Dubai capital market seems to be lively again after two new Islamic bonds in value of $500m respectively $650m has been issued this year. After a long period of uncertainity, this should be a turning point for secondary market as well as key driver for…
S&P Rating agency says ‘major changes’ is an essential for some companies to pursue better ops management.
Saudi Basic Industries Corp will be granted a $1 billion credit facility by Alinma Bank, plugging a financing gap at the world’s biggest petrochemicals group.
The facility aims to enhance SABIC’s financing performance, boost competitiveness and help achieve its expansion and growth stategy.
Bahraini investment house Arcapita plans to build a fund management business to complement its private equity operations after that segment was badly hit by the financial crisis, its chief executive said.
CEO Atif Abdulmalik told Reuters the firm plans to manage $10 billion worth of funds within three years and expects to generate half its revenues from recurrent fees earned on managing these funds.
Arcapita, which had $4 billion in assets as of year end, would launch a $750 million fund focusing on Asian infrastructure over the coming weeks, he said.
The company launched in February a $500 million Gulf property fund together with the investment arm of Saudi Arabia’s Al Rajhi Bank.
Bahraini investment houses relied on earning up front fees on money they raised for private equity and property deals, a market which was swept away by the burst of the Dubai property bubble late in 2008.
While most of Arcapita’s investments are outside the region, its income from placing them with investors in the Gulf dried up last year.
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