STC to Borrow SR6 Billion
Reuters
RIYADH, 9 August 2007 — Saudi Telecom Co. (STC) said yesterday it had agreed to borrow SR6 billion ($1.6 billion) to help finance its purchase of a 25 percent stake in Malaysia’s Maxis. The murabaha facility was agreed with Samba Financial Group, Riyad Bank, National Commercial Bank, and Al-Rajhi Bank, STC said in a statement on the Saudi bourse website. The state-controlled company said in June it had agreed to buy the stake in Maxis, Malaysia’s biggest mobile phone company, in a $3 billion deal to gain access to the markets of Indonesia and India.
UAE Firm Finds Gas Reserves
K.T. Abdurabb, Arab News
DUBAI — Dana Gas has announced a new gas and condensate discovery from its Dabayaa-1 exploration well in the West Manzala Exploration Concession in Egypt. The well penetrated a gas bearing interval in the Lower Abu Madi Sandstone. An extensive DST program was carried out giving a production rate of 16.5 million cubic feet of gas per day (2,800 barrels of oil equivalent), and 330 barrels of condensate per day.
DED Division Issues 7,103 Licenses
Arab News
DUBAI — The Business Registration Division at the Department of Economic Development (DED) issued 7,103 licenses for several types of businesses in Dubai in the first half of 2007. This is 692 more than the number of licenses issued during the same period last year (6411). The licenses were issued in three categories — Commercial, Professional and Industrial. The majority of licenses were issued in the commercial sector (5,761), followed by the professional sector (1,243) and the industrial (99), according to the comprehensive report prepared by the Economic Affairs Division at the DED.
Abu Dhabi to Host Energy Summit
K.T. Abdurabb, Arab News
ABU DHABI — Jonathon Porritt, Britain’s leading expert on sustainable development, has joined a growing list of world-renowned experts to debate the future of global energy policies and strategies at the World Future Energy Summit (WFES) which will be held in Abu Dhabi from Jan. 21-23, 2008. The global summit, presented by Masdar, will see a leadership coming together to discuss key issues surrounding sustainable and alternative energy solutions and technologies with further presentations yet to be announced including heads of state, heads of companies and others making the big sustainable energy solution decisions.
AUB to Resume Share Trading
Mehmood Rafique, Arab News
MANAMA — The $1.6 billion takeover bid by International Bank of Qatar (IBQ) to buy 55 percent shares of Ahli United Bank dashed yesterday with the offer formally turned down by Tamdeen Investment Company. The latest development paved the way for the resumption of trading of AUB shares on the BSE from Aug. 12. Director of the BSE, Fouad Rashid, issued a directive to resume trading on Ahli United Bank’s ordinary and preference shares as of Aug. 12 upon a request from the Capital Market Supervision Directorate at the Central Bank of Bahrain and a letter from the bank following Tamdeen’s announcement to reject the offer of IBQ to buy its stake and other shareholders’ stake in AUB.