Dubai: Commercial Bank of Dubai (CBD), Thursday said it raised $450 million via a three-year loan that it will use for general corporate purposes. CBD, in an emailed statement, said Germany's Commerzbank AG coordinated the loan. CBD added that it had planned originally to raise $400 million but the facility was oversubscribed at $450 million.
"The facility has a maturity of three years from the date of drawdown and will be used for general corporate purposes," according to the statement. Dubai's government owns 20 per cent of CBD and is listed on the Dubai Financial Market.
Kuwait Gulf Investment
Kuwiat Gulf Investment Corporation (GSC) has on Wednesday successfully issued $253 million under its existing 20-year $1.18 billion Sukuk Wakalah bi Istithmar Medium Term Notes Programme (the GIC Sukuk).
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AmInvestment Bank Berhad acted as the Sole Lead Manager for this GIC Sukuk issuance with AmIslamic Bank Berhad appointed as the Transaction Agent to facilitate the commodity trading via the Suq Al Sila' trading platform on Bursa Malaysia (Bursa Suq Al Sila).
This is the second issuance from the GIC Sukuk and the fourth issuance from GIC in Malaysia since 2008.
The GIC Sukuk which has been assigned a long- term rating of AAA by RAM Rating Services Berhad will enable GIC to tap the Malaysian capital markets for long-dated funding and improve its asset-liability management, thereby mitigating and interest rate risks.
Kuwait Paraxylene
Kuwait Paraxylene Production Co will carry out a repair programme at its aromatics complex in Shaubia for two to four weeks beginning some time in October, traders familiar with the matter said Thursday.
"The plan is tentative, so the exact timing is not certain, and they haven't decided whether they want to shut the whole plant or just reduce the running rate," a trader said.
The maintenance is expected to increase the supply of full-range naphtha but reduce light-grade supply. The plant, which feeds on full-range naphtha, has an annual production capacity of 770,000 tonnes of paraxylene, 370,000 tonnes of benzene and 803,000 tonnes of light naphtha. Kuwait Paraxylene is a wholly-owned subsidiary of Kuwait Aromatics Co, a joint venture of Kuwait National Petroleum Co, Petrochemical Industries Co. and Qurain Petrochemical Industries Co.
Qatar National Cement
Qatar National Cement Co said first-half profit dropped to 214.3 million riyals from 256.8 million riyals a year earlier. The company made the announcement in a statement to the Qatar bourse Thursday.
Qatar International
Qatar International Petroleum Marketing Co, or Tasweeq, is offering deodorised field condensate (DFC) and Qatar low sulphur condensate (LSC) for October 2011 to end-September 2012, a tender document showed Thursday.
The tender closes on August 22 with bids valid until August 25. Tasweeq is also offering spot condensate for October, a second tender document showed. The deadline for receiving bids is also August 22, with bids remaining valid until August 25. Loading for both tenders will be from Qatar's Ras Laffan port.
Qatar Navigation
Qatar Navigation said its fully owned subsidiary Qatar Shipping has been awarded a 1.88 billion riyals, 20-year contract by Qatar Petroleum to provide services at Mesaieed port, a coastal industrial city south of Doha.
Under the terms of the deal, Qatar Shipping will provide and operate harbour tugs, pilot boats and mooring gangs at Mesaieed for 20 years from August 2014, a statement said.
Qatar Shipping, which merged with Qatar Navigation last year and is now owned 100 per cent owned by its bigger rival, already operates harbor tugs, pilot boats and mooring gangs at Mesaieed and this will continue until the new contract starts. Qatar Navigation President and Chief Executive Officer Khalifa Bin Ali Al Hetmi said in the statement "we are pleased to be able to build on our long-standing, extensive relationship with QP across a number of our business units".
— Compiled from agencies
Staff Report© Gulf News 2011. All rights reserved.
