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URC bond rating upgraded to stable outlookKuwait-based United Real Estate Company (URC), a leading real estate developer, has announced that global credit rating agency Capital Intelligence upgraded URC’s KD60 million ($213 million) unsecured bond from BBB- with a positive outlook, to BBB with a stable outlook. Cap More… |
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GCC urged to set up onshore financial centresThe Gulf region must look into developing onshore financial centres to introduce further stability, said a leading expert at the Euromoney GCC Financial Forum in Bahrain. Pacific Alternative Asset Management Company managing director and partner Alper Ince, speaking exclusively t More… |
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Consolidation push paying off for Bahrain banksThe Central Bank of Bahrain (CBB) has encouraged banking consolidation, which to date has resulted in the merger of 10 banks, creating stronger and well-capitalised financial institutions, said CBB Governor Rasheed Al Maraj. Al Maraj was delivering his keynote address at the open More… |
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Mubadala to focus more on US, EuropeAbu Dhabi investment fund Mubadala Development Co plans to focus more on US and European markets this year as those economies slowly recover, its chief operating officer said on Tuesday. Mubadala, which has stakes in General Electric and private equity firm Carlyle, shifted some More… |
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Six banks join plan for shared customer data registerJPMorgan, Citigroup and four more major banks have signed up with an industry group to develop a central register of information on other banks they deal with to help to meet increasing compliance demands and costs. Swift, a Brussels-based group used by thousands of banks to exch More… |
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UAE economy grows 4pc in 2013Economic growth in the UAE accelerated to 4 per cent in 2013 boosted by a solid performance from non-oil sectors mainly tourism, industry, finance and trade, said the country's economy minister. Sultan Bin Saeed Al Mansoori hailed UAE’s tremendous success that surpassed More… |
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Egypt foreign reserves up to $17.3bnEgypt's foreign reserves rose to $17.307 billion in February from $17.105 billion in January, the central bank said on Tuesday. Reserves have been sharply falling since a 2011 uprising that ousted President Hosni Mubarak but were lifted in July when Gulf Arab states sent bill More… |
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StanChart opens second branch in IraqStandard Chartered has inaugurated its branch in Erbil, Kurdistan Region, marking its second branch in Iraq after launching operations in the country in November 2013 with a head office and branch in Baghdad. Nechirvan Idris Barzani, Prime Minister of Kurdistan Regional Governmen More… |
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Oil below $90 to hit GCC economiesThe effects on the economies of Gulf countries would be negative to neutral under an adverse scenario in which oil prices decline to $90 per barrel (pb) by 2020, said a report. A gentle decline in oil prices should enable most GCC countries to continue to record healthy macroecon More… |
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Payfort offers zero deposit scheme to SMEsPayfort, a leading online payment service provider, has introduced a zero security deposit on transactions for small and medium enterprises (SMEs) and startups. Under the new zero deposit programme, qualifying SMEs will be able to offer their customers secure online payment servi More… |
