KUWAIT, 5 March 2006 — Newly established independent Kuwait Energy Company (KEC) plans to raise 53.7 million dinars ($183.8 million) through a share issue, the issue manager said in a statement published yesterday. Global Investment House said the company would increase its capital to 50 million dinars by issuing 490 million shares at 109.5 fils each but did not say whether that included a premium. Global said KEC was boosting its capital to invest in the oil and gas sector in the Middle East, Africa and Central Asia. KEC is to be listed on the Kuwait bourse in 2008, three years after its establishment in August, it said.

Emaar to Invest $5bn in Health Care

DUBAI, 5 March 2006 — Emaar Properties plans to invest 18.35 billion dirhams ($5 billion) in health care in the Middle East, North Africa and South Asia over the next ten years, the UAE company said yesterday. Emaar plans to construct and manage hospitals, clinics, and medical centers in the region, including 100 hospitals with 200 beds each, a statement said. The leading property developer also said it would partner with established healthcare institutions and providers. “As the target region experiences massive population growth, the demand on its health care infrastructure will grow further,” Emaar Chairman Mohamed Alabbar said.

EITC IPO Opens to Strong Demand

DUBAI, 5 March 2006 — Investors were rushing to banks in the United Arab Emirates yesterday as the country’s second telecom operator opened a 2.42 billion dirham ($658.8 million) initial public offering, which is expected to generate strong demand in an IPO-starved market. The founding shareholders of Emirates Integrated Telecommunications Company (EITC) are offering a 20 percent stake to UAE nationals in the IPO. The UAE announced last year that it would open up its telecommunications market to competition, ending the virtual monopoly of Emirates Telecommunications Corp (Etisalat).

Iskan Real Estate Firm Established

ABU DHABI, 5 March 2006 — Iskan Real Estate, a private joint stock company with a capital of 2.5 billion dirhams ($680.6 million), has been set up in the UAE capital, the official news agency WAM said on Friday. It quoted the founders committee as saying that the company, 49 percent of whose shares are to be offered to Gulf Arab nationals and expatriates, is preparing several projects in Abu Dhabi and the eastern emirate of Fujairah.