DG

Drumstick Group is a multi-discipline group providing highly professional services in general maintenance, construction, media  production, corporate hospitality, event management & marketing and tourism.

With offices based in the UK and Dubai, we have an international approach with local expertise.

Construction

Currently DGLLC is in the process of completing two purpose built labour camps for QGM Group, who have already assigned DGLLC to further build three more units at Hamriyah Free Zone.

Purpose built labour camp and staff accommodation for QGM Group

We are also contracted for various MEP and security projects for both commercial and domestic properties in UAE.

General Maintenance
The team at Drumstick LLC is dedicated to providing quality maintenance services to customers throughout Dubai and UAE. Our services range from a one time emergency repair call out, to the implementation of a planned preventative programme exclusive to your property’s needs.

• General Maintenance

  • Handyman

  • AC Repair & Servicing

  • Electrical Services

  • Plumbing Services

  • Painting Services

  • Masonry

  • Carpentry

• Third Party Services

• Landscaping

Industry News

Kuwait Finance launches student financing Kuwait Finance House Bahrain has announced the launch of its student financing product, which is based on Islamic finance principles. The new product is designed to facilitate entry into higher education by financing tuition fees for undergraduate as well as graduate students in Bahrain undertaking studies at universities accredited by the Ministry of Education. The product may also be available to students undertaking studies at international universities on a case by case basis, KFH Bahrain has noted.

UAE banks' Saudi exposure tops $3bn UAE banks have exposure of more than $3bn through syndicated and bilateral transactions to Saudi groups, Saad and Algosaibi, and their banking outfits, according to Emirates Business. Sources said while Abu Dhabi Commercial Bank (ADCB) has $395m in its deal with Saad Group, it has $40m outstanding with Algosaibi Group. For Mashreq, these numbers add up to $160m and $50m, respectively.

MoneyGram expands network in Saudi Arabia Saudi-based National Commercial Bank has signed an agreement with MoneyGram International that will enable users of NCB to access the US-based firm's money transfer services at NCB?s 1,400 ATM locations. The Saudi government owns a majority interest in the bank.

Bank Muscat sells HDFC stake Bank Muscat said it had a pretax profit of about 21 million rials ($54.5m) from the sale of its 0.5% stake in HDFC Bank, India?s third-biggest lender by market value. In April, the bank said that it had sold about 81% of its 2.67% stake in HDFC at a profit of 35.3 million rials.

Riyad Bank to provide $373m in financing for project Saudi lender Riyad Bank said it would provide up to SR1.4bn ($373m) in financing for buyers into a property project partly led by Egypt?s Talaat Moustafa Group, reported the Saudi Gazette. The bank signed an agreement on Sunday with Saudi-based property developer Thabat under which the lender will design Islamic-compliant packages for buyers in a project in Riyadh. Thabat is a joint venture between Talaat and Saudi real estate firm Al-Oula.

Bank Dhofar has $10m exposure to Algosaibi Group Oman's Bank Dhofar has released a statement saying it has an exposure of $10m to Saudi Arabia?s troubled Algosaibi Group. The exposure relates to a $700m syndicated loan extended to Algosaibi in May 2007.

Qatar National Bank to sell stake in Syrian unit Qatar National Bank has announced that it will sell 34% of its Syrian unit in an initial public offering next month. The share sale will begin July 12 and end Aug. 10. Qatar National will retain 49% of the unit after the IPO, while Syrian government organizations will hold 15% and private investors 2%.

Arab Bank says unhurt by exposure to Saudi banks Arab Bank, Jordan's largest bank by assets, has said in a statement it was exposed to Saudi Arabia's troubled groups Saad and Al Gosaibi, but this would not affect its financial position. But the bank did not given details of what the it said were long-term loans extended to the groups over the course of a relationship spanning 'decades' in exchange for 'cash, real estate collateral, stocks and personal and institutional guarantees'.

Beltone to expand in Middle East Aly El Tahry, chairman of Beltone Financial, an Egyptian investment bank with $4.2bn under management, told Bloomberg the bank plans to expand its presence in the Middle East within a year, as stock markets in the region recover. He said stock markets in Gulf Arab countries and Egypt are poised to trim losses incurred last year, as investor confidence returns and economies in the region improve. 'I would be surprised if in the next 12 months we at least are not in one more country,' he told the news service.

Burgan Bank unveils travel packages for credit card holders Kuwait's Hotels & Beyond Co has partnered with Burgan Bank to offer a host of exclusive summer holiday travel packages to the bank's credit cardholders in Kuwait and around the world. The offer, which includes discounts to holiday destinations around the world including Istanbul, Sharm Al Sheikh, Dubai, London and Geneva, is valid until August 21, 2009.

Global to act as financial advisor on merger Global Investment House in Jordan (Global) has announced the signing of a financial advisory mandate with the Middle East Complex for Engineering, Electronics and Heavy Industries Plc (MECE), under which Global will be the advisor for the merger transaction between MECE and the National Integrated Industries Complex Co (NIIC). The merger will be one of the largest in the Middle East in the field of electronics, with potential combined assets reaching around JD600 million ($847m).

UAE banks have 'significant' exposure to troubled Saudi banks UAE banks have 'significant' exposure to Saudi Arabia's troubled Saad Group and Algosaibi conglomerates, the UAE central bank governor was quoted as saying today by Reuters. Sultan Bin Nasser Al Suweidi said the Saudi central bank could not keep its freeze on accounts linked to the two firms forever and that Gulf countries must work together to find a solution as they are all affected. 'It's a big issue everywhere. All GCC countries are exposed. (The UAE banks' exposure) is significant,' Al Suweidi said, without detailing how much debt local banks owed.

BankMuscat to set up securities firm in Saudi Bank Muscat has announced that its subsidiary, Muscat Securities House Company (MSH), has won approval from Saudi's Capital Market Authority to commence operations. MSH will cover areas including dealing as principal and underwriting agent, managing funds, and providing arranger, advisory and custody services.

ENBD seeks to boost share of retail bank profit Suvo Sarkar, Emirates NBD's general manager for retail banking, says the bank aims to double the contribution to profit from its consumer banking unit, as new credit cards are added and small companies are targeted amid the global financial crisis, reported Bloomberg. The lender's retail unit had provided about a quarter of the bank's profit of $1bn in 2008 and should contribute a third to its net income this year, Sarkar said. 'We want to take it to 40 percent to 50%' in the next three to five years, he told the news service.

BSI seeks JVs for Gulf expansion The Bahrain office of Swiss private bank BSI has said it is considering joint ventures with Gulf partners as well as acquisitions, as part of its strategy to expand in the region over the next three years. Saad Osseiran, a Managing Director at the Bahrain office, told Reuters: "Investors in the region are extremely careful; most are looking for safety." BSI, which wants to capitalise on its reputation as a conservative Swiss bank, has a positive long-term view on the region, as other sectors such as energy, infrastructure and health still need significant investments, he said.

Saudi bank lending down as business concerns grow Loans given by Saudi banks to the private sector fell for a third straight month in May to SR725bn ($193bn), their lowest level since August 2008, according to data from the Saudi Arabia Monetary Agency (Sama). It was the sharpest month-to-month drop since January, as concern mounts about the financial security of some family run businesses in Saudi Arabia. The data also showed that the annual growth of money supply, as measured by the broadest M3 measure of money circulating the economy, was 16.9% in May, down from 18.3% in April.

Al Gosaibi owes $9.2bn in over 100 banks Saudi family holding company Ahmad Hamad Al Gosaibi & Brothers Co, owes $9.2bn to more than 100 banks, Bloomberg has cited two sources. The company whose Bahraini bank has defaulted held a meeting with creditors in Bahrain on June 24 to ask for a grace period of 90 days to investigate the debt. The report further mentioned international banks hold 30% of the debt of Al Gosaibi's four financial divisions, TIBC, Saudi-based Money Exchange, Bermuda-based Al Gosaibi Trading Services, and Bahrain-based Al Gosaibi Investment Holding.

DBG gets 48.4% stake in Shuaa The dispute between the Dubai Banking Group (DBG) and Shuaa Capital over the Dhs1.5bn convertible bond has been resolved, Gulf News has reported. Dubai Banking has agreed to take 48.4% stake in Shuaa, where the company will issue 515 million shares to DBG at Dhs2.91 each.

Emirates Development Bank gets nod from UAE cabinet The UAE Cabinet has approved establishing Emirates Development Bank with a capital of Dhs10bn. The Cabinet has also decided that Dhs5bn of the capital will be paid completely by the UAE government.

Kuwait Investment to sell Boubyan stake Kuwait's Stock Exchange has announced that Kuwait Investment Authority (KIA) plans to sell its 20% stake in Islamic lender Boubyan Bank in an auction on July 22. KIA has said it will sell its 231 million shares in three instalments at 550 fils each, or at the July 21 closing price if it is higher. Kuwait's Central Bank has said it will have to approve any sale above a 5% holding.