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Dubai : Emirates Bank completes funding of Dh292m for float glass plant

Dubai: Emirates Bank yesterday said the Dh292 million facility for Emirates Float Glass (EFG) has been successfully closed, and oversubscribed. Emirates Bank is the mandated lead arranger, and bookrunner for the transaction. Participating banks are Abu Dhabi Commercial Bank, Lloyds Bank and Commercial Bank of Dubai as lead arrangers and Union National Bank as co-arranger. …

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Europe group chosen for Dh5b Yahsat satellite deal

Staff Report Dubai: Al Yah Satellite Communications Company (Yahsat), a wholly-owned subsidiary of Mubadala Development Company, has selected a consortium of EADS Astrium, Thales and Alenia Space as the preferred bidder to build a Dh5 billion dual satellite communications system, the company said in an e-mailed statement. Yahsat was incorporated earlier this year and is …

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Deyaar’s IPO oversubscribed 14 times on strong investor interest

Staff Report Dubai: Real estate firm Deyaar’s Dh3.178 billion initial public offering (IPO), the largest public issue so far, has been oversubscribed more than 14 times, an e-mailed statement said. The issue, which closed on May 16, attracted over 85,000 subscribers, collecting over Dh45 billion. Shuaa Capital is the lead manager, financial advisor and sole …

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Profit-booking dents Dubai index as Emaar disclosure delay continues

By Ahmed A. Elewa, Staff Reporter Abu Dhabi: The UAE markets closed on a mixed note yesterday, with Dubai’s benchmark index falling by 0.34 per cent to 4,156.38 and Abu Dhabi’s general index advancing by 0.68 per cent to 3,347.27. In Dubai, the marginal decline was attributed to profit booking, while some analysts blame the …

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Gulf Air begins a painful process of restructuring and returning to profitability as Bahrain becomes the soleowner of the airline.

As he sat oozing with confidence, Bahrain’s Crown Prince Shaikh Salman Bin Hamad Al Khalifa had one clear message for the people sitting around the long table in Gulf Air’s meeting room: « Gulf Air will succeed under Bahrain’s sole ownership. It will not be easy, but it will be possible. » This statement and others by …

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Dubai : Family businesses show better prudence

Dubai: Family-owned GCC conglomerates are strong on credit quality and accounting standards, according to a report by Moody’s, the international rating agency. « Whilst financial transparency and conglomerate-type business strategies pose analytical challenges, such companies also frequently demonstrate hidden credit strengths, » said Moody’s Investors Service. Analysing the key characteristics and issues involved in assessing the credit …

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