Sunday 20 April 2014

Saudi hits 6-year peak as investors shrug off Sabic Q1

Saudi Arabia's main share index rose the most in a month to reach a fresh six-year high on Sunday as investors shook off a slight dip in quarterly profit from the bourse's biggest stock. Speculation in mid-cap stocks helped Dubai gain. The Saudi measure advanced 1.1 perce


GIB plans SR2bn note issue

Bahrain's Gulf International Bank plans to issue a 2 billion Saudi riyal ($545 million) floating rate notes with a lifespan of five years through a private placement in Saudi Arabia, a prospectus showed on Sunday. The bank mandated its own investment banking arm, GIB Capital,


AlKhair Capital Saudi opens office in DIFC

AlKhair Capital Saudi has opened an office at the Dubai International Financial Centre (DIFC), following approval from the Dubai Financial Services Authority (DFSA) for a Category 4 licence. The licence allows AlKhair Capital Saudi to operate as an authorised entity from the DFSA


ABC Algeria wins Global Finance award

New York-based Global Finance magazine has named the Arab Banking Corporation-Algeria (ABCA) as the "Best Emerging Markets Bank in Algeria" for 2014. ABCA is a subsidiary of the Bahrain-based Arab Banking Corporation Group, reported the Gulf Daily News, our sister publi


Qatar GDP may hit $230bn this year

Qatar's gross domestic product (GDP) is expected to touch $230 billion in the current fiscal as the country is expected to achieve a 6-7 percent growth rate for 2014-15, a report said. Qatar has the potential to emerge as the region’s second largest economy, The Peninsu


National Bank of Oman Q1 profit up 20pc

National Bank of Oman reported a 20 percent rise in first-quarter net profit on Sunday, slightly above analyst estimates. The bank made a profit of 10.3 million rials ($26.75 million) in the first three months of 2014, up from 8.6 million rials in the year-earlier period, accordi


KFH Q1 profit up 13pc to $92m

Kuwait Finance House (KFH) , the country's biggest Islamic lender, reported a 13 percent rise in first quarter net profit, which rose to KD26.06 million ($92.54 million from KD23 million in the same period a year ago. Revenues were 1 percent higher at 224.4 million dinars.


Egypt central bank 'to keep interest rates on hold'

Egypt's central bank will keep interest rates on hold next Thursday as it balances the need to fight inflation while supporting the currency and stimulating an economy battered by more than three years of upheaval, a Reuters poll showed. Annual urban consumer inflation remain


Qatar touches 8-year high, AUB boosts Bahrain

Qatar's bourse continued to outperform the region on Thursday but failed to break through major technical resistance. Meanwhile, Ahli United Bank lifted Bahrain's stock market on news it might be sold or merge. The Doha bourse closed up 0.8 percent at 12,55


Mubadala income triples to $1.44 billion

Mubadala Development Company (Mubadala), the Abu Dhabi-based investment and development company, tripled its total comprehensive income in 2013 to Dh5.3 billion ($1.44 billion), compared to Dh 1.6 billion in 2012.      The results were primarily driven by the signif

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