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Push to reorganise Kuwait Airways

Kuwait Airways Corp's privatisation committee said it recommended that the state-owned airline be reorganised before its sale

Gulf News

Kuwait Airways Corp's privatisation committee said it recommended that the state-owned airline be reorganised before its sale, a proposal approved by Kuwait's Council of Ministers. The committee, which completed reviewing expressions of interest made to purchase a 35 per cent stake in Kuwait Airways, proposed a restructuring plan "taking into account the long-term strategic benefit to KAC and the economy of Kuwait," the committee said in an emailed statement yesterday. Kuwait's Cabinet will proceed with amending a law "to provide the legal framework for the restructuring and reformation of KAC prior to its privatisation," it said. Kuwait's parliament decided in January 2008 to sell shares in the airline, which hasn't had a profit since the 1990 Iraqi invasion. The government planned to offer 40 per cent of the stock to the public, 35 per cent to a strategic investor and 5 per cent to employees. The national flag carrier operates 17 aircraft.

Capital Management

Capital Management House, a Bahrain-based Islamic investment bank, made the third distribution of dividends to investors in its aircraft-leasing fund, the bank's chief investment officer said. Payments are calculated at 10 per cent a year for the period ending September 30, Mohammad Al Jasem said yesterday in a telephone interview. Investors in the fund include wealthy individuals and institutions from among the nations of the Gulf Cooperation Council, he said. The fund is structured around the acquisition of a Boeing 777-200ER aircraft from Emirates and an agreement to lease the jet back to the carrier for six years, Al Jasem said.

RAK Properties

RAK Properties has moved its headquarters to Julphar Towers, one of its flagship projects, to better serve its rapidly increasing customer base in the UAE, the company said in a statement. The Abu Dhabi-listed real estate development company announced that it will occupy the 40th and 41st floors of the 45-storey Julphar Towers.

Hamptons Mena

Hamptons Mena has announced the appointment of Benjamin J. Cullum as the new General Manager to spearhead the company's Oman operations. A British national, Cullum is a product of the venerable Royal Institution of Chartered Surveyors, a renowned global fraternity whose membership is the much-sought-after "gold standard" for real estate professionals around the world. Moving from property consultancy firm Cluttons, Cullum brings with him several years of experience as a real estate specialist working in the fast-growing markets of Bahrain and Saudi Arabia.

Basic Chemical

Basic Chemical Industries Ltd said production was stopped at the chlorine gas production unit in the eastern Saudi region of Dammam, according to a statement on the Saudi stock exchange website.

Dow Chemical

Dow Chemical Co appointed Zuhair Allawi, a 30-year veteran with the company, as general manager for operations in Saudi Arabia. Allawi, previously senior commercial director in the performance materials division, will be based in Al Khobar in the eastern province, according to a statement received by email yesterday.

Egyptian bank

National Development Bank, the Egyptian unit of Abu Dhabi Islamic Bank, said its nine-month net loss to September 30 widened to 424.5 million Egyptian pounds (Dh261.2 million) from 358.9 million pounds a year earlier. The lender's board also approved investing in starting an investment banking unit with a paid capital of 5 million pounds, it said in a filing to the Egyptian bourse yesterday.

Ezdan Real Estate

Ezdan Real Estate Co's nine-month net income rose to 201.6 million riyals (Dh203.3 million), from 172.2 million riyals a year ago, according to a statement on the Qatar Exchange website.

Qatar Electricity, Water

Qatar Electricity and Water Co said its nine-month profit rose to 1 billion riyals (Dh1.01 billion) from 834.4 million riyals in the year ago period, according to a statement to the Qatari bourse yesterday.

— Compiled fromstaff reports