Wednesday 27 August 2014

Earnings in Kuwait flat despite strong bank results

The earnings of Kuwaiti companies were flat, despite a solid performance by banks during the first half of the year, on the back of an improving operational environment and reduced provisioning, boosted overall earnings an offset weakness in other sectors, said a report. Most of


Adnic wins top ratings from international agencies

Abu Dhabi National Insurance Company (Adnic), a leading provider of insurance solutions for individuals and corporates, has won an A (excellent) rating with a stable outlook and an A- rating with a positive outlook from leading international agencies A M Best and Standard and Poor’s (S&am


Daman Funds pays record high dividend

Daman Investments, a UAE-based regional investment management company, has paid a record high dividend for the second quarter of the year. Daman Funds have upheld their longstanding reputation as the leading dividend-yielding funds in the GCC investment arena with annualised divi


GFH obtain $105 m facility from KFH

Bahrain's Gulf Finance House (GFH) said on Wednesday that it had signed to obtain a $105 million, five-year Islamic credit facility from Kuwait Finance House (KFH), which would help GFH redeem two syndicated debt facilities and allow the release of some major GFH assets. GFH,


Oman to get IDB’s $176m grant for social growth

Oman will receive a grant of $176 million for its economic and social development for the Islamic Development Bank (IDB), a multilateral development financing institution, a report said. IDB has allocated $987 million to back economic and social development projects and programme


Takaud appoints key general counsel

Takaud, a Bahrain-based regional savings and pensions provider, has appointed Hadi Daou as general counsel. Daou is a qualified lawyer and legal professional with more than 15 years of senior experience in leading corporate strategic and tactical legal initiatives, with specific


Bahrain hires 4 banks for new bond issue

Bahrain has hired four banks including Citigroup, Gulf International Bank and Standard Chartered to arrange a new sovereign bond issue expected to be launched before the end of the year. The government bonds are highly prized by financial institutions and the mandated banks will look t


Qatar trade surplus hits $9bn in July

Qatar foreign trade surplus rose to QR33.2 billion ($9.1 billion) in July from QR32.9 billion a year ago, preliminary data from the Ministry of Development Planning and Statistics showed on Tuesday. Exports of petroleum gases and other gaseous hydrocarbons rose 1.2 per cent year-


StanChart looking to sell part of UAE business

Standard Chartered is aiming to sell part of its business in the UAE after it agreed to close some accounts there in an anti-money laundering settlement with U.S. authorities, two sources familiar with the plan said. Under the settlement announced last week, the bank agreed to pa


Doha Bank CEO wins ‘Life Time Achievement Award’

Doha Bank’s chief executive officer (CEO) won the ‘Life Time Achievement Award’ at a summit in India recently. The Global Summit 2014 on Business Excellence, under the theme ‘Business excellence through Boardroom best practices’ was hosted by the Ins

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