MENA-1

MONDAY MORNING ROUND-UP

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UAE

ADCB in talks with Aabar about RHB stake sale Dubai launches USD5 billion bond programme

Kuwait Qatar

Director Al Saif says Kuwait bourses privatisation process is too fast Vodafone Qatar plans fixed-line services from 2012 Barwa appoints new CEO Qatargas CEO expects higher demand for natural gas

Bahrain

Al Wefaq holds 4,000-person rally in Bahrain with state approval

Agenda

Qatar Mon 13 June >> Zad Holding EGM

UAE News

ADCB in talks with Aabar about RHB stake sale Abu Dhabi Commercial Bank (ADCB) [ADCB.AD] announced that it has received approval from the Central Bank of Malaysia to enter into talks with Aabar Investments regarding the potential sale of its stake in RHB Capital. ADCB is looking into the sale of its 25% stake in RHB Capital, which it bought for USD1.23 billion in 2006. (Zawya Dow Jones) ADCB: AED3.09, Rating: Buy, FV: AED3.00, MCap: USD4,047 million, ADCB UH / ADCB.AD Dubai launches USD5 billion bond programme The Government of Dubai has launched a USD5 billion bond programme to bridge its budget deficit and finance growth, according to the prospectus. Dubai has mandated UBS, Royal Bank of Scotland, and Emirates NBD (ENBD.DU) as joint lead managers for the new issue. Dubais economy expanded 2.4% in 2010 after contracting 2.4% in 2009.Real gross domestic product was AED293.6 billion in 2010, according to information contained in the prospectus. Dubais government budget deficit reached AED6.0 billion in 2010 the prospectus showed on 12 June 2011. (Zawya Dow Jones, Bloomberg, Reuters) Emirates NBD: AED4.23, Rating: Buy, FV: AED4.50, MCap: USD6,405 million, ENBD UH / ENBD.DU

Kuwait News

Director Al Saif says Kuwait bourses privatisation process is too fast

Kuwait Stock Exchanges Head and Director Hamed Al Saif said that he is against the way the exchange is being privatised by the government. He said that the privatisation process is too fast, as most of the companies that are listed on the exchange have financial problems. According to Al Saif, the government must sell 50% of the exchange by the end of this year under the terms of a law approved in February 2010. The remainder is to be sold to Kuwaitis in an initial public offering (IPO). (Arabian Business)

Qatar News

Vodafone Qatar plans fixed-line services from 2012 Vodafone Qatar (VFQS.QA) announced that it plans to start providing fixed-line services in Qatar by 1Q2012 if it is able to connect to Qatar National Broadband Network (Q.NBN) by then, The Gulf Times quoted the companys acting CEO, John Tombleson, as saying. The company will finish building the fixed-line network in its data centre by November 2011 and test it before connecting it to Q.NBN. Vodafone Qatar plans to obtain a USD100 million loan in the next 45 days to establish a fixed-line phone network in Qatar, Tombleson added. The company borrows through the Vodafone Group at an interest rate of 1.7%, he explained. (The Gulf Times, Bloomberg) Barwa appoints new CEO Barwa Real Estate Company (BRES.QA) announced that its board of directors has decided to appoint Mr. Abdulla bin Abdulaziz Turki Al-Subaii as Group CEO, the company said in a statement to the Qatar Exchange. Al-Subaii has been appointed as Barwas acting Group CEO on 17 April 2011. (Qatar News Agency, Qatar Exchange) Qatargas CEO expects higher demand for natural gas Qatargas Chief Executive Officer (CEO), HE Sheikh Khalid Bin Khalifa Al Thani, said that he expects demand for liquefied natural gas (LNG) to rise, with many countries considering reducing the use of nuclear energy in light of the nuclear crisis in Japan, Qatar News Agency reported. Qatargas has agreed to supply for one year, starting from 16 April 2011, additional LNG volumes, equivalent to 60-plus conventional LNG cargoes to Japan. Qatargas supplies a total of 6 million tonnes per annum (mtpa) of LNG from Qatargas 1 to Japan under long-term contracts. Al Thani explained that Qatargas total investment between 2011 and 2017 will reach around USD4.5 billion. This includes the Jetty Boil Off Gas (JBOG) project, Laffan Refinerys Receiving and Loading Facility Project (RALF), Laffan Refinery 2, Diesel Hydro Treator (DHT) and Helium 2. (Qatar News Agency)

Bahrain News

Al Wefaq holds 4,000-person rally in Bahrain with state approval Al Wefaq, the main Shiite opposition group in Bahrain, held a rally yesterday with about 4,000 people after receiving government approval, Bahrain News Agency (BNA) reported, citing a statement from the General Director of the Northern Governorate Police Station. The rally was permitted because Al Wefaq informed the authorities ahead of the event, BNA reported on 12 June 2011. (Bloomberg)

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