KUWAIT: Kuwait signed more than $27 billion of investment agreements with nine Asian countries, including Brunei and the Philippines, during an Asian tour this month, its finance minister said in remarks published yesterday. The agreements were in the economic, oil, health and foreign affairs sectors, daily Awan cited Mustapha Al-Shamali as saying.

1,000 bankers to attend WIBC

MANAMA: Over 1,000 internationally renowned bankers and experts from the financial industry will attend the 15th annual World Islamic Banking Conference (WIBC) to be held later this year in Bahrain. The industry leaders, experts and regulators will deliberate upon how to shape new growth strategies in the increasingly global market for Islamic finance. The WIBC 2008 will take place in Bahrain between Nov. 23-25.

Zain’s to raise $4.5 billion

MANAMA: Bahrain head-quartered Zain announced the commencement of subscription yesterday to its capital increase which will run upto Sept. 18. This capital increase is expected to fetch $4.5 billion which the company will utilize to finance future expansion plans and meet financial commitments.

Eight investors eye Omantel stake

MUSCAT: Eight regional and global telecom companies have expressed interest in bidding for the 25 percent stake Oman is selling in Oman Telecommunications Co. (Omantel), a Finance Ministry official said yesterday. The Gulf state, which owns 70 percent of Omantel, is selling the stake to help strengthen the telecom firm’s market position as competition heightens in the region and telecom companies expand abroad to diversify their revenue streams.

Qatar, Indonesia set up $1bn fund

DUBAI: Gas exporters Qatar and Indonesia have set up a $1 billion fund to invest in energy and infrastructure, Indonesia’s ambassador to Qatar said in remarks published yesterday. Qatar is the world’s largest exporter of liquefied natural gas (LNG), while Indonesia is the third-largest. LNG is gas chilled to its liquid form for export.

GrowthGate to raise capital

MANAMA: GrowthGate, the GCC-based specialist buyout firm, has announced the completion of a $100 million private placement of shares as part of its capital raising program for the current year. The funds were contributed in full by the existing shareholders of GrowthGate and will be allocated to a series of earmarked investments in portfolio companies that are principally located in the GCC as well as other select markets of the wider MENA region.