Etisalat to focus on existing operations

Etisalat will focus on growing its existing operations and could consider exiting, or consolidating, some of its assets over the next couple of years, the telco's chief executive said yesterday. "The main focus will be existing portfolios. Growth opportunities, innovation, and efficiency over the next two to three years," Ahmad Abdul Karim Julfar, etisalat group CEO told a conference in Dubai. Julfar said etisalat's strategy over the next two to three years will be "different" and "very selective and very careful" in terms of future investments.

Banque Saudi Fransi

Banque Saudi Fransi, the kingdom's fifth biggest bank by market capitalisation, plans to issue its first dollar-denominated Islamic bond, or sukuk, depending on market conditions, and has picked banks to arrange investor meetings. The lender has picked Citi, Deutsche Bank and Credit Agricole to arrange global roadshows starting in the Saudi capital Riyadh on May 7, the banks said. The same banks are arrangers and dealers on the company's recently-established $2 billion sukuk programme.

DME

The Dubai Mercantile Exchange yesterday said London-based commodities broker Marex Spectron had been approved as a clearing member, allowing the brokerage to settle transactions through the DME's clearing house. "We are joining the DME in response to strong customer demand," said John Lowrey, global head of DMA and Electronic Services at Marex Spectron.

"Expanding the number of markets in which we provide clearing services to our clients, especially in Mena [the Middle East and North Africa], continues to be an integral part of our business strategy," he added.

Emal

A roadshow to seek financing for the Dh16.52 billion ($4.5 billion) second-phase works of the smelter project of Emirates Aluminium Co (Emal), is receiving an excellent response from international investors, Al Ittihad daily reported yesterday, citing an executive.

The roadshow is being carried out by a delegation of Emal's two shareholders — Dubal and Mubadala — who are still discussing the shape that the financing will take — whether conventional bonds, sukuk, syndicated loans, or others, Saeed Al Mazrooei, Emal's president and chief executive, is quoted as saying.

Emaar

Emaar Properties, developer of the world's tallest tower, said one of its units has started handing over homes in Saudi Arabia's eastern province. Emaar Middle East started handing keys to more than 2,000 villas at the Al Nada residential village in Al Khobar Lakes, the company said in an emailed statement yesterday. When completed, Al Khobar Lakes' retail centre will have 95,000 square metres of leasable area. The project also includes mosques, schools, community centres and gyms, the company said yesterday.

Kipco

Kuwait Projects Co Holding (Kipco), the country's largest diversified investment holding firm, said on Tuesday it made a first-quarter net profit of 8.5 million Kuwaiti dinars (Dh112.18 million), 5 per cent higher than the 8.1 million dinar net profit it reported in the corresponding period last year, as its financial services and media businesses grew.

The company, in an emailed statement on Tuesday, said earnings per share for the first three months of 2012 came in at 6.51 fils per share compared with 6.49 fils per share in the same period last year.

Al Khodari Sons

Saudi Arabia's Abdullah A. M. Al Khodari Sons Co on Tuesday said it had signed an Islamic credit facilities agreement for 200 million Saudi riyals (Dh195.8 million) with Saudi British Bank, better known as SABB, to meet its bond commitments, hedging and working capital needs. Al Khodari said in a statement on the Saudi bourse website that 15 per cent of the facilities will be utilised under murabaha and 85 per cent are for multi bonds, documentary credit and the cost of finance hedging until the expiry of the credit agreement on March 31 next year, though it can be renewed. The firm's shares finished trading unchanged on Tuesday at 53.25 riyals.