Friday 31 October 2014

Dubai Investments Q3 net profit jumps 17pc

Dubai Investments has posted a net of Dh189.1 million ($51.5 million) in the third quarter of the year, compared with Dh161.1 million ($43.8 million) in the same period of 2013, marking an increase of 17.4 per cent. The conglomerate, in which sovereign fund Investment Corp of Dub


Dubai gears up for Islamic economic forum

More than 2,000 delegates including global heads of government, decision makers, economic experts and business leaders will be in Dubai, UAE, for the 10th World Islamic Economic Forum (WIEF), which opens on October 28. The forum will run until October 30 at the Madinat Jumeirah D


Dubai Islamic to publish finance report with OBG

Dubai Islamic Bank has signed an agreement on research with Oxford Business Group (OBG), a global publishing firm, for a report that will spotlight on the wealth of initiatives taking shape under the emirate’s Islamic economy strategy. Under the Memorandum of Understanding


UAE Exchange remittances top $25 billion

UAE Exchange, the leading global money transfer, foreign exchange and payment solutions brand, said it handled $25.4 billion in remittances in 2013 and has a share of 6.1 per cent of the global remittance volume. Celebrating the brand’s 34th anniversary, UAE Exchange said i


Markets in UAE, Qatar edge up

Bourses in the UAE and Qatar rose in early trade on Sunday on the back of a supportive global background and positive domestic news flow. US stocks were up on Friday after strong results from Microsoft and Procter & Gamble. Brent oil prices slipped but were little changed on


British bank IBB to become Al Rayan

Islamic Bank of Britain (IBB), the UK’s only wholly Sharia compliant retail bank, has announced plans to change its name to Al Rayan Bank. Subject to formal shareholder approval, the change will be completed in December, said the bank in a statement. The rebr


Oman may start cutting subsidies from next year

Oman's government is likely to start cutting some state subsidies next year as the decline in global oil prices pressures its finances, Minister for Financial Affairs Darwish al-Balushi said on Saturday. The country's original budget plan for 2014 assumed the government w


Kuwait Investment shares jump on privatisation plan

Shares in Kuwait Investment Company surged on Thursday after the Kuwait Investment Authority (KIA) said it would offer its stake in the firm to the public in the first half of 2015, as it resumes a programme of selling off stakes in local listed companies. Kuwait Investment Compa


Arab Bank 9-month net profit up 10pc

Jordanian lender Arab Bank Group's said its nine-month net profit rose 10 per cent to $614 million compared to last year, attributing it to a diversified portfolio with growth in key markets and a prudent risk strategy. One of the Middle East's major financial institution


Gulf states must cut spending amid oil price slump

Gulf oil exporters face inevitable spending cuts as weak oil prices cloud their economic outlook, Kuwaiti Finance Minister Anas al-Saleh said on Saturday. "We must undertake comprehensive economic reforms including the reform of imbalances in public finances," Saleh tol

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