Tuesday 16 September 2014
 
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NBAD appoints new CEO for Asia

The National Bank of Abu Dhabi (NBAD) has appointed Susan Yuen as its CEO in Asia. In her new role, Yuen will be responsible to define and implement NBAD’s strategy in Asia and have oversight of the bank’s current presence in Hong Kong, Malaysia and Shanghai and consi

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Al Hilal Bank’s rating upgraded by Fitch

Al Hilal Bank, an Abu Dhabi based Islamic bank, has announced that its viability rating (VR) has been upgraded by global rating agency Fitch Ratings. Fitch has also affirmed the long-term and short-term issuer default ratings (IDR) of Al Hilal as part of its second peer review of

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JP Morgan to advise Savola on Americana stake buy

Saudi Arabia's Savola Group has appointed JP Morgan to advise on its potential purchase of a stake in Kuwait Food Co (Americana), the Jeddah-based firm said. Savola previously said in August it had held preliminary talks with one of Americana's largest shareholders about

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Egypt targets 11pc budget deficit in fiscal 2014/15

Egypt is targeting a budget deficit of around 11 per cent for the fiscal year that began in July and aims to boost economic growth to 5-6 per cent within three years, Finance Minister Hani Dimian told a conference on Tuesday. Political turmoil since the 2011 uprising that ousted

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New secretary general appointed for AAOIFI

Bahrain-based Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) has appointed Dr Hamed Hassan Merah as its new secretary general. Dr Merah, a Saudi Arabian national, possesses broad experience in Islamic commercial banks, investment banks and insura

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Islamic finance in focus at Bahrain conference

More than 1,300 high-level industry professionals from over 50 countries will take part in major Islamic banking conference in Bahrain. The the 21st annual edition of the World Islamic Banking Conference (WIBC 2014) will be held under the patronage of His Royal Highness Prime Min

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NBAD ranks 25th on safest banks list

National Bank of Abu Dhabi (NBAD) has again been ranked among the World’s 50 safest banks for the sixth consecutive year by Global Finance, a prestigious international financial magazine. NBAD ranks 25th on the list, up 10 positions from the number 35 spot it held

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First tranche of Emaar malls IPO already covered

Emaar Properties said institutional investors have committed to buying all the shares offered to them in the flotation of its shopping malls business only a day after the initial public offering (IPO) was launched. Dubai's largest real estate developer is aiming to raise as m

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QNB lifts Ecobank stake in $283m deal

Qatar National Bank (QNB) has acquired a further 11 per cent stake in Ecobank Transnational Incorporated in a deal worth $283 million, making it the pan-African lender's largest shareholder. QNB acquired 2.048 billion ordinary shares using its existing resources to take its t

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S&P to reclassify UAE, Qatar stocks

S&P Dow Jones will move Qatar and the UAE from frontier indexes and upgrade them to emerging markets on September 22, the company said. S&P's decision to re-classify the two countries and also Greece as emerging markets was announced last October following a consultat

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