Saturday 25 October 2014

Kuwait Investment shares jump on privatisation plan

Shares in Kuwait Investment Company surged on Thursday after the Kuwait Investment Authority (KIA) said it would offer its stake in the firm to the public in the first half of 2015, as it resumes a programme of selling off stakes in local listed companies. Kuwait Investment Compa


Arab Bank 9-month net profit up 10pc

Jordanian lender Arab Bank Group's said its nine-month net profit rose 10 per cent to $614 million compared to last year, attributing it to a diversified portfolio with growth in key markets and a prudent risk strategy. One of the Middle East's major financial institution


Gulf states must cut spending amid oil price slump

Gulf oil exporters face inevitable spending cuts as weak oil prices cloud their economic outlook, Kuwaiti Finance Minister Anas al-Saleh said on Saturday. "We must undertake comprehensive economic reforms including the reform of imbalances in public finances," Saleh tol


Investcorp eyes 30pc rise in key assets

Investcorp is targeting a more than 30 per cent hike in its assets under management (AUMs) in the next five years as Middle Eastern investors increasingly see private equity as a way to diversify out of traditional investment routes. Those in the region with money to invest have


Bahrain, China aim to boost trade ties

Ways to boost Bahrain's trade ties with China were discussed at a key meeting in the kingdom yesterday (October 24), a report said. Transportation Minister and Economic Development Board (EDB) acting chief executive Kamal Ahmed met China's Vice-Minister of Commerce Fang A


Kuwait central bank aims to cut bad loans to 2pc

Kuwait's central bank aims to cut the bad loan ratio among Kuwaiti commercial banks to below 3 per cent of total loans by the end of this year from 3.2 per cent at present, central bank governor Mohammad al-Hashel said. Hashel, speaking to reporters on the sidelines of a meet


Aabar seeks amplified role in $22bn Malaysia banking deal

Abu Dhabi state fund Aabar Investments is demanding a hefty premium for its minority stake in Malaysia's No.4 bank, sources say, as the Abu Dhabi state fund leverages on its amplified role in a $22 billion merger that will create Southeast Asia's fourth-largest lender. Wh


Egypt's govt has to deliver growth to survive: minister

Egypt's government has to deliver economic growth to survive and can not let complex laws and bureaucracy discourage foreign investment, the country's investment minister said. Egyptian President Abdel Fattah Al-Sisi, whose two predecessors were toppled by protests in the


Egypt considers $1.5bn bond as it repairs economy

Egypt could tap international bond markets to raise up to $1.5 billion next year to shore up its finances and is open to agreeing an International Monetary Fund loan package if needed, Finance Minister Hany Kadry Dimian said on Thursday. The Arab world's most populous country


Bank Audi's nine-month profit up 7.1pc

Lebanese lender Bank Audi's net profit in the first nine months of the year was up 7.1 per cent at $280 million, it said on Thursday. The bank said in a statement that the increase came after the allocation of $71 million of net loan provision charges. Last yea

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