Gulf tourism, investment forum opens

Shaikh Mohammed bin Hamed Al Sharqi, Crown Prince of Fujairah, opened the ‘4th Gulf Tourism and Investment Forum’ on Tuesday under the patronage of His Highness Shaikh Hamad bin Mohammed Al Sharqi, Member of the Supreme Council and Ruler of Fujairah. The Forum is organised by Fujairah Chamber of Commerce and Industry, Federation of GCC Chambers of Commerce and Industry (FGCCC Chambers) and the Federation of UAE Chambers of Commerce and Industry. GIC prices $500 million?5-year bond Gulf Investment Corp, a financial institution owned by the six nations of the Gulf Cooperation Council, has priced a $500 million five-year bond, its first dollar deal since 2005. GIC’s transaction priced at 250 basis points over the mid-swap rate, at the tight end of the 250-275 bps guidance. The bond carried a 3.25 per cent coupon and had a reoffer price of 99.79 to yield 3.296 per cent. The bond attracted $1 billion of orders from 96 investors, the lead managers said on Wednesday. Middle Eastern accounts received 64 per cent of the paper, with European and Asian investors getting 31 per cent and 5 per cent respectively. By investor type, banks were given 58 per cent of the deal, with fund managers and private banks awarded 18 per cent and 17 per cent respectively. The remaining 7 per cent was placed with supranational institutions. GIC concluded investor meetings in London on Tuesday. BNP Paribas , Citigroup , National Bank of Abu Dhabi and Standard Chartered arranged the roadshows and the subsequent bond. Kuwait-based GIC was set up in 1983 to provide financial services to support private sector economic growth in the GCC. GIC held meetings in Switzerland last month, arranged by BNP Paribas and Royal Bank of Scotland , which led to a 300 million Swiss franc ($319 million) three-year issue - its debut offering in francs. [ID:nL3E8LH4M7] It is rated Baa2 by Moody’s and BBB by Fitch Ratings and has a $2.5 billion bond programme, which the bond is part of.  — Reuters    New Group CEO for ?Al Ghurair Al Ghurair (also known as Al Ghurair Investment LLC) — one of the largest UAE conglomerates with diversified businesses —  on Wednesday announced the appointment of Constantin Salameh as Group CEO. Salameh will lead multiple business units including Foods, Construction, Resources, Properties, Energy, Printing, Retail and Education. AbdulAziz Al Ghurair, company chairman expressed that  the appointment of a Group CEO was part of a strategy to enhance business and organisational capabilities. “Given the diversity of our operations, it was significant to appoint a Group CEO. Each of our sectors has its own CEO – and, in challenging times, they should be allowed to focus solely on their own areas of expertise,” he said. ADCB hires Standard Life chairman Abu Dhabi Commercial Bank, or ADCB, has appointed Gerry Grimstone as adviser to the bank’s board, the lender said on Wednesday. Grimstone, a former investment banker at Schroders replaces Lord Mervyn Davies of Abersoch whose term expired recently, ADCB said in a statement. Currently, Grimstone is chairman of Standard Life, one of Britain’s largest savings and investments businesses. From : Khalij