Saturday 23 August 2014
 
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Qalaa posts 46pc rise in Q1 gross profit

Qalaa Holdings, formerly Citadel Capital, has reported a gross profit of EGP238.1 million ($33.2 million) in the first quarter of 2014 (1Q14), marking a 46 per cent increase over the corresponding period in 2013. The company accordingly reported a 14 per cent year-on-year rise in

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Non-oil sector drives Kuwait’s GDP to $175bn

Kuwait’s non-oil sector grew a strong 10.6 per cent in 2013, driving the country’s nominal GDP to KD49.8 billion ($175.4 billion), a growth of 2.3 per cent over the previous year, according to national accounts data. The sector continued to recover from the 2008 crisi

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Ithmaar Bank posts net profit

Ithmaar Bank, a Bahrain-based Islamic retail bank, posted a net profit of $1.77 million for the first half of 2014, as compared to the net loss of $7.52 million reported for the same period last year. Net loss for the three month period ended June 30 amounted to $0.34 million, as compa

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ABC in $750m syndicated loan facility success

Arab Banking Corporation (ABC) has announced the successful closing of a $750 million syndicated term loan facility. The initial mandated lead arrangers and bookrunners are HSBC Bank Middle East Limited, National Bank of Abu Dhabi, Natixis and Sumitomo Mitsui Banking Corporation,

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Bank Asya shares removed from Turkish bourse

Shares in troubled Turkish Islamic lender Bank Asya were temporarily removed from the Istanbul stock exchange on Thursday in a further blow to a bank caught in the middle of a damaging political feud. The Istanbul bourse said the stock would be removed from all indices from Frida

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UK court freezes assets of ex-GFH unit official

A British national being sued for $5 million by a subsidiary of Bahrain-based Gulf Finance House (GFH) has had his assets frozen by UK courts. Former GFH Capital deputy chief executive David Haigh is accused of a breach of contract and siphoning off funds 'by creating or procuring

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New Suez Canal project to cost $8.4bn

The new Suez Canal project will cost about 60 billion Egyptian pounds ($8.4 billion), funded by debt certificates to be issued "in about a week", Egyptian Prime Minister Ibrahim Mehleb said on Thursday. The "Suez Canal investment certificates" will have a 12 p

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Not all sukuk are created equal, IMF study finds

Investors treat a company's shares differently depending on the specific types of Islamic bond it issues and the reputation of the Islamic scholars who oversee the instruments, a study by the International Monetary Fund found. The study, published this week, is one of the first sys

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Sodic posts $12m profit for H1

Sixth of October Development and Investment Company (Sodic) posted EGP91 mllion ($12.6 million) net profit for the first half of the year, on the back of strong sales and a replenished land bank. The key milestones achieved included the growing of Sodic’s land bank, facilit

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Orascom TMT Q2 profit down 22.7pc

Egypt's Orascom Telecom Media and Technology Holding said its profit fell 22.7 per cent in the second quarter to 351.68 million Egyptian pounds ($49.19 million). The results came in a statement published in Egyptian newspapers. - Reuters

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