Emaar Properties to Raise $1 Billion
Arab News
DUBAI, 4 October 2006 — Emaar Properties will raise $1 billion through Musharaka Islamic syndication. The five-year facility will primarily be used to finance Emaar’s large-scale international projects and complete its multi-billion dirham projects in the UAE. The syndicated Musharaka facility is the first debt issue for Emaar in terms of size and scope, and will be instrumental in meeting the company’s growth needs in the near future. The pioneering transaction is crucial in reinforcing Emaar’s ties with global financial powerhouses that will participate in the syndication. “The Musharaka Islamic syndication reiterates Emaar’s “Vision 2010” of becoming one of the world’s most valuable companies through international expansion and diversification. Working with key global Islamic finance institutions further enhances our position in the capital markets,” said Emaar Properties Chairman Mohamed Ali Alabbar.
RAK Petroleum, AEL Sign MOU
Arab News
RAS AL KHAIMAH — The newly formed Ras Al Khaimah Petroleum has signed a Memorandum of Understanding (MOU) with Anzon Energy Limited (AEL), a UK-listed company. The MOU provides a platform for both companies to expand their current portfolios — for RAK it means an international expansion while for Anzon it represents an expansion beyond its strongholds of Australia and Indonesia. Initially the focus will be on the Middle East where the complementary skills provided by AEL will assist the rapid growth of oil and gas opportunities. In addition to this, RAK Petroleum will also make some significant financial commitments to the Anzon Group.
DFM Introduces Guide for Companies
Arab News
DUBAI — Dubai Financial Market (DFM) yesterday launched “Companies Guide 2005,” described as the first ever guide of companies listed on DFM. The first edition of the guide was launched by Essa Kazim, director general of DFM and the first copy was dedicated to Sheikh Mohammed ibn Rashid Al-Maktoum, vice president and prime minister of UAE and ruler of Dubai, the visionary and motivating force behind the formation and success of DFM.
The guide comprises comprehensive details of 34 listed companies in five sectors — banking, industry, insurance, investment and services. It includes contact details of companies, date of incorporation, auditors, legal advisers, board of directors, ownership ratio, ownership structure and number of shareholders.
Hircon Starts Marina Project
Arab News
DUBAI — Hircon International, a joint venture between the leading Hiranandani group and ETA Star properties, have announced the commencement of construction work on 23 Marina, the 90 storied marvel at Dubai Marina, at a press conference held here yesterday. Upon completion, 23 Marina will be one of the world’s tallest residential buildings. Hircon International has awarded a contract of over half a billion dirhams to Dubai Civil Engineering (DCE) to build the iconic 90 storied tower that will offer residents a choice of superior quality two and three bedroom apartment and four bedroom duplexes deigned for an elite and luxurious lifestyle. Abid A. Junaid, executive director, ETA Star said: “The 23 Marina is Hircon International LLC’s grand contribution to Dubai’s vision of positioning itself as the world’s top cosmopolis acclaimed for its innovative facilities, ambitious developments and exclusive living.”
Dubai Woodshow Exhibition Set
Arab News
DUBAI — The second Dubai Woodshow exhibition will be held at the Dubai World Trade Center from Feb. 27 to March 1, Strategic Marketing & Exhibitions, organizer of Dubai International Wood and Wood Machinery Show, has announced. “Dubai Woodshow 2006 has had a phenomenal opening outing, and the overwhelming response from exhibitors and visitors alike has encouraged us to hold the event on a much bigger scale next year,” said Dawood Al-Shezawi, managing director of Strategic Marketing & Exhibitions. The three-day show is the only dedicated wood and wood machinery exhibition in the Middle East. The Dubai Chamber of Commerce and Industry (DCCI), American Hardwood Export Council (AHEC) and Czech Woodworking Machinery Manufacturers Association (CWMMA) are supporting the show.