Orascom Development, the Egyptian real estate company, is looking to issue the first-ever Egyptian depository receipt (EDR). The company is working with EFG Hermes and the Bank of New York Mellon to arrange the issue later this year.

Credit Suisse has launched its first equities fund dedicated to the Middle East and North Africa (Mena).

Baltic lender Swedbank remains on review for possible downgrade by Moody’s despite plans to bolster its balance sheet with a US$2bn rights issue.

Abu Dhabi Islamic Bank (ADIB), the region’s leading Islamic bank, has appointed Malik Sarwar as global wealth management executive.

Ukrainian state-owned Ukreximbank became the first Ukrainian bank to issue new debt since the credit crunch began, when it raised a US$135mn two-year deal in July.

As part of its 2009 borrowing program, the Turkish treasury mandated Barclays Capital, Deutsche Bank and Goldman Sachs for the reopening of its dollar denominated notes due July 14, 2017.

Despite Libya’s growing internationalisation as being a reasonably stable, tolerate and welcoming environment for investment, a reputation that is bolstered by a variety of customs duties and tax breaks for large projects, some UK investors are not short of criticism about the country’s lack of transparency and at times ambiguous and conflicting announcements from Libya’s key decision and policy makers. These issues, among others, were at times hotly debated at the Middle East Association’s Libya conference held in London on July 23.

Hungary has successfully sold its first debt to foreign investors since the country had to be bailed out by the IMF last year. Investors ordered €2.9bn of securities, nearly six times the €500mn the government initially planned to raise.

The Polish minister of infrastructure, Autostrada Wielkopolska S.A. II, the European Investment Bank and Deutsche Bank have officially signed agreements in Warsaw for the €1.6bn financing of the105km A2 motorway section Nowy Tomysl – Swiecko (at the German-Polish border).

On July 22, the Ras Al Khaimah government completed the formal documentation and signing for its US$400mn sukuk issue, with Standard Chartered Bank, BNP Paribas and Liquidity House acting as joint bookrunners.

Abu Dhabi National Oil Company has entered into a joint venture with ConocoPhillips to develop the Shah gas field in the south of the United Arab Emirates, together with a natural gas processing plant, new natural gas, liquid and sulphur pipelines.

Saudi Electricity Company (SEC) has issued a SR7bn (US$1.87bn) sukuk, the largest sukuk issue globally to date in 2009 and the first public issuance of 2009 in Saudi Arabia.