(MENAFN - The Peninsula) The Saudi-based Islamic Development Bank (IDB), Saudi lender Dallah Albaraka Group and Qatar have signed an agreement to launch an Islamic bank, officials said yesterday. The lender would be based in Doha and have a paid up capital of 1bn, officials told the IDB's annual conference in the Sudanese capital Khartoum. No more details were immediately available. Jeddah-based IDB finances projects to fight poverty in Muslim countries.
QFC Authority announces new board term
Doha: Qatar Financial Centre Authority (QFC Authority), following the Cabinet's approval, has announced the renewal of the QFC Authority Board term. A press release said that the Council of Ministers or Cabinet confirmed the renewal of the QFC Authority Board for a third successive term of three years. The Minister of Economy and Finance H E Yousuf Hussain Kamal continues in his role as Chairman of the QFC Authority Board and H E Sheikh Jassim bin Abdulaziz Al Thani continues as Deputy Chairman. The QFC also announced the appointments of Jacques Aigrain and Arnab Banerji as new Non-Executive Directors. Aigrain is the Chairman of LCH.Clearnet Group Ltd - a major, London-based international clearing house. Dr Banerji is Chairman of Collabrium Capital, an emerging markets investment house. The QFC Authority's very senior and highly experienced Board is completed by Abdulrahman Ahmad Al Shaibi, who continues in his role as Managing Director of the QFC Authority; Rashid Ali Al-Masoori, currently Deputy CEO of the Qatar Exchange, who continues as a Board Member; and Bob Wigley, currently Chairman of Yell Group Plc and previously chairman of Merrill Lynch Europe, Middle East and Africa, who was appointed to the Board in December 2011.
Commercialbank launches 500m bond
DUBAI: Commercialbank, Qatar's third-largest lender by market capitalisation, launched a 500m five-year bond, arranging banks said yesterday. The bond, which is the bank's first debt issue since November 2010, will price at a spread of 235 basis points over midswaps, having tightened from the initial 250 bps guidance given earlier in the day. The order book for the bond was worth more than 3bn, a banker working on the transaction said. Morgan Stanley, BNP Paribas and HSBC are bookrunners on the deal.
QNB ranked among world's 50 safest banks
NEW YORK: Qatar National Bank (QNB) has been named one of the world's 50 safest banks and one of the safest banks in the Middle East, according to the latest update published by Global Finance in April 2012. The ranking was created through an evaluation of long-term credit ratings - from Moody's, Standard & Poor's and Fitch Ratings - and total assets of the 500 largest banks worldwide. The world's 50 safest banks ranking is a recognised and trusted standard of creditworthiness for the entire financial world.
QIB, CBRE conference on real estate valuation
DOHA: Qatar Islamic Bank (QIB) " the benchmark Islamic bank in Qatar, and CB Richard Ellis (CBRE), the world's largest commercial real estate services firm, announced the organisation of the first international conference on real estate valuation in Qatar. To be held in Doha under the patronage of H E Hassan bin Abdullah Al Ghanim, Minister of Justice, on April 17 at The Four Seasons Hotel, the one-day conference aims to highlight the importance of professional real estate valuation for the economy, raise awareness of real estate valuation international standards and best practices and initiate dialogue between the different stakeholders of the real estate valuation process.
QR614m real estate transactions last week
Doha: Real estate transactions between March 25 and 29 for the real estate sales contracts registered at the Ministry of Justice are worth QR614,139,289, the real estate registration department at the Ministry said in its weekly report. The list of properties that were traded either by sale includes open plots of land, villas, houses, apartment buildings and shops, located in the municipalities of Umm Salal, Al Khor, Doha, Al Rayyan, Al Wakra, Al Daayen and Al Shamal.
Doha to host asset managers summit
Doha: More than 200 asset managers from Asia, Europe, the United States and the Middle East are expected to attend the Bloomberg Doha Conference organised by Bloomberg LINK in partnership with the Qatar Financial Centre Authority (QFCA) on April 16 and 17 at the Ritz-Carlton Hotel. According to a press statement, the delegates to the summit will include senior representatives of the local, regional and international media. High-profile speakers, including fund managers, key investors, executives of global bankers, economists, chief executive officers, and prominent Qatari decision makers to discuss major themes such as global issues affecting asset managers, opportunities in various asset classes and market conditions in the Middle East.
286bn worth construction projects in GCC
Riyadh: The construction sector in the GCC states is poised for a rebound, with 286bn worth of projects set to be awarded between 2012 and 2016, according to research conducted by MEED Projects for the Arabian World Construction Summit in Dubai. A breakdown of project values to be awarded in each of the six GCC countries shows Saudi Arabia leading the pace with over 119bn to be awarded before 2016, followed by the UAE with 75bn and Qatar with 26bn. Elsewhere, Oman is expected to award more than 30bn projects, followed by Kuwait with over 25bn projects up for tender, and Bahrain with 10bn. Outside of the GCC, there are other opportunities for contractors in Iraq, where a burgeoning real estate and transport infrastructure development agenda is under way, with spending expected to top 35bn by 2012-end.
These and many other opportunities will be discussed and dissected at the Arabian World Construction Summit, where project data and information for every single market will be comprehensively presented and reviewed. Leading companies have also been invited to share their experiences and future business plans in the region's hot markets including Qatar, whose ambitious infrastructure development program - estimated at 600bn - will gather pace in preparation for the 2022 FIFA World Cup.
