Thursday 26 November 2015

Oman marketing $1bn five-year loan to banks

The government of Oman has invited banks to participate in a $1 billion sovereign loan, two sources aware of the matter said on Sunday, as the Gulf country seeks funds at a time of stretched state finances due to lower oil prices. The loan will be arranged by Citigroup, Gulf Inte


Kuwait to study raising fees for services

Kuwait's government is studying whether to raise fees for its services, Finance Minister Al-Al-Saleh said in comments published by the local Al-Rai newspaper on Sunday. Al-Saleh said the study was part of a project to rationalise spending, review subsidies and divers


SAS offers new data management tool for banks

SAS, a global leader in analytics, is offering the SAS Risk Data Aggregation and Reporting to help clear mismatched data infrastructures and siloed processes within banks by building the needed bridges between these data islands or stores. Resulting to a single, comprehensive loo


Subsidy reforms ‘key to beat govt cash crunch’

Subsidy reform and further diversification are the most critical elements in overcoming the current squeeze on government revenues resulting from a sustained period of lower oil prices, according to experts. Energy and financial sector specialists gathered at the recent Apicorp E


Oil at $30 ‘could drain Saudi FX at $18bn a month’

The foreign exchange (FX) reserve drain on Saudi Arabia could accelerate to $18 billion per month if Brent crude oil prices average $30 per barrel, adding pressure on the kingdom’s currency, a report said. Saudi Arabia has been forcing prices lower by increasing production


IFC invests $27m in e-commerce platform Souq

International Finance Corporation (IFC), a member of the World Bank Group, and IFC Asset Management Company are investing $27 million in Souq, the largest e-commerce platform in the Middle East and North Africa (Mena). IFC is the largest global development institution focused exc


BIBF course aims to revive bank lending

A new training programme set for launch next month at the Bahrain Institute of Banking and Finance (BIBF) is aimed at reviving bank lending in Bahrain and the wider GCC region. BIBF head of banking, accounting and finance, IT, research and advisory Deen Jayah told the Gulf Da


ABN Amro refloats after bailout

ABN Amro has returned to the Amsterdam stock exchange with a valuation of 16.7 billion euros ($17.9 billion), marking an important stage in its rehabilitation since its near collapse and nationalisation in the financial crisis of 2008. Certificates in the bank’s initial pub


S&P cuts Oman credit rating as budget deficit widens

Credit rating agency Standard & Poor's has downgraded Oman's sovereign debt in a sign of growing pressure on the finances of some Gulf Arab oil exporters. "We project that a period of sustained low oil prices will impair Oman's fiscal and external balances mo


Major projects ‘on track despite oil price drop’

Oil prices plunging to six-year lows will not affect the development of oil and gas infrastructure in Bahrain,  Energy Minister Dr Abdulhussain Mirza has said. Addressing a panel discussion at the  Arab Petroleum Investments Corporation (Apicorp’s) Energy Forum hosted b

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