Wednesday 16 April 2014

IMG Theme Park gets $327m Islamic loan

Dubai-based entertainment venue IMG Theme Park has successfully closed a 1.2 billion dirham ($327 million) syndicated Islamic facility, as the company prepares for an increase in the influx of tourists into the emirate. Proceeds will go towards refinancing an existing corporate f


Global economic growth 'facing challenges'

The global economy is taking a turn for the better, but its slow recovery must be taken into account, particularly in advanced economies, said Finance Minister and Minister in charge of Oil and Gas Affairs Shaikh Ahmed bin Mohammed Al Khalifa. He said this in a statement to the D


Bahrain, Kazakhstan in 'new era of co-operation'

Bahrain and Kazakhstan are to usher in a new era of joint co-operation spanning all sectors.   The main focus will be on promoting economic, cultural and tourism co-operation in addition to boosting investment, said a report in the Gulf Daily News (GDN), our sis


Burgan seeks bond deal to raise capital

Kuwait's Burgan Bank is said to have hired HSBC, Kamco and NBK Capital for a potential bond deal, according to bankers. It is not clear at this stage if the planned deal will be in US dollars or Kuwaiti dinars, nor whether it will be senior or subordinated, though the latter


Gulf Finance House plans $500m sukuk

Gulf Finance House (GFH), Bahrain-based Islamic investment bank, plans to issue a sukuk or arrange new debt facilities of up to $500 million, said a report. The funds raised will be used to restructure the current liabilities, develop projects and for acquisitions of new business


Egypt's Arabian Cement plans IPO

Egypt's Arabian Cement Company plans to hold international presentations from next week aimed at attracting investors to a stock market debut that would be the first in Cairo since the fall of autocrat Hosni Mubarak in 2011. Chief Executive Jose Maria Magrina told Reuters the


Bahraini banks to launch Basel III standards

Bahraini banks will be fully ready to implement the Basel III international banking standards on new capital requirements by next year, the governor of the Central Bank of Bahrain (CBB) said. The kingdom's banking sector remains very resilient and requirements to enhance the


Facebook to launch mobile payment services

Facebook is preparing to join the mobile-payments race with remittances and electronic-money services on the social network, the Financial Times (FT) has reported, citing several people involved in the process. The company is close to obtaining approval from the Central Bank of I


Good growth seen in UAE, Saudi Arabia

The UAE and Saudi Arabia are expected to enjoy good economic growth this year, according to a Crédit Agricole Private Banking research report. The ‘Macro Comment – Eastern Promises: Mena Update’ said Arab countries in the Middle East are in the mode of tw


Rushdi joins DinarStandard as senior partner

Rushdi Siddiqui, an Islamic finance and halal industry pioneer, is joining US-based DinarStandard, a growth strategy research and advisory firm specializing in the global Islamic economies, as senior partner and global leader/head of Islamic Economy.   The Islamic economy, es

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