Hamed Ali announced as acting CEO of Nasdaq Dubai

Nasdaq Dubai

Nasdaq Dubai on Tuesday announced that it has appointed Hamed Ali as acting chief executive officer, to lead the next phase of expansion at the region’s international exchange. Ali joined Nasdaq Dubai earlier this month as chief operating officer. Earlier he served as executive officer of the exchange from 2006-2008, before leaving to serve as COO of the Dubai International Financial Centre (DIFC) Authority and later executive director at Dubai’s Knowledge and Human Development Authority. Abdul Wahid Al Fahim, chairman of Nasdaq Dubai, said: “Ali’s considerable experience of the capital markets, together with his understanding of the region’s financing needs, position Nasdaq Dubai for renewed growth as a listing venue of choice for initial public offerings (IPOs) of large companies as well as small and medium-sized enterprises. “I look forward to helping to build a vibrant capital market that will provide vital funding for the expansion of successful and innovative businesses, strengthening the economy of Dubai, the UAE and the region,” Ali said. Ali’s appointment as acting chief executive officer of Nasdaq Dubai follows a successful four years in the role achieved by Jeff Singer, who stepped down last month and took up the position of chief executive officer of the DIFC Authority.

ICBC

Industrial and Commercial Bank of China, or ICBC, on Wednesday said it has applied for licences in Kuwait and Saudi Arabia as China’s largest lender eyes further expansion in the oil-rich Arabian Gulf region. The Chinese lender’s Middle Eastern business posted a first-half pre-tax profit of $36 million, up from $14 million in the same period in 2011. The bank cites an increase in foreign exchange transactions and trade finance volumes as among the reasons for the profit increase. ICBC in the Middle East already has offices in Dubai, Abu Dhabi and Qatar. It wants to grow its branch network by applying for a banking licence in Saudi Arabia and Kuwait. “We remain very positive on the growth prospects for the Middle East and we are committed to increasing our active support for the region’s economic growth, particularly in the areas of infrastructure development, high-technology and energy,” said Tian Zhiping, chief executive of ICBC Middle East.

Aramco

State-run Saudi Aramco has set its September contract price for propane at $970 (Dh3,562) a tonne, up $195 from the August level, an industry source said on Wednesday. The prices provide a benchmark against which Middle East sales of liquefied petroleum gas (LPG) to Asia are priced.

Glencore

Shares in Swiss commodity giants Glencore and Xstrata sank on Wednesday following a media report that Norway has joined Qatar in opposition to their proposed blockbuster merger. In early morning deals, Glencore shares tumbled 3.70 per cent to 369.8 pence and Xstrata sank 2.35 per cent to 917.1 pence on London’s FTSE 100 index of top companies, which was 0.52 per cent lower. The Financial Times, which did not reveal its source, said Norges Bank Investment Management, the manager behind Norway’s oil-backed sovereign wealth fund, had “privately indicated” its opposition to the current terms of the Glencore-Xstrata merger. In recent weeks, NBIM bought more than $500 million of Xstrata stock, taking its total stake to 2.97 per cent, according to the daily business newspaper which cited regulatory filings. Qatar Holding is one of Xstrata’s largest shareholders and has built up a stake of around 12 per cent, the paper added. Xstrata shareholders will vote on the mammoth merger deal on September 7 at an extraordinary general meeting in Zug, Switzerland. Back in February, Glencore and Xstrata formalised a highly anticipated deal to create a raw materials behemoth. Glencore is offering 2.8 of its shares per Xstrata share. However, Qatar Holding said in June that an exchange ratio of 3.25 Glencore shares “would provide a more appropriate distribution of benefits of the merger whilst properly recognising the intrinsic stand-alone value of Xstrata.”

Kuwait Remal Real Estate Co

A foreign investor’s acquisition of 80 million shares representing a 31.6 per cent stake in Kuwait Remal Real Estate Co is awaiting the approval of Kuwait’s Capital Markets Authority, or CMA, Kuwait-based Al Watan daily reported on Wednesday citing an executive. Once Remal receives the regulator’s approval it will notify the investor to start the implementation of the transaction, Ehab Abdul Hakim, Remal’s chief executive, told the paper. The property developer’s total assets stood at 78.04 million Kuwaiti dinars (Dh1 billion) at the end of March, according to Zawya.com data.

Kuwait Finance and Investment Co

Kuwait Finance and Investment Co, or KFIC, on Tuesday said it swung to a net profit of 9.26 million Kuwaiti dinars (Dh120.5 million) in the second quarter, from a loss of KWD1.16 million in the year earlier. The investment and asset management firm said in a statement posted on the Kuwait bourse website that it moved to a net profit of KWD11.5 million in the first half, from a loss of KWD3.13 million in the same period of 2011. KFIC’s chairman Saleh Al Homaizi said in June that his company became financially solvent after writing off its accumulated losses and that it had also succeeded in reducing its financial obligations to KWD40 million, from KWD158 million in mid-2010.