Saturday 23 July 2016

$3.5bn IMF aid for Morocco

The Executive Board of the International Monetary Fund (IMF) has approved a $3.47 billion aid for Morocco. The two-year arrangement will be under the precautionary and liquidity line (PLL) for SDR 2.504 billion (about $3.47 billion, or 280 percent of Morocco’s quota), said


Arab National Bank Q2 profit slips 2.1pc

Arab National Bank, Saudi Arabia's seventh-largest lender by assets, reported a 2.1 percent fall in second-quarter net profit on Thursday, broadly in line with analysts' estimates, as expenses rose. Net profit in the three months to June 30 was SR818 million ($218.1 milli


EFG Hermes advises B.TECH on $33m partnership

EFG Hermes, a leading investment bank, has concluded its advisory to B.TECH, a major retailer and distributor in Egypt, for trading and distribution on its strategic partnership with DPI, a leading African private equity firm. The transaction will see the latter invest EGP300 mil


Middle East M&A transactions down 29pc

The value of announced mergers & acquisitions (M&A) transactions with any Middle Eastern involvement reached $18.7 billion during the first half of 2016, a decline of 29 per cent compared to the first half of 2015, according to a report. The value of announced mergers &am


UAE non-oil growth to hit 4pc medium term

Non-hydrocarbon growth in the UAE is expected to increase by more than 4 per cent over the medium term as the dampening effect of fiscal consolidation is offset by improvements in economic sentiment and financial conditions, the International Monetary Fund (IMF) has said. This wi


Bahrain economy grows 4.5pc in Q1

Bahrain’s economic growth reached 4.5 per cent during the first quarter of the year, the kingdom’s highest level since 2014, led by the 12.1 per cent year-on-year growth in the oil sector, a report said. Nearly $4 billion of projects have now been tendered under the G


NBB net profit surges 6.9pc to $84m in H1

National Bank of Bahrain (NBB) has reported an increase of 6.9 per cent in net profit at BD31.72 million ($84.36 million) for the six months ended June 30 when compared with BD29.67 million ($78.91 million) for the same period last year, reported the Gulf Daily News, our sister publica


Mashreq Q2 net profit falls on impairments

Mashreq, Dubai's third-biggest lender by assets, posted on Wednesday a 16.1 percent fall in second-quarter net profit as impairments for bad debt more than doubled and fee and commission income edged lower. Against a backdrop of trickier operating conditions for banks in the


Algeria trade deficit widens by 27.2pc

Opec member Algeria's trade deficit widened to $10.83 billion in the first six months of 2016, 27.2 percent more than in the same period last year due to a fall in energy earnings as oil prices tumbled, data showed on Wednesday. Oil and gas exports, which accounted for 93.55


Al Khalij posts 6pc profit growth in H1

Al Khalij Commercial Bank (al khaliji) has reported a net profit of QR320.3 million ($87.8 million) for the first six months (H1) of 2016, marking an increase of 6 per cent over its financial results for the same period of last year. Sheikh Hamad Bin Faisal Bin Thani Al Thani, ch

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