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Nakheel increases capital to $23 billion
Nakhleel, the UAE-real estate property developer, obtained the approval of the Ministry of Economy to raise its capital from Dh100m ($27.2 million) to Dh82.8 billion ($22.5 billion) in an aim to transform the company from government ownership to a private joint stock company with 827 million shares. Nakheel, the developer of The Palm, The World and Dubai Waterfront, listed the world’s largest Sukuk (Islamic-compliant bond) on the Dubai International Financial Exchange (DIFX) on Dec. 14, 2006. The $3.52 billion Sukuk, lead-managed and book-run by Barclays Capital and Dubai Islamic Bank, gives its holders the subscription rights to invest in future public share offerings by The Nakheel Group.
Batelco launches new service with Spain’s Telefonica Moviles
Batelco, Bahrain’s leading telecommunications company, announced the launching of a General Packet Radio Service (GPRS)/Multimedia Messaging Service (MMS) in agreement with Spain’s Telefonica Moviles Espana (TME). As such, any postpaid Batelco costumer with GPRS/MMS handsets and settings may use all mobile services while in Spain. This agreement brings the number of roaming agreements between Batelco and international operators to 309. Batelco reported net profits of BHD88.7 million ($235 million) in 2005 and its total assets amounted to BHD397 million ($1 billion) for the same period.
Global economic prospects 2007: MENA countries riding the oil boom
The World Bank issued its Global Economic Prospects Report 2007 entitled “Managing the Next Wave of Globalization.” The report states that the Middle East North Africa (MENA) region is “riding the oil boom” as high oil prices and strong demand are the driving forces behind the MENA economies growth. Growth in the whole region (non-oil exporting & oil exporting countries) is estimated at 4.9% in 2006, “the fastest pace in some four years.” Output of the non-oil exporting countries is expected to increase by around 5%. Lebanon’s expected GDP contraction of around 5.5% in 2006 as a result of the summer war is an exception to the strong services and agricultural growth in the non-oil exporting region. As for oil exporting economies, the rise in oil prices up to September 2006, led to large increases in these countries revenues. Growth in this region is expected at 4.9% in 2006 up from 4.7% in 2005. However, GDP growth is expected to slow down among oil exporters to 4.7% in 2007 and 4.5% in 2008 due to constraints in capacity and expected strong growth in imports.
