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HC UAE Brief 05-11-2009
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Headline News
Vodafone Qatar disclosed their semi annual financial statements for the period ending September 30, 2009, revealing a net loss of QAR349.4 Million in comparison to QAR37.5 Million from June 23.2008 to September 30.2008. Alongside, to ensure proper and up-to-date transparency and disclosure, the management at Qatar Exchange contacted VFQS seeking further clarification on the most recent news published in local newspaper concerning obtaining a second fixed license. In response, VFQS issued further clarification which stated that In September 2008, the consortium containing VFQS and Qatar Foundation were announced by ictQATAR to be the winning applicant for the second fixed license. It is not the mobile telecommunication company VFQS who were selected as the winning applicant. The consortium is currently working through the pre-grant requirements specified by ictQATAR prior to being awarded the license. The management anticipates that this could be finished by the end of November 2009 to enable the first fixed services to be launched in late 2010. (Zawya Dow Jones, DSM)
Commercial Bank of Qatar plans to sell U.S. dollar bonds and list them on the London stock exchange. It is proposed that the bonds to be issued will be in the form of Tier II capital for the bank and or senior notes. CBQK will meet investors in the US, ASIA, EUROPE, and MIDDLE EAST. (Zawya Dow Jones)
Moody’s Investor Services downgraded major government controlled after the emirates department relinquished its obligations to the firms debts in late October. DP World issuer and debt were downgraded to A3 from A1. Dubai Electricity & Water Authority issuer and debt ratings were downgraded to A3 from A1.DIFC Investments issuer and debt issuer and debt ratings were downgraded to A3 from A1. Jebel Ali Free Zone issuer and debt were downgraded to Baa1 from A3 and Emaar Properties issuer ratings were maintained to Baa1. (Zawya Dow Jones)
The Burj Dubai opening has been delayed to 4 January 2010. (Emirates Business 24-7)
Click here to download the complete report
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