Thursday 29 January 2015

Bank Dhofar mulls options for up to $300m capital raising

Bank Dhofar, Oman's third-largest lender by assets, plans to raise its capital by up to $300 million at the earliest opportunity, with a Tier 1 capital-boosting bond its preferred method, the bank said in a statement. It is the latest Gulf lender to consider capital instrumen


Mumtalakat rules out asset sale

Bahraini sovereign fund Mumtalakat will not sell any assets or change its investment strategy in response to a likely oil price-driven shortfall in the state budget, it said on Thursday. The fund holds stakes in Bahraini companies including Aluminium Bahrain, Gulf Air and Batelco


Emirates Islamic Bank selects Finacle solutions

Emirates Islamic Bank (EI), a leading Sharia-compliant banking institution in the Middle East, has selected the Infosys Finacle Islamic Banking solution to run its operations.   With Finacle, EI can leverage a world-class platform that will enable the bank to serve its custom


HFZA to take part in Russia, CIS market trade shows

Hamriyah Free Zone Authority (HFZA) is set to explore the Russian and Commonwealth of Independent States (CIS) markets by attending various meetings and trade shows during this year. Saud Salim Al Mazrouei, director of HFZA and Sharjah Airport International Free Zone (SAIF Zone),


GCC to maintain solid growth despite oil price slide

GCC governments will be able to use huge financial reserves built up in past years to keep state spending high, ensuring solid economic growth at least through 2016, a report said. Also, strong consumer spending and private sector investment on the back of growing populations are


Al Hilal Bank chief executive resigns

The chief executive of Abu Dhabi government-owned Al Hilal Bank, Mohamed Jamil Berro, is leaving for personal reasons, a spokeswoman for the bank confirmed on Thursday. Sarie Ahmed Arar, currently the executive vice president of wholesale banking, will assume the role of acting C


Productivity centre planned in Bahrain

Bahrain may soon be home to an excellence centre on productivity measurement and enhancement, if discussions today (January 22) prove fruitful. The discussions on the possibility of a project on employee productivity, technology and innovation being set up in Bahrain are to be he


NBB registers record profit of $142m, up 4pc

National Bank of Bahrain (NBB) has reported a four per cent rise in net profit to BD53.44 million ($142.12 million) for last year, compared with BD51.36 million in 2013. The profit figure is the highest ever achieved by the bank, said a report in the Gulf Daily News (GDN),


American Express to cut more than 4,000 jobs

American Express will cut more than 4,000 jobs this year, an executive said, after the credit card company also reported higher quarterly expenses and provisions for bad loans. The planned redundancies, from a workforce of nearly 63,000, contributed to a $313 million pre-tax rest

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