Saudi Arabia's economy is likely to grow 4.6 percent this year, more than previously estimated, helped by a robust performance of the private sector, the International Monetary Fund said.
"Private sector growth is expected to remain strong, and oil production is expected
Bank of Bahrain and Kuwait (BBK) has reported a growth of 7.8 per cent in net profit at BD27.2 million ($72.14 million) for the six months ended June 30, when compared with BD25.2 million for the corresponding period last year.
Saudi Arabia's cabinet has given permission to the country's financial regulator, the Capital Market Authority (CMA), to open the stock market to direct investment by foreign financial institutions, the cabinet said in a statement on Tuesday.
The one-sentence statement di
Saudi Arabia's Kingdom Holding, the investment firm owned by billionaire Prince Alwaleed bin Talal, reported a 16.8 percent increase in second-quarter net profit on Monday, citing higher income from investments.
The investment firm has minority stakes in some of the world'
Dubai Chamber of Commerce and Industry underlined the growing popularity of Islamic finance over the conventional sector in a preparatory report for the 10th World Islamic Economic Forum (WIEF) to be held in Dubai from October 28-30.
The report, based on a recent study by Ernst a
Dubai's bourse dropped sharply minutes after opening on Monday as shares in builder Arabtec plunged for a second day in a row.
Arabtec tumbled its 10 percent daily limit while the Dubai index dropped 3.9 percent. Developer Union Properties fell 8.1 percent and bourse operator
A new company in Bahrain that specialises in reclaiming value added tax (VAT) imposed by some European countries is looking to capitalise on its first mover advantage.
According to Gulf Tax Refund's (GTR) chief executi
Oman-based Al Anwar Holding has won a legal case against Bahrain-based Addax Bank regarding investments made in the bank.
In a filing to the Muscat Securities Market (MSM), Al Anwar said it had initiated a commercial claim
Bahrain has a good environment for food security, an assessment by the Economic Development Board (EDB) has found.
According to an EDB white paper launched yesterday, the kingdom has proven ability to stabilise food prices
Oman's State General Reserve Fund (SGRF) is seeking with other shareholders to stabilise Bulgaria's Corporate Commercial Bank and hopes a feasible plan will be put together within three months, an SGRF source told Reuters on Sunday.
A planned state bailout of the bank ran