Saturday 21 January 2017

N Africa stable outlook ‘reflects reform momentum’

The stable outlook for sovereign creditworthiness in the Levant and North Africa in 2017 reflects the lower for longer energy price environment as well as the reform momentum in the region, despite political and security headwinds, says Moody's Investors Service. "Improv


EY creates borderless advisory services

EY, leading global professional services organisation, has announced the creation of borderless advisory services for its clients across Africa, India and the Middle East (AIM) region. Led by Gerard Gallagher, the newly appointed EY AIM advisory leader, EY has created a leadershi


GCC real GDP growth to stay weak this year: Moody's

The real GDP growth in the GCC in 2017-18 is likely to remain weak by historical standards with an average of 1.6 per cent and ranging from 0.7 per cent for Saudi Arabia to 3.3 per cent for Qatar, a Moody's report said. The negative outlook for sovereign creditworthiness in 2


Emirates Islamic income hits $680m in 2016

Emirates Islamic, one of the fastest growing banks in the UAE, said its total income (incuding the net of customers’ share of profit and distribution to Sukuk holders) for 2016 surged three per cent to Dh2.5 billion ($680.4 million). Announcing its full-year financial resul


Emirates NBD posts $1.97 billion net profit

Emirates NBD, the UAE’s largest lender, posted a net profit of Dh7.24 billion ($1.97 billion) for the financial year 2016, up 2 per cent compared to the previous year. However, the total income declined 3 per cent y-o-y to Dh14.7 billion, mainly due to lower non-interest in


8 men control same wealth as poorest half of world: Oxfam

New estimates show that just eight men own the same wealth as the poorest half of the world and as growth benefits the richest, the rest of society – especially the poorest – suffers, says an Oxfam report. The very design of our economies and the principles of our eco


QNB Group net profit hits $3.4 billion in 2016

QNB Group, the largest financial institution in the Middle East and Africa (MEA) region, has posted a net profit reached QR12.4 billion ($3.4billion) for 2016, up by 10 per cent from last year. Total assets reachedQR720 billion ($198 billion), up by 34 per cent from December 2015


Investcorp buys into top US distributor

Investcorp, a global leader in alternative investment products, has acquired a significant minority stake in US-based Arrowhead Engineered Products, a leading distributor of mission-critical replacement parts in the specialty vehicle market. Arrowhead, based in Minnesota, is a gl


ENBD steps up investment in Saudi equities

Emirates NBD (ENBD) Asset Management has identified Saudi Arabian equities as an area of strategic focus due to the significant growth potential and is targeting medium to long term capital growth in the Saudi market through its Mena funds. Through its Mena Equity funds, Emirates


Foreign direct investments in Abu Dhabi jumps 8pc

The UAE emirate of Abu Dhabi posted an increase of 8 per cent in foreign direct investments (FDIs) to Dh95.145 billion ($25.9 billion) in 2016, compared with Dh88.95 billion ($24.22 billion) in 2015, a report said. The data came in the estimation of the annual report on direct fo

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