Saturday 2 July 2022

Kamco plays key role in Qurain Petrochemical's ATC acquisition deal

Kamco Invest, a regional non-banking financial powerhouse, acted as the Partial Purchase Offer Manager to Qurain Petrochemical Industries Company (QPIC) in purchasing a key stake in leading Kuwaiti group Advanced Technology Company (ATC).    A major distrib


Mashreq announces pricing of its debut $300m offering

Mashreqbank, one of the leading financial institutions in the UAE, today (July 2) announced the pricing of an aggregate principal amount of $300 million of its 8.5% Perpetual Non-callable 5-year Additional Tier 1 Notes. The offering is expected to close on July 7, subject to customary closing


Bahrain economy set for 3pc growth on key reforms, high oil

Bahrain’s economic activity is set for a moderate rebound in 2022 and the fiscal and external positions will improve considerably in the near-term and over the medium-term, growth is set to stabilize at 3%, according to a review by International Monetary Fund (IMF).  &


Union Coop to list shares on DFM on July 18

Union Coop, a leading consumer cooperative in the UAE, has announced plans to list its shares on the Dubai Financial Market (DFM) on July 18 as part of its new growth strategy.   Announcing the big plan, Union Coop said it will exercise a share split as per the


Magnati launches region’s first metaverse marketplace

Magnati, a regional leader in the payment solutions industry, is launching Magnati-MetaV, the region’s first metaverse marketplace that enables users to experience e-commerce in a new and immersive way.   The platform seeks to shift behavioural patterns fr


SABB appoints Al-Barrak as CEO C&I banking

The Saudi British Bank (SABB) announced the appointment of Yasser Ali Al-Barrak as Chief Executive Officer of Corporate and Institutional (C&I) banking, effective July 1, 2022.   Al-Barrak was appointed to the post because of his expertise and practical expe


Gulf Islamic Investments acquires majority stake in UK's OFFA

Gulf Islamic Investments, a leading Shariah compliant global investment company based in the UAE, with assets under management in real estate, private equity and venture capital sectors, has announced a majority investment in OFFA, the UK’s first Shariah-compliant bridge financing provi


UAE businesses to invest $2.76bn in India’s Odisha state

UAE investors have signed Memoranda of Understanding (MoUs) worth $2.76 billion (Rs218 billion/ Rs21,800 crores) with the Government of Odisha state, after meeting with the state Chief Minister Naveen Patnaik in Dubai.   The investment by UAE business houses is


UAE’s MoF extends to July 20 RFI report submission deadline

UAE’s Ministry of Finance (MoF) has extended to July 20 the deadline to submit the UAE Reporting Financial Institutions (RFI) in accordance with the Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS).   MoF pointed out that the


Bupa Arabia launches innovative Telehealth Platform

Bupa Arabia for Cooperative Insurance has launched a new Telehealth Platform that delivers value-added healthcare services such as doctor-patient video consultations (telemedicine) and appointment booking.   The Digital Transformation Unit (NDU) valued in a twee

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