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Standard & Poor’s Assign Sabic Sukuk I And II (A+) Rating
Standard & Poor’s Rating Services has today assigned an (A+) local currency senior unsecured issue rating for the Sukuk I and Sukuk II (SR 3billion and SR 8billion respectively) of Saudi Basic Industries Corporation (SABIC). This rating reflects the diversification in cash flow streams, strong brand recognition, and significant cash holding at SABIC and brings the Sukuk rating in line with the rating assigned to SABIC.
Future Pipe Industries to Launch IPO for $554M
Dubai based Future Pipe Industries (FPI) of Lebanese origin, is looking at raising $0.5B in a public offering that will value the company around $1.3B. FPI will be selling 84 million shares, 35% of the company, between $5-6.60/share. Dubai International Financial Exchange (DIFX) will be the sole host of the listing. Deutsche Bank, Citigroup and Mashreq will be advising on the sale that is open to the six Gulf Arab countries including global finance houses. FPI has a worldwide manufacturing base and sells wide-diameter pipes in 50 countries generating 76% of its income in the Gulf. Last year, FPI posted $69M in profits on revenue of $556.4M. New trade event launches in Abu Dhabi
Middle East Workboats provides comprehensive platform to unite key industry players - the region’s first and only dedicated event of its kind
High oil prices and massive reclamation projects are driving increased demand for the small but sturdy vessels on which the booming Arabian Gulf economies increasingly depend, say the organizers of the region’s first event focused on workboats which opened in Abu Dhabi recently. Workboats Middle East - the region’s only dedicated event of its kind - takes place at the Abu Dhabi National Exhibition Centre until 30 April 2008 under the patronage of His Highness Sheikh Hamdan bin Mubarak Al Nahyan, Minister for Public Works and Chairman of the National Transport Authority. Increased demand for ships in the Arabian Gulf from oil tankers to cargo and container ships to barges, dredgers, tugboats and an array of specialised craft also provide huge opportunities for an expanding shipbuilding, repair and maintenance industry, say the show’s organisers Seatrade. More than 2,000 vessels categorised as workboats of some kind are docked or repaired in the Middle East, Seatrade added. Serving them are 13 shipyards, five drydocks, eight floating docks and 17 slipways, making the Gulf a major hub for workboats and Abu Dhabi a principal gateway to the offshore market.
Fitch: Omani Banks continue strong performance
Fitch Ratings said in a special report published lately that the Oman banking system has prospered under the country’s oil boom and the related expansion in domestic infrastructure and construction and strong prudential controls of the Central Bank of Oman (CBO).
Construction of ADNEC Phase 2 enters final stage
Abu Dhabi National Exhibitions Company (ADNEC) has announced that Phase 2 of the Abu Dhabi National Exhibition Centre, the most modern exhibition centre in the world, has entered its final phase of construction. The main structural work of the AED 500 million Phase 2 development is complete and the main shell of the building is now in place; over the next few weeks glazing, marble and other key elements will begin to be installed. Some 2,300 highly skilled workmen are currently employed on the project in a concentrated 24-hour program of development. Construction is scheduled for completion in September this year. Simon Horgan, CEO of ADNEC said: “Despite testing conditions within the regional construction industry, construction on Phase 2 has progressed on schedule throughout the entire development. This is a credit to all involved.” Horgan stressed that the speed of development has been credited to the company’s highly successful partnering program, which has been adopted in all its development initiatives. Horgan said: “The partnering program places all parties involved in the project as a single team to immediately tackle and overcome issues that may arise. ADNEC pioneered this non-confrontational approach to building on Phase 1 with a huge amount of success; it is a philosophy that is central to all of our development projects.” ADNEC; lead contractor Arabtec; project manager MACE and engineering and architectural consultant RMJM have employed a specialist team of 12 people from Greece to work on Phase 2. RINOL Hellas SA is credited for significantly speeding up the build process by ensuring better quality and technical superiority of the building project. On completion of Phase 2, ADNEC will be the largest exhibition centre in the Middle East with over 55,000 square metres of fully interconnected exhibition space spread across 12 halls. ADNEC has been developed as the centrepiece project of the AED 8 billion Capital Centre project, a fully integrated community development that is considered a strategic element of the Abu Dhabi 2030 vision.
Pearl Dubai receives building permit and commences construction work
Pearl Dubai FZ LLC, a consortium of investors led by Al Fahim Group and developers of the Dhs14bn Dubai Pearl project, today announced the first phase of construction work has commenced on the world class, mixed-use development.
A study conducted by the University of Wollongong (UOWD) reveals that developers are finding it difficult to find high-calibre professionals, despite offering salaries and perks that are among the highest in the region
His highness Sheikh Mohammed Bin Rashid The study preceded the launch of the UAE’s first full-fledged, full-time undergraduate program in Property Development & Management by UOWD at its Knowledge Village campus, starting September 2008. The study corroborates findings of some leading research agencies. An earlier study done by Colliers International revealed that more than 16.35 million square metres (m²) of Gross Leasable Area (GLA) would be added by 2010 in the GCC.
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