EXCHANGE RATES

WEDNESDAY, NOVEMBER 12, 2014
BUSINESS
News
Egypt meeting with
commodities firms on
hub project: Minister
CAIRO: Egypt’s supplies minister has begun
holding meetings with international commodities trading companies with whom he wants the
government to partner in an ambitious plan to
transform the country into a global trading hub.
The plan, one of a number of mega-projects
announced by the government, aims to turn
Egypt into a centre for processing and reexporting millions of tons of wheat, soybeans,
sugar and other commodities via a new port
and also envisages the creation of the region’s
first commodities mercantile exchange.
Minister Khaled Hanafi told Reuters yesterday
he had been approached by “very big companies and traders”, including those in the grain
storage business, to consider proposals which
the government says will boost the economy
and create jobs.
“We are now in the phase of formulating the
strategic alliance”, said Hanafi. He did not say
who he was meeting with but said the multibillion-dollar project would be completed within
two years as envisaged by President Abdel
Fattah Al-Sisi. Hanafi spoke after traders from
commodities firms he wants on board told
Reuters last week they were not yet convinced
the government had thought through the
details of the project before unveiling it.
Asked to respond to the criticism that Egypt
should focus first on solving problems in storing
its own local wheat and imported grain, Hanafi
said the mega-project had longer-term objectives.
“We are focusing today on a totally different
type and quality of storage than what ever existed before ... a modern supply chain and logistics
system and using state-of-the-art technology
instead of the primitive system for storage that
has long existed here”, he said. Industry experts
put the amount of grain Egypt loses annually
due to inadequate storage at up to 30 percent.
The United Arab Emirates, a key backer of
Egypt since Sisi ousted Islamist President
Mohammad Morsi last year, has seized on the
issue. It pledged last year to build 25 wheat silos
with a total storage capacity of 1.5 million tons.
Speaking to Reuters at an event for a visiting
delegation of top US companies, Hanafi said he
had been meeting with US executives about
“different systems for state-of-the-art storage”.
He declined to name the companies since they
were competing for contracts. —Reuters
i n
Kuwait crude price up
66 cents to $77.24pd
KUWAIT: Price of Kuwait crude oil per barrel went up 66
cents to $77.24pb Monday compared to $76.58 last
Friday, said Kuwait Petroleum Corporation (KPC) yesterday. The slight rise in oil prices came in the wake of forecasts that the Organization of Petroleum Exporting
Countries (OPEC) would cut oil output. In New York
Mercantile Exchange (NYMEX), American crude settled
at $78pb. Kuwait has meanwhile set the official selling
price (OSP) for its crude oil sales to Asian buyers for
December to $2.10 a barrel below the average of
Oman/Dubai quotes, up 95 cents from the previous
month, a trade source said yesterday. Kuwait set its OSP
at $3.05 per barrel below the Oman/Dubai average for
November loading. The price rise was in line with Saudi
Arabia’s Arab Medium grade.
TOKYO: A businessman passes before a share prices board in Tokyo yesterday. Japan’s share prices rose
343.58 points to close at 17,124.11 points at the Tokyo Stock Exchange, thanks to a weaker yen and following another record close for the Dow and S&P 500 on Wall Street. —AFP
Dubai plans $689m IPO as
it steps up tourism push
Dubai Parks and Resorts in $2.9bn project
DUBAI: A Dubai company plans to
launch a $689 million initial public
offer of shares this month as it builds
a $2.9 billion amusement park complex which is key to the emirate’s
drive to expand as an international
tourist destination. Dubai Parks and
Resorts, part of the governmentowned Meraas investment group,
said yesterday it would sell 2.53 billion shares or 40 percent of its outstanding shares between Nov. 17 and
Nov 30, at a price of 1 dirham each.
The company has started work on
three linked theme parks that it says
will help Dubai meet its target to
double annual tourist numbers to 20
million in 2020 from 10 million in
2012, and treble tourism income over
that period. The 16 million square
foot (1.5 million square metre) proj-
ect on the outskirts of Dubai is to feature three theme parks: Motiongate,
based on films made by DreamWorks
Animation and Sony Pictures,
LEGOLAND Dubai, and Bollywood
Parks.
Hotel, shopping and other entertainment facilities are also planned,
with completion scheduled by Sept
30, 2016. Meraas estimates the project will cost a total of about 10.5 billion dirhams, funded through 4.2 billion dirhams of debt arranged by
Goldman Sachs, and 6.3 billion
dirhams of equity. The equity will
include the IPO proceeds, plus 2 billion dirhams in cash and 1.78 billion
dirhams in land and previous expenses funded by Meraas.
The Dubai Parks IPO marks a revival
of equity offers in the United Arab
Emirates; they dried up as the global
financial crisis erupted five years ago,
but are now being buoyed by a strong
rebound in the UAE economy and markets. Several offers have occurred this
year and drawn heavy investor
demand, including the $1.6 billion IPO
of Emaar Malls Group. Emirates
Financial Services, Goldman Sachs and
HSBC are acting as joint global coordinators for the Dubai Parks IPO, with EFG
Hermes and Shuaa Capital also
involved.
Ten percent of the offer will be allocated to retail investors, 25 percent to
wealthy individuals wishing to buy a minimum of 5 million shares each, and 60
percent to institutions ordering at least 10
million shares. The remaining 5 percent is
reserved for the UAE government’s
Emirates Investment Authority. —Reuters
Islamic finance body AAOIFI picks up pace
MANAMA: The
Bahrain-based
Accounting and Auditing Organization
for Islamic Financial Institutions (AAOIFI)
has issued two new sharia standards,
revised three others and said it will
review at least five more in coming
months. The move appears to signal a
more proactive approach by AAOIFI,
which is one of the world’s top standardsetting bodies for Islamic finance but has
acted only gradually to address some of
the industry’s big issues and controversies in recent years.
Before its latest announcement,
AAOIFI had issued only two of its 88
standards in the last three years, while
other Islamic finance organizations
have stepped up their activities as the
industry expands around the globe.
AAOIFI may now be picking up the
b r i e f
pace after it appointed a new secretary-general in September, Saudi
Arabian national Hamed Hassan
Merah.
After a meeting of its 20-member
sharia board last week in Riyadh,
AAOIFI said it had issued a standard for
arboun (down payments) and another
on conditional termination of contracts, following a public hearing held
in October.
AAOIFI has also revised standards
covering the conversion of conventional banks into Islamic ones, debt
transfers (hawala) and murabaha - a
common sharia-compliant sale contract. In murabaha, an institution
agrees to purchase merchandise from
a counterparty, who promises to buy it
back with an agreed mark-up at a later
date. Murabaha contracts can take several forms, some of which may resemble interest-bearing loans, which has
attracted criticism from some scholars
and regulators.
AAOIFI did not publicly reveal
details of its new and revised standards, so it was not immediately clear
whether the murabaha change was
minor or substantial. The organization
is also developing a new standard on
repurchase agreements, a key liquidity
management tool to which most
Islamic banks currently have limited
access. It will review existing standards
for several widely used contracts,
including those on ijara, salam, istisna,
musharaka and mudaraba.
As part of the review, it will seek
industry feedback before its next
sharia board meeting, to be held next
March. AAOIFI will hold its annual conference, organized in partnership with
the World Bank, on Nov 17 and 18 this
year. Under its previous secretary-general, AAOIFI had said it would look to
develop a new framework for disclosing financial data, while possibly revising standards for takaful (Islamic insurance), investment accounts and other
products. Established in 1990, AAOIFI
issues guidelines that are followed
wholly or in part by Islamic financial
institutions around the world. AAOIFI
standards have been used by or influenced regulation in jurisdictions
including Bahrain, the Dubai
International Financial Centre, Jordan,
Lebanon, Malaysia, Pakistan, Qatar, and
Saudi Arabia. —Reuters
Abu Dhabi’s Bildco
tumbles after Q3 loss
DUBAI: Shares in Abu Dhabi-listed National Company for
Building Materials (Bildco) tumbled 7.1 percent in early
trade yesterday after the company said its net loss
widened in the third quarter. Bildco posted a loss of 10.8
million dirhams ($2.9 million) in the three months to Sept.
30, compared with a loss of 7.7 million dirhams in the same
period a year earlier. The firm’s sales fell 58 percent and it
also booked provisions for doubtful debts and securities
impairments.
Mubadala starts production
in second Thai oilfield
ABU DHABI: Mubadala Petroleum, a unit of Abu Dhabi
state investment fund Mubadala, said yesterday it has
started production at a second oilfield in Thailand,
which it operates with partners. Output is expected to
reach a peak rate of around 15,000 barrels of oil per day
(bopd) as the wells are completed at the Manora oil
field, the company said in a statement, without giving a
timeline. Mubadala Petroleum, operates the Manora oil
field in the northern Gulf of Thailand in partnership
with Tap Energy (Thailand) Pty Ltd and Northern Gulf
Petroleum Pte Ltd. Up to 10 production wells and five
injection wells are planned in the oil field where the
investment is $300 million, the company said.
Mubadala also operates the Jasmine oil field which has
produced over 50 million barrels of oil so far. Mubadala
is also in the process of developing the Nong Yao oil
field with first output expected by mid-2015, by which
time the company’s oil production in Thailand will have
more than doubled from current rates, it said.
EFG Hermes posts 57%
rise in Q3 profit
CAIRO: EFG Hermes, one of the Middle East’s largest
investment banks, posted yesterday a 57.4 percent yearon-year increase in third-quarter net profit after minority
interests to 100.40 million Egyptian pounds ($14.04 million). The company said profit was boosted by its core
investment banking operations, with revenue growth in
fees and commissions from its securities brokerage, investment banking, asset management and private equity operations. Net operating profits from the investment bank
were up 487 percent year-on-year to 85 million pounds,
while fee and commission revenues rose 52 percent to 211
million pounds. The firm also said net profit before minority rights reached 144.4 million pounds, up 24.3 percent on
the same period last year. In addition to investment banking, EFG Hermes offers brokerage, asset management and
private equity units and operates in eight countries across
the Middle East.
Aabar lifts Arabtec
stake to 34.9%
DUBAI: Abu Dhabi state fund Aabar Investments raised its stake
in Dubai-listed construction firm Arabtec to 34.93 percent from
18.94 percent with an off-market trade yesterday, the bourse said
in a statement. The trade, which made Aabar the biggest shareholder in Arabtec, was done at a price of 5 dirhams per share,
compared to the stock’s closing market price of 4.26 dirhams.
Aabar bought the shares from former Arabtec chief executive
Hasan Ismaik, who abruptly resigned in June after differences of
opinion with Aabar. The stake held by Ismaik and companies
related to him has now dropped to 11.8 percent, the bourse said.
The sale appears to reduce a major source of uncertainty for
Arabtec, one of the region’s biggest construction firms, which is
involved in projects including a $40 billion plan to build one million homes in Egypt.
EXCHANGE RATES
Al-Muzaini Exchange Co.
Japanese Yen
Indian Rupees
Pakistani Rupees
Srilankan Rupees
Nepali Rupees
Singapore Dollar
Hongkong Dollar
Bangladesh Taka
Philippine Peso
Thai Baht
Irani Riyal transfer
Irani Riyal cash
Saudi Riyal
Qatari Riyal
Omani Riyal
Bahraini Dinar
UAE Dirham
ASIAN COUNTRIES
2.526
4.743
2.847
2.221
2.963
226.560
37.581
3.759
6.467
8.870
59.250
117.500
GCC COUNTRIES
77.724
80.074
757.340
774.150
79.376
ARAB COUNTRIES
Egyptian Pound - Cash
40.762
Egyptian Pound - Transfer
40.663
Yemen Riyal/for 1000
1.360
Tunisian Dinar
159.910
Jordanian Dinar
411.340
Lebanese Lira/for 1000
1.955
Syrian Lira
2.077
Morocco Dirham
33.297
EUROPEAN & AMERICAN COUNTRIES
US Dollar Transfer
291.350
Euro
364.770
Sterling Pound
464.120
Canadian dollar
258.290
Turkish lira
128.800
Swiss Franc
303.020
Australian Dollar
252.310
US Dollar Buying
290.150
20 gram
10 gram
5 gram
GOLD
229.000
117.500
59.250
UAE Exchange Centre WLL
COUNTRY
Australian Dollar
Canadian Dollar
Swiss Franc
Euro
US Dollar
Sterling Pound
Japanese Yen
Bangladesh Taka
Indian Rupee
Sri Lankan Rupee
Nepali Rupee
Pakistani Rupee
UAE Dirhams
Bahraini Dinar
Egyptian Pound
Jordanian Dinar
Omani Riyal
Qatari Riyal
Saudi Riyal
SELL DRAFT
230.05
259.94
305.68
365.25
291.70
464.62
2.57
3.761
4.742
2.222
2.965
2.877
79.27
774.24
40.68
414.00
756.51
80.33
77.71
SELL CASH
227.05
260.94
303.68
366.25
294.70
467.62
2.59
4.031
5.042
2.657
3.500
2.790
79.73
776.31
41.28
419.65
763.81
80.88
78.11
2.765
3.905
88.300
47.950
9.980
130.750
Sierra Leone
Singapore Dollar
South African Rand
Sri Lankan Rupee
Taiwan
Thai Baht
0.000064
0.223011
0.019914
0.001912
0.009414
0.008559
0.000070
0.229011
0.028414
0.002492
0.009594
0.009109
Bahrain Exchange Company
Bahraini Dinar
Egyptian Pound
Iranian Riyal
Iraqi Dinar
Jordanian Dinar
Kuwaiti Dinar
Lebanese Pound
Moroccan Dirhams
Nigerian Naira
Omani Riyal
Qatar Riyal
Saudi Riyal
Syrian Pound
Tunisian Dinar
Turkish Lira
UAE Dirhams
Yemeni Riyal
Arab
0.766353
0.038632
0.000081
0.000188
0.406851
1.000000
0.000144
0.023794
0.001179
0.750729
0.079316
0.077057
0.001727
0.155580
0.130217
0.078342
0.001315
0.774353
0.041732
0.000082
0.000248
0.414351
1.000000
0.000244
0.047794
0.001814
0.756409
0.080529
0.077757
0.001947
0.163580
0.137217
0.079491
0.001395
Syrian Pound
Nepalese Rupees
Malaysian Ringgit
Chinese Yuan Renminbi
Thai Bhat
Turkish Lira
COUNTRY
Belgian Franc
British Pound
Czech Korune
Danish Krone
Euro
Norwegian Krone
Romanian Leu
Slovakia
Swedish Krona
Swiss Franc
Turkish Lira
Dollarco Exchange Co. Ltd
Rate for Transfer
US Dollar
Canadian Dollar
Sterling Pound
Euro
Swiss Frank
Bahrain Dinar
UAE Dirhams
Qatari Riyals
Saudi Riyals
Jordanian Dinar
Egyptian Pound
Sri Lankan Rupees
Indian Rupees
Pakistani Rupees
Bangladesh Taka
Philippines Pesso
Cyprus pound
Japanese Yen
Selling Rate
291.150
259.205
466.000
366.615
302.465
774.160
79.165
80.770
77.815
410.810
40.623
2.222
4.740
2.828
3.756
6.472
714.395
3.560
Australian Dollar
New Zealand Dollar
America
Canadian Dollar
US Dollars
US Dollars Mint
Bangladesh Taka
Chinese Yuan
Hong Kong Dollar
Indian Rupee
Indonesian Rupiah
Japanese Yen
Kenyan Shilling
Korean Won
Malaysian Ringgit
Nepalese Rupee
Pakistan Rupee
Philippine Peso
SELL CASH
0.007585
0.457005
0.005086
0.044737
0.358313
0.038713
0.083568
0.008494
0.035269
0.295661
0.130217
SELLDRAFT
0.008585
0.466005
0.017066
0.049737
0.366313
0.043913
0.083568
0.018494
0.040289
0.305861
0.137217
Australasia
0.243703
0.220271
0.255203
0.229771
0.252099
0.287250
0.287750
0.260599
0.291950
0.291950
Asia
0.003351
0.046031
0.035479
0.004481
0.000020
0.002464
0.003323
0.000257
0.084748
0.002977
0.002749
0.006383
0.003951
0.049531
0.038229
0.004882
0.000026
0.002644
0.003323
0.000272
0.090748
0.003147
0.003029
0.006663
Al Mulla Exchange
Currency
US Dollar
Euro
Pound Sterlng
Canadian Dollar
Indian Rupee
Egyptian Pound
Sri Lankan Rupee
Bangladesh Taka
Philippines Peso
Pakistan Rupee
Bahraini Dinar
UAE Dirham
Saudi Riyal
*Rates are subject to change
Transfer Rate (Per 1000)
290.300
365.200
464.000
255.700
4.740
40.615
2.217
3.750
6.472
2.825
773.550
79.100
77.600