The subsidiary of UAE's Mubadala is on an expansion mode. Mubadala Petroleum has been looking to expand into overseas markets such as Thailand and Indonesia, as well as commence exploration work in Tanzania within 2013.
Middle East
Commercial Bank of Qatar to issue bonds
The Commercial Bank of Qatar is set to undertake a perpetual bond issue to cover the acquisition of Turkey's Alternatifbank.
AUB looks for acquisitions overseas
Like many other Gulf Cooperation Council banks, AUB is now seeking investments overseas for diversification purposes.
Standard and Poor's Dow Jones Indices upgrades Qatar and the UAE
Qatar and UAE granted emerging market status while Bahrain, Kuwait and Oman retain frontier markets.
Mashreq Bank introduces technological innovations to its branches
Staff-less branches is the future, according to Mashreq Bank CEO. In a move its CEO says would be a way of the future, Mashreq Bank had planned to open its first fully electronic branch without any staff by January.
Latest News
Al Nabooda Automobiles had set plans to expand its German car imports operations in Dubai and Sharjah.
The Gulf region, after years of doldrums, is now on the road for recovery according to Morgan Stanley executives.
In a MEED Projects Study, it was found that forty major projects in the Sultanate are in the pipeline with total cost to reach USD112 billion.
A USD2 billion loan was paid off in full by state owned IPIC from RHB Capital. The International Petroleum Investment Co,. the Abu Dhabi tate owned fund, had paid in full a USD2 billion loan its unit had taken out last 2011.
Emirates NBD would be exiting from its remaining 15% stake in property developer Union Properties. On Thursday, the chief financial officer of Dubai's largest bank said it would be divesting its remaining ownership in Union Properties.
Saudi Arabia borrowers hired HSBC to manage their debt and equity capital market deals. HSBC Holdings said borrowers in Saudi Arabia had obtained its banks services to manage several debt and equity capital market transactions.
Called expedited processing, the Telecommunications Regulatory Authority of UAE would allow direct offers of prepaid products to be made by telcos.
The deal pegged to be at USD500 million is now worth USD1 billion. United Arab Emirates mall operator Majid Al Futtaim had set a maximum deal volume of USD500 million for a new hybrid bond according to a source familiar with the transaction.
The shareholders of Egypt's Citadel Capital had approved the share sale for increased capitalization expected to reach EGP3.64 billion.
