Thursday 2 July 2015

Gulf stocks open lower on militant attacks, Greece

Gulf stock markets fell in early trade on Sunday after militant attacks in Kuwait and Tunisia killed a total of 66 people last week, and because of concern about the Greek debt crisis. The main Dubai stock Index sank 1.8 per cent. Heavyweight Emaar Properties lost 2.5 per cent an


HSBC Oman in deal to sell Pakistan business

HSBC Bank Oman has agreed to sell its banking business in Pakistan to Meezan Bank, a sharia-compliant Pakistani lender, it said on Sunday. The deal, which is subject to regulatory and other approvals, is expected to be completed during the second half of 2015, the bank said in a


Barwa Bank Q1 profit up 4pc to top $57m

Barwa Bank, a leading Shari’ah-compliant service provider in Qatar, has posted a net profit of QR209 million ($57.3 million) for the first quarter of 2015, as against QR 201 million for the same period last year, marking an increase of four per cent. Total assets jumped by


Kingdom Holding, CDC set up $400m fund

Saudi Arabia's Kingdom Holding Company, the investment firm owned by billionaire Prince Alwaleed bin Talal, has joined hands with French group Caisse des Dépôts International Capital (CDCIC) to set up a $400 million fund. The investment vehicle will be be jointly


JP Morgan names Mena cash equity sales head

JP Morgan has hired Shakir Iqbal as head of cash equity sales for the Middle East and North Africa (Mena) and frontier markets, the US bank said on Thursday. Iqbal, previously director of Mena and frontier market equity sales at Bank of America Merrill Lynch, will be based in Dub


Noor Bank launches campaign to increase overseas spend

Noor Bank in association with MasterCard has launched a mega card campaign that will reward customers when they spend internationally using their Noor Bank MasterCard credit or debit card. The campaign aims to encourage Noor Bank MasterCard cardholders to increase their overseas


1,000 banks use RMB for China, Hong Kong payments

More than 1,000 financial institutions have used renminbi (RMB) for payments with China and Hong Kong in May, representing 25 per cent of all institutions exchanging payments with the latter across all currencies, according to recent data. The SWIFT data showed that this is a 22


Slow start after Saudis open stock market to foreigners

One week after Saudi Arabia opened its stock market to direct foreign investment, US mutual fund managers said they are interested but not rushing to invest in the Middle East's biggest economy. Foreign fund inflows are slower than initially expected, in part because US fund


Malaysia fund's $4.5bn rescue may weigh on IPIC

The $4.5 billion rescue of a struggling Malaysian state fund is good news for the government in Kuala Lumpur but will load Abu Dhabi's International Petroleum Investment Co (IPIC) with extra debt that may worry investors in its bonds. Last month IPIC, an investment company ow


Ithmaar Bank seeking IFRS alternatives

Bahrain-based Ithmaar Bank, an Islamic retail bank, has announced it is open to exploring alternatives in consultation with Kuwait Stock Exchange, with regard to compliance with International Financial Reporting Standards (IFRS). The bank is listed on both the Bahrain Bourse and

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