Thursday 21 August 2014

Jordan's trade deficit widens by 10.5pc in first half

Jordan's trade deficit widened in the first six months of this year by 10.5 percent to 5.35 billion dinars ($7.5 billion) compared with the same period in 2013, due to a higher bill for Saudi oil and increased consumption, official data showed on Wednesday. Officials say Jord


StanChart to pay $300m penalty for AML deficiencies

Standard Chartered has reached a $300 million civil monetory penalty settlement with the New York State Department of Financial Services (DFS) regarding deficiencies in the anti-money laundering trisection system at its New York branch. The system, which is separate from the sanc


Nakheel repays all $2.15bn bank debt 4 years early

Dubai property developer Nakheel is repaying all of its 7.9 billion dirhams ($2.15 billion) of bank debt as much as four years ahead of schedule, the company said in a statement on Wednesday. The final instalment of the debt was to have come due in March 2018. Nakheel originally


DIFC Authority CEO Singer quits

Jeffrey Singer said on Wednesday that he had resigned as chief executive of the DIFC Authority, which oversees Dubai's financial free zone, the Dubai International Financial Centre. The resignation is with immediate effect, Singer told Reuters by telephone. He declined to com


GCC counties account for 90pc capital in Mena IPO

GCC countries had the largest share of initial public offering (IPO) listings in Mena, accounting for 90 per cent of the capital raised through IPOs in Mena in the first half of the year, with 10 IPOs raising nearly $2.1 billion. The GCC countries listings constituted nearly 78 per cen


OIFC appoints new chief

Oman Investment & Finance Co has appointed Said Ahmed Safrar as its chief executive officer. Safrar comes with more than 20 years of experience in banking and telecom sector, said a statement. His last position was the chief customer experience officer in Oman


Saudi reforms to boost foreign investment in focus

Saudi Arabia’s reforms being rolled out in a bid to boost foreign investment, including a landmark decision to liberalise the kingdom’s capital markets, will be the focus of a study. ‘The Report: Saudi Arabia 2014,’ published by global publishing, research


StanChart unit buys into UAE’s Topaz Energy

Standard Chartered Private Equity (SCPE) announced today (August 20) the acquisition of a minority stake in UAE-based Topaz Energy and Marine (Bermuda), a leading offshore support vessel operator, through an equity investment of $75 million. The proceeds will be used to fund Topa


RAK FTZ launches business excellence awards

Ras Al-Khaimah Free Trade Zone (RAK FTZ) has announced the launch of its first annual ‘Business Excellence Awards’ programme.  “The RAK FTZ business excellence awards programme will elevate the profile of our most outstanding clients, and celebrate their achievem


FGB appoints head of corporate finance

FGB, one of UAE’s leading banks, has announced the appointment of Michael Aissaoui as its corporate finance specialist. In his new role within FGB’s wholesale banking group, Aissaoui will oversee the expansion of the bank’s advisory activities for clients, in support

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