DOHA: Enterprise Qatar (EQ) announced that its board of directors has approved the establishment of Qatar centre for industrial subcontracting and partnership, following a meeting held under the chairmanship of Minister of Business and Trade and EQ Chairman H E Sheikh Jassim bin Abdulaziz Al Thani. The centre aims to develop and support small and medium enterprises industrial projects by increasing business opportunities and enhancing their competitiveness in order to strengthen its position in the supply chain locally, regionally and globally, QNA quoted an EQ statement as saying. The new centre is one of the EQ’s initiatives that seek to promote transparency in local tendering and the real size of opportunities in the domestic market, the statement said, adding that it also represents an important link for companies and projects with external markets. Sheikh Jassim said the way in which EQ is handling the challenges of the private sector will transparently help in discovering Qatari market opportunities and boost competitiveness in the light of greater openness between suppliers and buyers in the next stage. CEO of EQ, Nora Al Manai, said the creation of the new centre demonstrated to the government’s efforts in supporting and strengthening the private sector, especially industrial enterprises.
QInvest arranges $200m syndicated loan facility for Tupras
DOHA: Türkiye Petrol Rafinerileri AS (Tupras) has signed a $200m, one-year facility with a syndicate of nine banks from the GCC, including Qatar. QInvest, Qatar’s leading investment bank, acted as sole book runner and structuring adviser to Tupras, with QInvest, Qatar Islamic Bank, Barwa Bank, Commercial Bank of Qatar and First Gulf Bank participating as mandated lead arrangers (MLA).The MLAs were joined in the facility at lead arranger level by Ahli United Bank, Al Hilal Bank, Doha Bank and Dubai Islamic Bank. Tupras is engaged in refining and distribution of petroleum products in Turkey and internationally. The firm is listed on Istanbul Stock Exchange and has a market capitalisation of $5.7bn as at October 5, 2012. The company is 49 percent owned by the public and 51 percent by Enerji Yatırımları AS, a joint venture between Koç Holding and Shell. Tupras is the leading refiner in Turkey, accounting for almost 60 percent of Turkish petroleum product consumption. The company is the seventh largest refinery company in Europe, and has the world’s 29th largest refining capacity.
Arab Bank Group profit rises 13pc
Doha: Arab Bank Group announced its financial results for the nine months period ended September 30, 2012, with a 13 percent growth in net profit compared to the same period in 2011. Nemeh Sabbagh, Arab Bank’s CEO, said that the group achieved net profit after tax and provisions of $484.5m for the period ended September 30, 2012, compared with $428.8m for the same period in 2011, as a result of growth in net interest income and operating income. The financial results of Arab Bank Group show an increase in operating income of 7 percent to reach $1329.2m as of September 30, 2012, compared with $1245.9m for the same period in 2011, while operating expenses grew by 5 percent. Customer deposits grew to $32.4bn, while credit facilities reached $20.1bn and total assets stood at $45.2bn. Sabih Masri (pictured), Chairman of Arab Bank, said he was pleased with these positive results at a time when a number of countries in the region are facing a challenging environment and the world economy is slowing down. Masri highlighted that the bank’s underlying strength is its ability to take advantage of its diversified global network in 30 countries worldwide. Masri added that the financial results of Arab Bank Group reflect customer confidence in the underlying strength of the Bank. The Group continues to maintain a high quality loan portfolio thanks to its prudent policies and a high capital adequacy ratio which stands at 14.73 percent far exceeding the 8 percent minimum required by the Basel Committee and higher than the minimum required by the Central Bank of Jordan of 12 percent. Liquidity remains strong as reflected in the loan deposit ratio of 62 percent as of September 30, 2012.
The Peninsula
