Friday 28 November 2014

Al Baraka’s Egypt unit posts 41pc income rise

Al Baraka Bank Egypt, a subsidiary of Bahrain-based Al Baraka Banking Group (ABG), has posted a 41 per cent increase in net income for the first nine months of the year to $24 million. The total assets also increased by 15 per cent, financing and investments by 13 per cent, custo


Bahrain costs 'lowest' in GCC to operate business

Bahrain has one of the lowest costs of operating a financial services business in the GCC region, a new report released by KPMG said. The average cost of key aspects such as licensing and registration, commercial rental rates, manpower costs, and communication and utility expense


Investors approve Qatar Insurance's $250m bond sale

Shareholders of Qatar Insurance Company have approved plans to sell a $250 million convertible bond to state-owned fund the General Retirement and Social Insurance Authority, local media reported on Monday. The five-year note, which can be converted after three years into shares, will


NBAD recruits 118 Emiratis under new initiative

National Bank of Abu Dhabi (NBAD) has recruited as many as 118 UAE nationals to serve the bank’s clients in its branches and offices across the UAE. The recruitment was part of the ‘Falkom Tayeb’ initiative, launched under the patronage of Sheikh Mohammed Bin Sa


Qatar's GDP grows 6.3pc, owing to non-oil expansions

Qatar’s gross domestic product (GDP) grew 6.3 per cent, as a result of expansions in the non-oil and financial services sector, according to a report. The country’s investment policies are strictly in line with the country’s vision to protect interests of its fu


Oman mulls spending cuts, tax rises as oil tumbles

An advisory body to Oman's government has suggested sweeping spending cuts and tax rises, including a levy on liquefied natural gas exports, to cope with the hit to state revenues from the plunge in oil prices. Oman has run a small budget surplus so far this year but the slid


M&A deal activity rises 17pc in Mena

Mergers and acquisitions deal activity in the Middle East and North Africa (Mena) region increased 17 per cent in the third quarter of the year, according to a recent report.
 EY's latest Mena Capital Confidence Barometer (CCB) pointed out that as many 109 deals were announc


NBB wins award for BFSI excellence

National Bank of Bahrain (NBB) has won Computer News Middle East's information and communications technology (ICT) Achievement Award in the banking, financial services and institutions (BFSI) category for the entire Middle East region. The awards recognise regional excellence


BHB, BIBF in new investment awareness drive

Bahrain Bourse (BHB) and Bahrain Institute of Banking and Finance (BIBF) are set to jointly launch an initiative aimed at increasing the awareness of the public about the basics of investment, it was announced yesterday. Under the initiative monthly training sessions will be orga


Arig wins reinsurer of the year award

Bahrain-based reinsurance firm Arab Insurance Group (Arig) has won the 'reinsurer of the year' award at the inaugural Middle East Insurance Industry Awards held in Dubai. The awards programme was organised by the Middle East Insurance Review industry magazine, said a rep

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