Saturday 23 August 2014

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


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


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


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,


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


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


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


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


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


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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