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Dubai Islamic Bank is said to consider acquiring Noor Bank
Dubai Islamic Bank, the United Arab Emirates’ biggest Islamic lender, is considering buying its smaller rival Noor Bank, people with knowledge of the talks said. The bank has held preliminary discussions with Dubai-based Noor Bank’s shareholders, said the people, asking not to be identified because the information is private. Discussions are at an early stage and may not lead to a deal. The acquisition would create a lender with $75 billion in assets. The Middle East’s financial industry is witnessing a wave of consolidation as banks seek ways to improve competitiveness and boost capital amid slowing economic growth. Abu Dhabi is in the process of merging three of its banks after combining two in 2017. Banks in Saudi Arabia, Kuwait and Bahrain are also holding merger talks. Investment Corp. of Dubai, the emirate’s main state-owned holding company, is the largest shareholder in Dubai Islamic Bank with a 28 percent stake. It’s also one of the biggest investors in Noor Bank, a lender set up in 2008. Dubai Islamic Bank had assets of 224 billion dirhams ($61 billion) at the end of 2018 compared with Noor Bank’s 51 billion dirhams, according to data compiled by Bloomberg.
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Dubai Arena signs ten-year naming rights deal with Coca-Cola
Coca-Cola has signed a ten-year naming rights deal with Dubai Arena, the 17,000-capacity venue that will open in June with a concert by Maroon 5. The newly-built City Walk venue, which was recently toured by Sheikh Mohammed, Ruler of Dubai and Sheikh Hamdan, Dubai Crown Prince, will now be called the Coca-Cola Arena. The day-to-day operations of Dubai Arena are being handled by international venue management company AEG Ogden, part of the Anschutz Entertainment Group. Its portfolio also includes The O2 in London, Staples Centre in Los Angeles, the Mercedes-Benz Arena in Shanghai and Qudos Bank Arena in Sydney. The multipurpose venue, capable of hosting events in Dubai all year-round, will host comedian Russell Peters for its first event on June 6, 2019. The next act announced to play is Maroon 5, who will play the Coca-Cola Arena on Friday, June 14, 2019, as part of the band's ‘Red Pill Blues' tour. The city's new multi-purpose venue developed by Meraas at City Walk is the largest indoor arena of its kind in the Middle East and North Africa region. The venue's 17,000 capacity includes 42 hospitality and corporate suites.
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Carlyle to buy as much as 40% of Cepsa from Abu Dhabi's Mubadala
Carlyle Group LP plans to buy a stake valued at as much as $4.8 billion in Cepsa from Mubadala Investment Co, about six months after the Abu Dhabi sovereign fund shelved plans to list the Spanish oil refiner. Carlyle will acquire 30 percent to 40 percent of Cepsa, valuing the company at $12 billion, according to a statement. Mubadala will remain the majority shareholder and the transaction is expected to be completed by the end of 2019. Mubadala last year shelved plans for an initial public offering of a 25 percent stake in Spanish refiner as investors balked at the valuation amid a stock market rout. Italy’s Eni SpA and Austrian oil and gas producer OMV AG agreed to pay about $5.8 billion for a stake in Adnoc’s refining unit, while Baker Hughes said in October it plans to buy a 5 percent stake in Adnoc’s drilling business. Cepsa is also an oil producer in Algeria and operates in Central and South America, as well as South East Asia Equity for the investment, will come from Carlyle International Energy Partners I & II, Carlyle Partners VII, Carlyle Europe Partners V, and co-investors. The transaction is subject to customary regulatory approvals. Mubadala says the agreement marks the conclusion of a dual-track process through a public offering and private placement to bring in new partners as part of its portfolio management strategy
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Saudi logistics sector forecast to grow to $60bn market by 2024
Growth prospects for the Saudi logistics industry look promising over the next five years, according to new research. Frost & Sullivan said economic diversification, policy reforms, tax regimes, and FDI policies are shifting in favor of an open economy and encouraging private investment. Its report added that the advent of technology and the nation’s vision on economic diversification are creating opportunities across several industry sectors such as retail, e-commerce, healthcare, and other non-oil-based industries. Frost & Sullivan analysts forecast the market to reach $60.68 billion by the end of 2024, driven by government initiatives in trade and industry promotion, development of economic cities, infrastructure development, and economic diversification. "Saudi Arabia is focused on diversifying from oil and increasing GDP contribution from non-oil sectors by developing economic, industrial cities,” said Frost & Sullivan. "Until recently, Saudi Arabia was a closed market. However, the recent initiatives on economic diversification have opened doors to industrial, retail, and logistics players around the world by allowing 100 percent FDI ownership." Frost & Sullivan's report added: "This region is extensively focusing on industrialisation and improving the transport infrastructure to become a transshipment hub.
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Interest in Saudi Aramco bond sale said to reach $26bn
In a bond sale closely watched by investors globally, Saudi Aramco and its bankers are preparing to kick off what could be at least a $10 billion offering next week. Early indications suggest investors are already crowding in. A message circulated among investors on 5 April 2019 said interest in the most highly anticipated sale of the year already totaled more than $26 billion, according to people with direct knowledge of the matter. The state-owned oil giant and bankers spent the last week drumming up support for its debut offering at presentations in cities ranging from New York and Chicago to Singapore and Tokyo. In a bond sale closely watched by investors globally, Saudi Aramco and its bankers are preparing to kick off what could be at least a $10 billion offering next week. Early indications suggest investors are already crowding in. A message circulated among investors on 5 April 2019 said interest in the most highly anticipated sale of the year already totaled more than $26 billion, according to people with direct knowledge of the matter. The state-owned oil giant and bankers spent the last week drumming up support for its debut offering at presentations in cities ranging from New York and Chicago to Singapore and Tokyo. The success of the sale is hugely important for banks, such as JPMorgan Chase & Co, that are working on the company’s behalf. They are eager to run an initial public offering by Aramco - the world’s most profitable company - if and when it comes, which would bring lucrative fees for the selected banks.
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Saudi's SALIC makes first Australian farming acquisition
A unit of the Saudi Agricultural and Livestock Investment Company (SALIC) has announced the acquisition of Baladjie, an aggregation of over 200,000 hectares of farming in Western Australia’s wheat belt that also carries a 40,000-head Merino sheep flock. The aggregation comprised John and Julie Nicoletti’s farming interests and other third-party options. The transaction closed on 4 April 2019 after receipt of non-objection approval from Australia’s Foreign Investment Review Board (FIRB). SALIC CEO, Matthew Jansen, said: “The acquisition of Baladjie is an important step for SALIC as we continue to build our global footprint in a meaningful way. It is our first acquisition in Australia as well as our first investment in sheep production.” SALIC Australia is a wholly owned subsidiary of SALIC, a Riyadh-based investment company 100 percent owned by sovereign wealth fund, the Public Investment Fund (PIF). It aims to be a food security-focused agribusiness investment company. William England, SALIC’s head of production agriculture investments, said that the local team will build on the legacy of John Nicoletti with plans to manage the livestock and grain production enterprise for the long term with a focus on sustainability, profitability, environmental responsibility, and support for the local rural community.
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Dubai Annual Investment Meeting 2019
@ Dubai World Trade Centre
Date: 08 April - 10 April 2019
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D&B Business Valuation
D&B Business Valuation Study is a neutral, third party and comprehensive assessment of the prospects of the business entity. As a part of the business assessment process, a comprehensive business valuation report is submitted that cover issues related to nuances of the business. The business valuation report helps investors, banks and financial institutions validate their own research findings and make a more informed decision. The neutral assessment and the analysis conducted on different dimensions also assist the users of the report to understand better the risks inherent and can formulate strategies to mitigate the same.
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02 Jan 2023
17 Sep 2018
31 Jul 2017
GULF DWC LLC operates 
in the U.A.E territory.