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UAE FIRM WANTS TO SET UP COAL-BASED POWER PLANT (Pakistan)

Posted by Gilmour Poincaree on November 26, 2008

November 26, 2008 Wednesday – Ziqa’ad 27, 1429

ABU DHABI, Nov 25: The Abu Dhabi National Energy Company has expressed interest in setting up TAQA - The Abu Dhabi National Energy Companya coal-based power plant in Pakistan.

The company’s vice-president, Mr Abdullah Khunji, called on President Asif Ali Zardari here on Tuesday and indicated willingness to invest in power sector.

The president assured him of government’s full support and cooperation.

Mr Khunji later told reporters that Pakistan was the best place for investment and his company would soon launch its energy projects in the country.

Emirates Investment Group chairman Tariq Al Qasimi also called on President Zardari and exchanged views with him on global and regional economic situation. He expressed his group’s desire to invest in Pakistan’s financial sector.

The president said his government encouraged foreign investments in energy, agriculture, construction, infrastructure development and banking and financial sectors.

Mr Qasimi told reporters his company had its presence in Pakistan and was exploring new avenues of investment in agriculture and banking sectors.

UAE Minister for Petroleum Mohammad Dhaen Al Halimi also met President Zardari and discussed with him prospects of cooperation in energy and oil and gas sectors.

Mr Halimi said his government was encouraging its private sector to invest in Pakistan’s energy and petroleum sectors.

The president praised the UAE for investing $5 billion on a refinery in Balochistan and expressed the hope the private sector would invest more in joint venture projects in petroleum and energy sectors. He offered Pakistan’s technical expertise to the UAE in energy sector development.

Mr Halimi told reporters that during the meeting various areas of joint ventures had been identified. Prospects of investment in oil and gas exploration were also discussed.

Foreign Minister Makhdoom Shah Mehmood Qureshi, PM’s Adviser on Finance Shaukat Tarin, Pakistan’s Ambassador Khurshid Ahmad Junejo, Ambassador-at-Large Javed Malik and Board of Investment Chairman Salim Mandviwala attended the meetings.

President Zardari also visited the mausoleum of Shaikh Zayed bin Sultan al Nahyan, the founder of the United Arab Emirates, and offered fateha.

APP

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PUBLISHED BY ‘DAWN’ (Pakistan)

Posted in ABU DHABI, BANKING SYSTEMS, COAL, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ENERGY, FINANCIAL MARKETS, FOREIGN POLICIES, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, INTERNATIONAL RELATIONS, THE FLOW OF INVESTMENTS, UNITED ARAB EMIRATES | Leave a Comment »

ABU DHABI, QATAR BUY STAKE IN BARCLAYS BANK

Posted by Gilmour Poincaree on October 31, 2008

Friday, 31 October 2008

by Steve Slater

GULF INVESTORS - Barclays Bank to raise $12 billion from Abu Dhabi and Qatar - Getty Images - British British bank Barclays Plc is to raise 7.3 billion pounds ($12.1 billion) from investors from Qatar and Abu Dhabi and others to allow it to avoid taking government rescue cash, it said on Friday.

Britain’s second biggest bank said it is raising up to 3.5 billion pounds from Sheikh Mansour Bin Zayed Al Nahyan, a member of Abu Dhabi’s royal family. That could give him a 16.3 percent stake in the bank.

It is raising up to 2 billion pounds from Qatar Holding and 300 million from Challenger, an investment vehicle of a member of Qatar’s royal family.

That could leave Qatar Holding with a 12.7 percent stake and Challenger with 2.8 percent.

Barclays shares initially jumped after the news as investors welcomed the bank’s ability to raise cash in tough markets and an adequate trading update, but later eased back. At 1.30pm Dubai time they were unchanged at just over 205 pence after touching 228p.

The bank said group profit in the first nine months of this year was “slightly ahead” of the same level a year earlier.

It took a net writedown of 129 million pounds from credit market writedowns for the third quarter, but said 1 billion pounds of gains on debt it carries were reversed in October.

Barclays’ investor base has been transformed in the past two years, as it has raised funds from investors in China, Singapore and Japan as well as the Middle East and the bank expects to benefit commercially from the links as well as getting cash.

“There has been a significant shift in the availability of capital and economic power in the world over the last five years and we’re ensuring we’re aligned with those changes,” said John Varley, Barclays chief executive.

The bank is seeking to raise up to a further 1.5 billion pounds from the sale of MCNs (mandatorily convertible notes) with existing and other investors.

Asked on a conference call whether Barclays has enough capital to avoid more fundraising, Varley said: “Yes, we have what we need.”

Barclays earlier this month turned down an offer of government funds under Britain’s 400 billion bailout package and said it would raise capital privately.

Rivals Royal Bank of Scotland, Lloyds TSB and HBOS have agreed to take up to 37 billion pounds of taxpayers’ funds to help rebuild balance sheets hit by the credit crisis and prepare for possible recession.

Barclays said when the government’s recapitalisation plan was announced that it planned to raise about 6.5 billion pounds, with 3 billion from the sale of preference shares and the rest from selling ordinary shares. It had until the end of March to raise funds.

Those sales were expected to increase the bank’s core tier 1 capital ratio to about 8 percent, analysts estimated, up from 6.3 percent after a 4.5 billion pounds fundraising in July. It will lift its overall tier 1 ratio to above 11 percent from July’s 9.1 percent.

Barclays has lost billions of pounds from credit-related asset writedowns and is faced with a sharply slowing UK housing market and economy, but it has fared better than many rivals.

It has raised funds from investors in China, Singapore and Japan as well as Qatar.

The bank expects to gain a competitive advantage by raising capital privately, while RBS and others will have the government as a major shareholder. (Reuters)

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PUBLISHED BY ‘ARABIAN BUSINESS’ (Abu Dhabi)

Posted in ABU DHABI, BANKING SYSTEMS, CENTRAL BANKS, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, INTERNATIONAL, QATAR, THE ARABIAN PENINSULA, THE FLOW OF INVESTMENTS | Leave a Comment »