Wednesday 23 April 2014
 
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First Gulf Bank Q1 net profit rises 27pc

First Gulf Bank (FGB), the second-largest lender by market value in the UAE, posted a 27 percent jump in first-quarter net profit on Wednesday, becoming the latest UAE bank to post strong quarterly profit growth. FGB, majority-owned by Abu Dhabi's ruling family, made a net pr

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New Dubai sukuk opens door for more

Dubai's government hopes its first 15-year sukuk issue - an unusually long tenor for an Islamic bond - will pave the way for long-term debt sales by its state companies, the Department of Finance said. Dubai drew $2.3 billion of investor demand for the $750 million issue on T

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DI raises foreign ownership cap to 35pc

Dubai Investments (DI), the largest investment company listed on the Dubai Financial Market (DFM), has raised the foreign ownership limit in the company from 20 per cent to 35 per cent. A proposal to this effect was approved at the 18th Annual General Meeting and Extraordinary Ge

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Dubai Holding unit to repay $319m debt early

Dubai Holding Commercial Operations Group (DHCOG), part of a conglomerate owned by the emirate's ruler, will repay $319.3 million on May 13, more than 18 months before the debt is due, it said in a statement on Wednesday. The company will use available funds to repay the amou

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DFM net profit soars 696pc in Q1

Dubai Financial Market (DFM) has recorded a net profit of Dh215.1 million ($58.5 million) for the first quarter of the year, a 696 per cent leap compared to Dh27 million during the corresponding period of 2013. The company’s total revenue has increased 289 per cent to D 255

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DFM net profit soars 696pc in Q1

Dubai Financial Market (DFM) has recorded a net profit of Dh215.1 million ($58.5 million) for the first quarter of the year, a 696 per cent leap compared to Dh27 million during the corresponding period of 2013. The company’s total revenue has increased 289 per cent to D 255

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UAE credit bureau asks banks to supply data

Al Etihad Credit Bureau, a federal   government company which provides credit reports on individuals and corporates in the UAE, has asked all UAE banks and financial institutions to submit their customers’ credit data for the past 24 months, including individuals’ Emirates

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Noor Bank Q1 profit surges to record $23m

Dubai’s Noor Bank has reported record net income of Dh85 million ($23 million) for first quarter 2014, up from Dh31 million for first quarter 2013, marking an increase of 174 per cent. Return on equity improved to 14 per cent. Noor Bank’s total assets g

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Malaysia bank sets up $1.5bn sukuk programme

Public Islamic Bank, the sharia-compliant arm of Malaysia's third-largest lender, has set up an Islamic bond programme to raise as much as 5 billion ringgit ($1.53 billion). The subordinated sukuk murabaha is Basel-III compliant and will be treated as tier-2 regulatory capita

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Kuwait's Al Madina files for protection

Kuwaiti firm Al Madina for Finance and Investment Co said on Wednesday it was uncertain of its ability to continue as a going concern, after posting a 26 percent drop in assets and widening its losses for the last financial year. In a statement to the Dubai bourse, where it is cr

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