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Veteran Saudi banker to head AMFThe Arab Monetary Fund (AMF) has appointed former Saudi central banker Abdulrahman bin Abdullah Al Hamidy as director general and chairman of the board, replacing its chief of two decades, the fund said on Wednesday. Al Hamidy replaces Bahraini national Jassim Al Mannai, effectiv More… |
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Dubai World prepays $284m to creditorsDubai World, one of the emirate's big state-owned conglomerates, has prepaid $284.5 million to creditors under its $25 billion debt restructuring plan, sources familiar with the matter said on Wednesday. The conglomerate obtained money for the prepayment from asset sales, sai More… |
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EFG-Hermes sells Damas stake to MannaiEgyptian investment bank EFG-Hermes has agreed to sell its 19 percent stake in United Arab Emirates jeweller Damas to Qatar's Mannai Corp for $150 million, a source familiar with the deal said on Wednesday. Mannai and EFG-Hermes took control of the jeweller in April 2012, wit More… |
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Ultra rich number to grow 35pc in MideastThe number of ultra high net worth individuals (UHNWIs) in the Middle East is likely to increase 35 per cent in the next 10 years, a new study has said. The region's UHNWI population, people who have more than $30 million in net assets, will increase from 7,052 in 2013 More… |
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Saudi IPO market 'set for big year'Saudi Arabia is likely to see a big jump in the number and value of initial share sales in 2014, the head of Banque Saudi Fransi's investment banking unit said, as firms become keener to list and the regulator facilitates stock listings. The kingdom's stock market, by far More… |
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RAK 'exploring' ceramics unit stake saleThe ruling family of Ras Al Khaimah, one of the seven UAE emirates, is exploring a sale of its shares in Ras Al Khaimah Ceramics, a major maker of ceramic wall and floor tiles and sanitary ware, a source familiar with the matter said. Talks on the possible sale have been going on More… |
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Bahrain Bourse wins key UK awardBahrain Bourse has won the “Corporate governance award' for best Bahraini company constituted by UK-based World Finance magazine. The “Corporate governance award for best Bahraini company” was presented for the bourse’s efforts in implementing the corp More… |
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Alba backs Euromoney forumAlba, one of the world's leading aluminium producers, said it is demonstrating confidence in Bahrain as an industrial and financial destination through its participation in the two-day Euromoney GCC Financial Forum. The forum that concludes today is highlighting the role of f More… |
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URC bond rating upgraded to stable outlookKuwait-based United Real Estate Company (URC), a leading real estate developer, has announced that global credit rating agency Capital Intelligence upgraded URC’s KD60 million ($213 million) unsecured bond from BBB- with a positive outlook, to BBB with a stable outlook. Cap More… |
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GCC urged to set up onshore financial centresThe Gulf region must look into developing onshore financial centres to introduce further stability, said a leading expert at the Euromoney GCC Financial Forum in Bahrain. Pacific Alternative Asset Management Company managing director and partner Alper Ince, speaking exclusively t More… |
