Monday 27 April 2015

New initiatives to boost Dubai’s Islamic economy status

A series of initiatives proposed by the board of Dubai Islamic Economy Develop Center (DIEDC) recently to boost Dubai’s status as the global capital of the Islamic economy, were approved by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Dubai Crown Prince and chairman of the Dubai Exec


Mashreq's gains surge 13pc as income increases

Mashreq, Dubai's third-biggest bank by assets, has posted a 13.2 per cent rise in first-quarter net profit as an increase in income from lending helped to offset a slight dip in returns from fees. It is the second bank in the UAE, after Dubai Islamic Bank, to release earnings


NBB net profit rises to $45m, up 2.4pc

National Bank of Bahrain has posted an increase of 2.4 per cent in net profit at BD17.02 million ($45.27 million) for the first quarter, compared with BD16.62 million for the corresponding period of the previous year. The financial results were approved at a board meeting chaired


BBK's net profit rises 6pc to $39m

Bank of Bahrain and Kuwait (BBK) has reported six per cent rise in net profit at BD14.9 million ($39.52 million) for the first quarter of this year, compared with BD14 million in the same period last year. Earnings per share for the period have increased from 13 fils to 14 fils,


Bahrain to boost US free trade agreement products

More services and products could soon be included in a Free Trade Agreement (FTA) between Bahrain and the US. Information Affairs Minister Isa Al Hammadi said the FTA was being reviewed after the Cabinet yesterday (April 20) approved amendments, which will result in new articles


Oman investment firms set for key merger

The boards of Oman National Investment Corporation Holding and Oman International Development and Investment Company (Ominvest) have approved a proposed merger between the pair, according to bourse filings from both firms on Monday. The merger will still require approval from the


Masraf Al Rayan Q1 profit rises 18pc

Masraf Al Rayan, Qatar's second-largest bank by market value, reported an 18 per cent increase in first-quarter net profit on Monday, beating analysts' expectations. The bank is the fourth major Qatari lender to report its first quarter results, with most outstripping ana


Kuwait mulls same tax for local, foreign firms

Kuwait is studying proposals to introduce the same tax rates for local and foreign companies, Finance Minister Anas al-Saleh told reporters on the sidelines of a business conference on Monday. "There is a list of taxes on local and foreign companies - there are suggestions f


Trust Re paid-up capital reaches $200m

Trust Re, a leading reinsurance company based in Bahrain, announced that its authorised, issued and paid-up capital now stands at $200 million. Its shareholders have released the final part, $30 million, of a plan to double the authorised, issued and share capital within three ye


Kuwait’s trade surplus down 18pc over cheap oil

Kuwait’s trade surplus slipped in 2014 for the first time in six years, falling by 18 per cent to KS19.8 billion ($65.5 billion), mainly due to lower oil export receipts, a report said. A decline in non-oil export earnings also dragged the surplus lower, added the latest Ec

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