UAE [IntelliNews - Weekly Reports]
(IntelliNews - Weekly Reports Via Acquire Media NewsEdge) UAEAbu Dhabi's agricultural PPI rises 2.9% in H1 2012.
Abu Dhabi's agricultural producer price index (APPI) advanced by 2.9% y/y in the first half of 2012, Abu Dhabi Statistics Agency (SCAD) said in a bulletin. Specifically, increases were registered in the prices of eggplant (14.9% y/y), pepper (9.1% y/y), watermelons (8.4% y/y), squash (7.1% y/y), cabbage (5.1% y/y), sugar beet (5% y/y) and tomatoes (4.4% y/y). In contrast, a number of crops recorded declines in prices, such as onions (-5.7% y/y), corn (-4.9% y/y), carrots (-4.7% y/y), cauliflower (4.4% y/y), beans (-3.7% y/y) and coriander (-3.2% y/y). The APPI expanded by 2.2% from the second half of 2011 on the back of higher prices of pepper (6.4%), onions (3.9%), lettuce (2.8%), beans (2.5%) and tomatoes (2.2%).
UAE, Turkey sign USD 12bn deal to develop power plants.
The UAE and Turkey has signed an USD 12bn intergovernmental agreement for the development of power plants and associated mines in Turkey, WAM news agency reported. Abu Dhabi National Energy Company (Taqa) and Turkey's Electricity Generation Company Inc. were selected as the government-related entities responsible for the project, which is expected to generate a combined power capacity of up to 7,000MW. The two entities will form a joint venture, which will acquire, modernise and expand an existing 1,400MW plant and develop several new power plants and associated mines in the Afsin-Elbistan region in southern Turkey.
UAE's DEWA awards USD 45.46mn contract for water network in Dubai.
Dubai Electricity and Water Authority (DEWA) has awarded a AED 167mn (USD 45.46mn) contract for a 416-km water transmission network in several areas of Dubai, DEWA said in a statement. The project envisages the supply and laying of a 450 mm-diameter water transmission pipes made of glass reinforced epoxy to support the existing networks. The works are to be completed in 26 months. DEWA is also in the process of building two major substations of 400 kilovolt at a total cost of AED 960mn, in addition to extending 132 km-long overhead power lines and ground cables for its 400 kilovolt transmission network at a total cost of AED 720mn. Furthermore, DEWA initiated the construction of 12 substations of 132 kilovolt at a total cost of AED 1.8bn.
Dubai Islamic Bank to launch tender offer to get full control of Tamweel.
Dubai Islamic Bank (DIB) said its board has approved a plan to buy the remaining 41.8% stake in UAE-based Islamic home finance provider Tamweel by launching a tender offer, WAM news agency reported. In particular, Tamweel shareholders will be offered 10 new shares issued by DIB in exchange for 18 Tamweel shares. The fair value of each share for DIB and Tamweel underlying the intended swap is set at AED 2.25 and AED 1.25, respectively. DIB's extraordinary general assembly of shareholders must approve the acquisition, which will increase DIB's stake in Tamweel to 100%.
UAE's du signs USD 100mn debt agreement with Standard Chartered.
Emirates Integrated Telecommunications Company (du) has signed a USD 100mn financing deal with international banking group Standard Chartered, du said in a statement to Dubai Financial Market. The telecom operator is to use the proceeds of the facility to fund both short and medium-term capital expenditure. In December 2012, du obtained a USD 500mn club debt facility from the National Bank of Abu Dhabi, in addition to a USD 100mn loan from the Dubai branch of Singapore-based DBS Bank to fund the acquisition of equipment from Huawei to enhance network performance and operations in HSPA+, LTE and Advanced LTE. Since the rollout of its services in 2007, du has been steadily gaining market share from its only rival, state-owned Etisalat Telecom, which is listed on the Abu Dhabi Stock Exchange. At the end of the third quarter 2012, du had 5.96mn individual and 50,000 business subscribers. du's is 39.5% owned by Emirates Investment Authority, 20.081% by Mubadala Development Company and 19.5% by Emirates Communications and Technology LLC, all of them controlled by the state. The balance is owned by private shareholders.
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