Dubai Group would become independent of Dubai Holding upon completion of a US$10 million infrastructure deal.
Middle East
Loan Refinanced for Atlantis, the Palm
A new syndicated loan worth US$850 million has been approved to help refinance the debts of Atlantis, the Palm.
ADIA Appoints New Infrastructure Division Head
ADIA appoints John McCarthy to head its global division for infrastructure investments. One of the world's biggest sovereign wealth funds, the Abu Dhabi Investment Authority announced the appointment of John McCarthy as global division head of infrastructure.
Saudi's General Lighting Co to Float Shares at IPO
General Lighting Co would be doing IPO at Saudi Arabian bourse. General Lighting Co is planning to sell off shares in the Saudi Arabian stock market. The company is a Saudi Arabian firm partly owned by the Carlyle Group and the sale would be the way that the private equity firm would be exiting its shareholdings in the firm.
Five Telecom Firms Bid for MVNO Licenses from Saudi Authorities
Five telecom firms bid for Saudi Arabian mobile virtual network operator licenses. Applications for virtual telecommunications licenses in Saudi Arabia have been submitted by five companies, amongst them Virgin Mobile Middle East & Africa.
Latest News
Qatar Petroleum would do IPO for four companies it now owns. In a statement, Executive Board Member of Qatar Holding said the state owned Qatar Petroleum would be offering shares in four of its units in the next few years.
Almarai Co is to offer nearly US$500 million debt bonds for its expansion program. Almarai Co is a Saudi Arabian food conglomerate that is currently operating a joint venture project with PepsiCo Inc.
Alcobra Pharma to conduct an IPO projecting to raise US$27.3 million. A pharmaceutical firm in Israel is in the process of developing oral medication that reduce the side effects of the treatment of attention deficit hyperactivity disorder.
The Commercial Bank of Dubai has chosen three banks to manage its bond issue estimated at US$500 million.
Qatar's investment firm Qatar Foundation Endowment purchases five percent shareholdings in Bharti Airtel.
Kingdom Holding obtains refinancing for its Savoy Hotel purchase loan. In an announcement, Saudi Arabia's Kingdom Holding Co agreed to enter into a refinancing agreement on the debt it had used to purchase the Savoy Hotel in London.
Due to the lack of Egyptian regulatory approval, the EFG Hermes and QInvest deal was terminated. EFG Hermes is one of the largest investment financial institutions in the Gulf region.
QIB CEO Bassel Gamal said that the bank would no longer issue any more sukuk bonds until 2014. The Gulf region's largest sharia compliant banking institution in terms of assets, the Qatar Islamic Bank, has said that it is not expecting to issue more Islamic bonds before 2014.
Genesis Angels was established by Moshe Hogeg with former Israeli PM Ehud Olmert and Kazakh industrialist Kengers Rakishev.
