Tuesday 29 July 2014

Saudi FDI opening ‘may slow down IPOs’

Saudi Arabia's decision to open its stock market (Tadawul) to foreign direct investment (FDI)could curb initial public offerings (IPOs) in the kingdom as it could make local firms cautious about giving up stakes in their business to foreign control, a report said. "There


Global firms eye Kuwait's Americana

Some of the world's major provate equity firms are showing interest in acquiring Americana, the Kuwaiti operator of major food chains. Americana, the operator of KFC, TGI Friday’s, Krispy Kreme and Red Lobster in Kuwait, is looking for a suitor willing to pay $5 billion


IMF agrees on $5bn credit line for Morocco

The International Monetary Fund said on Monday it will provide Morocco a $5 billion credit line to help the North African country pursue a reform agenda to achieve rapid and more inclusive economic growth. Morocco's central bank governor said last month his country was workin


Bank Audi H1 profit up to $190m

Lebanese Bank Audi said its first half net profit was $190 million, slightly up from $188 million in the same period last year. The bank said in statement its customer deposits grew by $2.9 billion to $34 billion over the first six months of 2014. The bank, which o


Qatar spending up 13pc, slowest in 11 years

Qatar's state spending increased 12.7 per cent last fiscal year, the lowest rate in 11 years, as slow growth in current expenditure offset a sharp rise in funds spent on infrastructure projects, data showed on Sunday.  


Majority Watania shareholders to sell stakes

Abu Dhabi-listed Islamic insurer National Takaful Company (Watania) has said its majority shareholders had agreed to sell stakes to strategic investors from the Gulf region, but did not name the selling or buying parties.  


Dubai Islamic Bank profit surges 59.6pc

Dubai Islamic Bank (DIB), the UAEs' largest sharia-compliant lender, posted a 59.6 per cent jump in its second-quarter net profit, aided by higher fee and investment income. Beating analysts' forecasts, the bank made 667.5 million dirhams ($181.8 million) in the three mon


Fund planned to protect inter-Arab investments

An Arab marine resources holding company and a national fund for the protection of inter-Arab investments could be set up soon, the General Union of Arab Chambers of Commerce, Industry and Agriculture general secretariat announced yesterday. 


Gulf International bank income hits $50.2m

Gulf International Bank (GIB) has reported consolidated net income after tax of $50.2 million for the six months ended June 30 this year, compared with $60.6 million in the prior year period.   Net income after tax in the se


BKIC net profit surges 30pc

Bahrain Kuwait Insurance Company (BKIC) has announced that net profit for the first half of the current year increased 30 per cent from BD2 million ($5.2 million) last year to BD2.6 million.   Net profit for the three months

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