Goldman Sachs to advise on merger

Goldman Sachs and three other investment banks have been named as advisers on the potential merger between Abu Dhabi-based developers Sorouh Real Estate and Aldar Properties, two people familiar with the matter said yesterday. The two companies in March said they were considering a merger in a government-backed deal that could create a property group with over $2 billion (Dh7.35 billion) in market value. The companies also announced they would set up a committee to push forward the deal. That team is being advised by Goldman Sachs and National Bank of Abu Dhabi, the persons said, adding that Morgan Stanley and Credit Suisse are advising Aldar and Sorouh. Shares of Aldar were last up 3.7 per cent at Dh1.11 yesterday while Sorouh rose 4.9 per cent to Dh1.08.

Central Bank

As part of the quarterly consultative meetings between the Central Bank and banks operating in the UAE, the second quarterly meeting was held yesterday. The meeting was chaired by the Central Bank Governor, Sultan Bin Nasser Al Suwaidi, and attended by the chairman of the Emirates Banks Association and chief executive officers of banks operating in the UAE. At the meeting, the attendees praised President His Highness Shaikh Khalifa Bin Zayed Al Nahyan's decision to settle loans in default of UAE nationals less than Dh5 million. The meeting discussed a number of issues relating to bank regulations and a number of other issues of relevance to the activities of banks.

NPS Energy

Oslo stock exchange listed Aker Solutions announced on Monday that it agreed to acquire NPS Energy, part of oilfield services company National Petroleum Services. Emirates Investment Bank acted as financial adviser to the sellers on this deal that is valued at $460 million (Dh1.69 billion).

NPS Energy's core offerings are well intervention and onshore drilling services.

Headquartered in Dubai with a strong local presence in the Middle East and North Africa, NPS Energy represents a platform from which Aker Solutions will be able to provide its broad portfolio of technology and services to the oil and gas industry in the region. Aker Solutions provides oilfield products, systems and services for customers worldwide.

Taqa

A delegation from the Abu Dhabi National Energy Company (Taqa) has made a formal visit to Turkey to discuss ways of developing the relationship between Abu Dhabi and Turkey and to identify investment opportunities in Turkey's energy sector.

The Taqa delegation was led by Hamad Al Hurr Al Suwaidi, chairman of Taqa's board and chairman of the Abu Dhabi Department of Finance.

Emirates NBD

Emirates NBD has appointed Mohammad Kamran Wajid as new CEO of Emirates NBD Capital Limited (Emirates NBD's DIFC-based investment banking subsidiary regulated by DFSA) and Emirates Financial Services. The appointment is subject to regulatory approvals. In his new role, Wajid will drive the transformation of Emirates NBD Group's investment banking business into a global investment banking platform.

Ipic

International Petroleum Investment Co. (Ipic), a company owned by Abu Dhabi's government, will complete construction of a 200,000 barrel-a-day refinery in Fujairah in 2017. Fujairah Port harbour master Tamer Masoud spoke on the refinery at a conference in Dubai yesterday.

Saudi Civil Aviation

Saudi Arabia's General Authority of Civil Aviation plans to issue a second tranche of a sukuk it sold earlier this year and will offer Islamic bonds for the expansion of the Riyadh airport, the authority's Vice President Faisal Al Sugair said in Riyadh yesterday. The two sukuk will be in riyals, he said, adding that the authority aims to be financially independent in three years. Al Sugair said he sees no need for a dollar debt sale for the time being.

— Compiled from staff reports and agencies