Tuesday 31 March 2015

AIM: Non-oil sectors major contributors to the economy

The Annual Investment Meeting (AIM 2015), an event aimed setting a comprehensive set of guidelines for future investments in high-growth regions, revealed that the contribution of non-oil sectors to the gross domestic product played an important role in the UAE's economic achievements.


Saudi bourse rules for foreigners by end-April

Saudi Arabia's market regulator will publish the final rules governing the opening of the kingdom's stock exchange to direct foreign investors by the end of April, a senior Saudi banker told Reuters. His comments correspond to a report in pan-Arab newspaper Asharq al-Awsa


UAE banks ‘not meeting customer needs’

Banks in the UAE are not meeting customer expectations, according to a recent study by TNS, a leading global custom market research organisation. The study looked closely at the services offered by corporate banks with the outcome suggesting that ‘banks are just not delight


DME hits record 8m barrels trading in March

The Dubai Mercantile Exchange (DME) has announced that it reached the eight billion barrel mark in March, with a total of eight million contracts (equivalent 8 billion barrels) traded on the exchange. The increased interest in DME’s value proposition driven by new members f


Sidra opening Islamic trade fund to GCC investors

Saudi Arabia-based investment bank Sidra Capital is changing its Islamic trade finance fund, initially established as closed-ended, to an open-ended format as it sees growing appetite from regional investors in the Gulf, its chief executive said. The Luxembourg-registered fund pr


10 local technology start-ups likely to exit

More than 10 local technology start-ups in the Mena region are expected to exit in the next three to five years, said a top official of Beco Capital, a venture capital firm focused on technology investments. A handful of them have the potential to break the one billion dollar val


BBK's $400m bond issue ‘a big success’

Bank of Bahrain and Kuwait (BBK) has announced the closing of a bond issuance of $400 million. The issuance of an international senior unsecured bond with a five-year maturity date targeted professional investors in the Middle East, Far East and Europe, said a report in the G


Khaleeji Commercial plans to reduce paid up capital

Shareholders of Khaleeji Commercial Bank (KHCB) have approved reducing the bank's paid up capital by 13.36 per cent, from BD115.4 ($303.8 million) to BD100 million through decreasing the number of shares from 1.1 billion to 1 billion shares, it was announced yesterday (March 30).


BCCI ‘played crucial role in spurring Bahrain’s economy’

Since its inception in 1939, Bahrain Chamber of Commerce and Industry (BCCI) has played a crucial role in spurring the country's economy, said its chairman Khalid Almoayed. The chamber, then known as the General Merchant's Association, was established when the country was


GCC banks register double-digit growth in 2014

The banking industry in the Middle East maintained double-digit revenue growth in 2014 with a 10 per cent increase, stemming largely from major customer segments such as retail and corporate banking as well as international business and treasury, said a report. Increases in opera

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