Wednesday 7 October 2015

Banque Saudi Fransi Q3 net profit rises 10.2pc

Banque Saudi Fransi, a lender part-owned by Credit Agricole, posted a 10.2 per cent rise in third-quarter net profit on Wednesday as total operating income increased. The kingdom's sixth-largest bank by assets made a profit of SR1.02 billion ($272.1 million) in the three mont


Riyad Bank Q3 net profit falls 16.5pc

Riyad Bank, Saudi Arabia's fourth-largest lender by assets, posted a 16.5 per cent fall in third-quarter net profit on Wednesday that it blamed on declining operating income. The bank made a net profit of SR899 million ($239.73 million) in the three months to September 30, do


UAE money rates hit multi-year highs as oil revenue dries up

Money market rates in the UAE hit their highest levels in roughly two years on Tuesday as low oil prices slashed state oil revenues, leaving banks with less money to lend. The economies of the rich Gulf Arab oil exporters have so far coped well with the plunge of crude prices sin


BlackRock gets Saudi nod to trade local stocks

BlackRock, the world's largest asset manager, has been granted regulatory approval by Saudi Arabia to trade local stocks, the company said in a statement on Tuesday. BlackRock "received a qualified foreign investor licence which was obtained in order to launch the iShare


Abu Dhabi to host World Strategy Summit

Abu Dhabi is set to host the inaugural World Strategy Summit, which will feature an line-up of prominent, contemporary thought leaders and expert strategists, drawn from academic, corporate and government entities.   The summit will run from November 16 to 19 at


Abraaj raises $191m in funds through Mexican CKD

The Abraaj Group, a leading investor operating in global growth markets, has raised 3.2 billion Mexican peso ($191 million) through Mexican publicly traded certificates, known as Certificados de Capital de Desarrollo or Certificates of Development Capital (CKD).   


Usman Ahmed named CEO of Citi Bahrain

Citi today appointed Usman Ahmed as the chief executive officer for Citi Bahrain as well as chief executive for Citi Islamic Investment Bank. In this role, Ahmed will oversee Citi's operations in Bahrain as well as lead Citi's effort to provide value added Islamic banking


1,000 leaders for Dubai’s global trade event

About 1,000 trade leaders from over 100 countries will take part in the upcoming Global Trade Development Week (GTDW), the world’s largest trade facilitation event, being held in Dubai, UAE later this month. Supported by Dubai Economic Council (DEC), the event will run from


Dream big, top businessman tells entrepreneurs

Leading UAE-based businessman Thumbay Moideen has urged entrepreneurs to "dream big to be big". Modieen, the foudner president of Thumbay Group, was addressing a massive gathering of 6,000 people at the “Vibrant Business Summit” held at Gandhinagar in Gujara


Mideast urged to crackdown on unregulated schemes

About 87 per cent of financial advisers who were surveyed though regulators should be doing more monitoring and close down unregulated schemes and products, according to a report.   The sixth annual Middle Eastern Investment Panorama (MEIP), issued by market int

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