Monday 3 August 2015

Saudi stocks tumble on oil, earnings

Stock markets across the Middle East fell on Sunday after oil prices dropped again and Saudi Arabia, heavily influenced by the petrochemicals sector, led losses, hitting a four-month low. The main Saudi index sank 3.2 per cent to 8,807 points, its biggest daily loss since late Ma


EFG Hermes gets new head of business development

EFG Hermes announced today the appointment of Sadiq Hussain as managing director at the firm’s asset management division, to head business development. With 25 years of international experience in emerging and regional markets, Hussain joins EFG Hermes from J P Morgan Secur


Saudi cbank curbs credit card cash withdrawals

Saudi Arabia's central bank has tightened restrictions on cash withdrawals from banks using credit cards in an effort to head off any consumer debt problems. Previously, under an informal industry arrangement customers could obtain cash advances equivalent to as much as 50 pe


Payfort launches flexible payment plan

Payfort, a leading online payment service provider, has launched its installments service in the United Arab Emirates, Saudi Arabia and Egypt. The new service that makes it easy for ecommerce merchants to offer pay-via-installment options to customers and gives consumers greater


GCC investors ‘pumping billions into real estate’

Billions of dollars of investment emanating from the GCC and Muslim jurisdictions are increasingly seeking Shariah compliant investment opportunities in key global real estate markets, said organisers of an upcoming real estate event in London. The International Real Estate Finan


UAE students win Saxo Bank investment contest

Three UAE-based university students have won the top three prizes in a major investment competition organised by Saxo Bank, the online trading and investment specialist, and Abu Dhabi University (ADU). The Abu Dhabi University Investment Competition 2015 attracted more than 210 u


Oman swings to $3.9bn deficit in Jan-May

Oman posted a budget deficit of RO1.50 billion ($3.90 billion) in the first five months of this year, swinging from a RO232.9 million surplus a year earlier. The deficit is due to lower oil export prices, provisional finance ministry data showed on Sunday. &n


Mezzan Holding Q2 net profit jumps 66pc

Mezzan Holding, a top manufacturer and distributor of F&B and FMCG and pharmaceutical products, has posted net profits of KD7.3 million ($24.1 million) for the second quarter (Q2) of the year, marking a 66.4 per cent rise from Q2 2014. The earnings for the second quarter incl


Kingdom Holding Q2 profit rises 13pc

Saudi Arabia's Kingdom Holding, the investment firm owned by billionaire Prince Alwaleed bin Talal, posted a 12.6 per cent rise in second-quarter net profit on Sunday as its income increased and costs fell. Kingdom has minority stakes in some of the world's most high prof


$530m sukuk listed on Bahrain Bourse

Bahrain Bourse (BHB) has announced the listing of the government Islamic lease securities (sukuk) issued by the Central Bank of Bahrain (CBB) through registered brokers. The sukuk will be traded under the symbol GILS23.SUK. The BD200 million ($530 million) securities were issued

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