DIB to buy back $50.6m of sukuk

Dubai Islamic Bank (DIB) will buy back $50.6 million (Dh185.7 million) of its sukuk maturing in 2012.

Gulf News

Dubai: Dubai Islamic Bank (DIB) will buy back $50.6 million (Dh185.7 million) of its sukuk maturing in 2012.

The buy-back price will be 88 per cent of the bonds' face value, the bank said in a statement to Nasdaq Dubai on Wednesday.

The settlement date for the purchase is May 21. Dubai Islamic has $750 million of sukuk due 2012. The bank on May 6 had offered to buy back as much as $200 million of sukuk.

Dubai-listed logistics company Aramex approved a proposal to allow foreigners from outside the Gulf region to own 49 per cent of the company's shares, it said yesterday.

"Gulf Council Countries nationals may, along with UAE nationals, comprise 51 per cent of the company's share capital ownership," it said in a statement Dubai's bourse website.

Shuaa Capital, the UAE's biggest investment bank, aims to have 13 mandates by the end of this year for private placements, mergers and acquisitions in Saudi Arabia as it seeks opportunities in the Arab world's largest economy.

Shuaa currently has four mandates in the kingdom and will sign a fifth one shortly, Omar Al Jaroudi, chief executive officer of Shuaa Capital Saudi Arabia, told reporters in Riyadh on Tuesday.

"We hope to have 13 mandates by the end of the year," he said.

National Bank of Abu Dhabi announced yesterday that it received the approval of the Hong Kong Monetary Authority to open a full-fledged branch in Hong Kong.

"This step comes in line with the bank's strategy to expand in regions that offer attractive opportunities for the banking industry" said Qamber Ali Al Mulla, Senior General Manager of NBAD's International Banking Division.

"NBAD will open its branch during the second half of 2009 and this is just the beginning of our strategic initiative for the Far East where we intend future expansion with Hong Kong being made the Regional Head Quarters," he added.

NBAD's branch in Hong Kong will be equipped to provide a full range of banking services and products and will play a vital role in boosting the trade between UAE and Far East, particularly Hong Kong and China, and facilitate business dealings between the two countries.

Bahrain-based Islamic lender Gulf Finance House posted another, deeper quarterly loss on Tuesday due to investment provisions as the economic downturn hit real estate and infrastructure projects.

Gulf Finance House's dual-listed shares fell 7.7 per cent on the Kuwait bourse after the bank posted a net loss of $37.7 million in the first quarter following $43 million in provisions taken on investments.

The firm posted a net loss of $10.53 million in the fourth quarter of 2008.

France Telecom (FT) has not replied to Orascom Telecom's offer of direct talks to resolve their dispute over Egyptian mobile operator Mobinil, the chairman of Orascom said yesterday. Orascom and France Telecom have been locked in dispute since 2007 over their stakes in Mobinil.

They took their dispute to arbitration but have since disagreed over the ruling.

Asked whether Orascom was in direct talks with FT, chairman Naguib Sawiris said: "No, we have offered that and they have not responded. They have not provided [details] to us or to the market or to anybody."

Board of Directors of Gulf Navigation Holding company (PJSC) will hold their meeting on May 24 at 2pm at its Head office located at Saba Tower 1, Jumeirah Lake Towers, Dubai. The Board will discuss the final draft of Corporate Governance Manual provided by the Audit Committee.

The Ordinary and Extraordinary General Assembly meeting of Kuwaiti Finance and Investment Company for the company's shareholders will be held on June 6 at the Ministry of Trade and Industry, Block 7, first floor.