DUBAI: Kuwait’s Abyaar Real Estate Development Co. has postponed the sale of Islamic bonds worth up to $1 billion initially planned for this year due to the global credit crunch, a company official said yesterday. “We have postponed the bonds until a better time. No way any company can issue sukuk now. There is no cash,” Vice-President Marzouk Al-Rashdan said.
Better transport system in Dubai
DUBAI: The controversial former mayor of London Ken Livingstone yesterday urged Dubai to recognize the need for an efficient public transport system if it wants to succeed in becoming a major financial center. Livingstone, who has strong ideas on how cities should be run and the driving force behind the London’s successful 2012 Olympic bid, was speaking to regional and international press at Cityscape Dubai.
Overweight rating for Sipchem shares
MANAMA: Securities and Investment Company (SICO), the Bahrain-based regionally focused investment bank, has initiated research coverage of Saudi International Petrochemical Company (Sipchem) with an overweight rating. SICO’s research indicates a fair value target of SR43.10 for Sipchem’s shares, offering 68 percent of upside compared to the current share price.
