| 24 Jul 2010 |
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NBAD to meet Australian investors this week
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Saturday, Jul 24, 2010
Gulf News
‘Non-deal’ road show is not a prelude to a bond issue but a means of presenting information on financial sector
Dubai The National Bank of Abu Dhabi (NBAD)The National Bank of Abu Dhabi (NBAD)
, the UAE’s second largest bank by assets, is ready to take another step towards closer investment ties with Australia as it prepares to meet bond investors this week in Melbourne, Sydney and Brisbane.
NBADNBAD
does not plan a bond issue “in the short term”, one person close to the situation told Gulf News on condition of anonymity because he is not authorised to speak on the subject. “This will be a non-deal road show. NBADNBAD will meet investors in Melbourne on Tuesday, Sydney on Wednesday and Brisbane on Thursday. It will simply make presentations without a specific agreement being discussed or finalised.
“The purpose is simply to present the UAE’s financial sector to Australian investors in the form of information dissemination,” the person said.
The NBADNBAD presentations are being hosted by ANZ and the Commonwealth Bank of Australia, according to a Reuters report.
Financial and trade ties between the two nations could certainly use a boost. According to the latest official data available, Australia’s merchandise trade with the UAE fell 32 per cent to A$4.24 billion (Dh13.8 billion) in 2009 compared with the previous year.
Imports from the UAE — comprising mainly crude petroleum — were only 7.6 per cent lower in 2009 at A$2.14 billion. Exports to the UAE — gold, zinc and meat being the main components — fell a massive 46.3 per cent A$2.11 billion over the same period.
Many large Australian services firms have an office in the UAE. These include Leighton, Worley Parsons and Woods Bagot.
Minister of Foreign Affairs Shaikh Abdullah Bin Zayed Al Nahyan made his first official visit to Australia in February, aimed at promoting increased business, trade and travel relations. He met top officials, including Kevin Rudd, the prime minister at the time.
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BOX
UAE-based investment company Al Barakah has shown interest in developing agriculture and farming projects in Bulgaria.
This transpired after talks between Bulgaria’s agriculture minister Miroslav Naydenov and representatives of Al Barakah, according to a news report in Sofia-based Standart newspaper.
Naydenov informed his Arab partners that Bulgaria’s mild climate and fertile soil offer excellent opportunities for the development of agriculture and farming projects. Companies from Qatar and Kuwait have also shown interest in Bulgaria’s agriculture sector.
KIcker
By Yazad Darasha ?Business News Editor
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