Saturday 19 April 2014

Citibank Bahrain launches new credit card

Citibank Bahrain recently unveiled its new Citi Life Silver and Gold Credit Cards that offer various rewards for each card member. Clients can redeem their points for gift vouchers from participating merchants across an extensive range of entertainment, fashion, electronics, cafe


BDO Mideast elects new EMEA board member

The managing partners of the BDO Middle East, a network of public accounting firms, has appointed Ali Jawad, the CEO of BDO in Bahrain as a board member of BDO Europe, Middle East and Africa.   In this new role, Jawad will attend and represent BDO Middle East at


ADIB closes $326m loan for Dubai theme park

Abu Dhabi Islamic Bank (ADIB) has closed a Dh1.2 billion ($326.6 million) syndicated Islamic facility for IMG Theme Park, the company behind IMG Worlds of Adventure, a mega-themed entertainment destination in Dubai.   The park is expected to attract the 10 milli


Saudi bourse changes closing price calculation

Saudi Arabia's stock exchange introduced on Sunday a new method for calculating the closing prices of traded shares, to limit excessive speculation and manipulation in the Gulf Arab region's largest stock market. The Saudi government has been considering opening its bours


Menacorp in key role at UAE finance expo

Menacorp, a leading investment bank in the UAE, said it is playing a key role at inaugural edition of the 'Banking & Finance Expo' in Abu Dhabi as a silver sponsor. The five-day event is being held under the patronage of the Federation of UAE Chambers of Commerce and


Shuaa swings to $2.2m Q1 net profit

Leading UAE investment bank Shuaa Capital has registered a Dh8.2 million ($2.23 million) net profit in the first quarter of 2014 compared to a net loss of Dh5.9 million for the same period the previous year. The Dubai-based lender said the revenues were 77 per cent higher at Dh64


NBK profit edges up 3.2pc to $298m in Q1

National Bank of Kuwait (NBK), the largest Kuwaiti bank, reported net profits of $298 million in the first quarter (Q1) of 2014 compared with $289 million in the same period last year, marking a 3.2 per cent increase year-on-year. As of end Q1, NBK Group’s total assets reac


Foreigners buy $12.2bn Dubai stocks in Q1

Dubai Financial Market (DFM), one of the region's leading bourses, said foreign investors bought stocks worth Dh44.7 billion ($12.2 billion) during the first quarter of 2014, comprising 40.5 per cent of the total traded value. Announcing the Q1 performance, DFM said its gener


Ithmaar savings scheme to offer big prizes

Thimaar, a prize-based Sharia-compliant saving account launched by Bahrain-based Islamic retail bank Ithmaar Bank, has been re-launched to offer even bigger prizes to more winners. Thimaar, Arabic for fruits or harvest, is designed to encourage people to adopt a more responsible


UK investors in call to banks

British investors have called upon investment banks to stick closer to lock-up agreements on sales of company shares after a major transaction, saying it would ensure more stable markets. The Association of British Insurers (ABI) - whose members manage assets worth a quarter of t

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