|The value of initial public offerings (IPOs) in the MENA region dropped by 51.67% on the year to USD 374.8mn in the second quarter of 2011, Trade Arabia informed citing a report by Ernst & Young. Despite the annual decrease, the figure is much higher than the first-quarter value of USD 24.14mn. In the first half of 2011, public offerings raised USD 398.9mn, compared to USD 1.2bn a year ago. The Abu Dhabi Stock Exchange was the only one in the region to report more than one IPO - Eshraq Properties Company raised $229.09mn and National Takaful Company (Watania) raised $23.58mn. Some 225 companies from the region delayed their IPO plans in the last three years.
Bahrain Middle East Bank made a USD 13mn full repayment of a loan obligation including a USD 1.4mn interest payment taking total repayments by the troubled lender to USD 43mn, the bank said in ... more
National Bank of Abu Dhabi (NBAD), the UAE's largest lender by market value, initiated a USD 17mn fifteen-year Uridashi bond, MENA's first ever, allowing the bank to directly access Japanese ... more
The GCC economies remain insulated from economic and political turbulence in the MENA region and globally but structural challenges continue to constrain sovereign ratings, ratings agency ... more