Tuesday 21 October 2014

PBME appoints top officials in Bahrain

Bahrain-based PineBridge Investments Middle East (PBME) has appointed Sabah Khalil Almoayyed as independent chairwoman of its board of directors and Anthony Mallis as independent vice-chairman. The regional arm of global multi-asset-class investment manager PineBridge, PBME cover


Infrastructure spending to boost Bahrain’s economy

Massive infrastructure projects currently in the planning stage will not only boost Bahrain’s national economy but also strengthen the kingdom's competitiveness, a top minister has said. Transportation Minister and Economic Development Board acting chief executive Kamal


Citi pulls out of consumer banking in 11 countries

Citigroup said it was pulling out of consumer banking in 11 markets, including Japan and Egypt, as the US bank with the biggest international business looks to cut persistently high costs. The third-largest US bank, built with a series of acquisitions spanning back to the 1980s,


Riyad Bank posts 7.8pc Q3 net profit

Riyad Bank, Saudi Arabia's third-largest listed lender by assets, posted a 7.8 per cent rise in its third-quarter net profit on Tuesday, in line with analysts' average forecast. The bank said it made 1.08 billion riyals ($280 million) in the three months ending September


Bank Sohar scraps convertible bond plan

Bank Sohar, the Omani lender in talks on a possible merger with larger rival Bank Dhofar, scrapped plans for a convertible bond issue and will instead undertake a RO40 million ($103.9 million) rights issue, it said on Tuesday. The bank, the sultanate's fifth-largest by assets


Qatar international reserves hit $43.5bn

Qatar’s international reserves rose $43.5 billion in August driven by a strong current account surplus, an increase of $7.2 billion as compared to the same period last year, according to a report. The latest QNB Monthly Monitor report showed that the import cover stood at 8


Falling oil prices 'won't hurt UAE GDP'

Falling oil prices won't hurt the gross domestic product (GDP) growth of the United Arab Emirates this year, a Ministry of Economy official told reporters on Tuesday. "Oil accounts for less than 30 per cent of our GDP, so there will be no impact. The UAE economy is now v


Dentons advises NBO on $600m Note programme

Dentons, a major global law firm, has advised the National Bank Oman (NBO) on the establishment of a listed and rated $600 million Euro Medium Term Note programme, and the debut issue of $500 million 3.125 per cent Notes. The Programme and issue are rated (A3, Moody's) and li


Takaful premiums post 7pc growth in Bahrain

Increasing demand for Sharia-compliant insurance in Bahrain has led to takaful premiums growing more than seven per cent last year, it has emerged. According to Central Bank of Bahrain (CBB) executive director of financial institutions supervision Abdul Rahman Al Baker, the takaf


Shared global prosperity 'is vital’: Bahraini minister

Bahrain’s Finance Minister Shaikh Ahmed bin Mohammed Al Khalifa has welcomed the initiation of the discussion on shared prosperity. The minister said this as he attended meetings of the Development Committee and the International Monetary and Financial Committee, in Washing

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