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UAE to pump $19bn into bank deposits, says report
DUBAI: The United Arab Emirates will inject 70bn dirhams ($19.06bn) into long-term bank deposits under a government plan announced this month to address a liquidity shortage, a newspaper reported yesterday. The UAE last week ordered funds to be transferred to the finance ministry and used to help lenders stave off the effects of the global credit crisis, but it gave no details on how this would happen.
“These facilities would be directed to banks as long-term deposits to enhance liquidity, which would help banks expand lending activities to the (level) they were at about three months ago,” Arabic-language daily Al Ittihad quoted a well-informed source as saying. Officials of the Ministry of Finance and UAE central bank met on Saturday to discuss the mechanism for injecting the funds, it added.
Global credit markets have dried up as the West faces its biggest financial crisis since the 1930s Great Depression. State and private investors in the Gulf region, booming thanks to six years of high oil prices, have been funnelling billions of dollars into infrastructure projects which demand massive amounts of continuous credit.
Oman cash injection urged
DUBAI: Oman’s Chamber of Commerce and Industry called on the government to inject cash into local banks so they can finance development projects, the Ministry of National Economy said yesterday. Participants of a meeting hosted by the chamber’s economic committee made “an appeal for financial liquidity to be provided to local banks operating in Oman, so they can cover the needs of current and future developmental projects,” the ministry said in statement on its website.
Gulf governments are taking measures to help their banks stave off the effects of the global credit crisis, including cutting interest rates, providing emergency funds, loosening lending curbs and guaranteeing deposits.
Dubai opens annual IT show
DUBAI: The Middle East’s largest information technology event, Gitex Technology Week 2008, opened yesterday in the Gulf emirate of Dubai. Dubai ruler Sheikh Mohamed bin Rashid al-Maktoum, inaugurated the annual show which is expected to attract some 130,000 visitors. More than 3,300 companies from 83 countries are taking part in the fair.
This year will be the 28th Gitex, organised by Dubai’s World Trade Centre. Dubai is in the vanguard of the IT sector in the region. It is home to Dubai Internet City and Media City, duty-free zones for electronic commerce and the media respectively.
Bourses to list ETFs in 2009
ABU DHABI: The bourses of Abu Dhabi and Manama plan to list the region’s first exchange traded funds (ETFs) despite a slump in global markets, top officials of the bourses said yesterday. ETFs are investment vehicles that hold assets such as stocks or bonds and trade at almost the same price as the net value of its underlying assets over the course of the trading day.
The Abu Dhabi Securities Exchange (ADX) plans to list at least two local and two foreign ETFs by early 2009, its top executive said, while Manama’s securities market is aiming to launch ETFs in the first half, a Bahraini official said. “Towards the end of this year or at latest, early next year, we will be listing our first ETF from domestic banks. There’s also significant interest from Taiwan, Japan and Pakistan,” said Tom Healy, CEO of ADX said at an ETF Investment Conference.
Tamweel, Amlak discuss merger
DUBAI: Dubai Islamic mortgage providers Tamweel and Amlak Finance said yesterday they would release details soon on how they will obtain liquidity as they complete their planned merger. “All key stakeholders have reaffirmed their strong support for a potential combination of the two entities,” the firms said in a joint statement on the Dubai bourse website.
The firms were working with the government “to arrange access to liquidity and funding alternatives, to the extent necessary, to fulfill ongoing business plans,” they added. State shareholders include the Investment Corp of Dubai.
Al-Oula plans $800mn sukuk issue
RIYADH: Saudi developer Al-Oula plans to sell Islamic bonds worth 3bn riyals ($800mn) within two years, its chief executive president said yesterday. “We have a sukuk issue programme which is expected to start within 1 to 2 years, with a first tranche of 3bn riyals,” Abdulaziz al-Duailej said.
“We have mandated financial advisers to get us a rating ahead of the issue.” Al-Oula, launched in 2002, plans to build 20,000 housing units in Saudi Arabia within five year, he said. “The estimated cost of these projects is 20bn riyals ... Of course this figure might have changed given a decline in construction costs,” Duailej said. – Agencies
Source: Gulf Times
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