Sunday 5 July 2015

Bahrain Bourse opens $530m sukuk subscription

A government Islamic lease (Sukuk Al Ijara) issue floated to raise BD200 million ($530 million) is open to direct subscription by retail investors, the Bahrain Bourse (BHB) announced. Both Bahraini and non-Bahraini investors can subscribe to the issue through registered brokers a


Al Jaber seeks new terms for $4.5bn restructured debt

Abu Dhabi-based conglomerate Al Jaber Group is talking with banks to refinance around $4.5 billion of debt it restructured last year to improve terms imposed by creditors, three sources aware of the matter told Reuters. It is the latest company in the UAE seeking to follow state-


UAE to draft new corporate tax, VAT laws in Q3

The UAE, seeking to bolster state revenues, is likely to complete the drafting of laws introducing corporate tax and value-added tax in the third quarter of this year, a senior Ministry of Finance official said on Thursday. "The draft of the corporate tax law and the value-a


Kuwait ‘may issue bonds to finance deficit’

Kuwait is considering issuing bonds among various options to finance a budget deficit created by low oil prices, Finance Minister Anas al-Saleh said on Thursday. "Going to the market and issuing bonds and so on, could it happen this year? Possibly yes," he said in an in


Saudi economy accelerates in first quarter

Saudi Arabia's economy accelerated in the first quarter of 2015, showing the world's top oil exporter can cope with low energy prices, but growth may slow as the government faces pressure to rein in spending. Gross domestic product, adjusted for inflation, grew 2.4 per ce


Al khaliji concludes internship programme in Qatar

Al Khalij Commercial Bank (al khaliji), a leading Qatari bank, has recently concluded a month-long internship programme for Carnegie Mellon University in Qatar students. The programme, which provided students with extensive exposure across business lines and branches, aimed at eq


Menacorp tops brokerage firms in UAE

Menacorp, a leading financial services firm in the UAE, has been ranked the number one brokerage firm in the emirates for the first half of the year in terms of trade value and market share, according to official data published by the Dubai Financial Market (DFM) and Abu Dhabi Securities Exchan


Mideast mobile money transactions grow 58pc

The total value of mobile money transactions processed in the Middle East last year has grown at cumulative annual growth rate (CAGR) of 57.9 per cent over the period of 2009-2014, a report said. However, the user base is still very low as compared to other regions with only 2.1


Doha Bank raises $549m Tier 1 bond

Doha Bank raised QR2 billion ($549.3 million) through the issuance of capital-boosting bonds on Tuesday, Qatar's fifth-largest lender by assets said in a statement to the bourse on Thursday. In March, the bank said that it would issue capital-enhancing bonds with a perpetual


Omani banks sign deal on proposed merger

Oman’s Bank Sohar and Bank Dhofar have entered into a non-binding agreement on a proposed merger, the duo said, in the latest move towards consolidation in the country’s bloated banking sector. The two lenders agreed to proceed with due diligence, subject to receiving

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