Thread: Iraq/Dinar News. 09/05 to 01/14/07

Originally Posted by shotgunsusie

MENAFN - Middle East North Africa . Financial Network News: PM discusses economic cooperation with Iraqi finance minister - Jordan
MOF is one player that announces the revalue, along with the cbi. gov. shabibi. watch their location.

Where does their location have to be to announce? With these Iraqis traveling all over the place, where do they need to be to make the big announcement? Inquiring minds need to know!! :)

worf

Originally Posted by shotgunsusie

MENAFN - Middle East North Africa . Financial Network News: PM discusses economic cooperation with Iraqi finance minister - Jordan
MOF is one player that announces the revalue, along with the cbi. gov. shabibi. watch their location.

Thank You. I thought this too. So still before the 18th. Come on Baby.

Originally Posted by worf

Where does their location have to be to announce? With these Iraqis traveling all over the place, where do they need to be to make the big announcement? Inquiring minds need to know!! :)

worf

I would think right in beautiful downtown Bagdad?

Iraqi TV has announced that all roads leading into Baghdad will have security checkpoints posted indefinitely starting on the 17th and 18th of Sept. The citizens have been warned to expect long delays entering or exiting the city due to the security checks.

(security was to be beefed up for announcement as they were expecting some uproar, hmmm.)

Royal Village gets strong response - Jordan

Bahrain Tribune - 13/09/2006

Royal Village has received excellent buyer response from Jordanians with over 30 per cent of project sales achieved on the first day of the official sales launch, Bahrain-based Gulf Finance House, major promoter and investors of the project, announced yesterday. The development is being promoted by Bayan Holding Company, a joint venture between GFH, Kuwait Finance and Investment Company in addition to Arab and GCC national stakeholders, with a capital of more than $410 million.
A key component of the $1.25 billion Royal Metropolis project in Jordan, Royal Village, is one of the most technologically advanced and energy-friendly gated residential communities. In addition to the development, other significant components of the Royal Metropolis project include Jordan Gate and the recently launched Royal Resort and Spa.

Royal Village aims to create a well-designed, secure and luxurious environment to appeal to individuals seeking to identify with an exclusive and fashionable lifestyle. Sales for the project are open to both GCC nationals and residents giving them an excellent opportunity to own a second home in Jordan.

It also expects to receive a strong response for the project from high-net-worth individuals, especially Jordanians living overseas keen to invest in their home country. Spread across 468,500 square metres and covering wide-open green spaces, Royal Village plans to meet the requirements of the country's population by offering over 1,000 technologically advanced and energy-efficient stylish homes, comprising luxury villas, townhouses and apartments.

The meandering walkways and tree-lined streets will set the stage for an ideal getaway from the hustle and bustle of urban life. The development, located in Marj al-Hamam, bordering the Dead Sea highway, will also feature a shopping mall catering for both residents of Royal Village and residents of east southern Amman. Key facilities and amenities at the development will include a clubhouse, parks, landscaped gardens, a shopping mall, a multi-screen cinema, tennis courts, state-of-the-art infrastructure, energy-efficient solar solutions, fibre-optic cabling and a central gas-distribution network, among others.




MENAFN - Middle East North Africa . Financial Network News: Royal Village gets strong response - Jordan

Dh1.6 billion IPO of DFM imminent

Khaleej Times - 07/09/2006

DUBAI — Dubai Financial Market's (DFM) Dh1.6 billion initial public offering (IPO) will hit the market later this year, said Essa Kazim, Director General of DFM yesterday.


Speaking to Khaleej Times yesterday Kazim said: "We now have all necessary approvals from the government to float the shares of the exchange and a founders' committee is in place to supervise the issue."

Sources close to the DFM IPO said yesterday that the exchange is ready to float its shares as early as the third week of September. However, Kazim said the dates are yet to be finalised. "At this point we can only say that all preparations are on track and the issue will be completed this year. On the dates, we will soon make an announcement."

Banking industry sources said yesterday that while Dubai Bank will lead manage the issue and the co-lead managers will be First Gulf Bank in Abu Dhabi and Emirates Bank in Dubai. Receiving Banks include Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Commercial Bank of Dubai, Dubai Islamic Bank, Finance House, Mashreqbank, NBAD, National Bank of Dubai and United Arab Bank. The exchange will sell 20 per cent of its shares through the IPO making it the first listed Arab bourse. In December last year His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai had ordered the privatisation of DFM through IPO. As originally planned, the IPO was to come to the market sometime during the first quarter of 2006. However, the issue was postponed due to some procedural delays and the regional market slump that followed. In June this year the government had issued a decree forming the founders committee to transform the DFM into a joint stock company.

The issue will have private and public components of 45 per cent and 55 per cent respectively. In the private tranche shares will be available only on invitation. While 10 per cent will be reserved for existing broker members, 25 per cent will be given to government employees,10 per cent will be offered to those companies which are already listed on DFM. The remaining 55 per cent will be offered to the public and the offer will be opened to all nationalities. The 25 per cent shares offered to government employees are aimed at rewarding the current and retired employees for their contribution to the growth of the UAE economy.

The exchange is yet to announce the exact pricing of its shares. However in an interview with Bloomberg Kazim indicated that the DFM's shares would be valued at a price to earnings ratio of about eight. Further, Kazim also indicated that he supports the idea of a common stock market in the UAE implying a merger with Abu Dhabi bourse. Such a merger would create the second-biggest Arab market and increase liquidity.

"If the two parties agree, definitely we would love to have one UAE stock exchange, a bigger stock exchange, a more liquid, a deeper one," he was quoted.

Earlier this year there were rumours in the financial services community that Dubai International Financial Exchange (DIFX) is planning to merge with DFM to create a larger exchange. However, both exchanges denied any such move. Currently, there are 39 stocks listed on DFM.




MENAFN - Middle East North Africa . Financial Network News: Dh1.6 billion IPO of DFM imminent

Originally Posted by neno

Dh1.6 billion IPO of DFM imminent

Khaleej Times - 07/09/2006

DUBAI — Dubai Financial Market's (DFM) Dh1.6 billion initial public offering (IPO) will hit the market later this year, said Essa Kazim, Director General of DFM yesterday.


Speaking to Khaleej Times yesterday Kazim said: "We now have all necessary approvals from the government to float the shares of the exchange and a founders' committee is in place to supervise the issue."

Sources close to the DFM IPO said yesterday that the exchange is ready to float its shares as early as the third week of September. However, Kazim said the dates are yet to be finalised. "At this point we can only say that all preparations are on track and the issue will be completed this year. On the dates, we will soon make an announcement."

Banking industry sources said yesterday that while Dubai Bank will lead manage the issue and the co-lead managers will be First Gulf Bank in Abu Dhabi and Emirates Bank in Dubai. Receiving Banks include Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Commercial Bank of Dubai, Dubai Islamic Bank, Finance House, Mashreqbank, NBAD, National Bank of Dubai and United Arab Bank. The exchange will sell 20 per cent of its shares through the IPO making it the first listed Arab bourse. In December last year His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai had ordered the privatisation of DFM through IPO. As originally planned, the IPO was to come to the market sometime during the first quarter of 2006. However, the issue was postponed due to some procedural delays and the regional market slump that followed. In June this year the government had issued a decree forming the founders committee to transform the DFM into a joint stock company.

The issue will have private and public components of 45 per cent and 55 per cent respectively. In the private tranche shares will be available only on invitation. While 10 per cent will be reserved for existing broker members, 25 per cent will be given to government employees,10 per cent will be offered to those companies which are already listed on DFM. The remaining 55 per cent will be offered to the public and the offer will be opened to all nationalities. The 25 per cent shares offered to government employees are aimed at rewarding the current and retired employees for their contribution to the growth of the UAE economy.

The exchange is yet to announce the exact pricing of its shares. However in an interview with Bloomberg Kazim indicated that the DFM's shares would be valued at a price to earnings ratio of about eight. Further, Kazim also indicated that he supports the idea of a common stock market in the UAE implying a merger with Abu Dhabi bourse. Such a merger would create the second-biggest Arab market and increase liquidity.

"If the two parties agree, definitely we would love to have one UAE stock exchange, a bigger stock exchange, a more liquid, a deeper one," he was quoted.

Earlier this year there were rumours in the financial services community that Dubai International Financial Exchange (DIFX) is planning to merge with DFM to create a larger exchange. However, both exchanges denied any such move. Currently, there are 39 stocks listed on DFM.




MENAFN - Middle East North Africa . Financial Network News: Dh1.6 billion IPO of DFM imminent

Tell me please! Are we talking about the same thing here? Exchange rate for dinars or is it all just tied in together?

When do you think an announcement would be most likely...16th, 17th, 18th or after. Just curious...so much information flowing in now my head is swimming.

Don't know if this is the right place for this but I kinda thought it went along the same theme...Do you have any idea when the announcement will be made? Will it come out as soon as it has been deccided or would it be made early in the day to take advantage of the opening financial market?

Originally Posted by readytogo

Tell me please! Are we talking about the same thing here? Exchange rate for dinars or is it all just tied in together?

I dont know readytogo. But their is some ties here in the article. Some of the same banks and floormat are here as well. It is just a question.