Friday 29 July 2016

Flagging non-oil business dampens outlook for Gulf

Economists have cut growth forecasts for most of the rich oil exporting countries of the Gulf as non-oil business activity slows because of government austerity measures, a quarterly Reuters poll found. Last year, growth in the six-nation GCC began to lose steam as governments re


Saudi's Kingdom Holding Q2 net profit falls 22pc

Saudi Arabia's Kingdom Holding, the investment firm owned by billionaire Prince Alwaleed bin Talal, posted a 22 per cent fall in second-quarter net profit on Thursday as income from associates and dividends declined. The investment firm has minority stakes in some of the worl


Dentons advises Qurayyat Desalination on Oman project

Dentons, a leading law firm, has advised Qurayyat Desalination, a special-purpose company formed by Hyflux and Modern Channel Services, with respect to the Qurayyat independent water project  (IWP) in Oman. Qurayyat Desalination was awarded $250-million contract to design, b


New fiscal measure to secure Saudi mid-term future

Current fiscal measures deployed by Saudi Arabia should help ensure a sustainable economic future for the country in the medium term, said an industry expert. The Kingdom has implemented several measures to protect fiscal balances from the oil price drop, explained Jorge Mariscal


Mubadala to buy 20pc stake in Investcorp

Bahrain-based Investcorp, a global leader in alternative investment products, and Abu Dhabi’s Mubadala Development have agreed for Mubadala to acquire a 20 per cent interest in the company. The two-step transaction sees Mubadala acquire a 9.99 per cent ownership stake immed


47 UAE firms to vie for Gulf Capital SME Awards

A total of 47 UAE-based companies have been shortlisted as finalists for the 2016 Gulf Capital SME, which recognises success, growth and innovation in business. The shortlisted SMEs, which will compete to win in 13 categories, represent a wide range of sectors, in particular cons


Lloyds plans 3,000 jobs cull after Brexit shock

Lloyds Banking Group said on Thursday it would accelerate its cost cutting plan to help offset a more testing economic environment and a likely drop in demand for credit caused by Britain's vote to quit the European Union. Britain's largest retail bank announced plans to


Pacific Controls in bank talks about $381m debt

Pacific Controls, a Dubai-based technology company, is in talks with banks about restructuring debts of Dh1.4 billion ($381 million), sources told Reuters, one of the largest firms to have to do so since the emirate's economy began to slow. It is also set to be the highest-pr


UAE's property loans improve despite price slide: IMF

The quality of real estate loans in the UAE has continued to improve despite sliding home prices, the International Monetary Fund (IMF) said, in a sign that the country is coping better with a real estate downturn than it did in the last slump seven years ago. Dubai's average


Ezdan Holding Q2 net profit edges up 1.7pc

Qatar's Ezdan Holding reported a 1.7 percent rise in second-quarter net profit on Wednesday, according to a bourse statement. Ezdan, founded and chaired by members of the ruling Al-Thani family, made QR341.5 million ($93.8 million) in the three months to June 30, the company

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