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Bharti’s Attempt for Zain Possessions in Nigeria

Middle East : 18 February

Bharti Airtel’s strategy to acquire most of the African assets of Kuwait’s Zain for $10.7 billion (Dh39.3 billion) may face hurdles.

Econet chief executive officer Strive Masiyiwa said that the Airtel’s plan can’t include Zain’s Celtel because of an ownership dispute with Econet Wireless Holdings.

Masiyiwa said that Zain Nigeria was not offered for sale.

For Bharti, problems in Nigeria may be a show case of what might lie in future against its bid to take over Zain’s operations in 15 countries.

Kuwait’s Mobile Telecommunications, Zain, and Bharti said in statements that they will hold exclusive talks on the assets before March 25.

Econet, stationed in Johannesburg, is attempting to capsize a 2006 deal in which Celtel acquired 65-per cent stake in Nigerian mobile operator Vmobile, since then renamed Zain Nigeria.

Arbitration

Econet’s Masiyiwa said that the matter is still in arbitration and Nigeria [operations] cannot be sold until that dispute is resolved.

Zain acquired Celtel International in 2005 for $3.4 billion to enlarge its operations to 13 African countries, including Kenya and Nigeria.

Paul Holdsworth, Staff Writer, Gulf Jobs Market News

18 February

Shell to Support Kuwait Gas Field Development

Kuwait Oil Company (KOC) and Shell revealed an Enhanced Technical Service Agreement to build a 60 year affiliation for development of the Jurassic Gas fields.
Due to tough reservoir conditions, unusual geological configuration and complicated gas compositions the project is difficult as well as demanding. Therefore, as per contract, Shell will depute technical professionals to KOC [...]

17 February

Stronger Capital Markets Required for the Growth of Gulf Sukuk

Yavar Moini, senior advisor at Morgan Stanley, commented that in order for the sukuk bond sector to grow the GCC needs stronger capital markets as current demand is mainly driven from Southeast Asia.
As UAE and especially Dubai have had credit related issues in the past the leader of the industry is currently Malaysia. Thailand and [...]

16 February

Possible Deal with Zain and Bharti Airtel Sends Kuwait Shares Soaring

Kuwaits Telco, Zain is in exclusive talks with Indian Telecoms giant, Airtel with a possible $10.7 Billion deal on the table to sell the bulk of its African assets. News of the deal sent Kuwait’s index soaring to a 16 week high as the index finished at its highest since October 28 2009.
Gulf Jobs Market [...]

15 February

Dubai Student Runs up $97,000 Worth of Traffic Fines

The Gulf News has reported that police have finally caught up with a Saudi Arabian student living in Dubai who has managed to run up 400 traffic offences in the last two years totalling some $97,000 worth of fines.
Once caught, the man was forced to dig deep in his pockets and pay an immediate bill [...]