Thursday 28 August 2014

Kuwait's Global in talks to sell Al Jazeera Steel stake

Kuwait-based Global Investment House is in talks to sell its 51 per cent in stake in Oman’s Al Jazeera Steel Products, said a report. The bank, which has restructured its $1.7 billion of debt twice in the past five years, held discussions with regional investment firms inte


Turkey's Ziraat ends acquisition talks with Bank Asya

Turkish state-run Ziraat Bank scrapped talks to acquire Bank Asya on Thursday, deepening concerns over the Islamic lender's future and making it more likely it will be seized by the state. Bank Asya's profits and capital base have collapsed since December, when it found i


Swiss bank mis-sold $200m investments to Kuwaitis

Switzerland's Bank Sarasin mis-sold $200 million of investment products to Kuwait's prominent Khorafi family, a court at Dubai's financial centre found on Thursday in a ruling that could set a precedent for similar disputes in the region. The Dubai International Finan


Atlantis, The Palm set to refinance $880m loan

Dubai's iconic island resort, Atlantis, The Palm, owned by Investment Corporation of Dubai (ICD) is looking to reprice or refinance an $880 million syndicated loan signed in September 2013, banking sources said. The five-year loan was provided by seven local and international


Saudi proposes 10pc foreign ownership cap for bourse

Saudi Arabia's stock market regulator proposed rules on Thursday for opening the $580 billion market to direct investment by foreign institutions, including a 10 per cent cap on foreign ownership of the market's value. Among other draft rules, a single foreign investor co


StanChart vows to work with UAE cbank after warning

Standard Chartered on Thursday said it would work with regulators after the UAE central bank warned it could face legal action after agreeing to close some customers' UAE accounts in an anti-money laundering settlement. "We have noted the announcement made by the UAE Cen


StanChart liable to legal action in UAE says cbank

Standard Chartered is liable to legal action in the UAE after it agreed to close some customers' UAE accounts in an anti-money laundering settlement with US regulators, the UAE central bank said on Thursday. Under the settlement, announced this week, the bank agreed to pay a


Khorafis win Dubai judgement vs Bank Sarasin

A court in Dubai's financial centre ruled in favour of Kuwait's prominent Khorafi family on Thursday in a suit against Switzerland's Bank Sarasin over $200 million of investments that went bad. The Dubai International Financial Centre court found Sarasin sold unsuitab


Focus on ‘Megatrends in Passive Investments’

Investment professionals across the Middle East are set to attend seminars about the current trends in the use of exchange-traded funds (ETFs), ‘smart beta’, liquidity and implementation of segregated accounts. The ‘Megatrends in Passive Investments’ semin


EDB delegation seeks to boost China trade ties

Officials from the Economic Development Board (EDB) are currently on a visit to the People's Republic of China in preparation for a Bahraini roadshow to be conducted by a high-level delegation later this year. The roadshow will cover Beijing, Guangzhou, Shenzhen and Hong Kong

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