Sunday 23 November 2014

Saudi to open stock market to foreigners before April

Foreign institutional investors are expected to begin direct trading of Saudi Arabian stocks before April next year, the Asharq al-Awsat newspaper reported on Monday, quoting unnamed sources. In August, the Capital Market Authority proposed rules for opening the market t


Moody's affirms DP World, Jafza stable ratings

Moody's Investors Service has affirmed the Baa3 long-term issuer rating of DP World as well as the Ba1 corporate family and Ba1-PD probability of default rating of Jebel Ali Free Zone (Jafza) with outlook on all ratings remaining stable. Moody's actions follow DP World


EIIB-Rasmala buys 100pc of asset management firm

EIIB-Rasmala, a leading specialist asset management and financing group, has announced its full acquisition of Rasmala Egypt Asset Management (REAM). The Group has increased its shareholding in REAM from 51 per cent to 100 per cent, following the acquisition of the remaining 49 p


AUB named ‘Private Bank of the Year - Bahrain’

Bahrain-based Ahli United Bank (AUB) has been recognised as the "Private Bank of the Year - Bahrain" at the Global Private Banking Awards 2014. The awards are a joint initiative by The Banker and Professional Wealth Management (PWM) magazines, two publications of the Lo


GFH unveils new identity in major push for growth

Gulf Finance House (GFH) is implementing major changes to its business strategy as it turns from being an investment bank to a financial group. "To reflect this strategy, we changed the brand, the logo and the colours to be in line with the new plan, and to reflect our ambit


PineBridge appoints new chief financial officer

Bahrain-based PineBridge Investments Middle East, a global multi-asset class investment manager, has appointed John Hopley as chief financial officer. Hopley brings more than 20 years of corporate finance experience in the Middle East, North America, Latin America and Asia, parti


IIFM launches collateral Murabahah agreement

Bahrain-based International Islamic Financial Market (IIFM), a global standard-setting body for Islamic finance has launched the IIFM Master Collateralised Murabahah Agreement. The global standard document is accompanied by an operational guidance memorandum, said a report in the


Al Baraka unit reports 21pc increase in net profit

Al Baraka Turk Participation Bank, a subsidiary banking unit of Al Baraka Banking Group (ABG), reported an increase of 21 per cent in its net profit in the first nine months of this year compared to the same period of 2013. It also increased its equity by 11 per cent, total asset


Bank robbed by armed men in Bahrain

Armed robbers fled with thousands of dinars from Ahli United Bank in Bahrain yesterday (November 16), 17 hours after a money exchange company was targeted in a hold-up during which a security guard was shot three times. The unidentified individuals raided the bank's Budaiya b


Oman real GDP growth to hit 4.5pc in 2015

Oman's real GDP is expected to grow by 4.5 per cent in 2015 mainly driven by a strong non-oil performance averaging seven per cent as the government’s diversification ambitions begin to have an impact, said a report. Oman's real GDP is expected to grow by four per c

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