Business briefs

Ajman Bank joins forces with Al Safwa

Ajman Bank, the emirate's first Islamic commercial bank, has joined hands with Islamic financial service provider Al Safwa to provide Ajman Bank customers with brokerage services. The new agreement allows customers to buy and sell Sharia- compliant shares listed in DFM and ADX live through Al Safwa.

This new contract signed at Ajman Bank is the most recent of many similar deals designed to offer customers and community a broader range of services. Having live share brokerage on offer will make participation in the emirate's financial markets more accessible to the bank's customers and support their community banking approach by encouraging people to invest in their nation's economy.

Unicorn

Unicorn Investment Bank, the Bahrain-based financial services group, has been named the Best Investment Bank in Bahrain by international business magazine Global Finance. The award was presented to Unicorn at a ceremony held on the sidelines of the International Monetary Fund (IMF) and World Bank meetings in Istanbul. Global Finance editors, with input from industry experts, used a series of criteria to arrive at their selections These included market share, number and size of deals, service and advice, structuring capabilities, distribution network, efforts to address market conditions, innovation, pricing, and after-market performance of underwritings.

Aldar

Aldar Properties PJSC, Abu Dhabi's biggest developer, plans to focus on investing and managing real estate after property prices across the Middle East slumped, Chief Executive Officer John Bullough said. Aldar, in response to the market's decline, will build a greater number of smaller, affordable homes, Bullough said in an interview at the Cityscape property conference in Dubai yesterday. "We are now transitioning from being a pure-play developer to much more of an asset manager and a long-term investor," Bullough said. "No. 1 for us now is this transition next year and in the coming years." The worst financial crisis since the 1930s weakened demand for Gulf properties as banks curtailed mortgage lending and speculators sold assets.

Zain

Zain, Kuwait's biggest phone operator, faces an ownership battle in Nigeria that may complicate plans by some of its investors to sell a stake in the company. South Africa's Econet Wireless Holdings Ltd disputes the ownership of Zain's Celtel Nigeria BV, and said it sought arbitration measures to prohibit the unit's sale or transfer. "Celtel provided certain undertakings to preserve the status quo," it said, when asked about the case. Zain Chief Executive Officer Sa'ad Al Barrak denied on October 5 that the company made such a commitment. "This has no basis whatsoever," he said. The dispute may disrupt plans by Kuwait's Kharafi Group and its National Investments Co to sell a 46 per cent stake in Zain valued at $13.7 billion to a group led by India's Vavasi Group and Malaysian billionaire Syed Mokhtar Al-Bukhary.

Saudi Qassim Cement

Saudi Qassim Cement said yesterday it plans to offer its shareholders one bonus share for each existing share to double its capital to 900 million riyals (Dh880 million). Shareholders would be invited to vote on the board proposal on November 16, it said in a statement posted on the bourse website.

Kipco

Kuwait Projects Co, the country's largest non state-owned investment firm, said it raised $500 million (Dh1.835 billion) from the sale of seven-year bonds. The 8.875 per cent notes were priced to yield 608 basis points more than the benchmark mid-swap rate, Kuwait Projects, or Kipco, said an e-mailed statement yesterday. The issue was 6.6 times subscribed.