves $572mn capital boost

  10 September 2008,Capital increase will allow Abu Dhabi-controlled energy firm to convert recent bond issue into shares.

• Dubai's ICD launches $6bn loan

  9 September 2008,Banks to provide conventional and Islamic funding, amid awareness of rising exposure to Dubai Inc.

• Energy firm IPIC eyes takeover of Aabar

  1 September 2008,Abu Dhabi state-owned investment company seeks control via convertible bonds. 

Regulatory

• Russia's Pharos fund sets up shop in Dubai

  17 November 2008,First Russia-focused fund to join Dubai International Financial Centre, says its founder.

• Saudi bank credit growth poised for slowdown

  16 November 2008,But kingdom's non-oil private sector will grow in '09 on a par with '08, says SAMA's no. 2.

• Kuwait bourse to resume trading Monday

  16 November 2008,Court accepts appeal by gov't against ruling that suspended dealings last week, lawyer says.

• Decision on Kuwait bourse expected Sunday

  16 November 2008,Commerce minister says appeal lodged by gov't and hearing scheduled for midday.

• ISDA to launch sharia-proof derivative standard

  12 November 2008,Product aims to standardise terms to allow focus on commercial issues.

• Saudi watchdog in corporate governance move

  11 November 2008,Switch in 2009 to compulsory disclosure by directors part of a 'gradual process'.