Middle East Business News Review – 26 Apr

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A look at today’s important financial news and business updates from the Middle East region:

Investors show strong interest in Dubai’s Sukuk bonds

The Government of Dubai announced on Thursday it would be raising $1.25 billion in two 5 and 10 year tranches. The Department of Finance’s statement added that the subscription of the bond issue is over more than three and a half times. Click here to read more…

Qatari group acquires Dubai jeweller Damas

According to a statement released on the Nasdaq Dubai bourse on Thursday, Qatar’s Mannai Corp and Egyptian investment bank EFG Hermes assumed control of Dubai’s Damas. The announcement came 75% of the Damas’ shareholders accepted the consortium’s $445 million offer to acquire Damas. Click here to read more…

Fujairah ship refuelling centre to suffer from sanctions on Iran – report

The Emirate of Fujairah, home to the Middle East’s biggest ship-refuelling centre, will be paying a high cost due to the sanctions imposed on Iran, Barclays’ analysts wrote in a research report. Miswin Mahesh and Amrita Sen of Barclays disclosed in their findings that the northern-eastern Emirati city depends on Iran for nearly a third of the 1 million metric tonnes of fuel oil it buys and sells each month. Click here to read in detail…

Qatar to give Tunisia billion dollar aid, provide jobs

Tunisia is seeking a $1bn loan from Qatar, half of which will be used by the country’s central bank, the official Tunisian news agency reported.

The Gulf state has also expressed a willingness to provide 20,000 jobs to Tunisians in Qatar, Agence Tunis Afrique Presse quoted Adnen Mnasser, the presidential spokesman, as saying. Tunisian President Moncef Marzouki recently visited Qatar and signed various memorandum of understandings (MoUs).

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