Wednesday 4 March 2015

Iraq in talks with banks over $6bn bond issue

Iraq is discussing a possible bond issue worth nearly $6 billion with Deutsche Bank and Citibank as part of its efforts to cover a huge projected budget deficit this year, Finance Minister Hoshiyar Zebari said. State revenues have tumbled along with falling oil prices just as Ira


Turkey's $220bn bourse to launch public offering

Turkey's Borsa Istanbul has decided to go public, it said in a statement on Tuesday, in an offering that will see the $220 billion stock exchange sell up to nearly 43 per cent of its capital. Turkey's sole stock exchange said it planned to sell shares held by the national


Spending boosts Saudi non-oil business growth

Growth in Saudi Arabia's non-oil private sector accelerated to a four-month high in February as lavish handouts to citizens by the new king buoyed the economy despite the plunge in oil prices, a survey of businesses showed on Tuesday. However, business activity growth in the


Flat hydrocarbon growth to limit GCC economy

The GCC will see a real GDP growth of 2.8 per cent in 2015, slowing from 4 per cent in 2014 on account of flattish hydrocarbon production and softer non-hydrocarbon sector activity, a report said. Real GDP growth in Saudi Arabia will be 2.5 per cent, while UAE and Qatar will see


Experts shed light on major Islamic investment sectors

Infrastructure development, education, food and agriculture are high potential sectors for Islamic investments, an expert has said. Bahrain’s Economic Development Board (EDB) chief economist Dr Jarmo Kotilaine said the increasing young population of the Organisation of Isla


Bahrain to position itself as Islamic markets hub

Bahrain is looking to position itself as the centre of excellence for the entire Islamic market, Finance Minister Shaikh Ahmed bin Mohammed Al Khalifa has said. According to him, a mission of the government was to make the kingdom known throughout the world for Islamic finance br


Abraaj sets up $200m North Africa healthcare group

Private equity house Abraaj said it has teamed up with three financial institutions to set up North Africa Hospital Holdings Group, a $200 million healthcare group focused on Egypt and Tunisia. The three partners are the European Bank for Reconstruction and Development (EBRD), De


Saudi regulator suspects insider trading in Mobily shares

Saudi Arabia's market regulator is investigating possible insider trading in shares of telecommunications operator Mobily relating to its shock earnings restatement, the watchdog said on its website. The Capital Market Authority (CMA) launched an investigation into Mobily in


NBK-Bahrain 2014 net profit up 27pc to $145m

National Bank of Kuwait-Bahrain (NBK Bahrain), the subsidiary of NBK Group in Bahrain, reported net profits of $145 million for the year 2014 compared with $114 million in 2013, a growth of 27 per cent year-on-year. As of end of 2014, NBK-Bahrain’s total assets increased by


Bahrain, Oman banks ‘most vulnerable to oil price fall’

Banking systems in Bahrain and Oman are more vulnerable to the recent drop in oil prices than those in the rest of GCC due to their highly oil-dependent economy where the budget breakeven price is significant, a report said. On a positive note, both countries will benefit from di

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