Tuesday 29 July 2014
 
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Kingdom Holding Q2 net profit up 16.8pc

Saudi Arabia's Kingdom Holding, the investment firm owned by billionaire Prince Alwaleed bin Talal, reported a 16.8 percent increase in second-quarter net profit on Monday, citing higher income from investments. The investment firm has minority stakes in some of the world'

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Growing popularity of Islamic finance underlined

Dubai Chamber of Commerce and Industry underlined the growing popularity of Islamic finance over the conventional sector in a preparatory report for the 10th World Islamic Economic Forum (WIEF) to be held in Dubai from October 28-30. The report, based on a recent study by Ernst a

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Arabtec plunges again, drags Dubai down further

Dubai's bourse dropped sharply minutes after opening on Monday as shares in builder Arabtec plunged for a second day in a row. Arabtec tumbled its 10 percent daily limit while the Dubai index dropped 3.9 percent. Developer Union Properties fell 8.1 percent and bourse operator

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New Bahrain firm eyes European VAT reclaim business

A new company in Bahrain that specialises in reclaiming value added tax (VAT) imposed by some European countries is looking to capitalise on its first mover advantage.   According to Gulf Tax Refund's (GTR) chief executi

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Al Anwar wins case against Addax Bank

Oman-based Al Anwar Holding has won a legal case against Bahrain-based Addax Bank regarding investments made in the bank.   In a filing to the Muscat Securities Market (MSM), Al Anwar said it had initiated a commercial claim

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Bahrain's food security measures win praise

Bahrain has a good environment for food security, an assessment by the Economic Development Board (EDB) has found.   According to an EDB white paper launched yesterday, the kingdom has proven ability to stabilise food prices

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Oman fund 'may rescue Bulgaria's Corpbank'

Oman's State General Reserve Fund (SGRF) is seeking with other shareholders to stabilise Bulgaria's Corporate Commercial Bank and hopes a feasible plan will be put together within three months, an SGRF source told Reuters on Sunday. A planned state bailout of the bank ran

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400 experts to discuss GCC banking sector’s IT spend

More than 400 C-level executives, IT experts, retail banking specialists and finance heads are set to attend a leading banking technology summit in Dubai in September.   The Middle East Banking Innovation Summit 2014 will ta

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Mena IPOs raise $2.4bn in H1, up 14pc

The Mena IPO market recorded a total of 16 deals raising $2.4 billion in the first six months of the year, up 14 per cent for both volume and proceeds on the same period last year, said a report.   The EY’s Mena IPO Up

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UAE may issue govt bonds by 2018

The United Arab Emirates is expected to issue its first ever federal government bonds before 2018 to help the country's banks meet global liquidity rules, but feasibility studies are yet to be completed, a senior finance ministry official said. UAE banks, such as National Ban

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