Friday 19 September 2014

BIBF-SEC in regulatory programme

The Bahrain Institute of Banking and Finance (BIBF) in association with the Securities and Exchange Commission (SEC), US, is organising a regulatory programme for capital market supervisors. The five-day programme will conclude today (September 18) at the Movenpick Hotel in Muhar


IIRA reaffirms ABC Islamic Bank ratings

The Islamic International Rating Agency (IIRA) has reaffirmed the ratings of Bahrain-based ABC Islamic Bank at A+/A-1 on the national scale (long-term and short-term respectively), and A-/A-2 on the international scale with a 'Stable' outlook. In a statement, the ratings


New $266m fund to back SMEs in Saudi

A SR1 billion ($266.5 million) endowment has been launched to develop and empower the SME sector in the Madinah region of Saudi Arabia. Prince Faisal Bin Salman, Governor of Madinah, launched Namaa Al Munawara, a non-profit organisation that serves as the implementation arm of Al


Gulf banks show solid growth, despite low interests

Gulf banks have shown healthy earnings growth over the last year and a half despite historically low interest rates, according to a new Standard & Poor’s Ratings Services report. The report titled ‘Economic Recovery Spurs Solid Growth for Gulf Banks,’ said b


Saudi corporate earnings growth set to jump

The combined net profits of Saudi Arabia's leading companies are expected to rise 17 per cent in 2014 and a further 11 per cent in 2015, largely on the back of petrochemical producers and banks, although a number of companies in other sectors also promise strong growth. The f


UAE residents ‘tend to save outside the country’

Nearly half of UAE residents choose to save their money in bank accounts outside their country of residence, a report said. More than 48 per cent of respondents of an annual survey conducted by, a UAE-based finance comparison website, said they are more confident


MSCI’s upgrade of UAE, Qatar to bring stability

The recent decision by the MSCI Global Equities Index to upgrade its classification of both the UAE and Qatar from Frontier to Emerging Market status will likely result in more stability and greater investment, a finance leader said. Members of ICAEW, a world leader of the accoun


UAE tops world in billionaire wealth growth

Billionaire wealth in the UAE surged to $132 billion in 2014 from $45 billion last year, marking a worldwide record increase of 193 per cent, a report said. The number of billionaires in the UAE also increased to 46 from 37 in 2013, added the Wealth-X and UBS Billionaire Census 2


Gold rises on Fed moves

Gold inched up for a third straight session on Wednesday as speculation mounted that the Federal Reserve would vow to maintain interest rates at low levels when the US central bank concludes its policy meet later in the day. The Fed is expected to make a statement on policy decis


Asian businessmen 'facing red tape hurdle' in Bahrain

Bureaucratic red tape and unequal treatment are a deterrent to continued investment in Bahrain’s economy, Asian businessmen and traders have complained. Speaking during an open forum of the Bahrain Asian Traders Committee (BATC) of the Bahrain Chamber of Commerce and Indust

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