Wednesday 2 September 2015

UGB appoints acting chief executive officer

United Gulf Bank has appointed Hussain Lalani as its acting chief executive officer.   Lalani, who is currently the chief financial officer, has been with the bank since 2002, said a statement.   He has worked extensively in provid


Islamic State announces new gold currency

Islamic Sate (IS) has announced the creation of a new currency in gold, silver and copper, featuring a world map, including the Americas, where the group said its reign will reach. The group said its own dinars and dirhams will hurt the dollar and the US financial system.  


Tenmou launches key facility for hosting events

The launch of a new co-working space at National Bank of Bahrain Tower has been announced by Tenmou, Bahrain’s first angel investor. The space is meant to facilitate the hosting of events such as mentorship Mondays, and weekly and monthly sessions with Bahraini entrepreneurs, said a rep


Takaud appoints new chief investment officer

Takaud, a specialist provider of savings, investment and pension solutions for the Middle East and North Africa (Mena) region, has appointed Johannes Van Der Dong, a renowned industry expert, as its chief investment officer.   With 15 years of experience in port


Dubai conference to discuss FDI issues

The UAE Ministry of Economy is set to convene a high-profile conference of government and private sector representatives, to address several key foreign investment-related issues.   The sixth annual Investment Meeting (AIM 2016) will be held under the patronage


Rising oil output boosts Saudi economic growth

Rising oil output boosted Saudi Arabia's economic growth to its fastest pace in over a year in the second quarter of 2015, data showed, but growth looks likely to slow in coming months as low oil prices make themselves felt.   Gross domestic product, adjuste


Moody's to host banking, Islamic finance event in Bahrain

Moody's Investors Service is set to host its first Banking and Islamic Finance Workshop in Bahrain on September 2.   It will focus on Bahrain's banking sector amid low oil prices and global headwinds, said a statement.   Je


Kuwait trade surplus sinks to 6-year low

Kuwait’s trade surplus fell to a six-year low of KD1.7 billion ($5.6 billion) in the first quarter of 2015, or an annualized 20 per cent of projected GDP in 2015 as oil export revenues continued to tumble, a report said. The fall is mainly attributed to the decline in expor


SEC gets nod for $2.3bn loan, sukuk

Saudi Electricity Company (SEC) has received approval from its executive committee to negotiate for loan financing worth $2.3 billion and to set up a sukuk programme worth as much as $1.5 billion, the Gulf's largest utility said on Monday. The two-part loan, to serve as a bac


Saudi Q2 GDP growth rises to 3.8pc

Saudi Arabia's gross domestic product, adjusted for inflation, grew 3.8 per cent from a year earlier in the second quarter of 2015, up from a revised 2.3 percent in the first quarter, data from the Central Department of Statistics showed on Monday. The oil sector grew

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