Wednesday 23 April 2014
 
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DI raises foreign ownership cap to 35pc

Dubai Investments (DI), the largest investment company listed on the Dubai Financial Market (DFM), has raised the foreign ownership limit in the company from 20 per cent to 35 per cent. A proposal to this effect was approved at the 18th Annual General Meeting and Extraordinary Ge

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Dubai Holding unit to repay $319m debt early

Dubai Holding Commercial Operations Group (DHCOG), part of a conglomerate owned by the emirate's ruler, will repay $319.3 million on May 13, more than 18 months before the debt is due, it said in a statement on Wednesday. The company will use available funds to repay the amou

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DFM net profit soars 696pc in Q1

Dubai Financial Market (DFM) has recorded a net profit of Dh215.1 million ($58.5 million) for the first quarter of the year, a 696 per cent leap compared to Dh27 million during the corresponding period of 2013. The company’s total revenue has increased 289 per cent to D 255

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DFM net profit soars 696pc in Q1

Dubai Financial Market (DFM) has recorded a net profit of Dh215.1 million ($58.5 million) for the first quarter of the year, a 696 per cent leap compared to Dh27 million during the corresponding period of 2013. The company’s total revenue has increased 289 per cent to D 255

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UAE credit bureau asks banks to supply data

Al Etihad Credit Bureau, a federal   government company which provides credit reports on individuals and corporates in the UAE, has asked all UAE banks and financial institutions to submit their customers’ credit data for the past 24 months, including individuals’ Emirates

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Noor Bank Q1 profit surges to record $23m

Dubai’s Noor Bank has reported record net income of Dh85 million ($23 million) for first quarter 2014, up from Dh31 million for first quarter 2013, marking an increase of 174 per cent. Return on equity improved to 14 per cent. Noor Bank’s total assets g

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Malaysia bank sets up $1.5bn sukuk programme

Public Islamic Bank, the sharia-compliant arm of Malaysia's third-largest lender, has set up an Islamic bond programme to raise as much as 5 billion ringgit ($1.53 billion). The subordinated sukuk murabaha is Basel-III compliant and will be treated as tier-2 regulatory capita

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Kuwait's Al Madina files for protection

Kuwaiti firm Al Madina for Finance and Investment Co said on Wednesday it was uncertain of its ability to continue as a going concern, after posting a 26 percent drop in assets and widening its losses for the last financial year. In a statement to the Dubai bourse, where it is cr

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SITC shareholders to get compensation

Saudi Arabia's King Abdullah has instructed authorities to pay compensation worth SR1.05 billion to shareholders of the Saudi Integrated Telecom Company (SITC) after it was declared bankrupt, an Arab News report said. Shareholders will get SR30 per share, up SR5 from the clos

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al khaliji Q1 profit down 17pc at $30m

al khaliji (KCBK)has reported net profit of QR109 million ($29.9 million) for the first quarter of the year, compared to QR131.5 million for the same period in 2013, marking a fall of 17.1 per cent. Loans and advances grew by 11 per cent during the quarter, to reach QR22.9 billio

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