Friday 29 April 2016

Saudi Arabia's cabinet approves reform plan

Saudi Arabia's cabinet agreed to implement a broad reform plan known as Vision 2030, which is expected to involve sweeping change to diversify the economy beyond dependence on oil exports, state media reported on Monday. "We hope citizens will work together to achieve Sa


GIB raises $533m via bond issue

Gulf International Bank’s (GIB) latest bond issue met with strong demand as the bank priced its senior unsecured SR2 billion ($533 million) five-year Floating Rate Notes issuance at a spread of 140 basis points above three-month SAIBOR. The issuance was well oversubscribed,


Top speakers for Cards & Payments Middle East

Cards & Payments Middle East, a leading conference and exhibition for payment solutions, is set to return to the Dubai International Convention and Exhibition Centre from May 31 to June 1.   The conference is critical to realising the disruptive ways in whic


Quilter Cheviot opens office in Dubai

Discretionary investment management company Quilter Cheviot, part of Old Mutual Wealth, which can trace its heritage back to 1771, has been granted approval to open a new representative office in the Dubai International Financial Centre (DIFC) under the business name Quilter Cheviot Limited.


Algeria GDP grew 3.9pc in 2015

Algeria's economy grew by 3.9 percent in 2015, up from 3.8 percent the previous year, boosted by higher output in agricultural sector, the government said. Last year's growth was slightly higher than the 3.8 percent government forecast and the 3.7 percent International Mo


Gulf reform plans encouraging, says IMF

The International Monetary Fund said it was encouraged by the efforts of Saudi Arabia and other Gulf Arab oil exporters to repair damage to their state finances as low crude prices slash export revenues. "I do see in a number of countries action to address the budget deficit


China e-commerce firm opens Dubai showroom

Global OConnect, China's top O2O cross-border e-commerce service provider will make its first appearance in Middle East market through launching a showroom in Dubai on April 28. Global OConnect is an offline business partner of OSell E-commerce platform. This partnership buil


Saudi surges on petchems, GCC markets mixed

Saudi Arabia's stock market rose strongly in heavy trade on Sunday as firm oil prices boosted petrochemical shares, while other markets in the region were mixed. Riyadh's main index jumped 1.7 percent to 6,699 points, its highest finish since January 5, in the largest tra


Abu Dhabi ready to fund $10bn deficit via bond issues

Abu Dhabi expects to post a wider budget deficit of Dh36.9 billion ($10.1 billion) in 2016 because of low oil prices, and plans to cover the gap mainly with international bond issues, a prospectus for a bond sale by the emirate showed. Abu Dhabi, the largest and wealthiest member


Saudis await new vision for future with hope

Saudi Arabians are anticipating with hope the release tomorrow (April 25) of a government plan to liberate the kingdom from its reliance on oil, which could solve deep-rooted problems but bring economic pain. Deputy Crown Prince Mohammed bin Salman, the 30-year-old son of King Sa

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