Seef Properties in key deal
(Gulf Daily News
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18/01/2010)
Seef Properties has signed an agreement with Lightspeed Communications to offer value-added and innovative services for residential and business customers. Lightspeed Communications has provided wireless technology at Seef Mall, where visitors can
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Fitch rating move positive: Alaqaria
(Gulf Times
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17/01/2010)
Qatar Real Estate Investment Company (Alaqaria) has said the move by Fitch Ratings to place the company’s long term issuer default (IDR) rating and senior unsecured ratings of BBB+ on ‘rating watch positive’ is a is ‘positive development’. Fitch
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Mazaya IPO to raise QR500 million
(The Peninsula
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17/01/2010)
The initial public offering (IPO) of Mazaya Qatar Real Estate Development Company (Mazaya) is set to kick-off today and will continue up to January 31, 2010. Mazaya is offering 50 million shares for public subscription and this represents 50 percent of
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Barwa Bank announces acquisition of The First Investor (TFI)
(CPIFINANCIAL
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17/01/2010)
Barwa Bank, a major new Qatari financial services provider, today announces the approved acquisition of Qatari based investment shareholding company, The First Investor. The acquisition by Barwa Bank has received full approval from the Qatar Central Bank
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Barwa’s Banking Unit Acquires The First Investor (Update1)
(Bloomberg
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17/01/2010)
Barwa Real Estate Co., Qatar’s second-largest property developer by market value, made its second acquisition this year as its banking unit gained control of The First Investor. Barwa Bank bought the local investment firm after getting approval from the
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Fitch notes Alaqaria rating positive, Moody's downgrades
(AME Info
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16/01/2010)
This will affect Alaqarias corporate rating as well as the rating for its $300m of outstanding Sukuk due 2012 and will result in the ratings agency upgrading or maintaining its current ratings. Fitch will review and announce its decision upon completion
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Arabtec Shareholders may Gain from Aabar Offer
(Khaleej Times
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16/01/2010)
Aabar’s potential acquisition of a majority stake in Arabtec can add significant value to shareholders of the construction firm through fundamentally improving the outlook for backlog, market share, stock valuation and earnings, Swiss investment bank
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Drake & Scull Chief Financial Officer Khaled Jarrar Resigns
(Bloomberg
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14/01/2010)
Drake & Scull International PJSC, the Dubai-based engineering contractor, said Chief Financial Officer Khaled Jarrar resigned. Jarrar’s last working day will be Jan. 14 and a replacement will be announced soon, the company said in a statement to the
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Moody’s downgrades Alaqaria to Baa1, ratings on review
(Arab Times
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14/01/2010)
Moody’s Investors Service today downgraded the ratings for Qatar Real Estate Investment Company Q.S.C. (QREIC or Alaqaria) and the $300 million Trust Certificates due 2012 (sukuk), issued by Qatar Alaqaria Sukuk Company, to Baa1 from A2. Ratings have
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Fitch & Moodys’ Credit Rating Reviewed QRES Current Rating
(Press Release
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14/01/2010)
Qatar Real Estate Investment Co. has announced that the rating agencies have reviewed the current rating of the company following the preliminary announcement of the merger with Barwa, as follows: • Fitch Rating: under review with positive outlook at
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Fitch places Alaqaria on watch positive on Barwa's acquisition plan
(AME Info
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13/01/2010)
Fitch Ratings has today placed Qatar Real Estate Investment Company Q.S.C. (Alaqaria) Long-term Issuer Default rating (IDR) and senior unsecured rating of BBB+ on Rating Watch Positive (RWP). Fitch also affirmed the Short-term IDR of F2. This follows the
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Dar Al-Arkan profits fall in 2009
(Reuters
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13/01/2010)
Saudi property developer Dar Al-Arkan said net profit fell 10 percent in 2009 after it focused on lower income apartments, seen as accounting for the bulk of a large housing deficit in the Kingdom. The company, Saudi Arabia’s largest developer by market
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Arabtec Asserts it Complied by SCA Rules
(Khaleej Times
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13/01/2010)
Arabtec Holding PJSC has claimed that it has fully complied by the disclosure regulations of the Securities & Commodities Authority (SCA) while dealing with the proposal from Aabar Investments PJSC to acquire its shares. The company on Tuesday issued a
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DARALARKAN announces its financial results for the twelve month period
(Press Release
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13/01/2010)
Dar Al Arkan Real Estate Development Company announces its audited annual consolidated financial results for the period ending 31/12/2009 as follows: 1. Net income for the fourth quarter was SAR 463.7 million, compared to SAR 433.2 million for the
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Union Properties may sell assets
(Reuters
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13/01/2010)
Dubais Union Properties is considering the sale of some of its completed property assets to generate liquidity and enhance revenues, its chairman said, as the company struggles amidst a real estate downturn. Khalid bin Kalban said in an interview there
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Drake & Scull wins 2 contracts worth $49m
(Trade Arabia
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13/01/2010)
Drake & Scull International (DSI), through its Abu Dhabi Subsidiary, has been awarded two contracts worth Dh182 million ($49.5 million). The first contract is a Dh64 million Mechanical, Electrical & Plumbing (MEP) deal for Centro Hotel, Capital Center, a
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Q4 to bolster 2009 results
(Business 24|7
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12/01/2010)
The fourth quarter performance of UAE corporates is likely to indicate recovery in late 2009 and improved earnings for the first quarter of 2010 as telecom, banking and realty companies are projected to announce encouraging results with minor exceptions
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Arabtec defends disclosures on Aabar deal
(Reuters
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12/01/2010)
Dubais Arabtec said it had a "full commitment to disclosure" to authorities after its shares jumped 30 percent in the two weeks before Abu Dhabis Aabar Investments purchased a 70 percent stake. Arabtec said it had confirmed to the Securities and
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Mazaya Qatar announces QR500m IPO at Doha press conference
(AME Info
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12/01/2010)
Mazaya Qatar Real Estate Development Company (QSC) revealed in a press conference held at the Grand Hyatt Doha on Tuesday 12 January 2010 the launch of its QR500m initial public offering (IPO). The company will offer 50 million shares, representing 50%
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Mazaya Qatar Real Estate Offers 50m shares for IPO
(Khaleej Times
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11/01/2010)
Mazaya Qatar Real Estate Development Company, recently announced in Doha its intention to offer 50 million shares, representing 50 per cent of total capital, for public offering after receiving the approval of the Qatar Financial Markets Authority. The
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Ministry approves IHG merger with Ezdan Real Estate
(The Peninsula
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11/01/2010)
The Ministry of Business & Trade and Qatar Financial Markets Authority have agreed to merge the International Housing Group with Ezdan Real Estate Company. The Exchange rate for the two companies’ shares is: one share for Ezdan Real Estate Co and 1.2
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Investors cool to Arabtec selloff
(Gulfnews
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11/01/2010)
Arabtecs stock dropped 6.92 per cent after the construction company said it would sell a 70 per cent stake to Aabar Investments. Investors sold the stock as the deal is seen as negative in the short term for its minority stakeholders. Meanwhile, Aabars
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Arabtec may need $1.7bn investment by Aabar
(Agencies
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11/01/2010)
Dubai-based Arabtec Holding may need a $1.7 billion investment by Abu Dhabi’s Aabar Investments to cope with future losses, analysts said on Sunday, as its shares fell 6.9 percent. On Friday, investment firm Aabar, 71 percent owned by the UAE federal
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Arabtec Stocks Plunge 6.9pc after Aabar Deal
(Khaleej Times
-
11/01/2010)
Arabtec shares plunged on Sunday, a day after the company confirmed a Dh6.4 billion stake sale to Aabar Investments. The deal, seen as negative to Arabtec’s minority shareholders, weighed on Dubai Financial Market’s General Index, which fell 1.24 per
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Arabtec's deal may signal looming losses, shares fall
(Reuters
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11/01/2010)
Dubai-based Arabtec Holding may need a $1.7 billion investment by Abu Dhabis Aabar Investments to cope with future losses, analysts said yesterday, as its shares fell 6.9 percent. On Friday, investment firm Aabar, 71 percent owned by the UAE federal
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