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Emaar wins ‘Property Company of the Year’ Award
Emaar Properties, the Dubai-based global property developer, received the ‘Property Company of the Year’ award at the Arabian Business Awards 2006. This award is Emaar’s fourth this year after ‘Best Real Estate Brand in the GCC’, ‘Best Developer in the UAE and Egypt’, and ‘Developer of the Year’. Emaar has been following a strategy of expansion and diversification, which has seen it enter into projects in more than 15 countries including a $20 billion project in downtown Dubai and a recent $500 million residential project in Jordan. Emaar recorded an increase in its first half-net profits of 21%, reaching $831 million.
SABIC Group Issues First Saudi Arabian Corporate Eurobond
SABIC Europe B.V, the European subsidiary of Saudi Basic Industries Corporation (SABIC), issued the first Saudi Arabian corporate Eurobond. This euro 750 million ($975 million) Eurobond issue is part of the company’s raising of euro 2 billion ($2.62 billion) in debt led and bookrun by HSBC and aimed at refinancing existing debt, funding new capital increases programs, and financing other general purposes. The loan facility was well oversubscribed, a clear indication of global investor interest in the company. SABIC, the largest company in the Middle East by market capitalization ($70 billion), reported total profits of $2.35 billion in the first six months of 2006.
Overall Arab Economic Freedom
Fraser Institute granted its “Overall Arab Economic Freedom Award 2006” for the second consecutive year. This award is based on Fraser’s Economic Freedom Index ranking Arab governments in recognition of their achievements in the creation of wealth through the promotion of economic freedom. Five awards including the “Lean Government Award”, “Rule of Law Award”, “Sound Money Award”, “Free Trade Award”, and “Ease of Business Award” were the parameters constituting the measure of economic freedom. Oman scored highest for the second year running with an overall score of 8. Kuwait came in second, up one rank from last year, with a score of 7.8. Lebanon and the United Arab Emirates (UAE) tied at third place with a score of 7.7. Jordan, Saudi Arabia and Yemen followed with scores of 7.6, 7.5 and 7.4 respectively. Egypt, Tunisia, Syria and Morocco ranked 8th through 11th; while Algeria scored 5.3, the lowest among ranked Arab countries. Of the above-mentioned ranked countries, six saw their scores deteriorate; three witnessed score increases, while the remaining three countries maintained the same scores as last year.
