Dubai’s Dot Info

The Kuwait Petroleum Corporation (KPC) has handed a $700m contract to build a gas plant to South Korea's SK Engineering and Construction Company, reported Reuters. The facility, to be located at the Mina Al Ahmadi oil refinery, will process 800m cubic feet of associated gas and 106,000 barrels of natural gas condensates to produce ethane, propane and butane gas. Construction is expected to take 38 months.

The $2bn Global Strategic Equities Fund (GSEF), founded and sponsored by Dubai International Capital (DIC), has formed an advisory board. The board will be chaired by the DIC's Executive Chairman and CEO, Sameer Al Ansari, and will include Nobuyuki Idei, the former Group CEO of the Sony Corporation, Helmut Panke, former CEO and Chairman of BMW's management board and Jean-Pierre Garnier the outgoing CEO of GlaxoSmithKline.

Non resident Indians based in the Gulf are being targeted by a $25m fund being rolled out by the ICICI Bank, reported Gulf News. The offshore fund will invest in the work of major Indian artists and if there is strong interest, it could be increased in size by a further $10m. Minimum subscription for the five year, close-ended fund is $100,000; Crayon Capital will be the investment adviser.

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The Iraq Stock Exchange is to launch an electronic trading platform early in 2008 in order to speed up transactions, increase trade volumes and attract more foreign investors, reported Reuters. The new system is being supported by Swedish market operator OMX. The bourse was stripped bare in the wake of the US led invasion of Iraq in 2003.

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UAE flag carrier Etihad Airways has agreed financing facilities worth nearly $400m to acquire three Airbus A340-600 wide-body aircraft. A $250m secured commercial loan facility has been provided by three separate banks, led by co-arrangers and lenders the Abu Dhabi Commercial Bank, the Arab Banking Corporation and the Standard Chartered Bank. Meanwhile, lease financing of $148m is being coordinated by Calyon, the international banking and capital investment arm of Credit Agricole.

The FTSE 100 gained 1.3%, or 83.4 points, yesterday, Friday, to close the week on 6,432.5 points. The Standard Chartered Bank and the Alliance and Leicester were the day's main climbers, gaining 6.6% and 6.4% respectively. In the US, the Dow Jones ended in the green, advancing 60 points to 13,371.7, while the Nasdaq slipped 0.3% to close on 2,661 points.

India's benchmark Sensex Index gained 360 points yesterday, Friday, to close on 19,363 points, reported the Economic Times of India. The bourse hit an intra day high of 19,425 points before falling back slightly. DLF and Reliance Energy were the day's big gainers, advancing 7% and 4.5% respectively.

The Standard Chartered Bank (StanChart) has arranged the sale of $544m worth of bonds for the Abu Dhabi Commercial Bank (ADCB). The two year notes were well distributed, with Middle Eastern investors taking 60%. Earlier this year, StanChart arranged reverse enquiry trades, with varying maturities, again totalling over $544m for the ADCB.

The Jordan Investment Trust (Jordinvest) has said the initial public offering (IPO) of Damac Real Estate Development has been completed. The transaction was more than 72 times oversubscribed with a total of $128.3m raised. Damac offered 1.25m shares at a par value of JD1 ($1.4) per share; the reimbursement process has now got underway at branches of the Jordan Kuwait Bank.

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