Thursday 28 May 2015

Saudi Airlines unit eyes $752m from IPO

Saudi Ground Services Company, a unit of national carrier Saudi Arabian Airlines, has set the price for its 30 per cent initial share sale at 50 riyals ($13.3) per share, a statement from the company's financial adviser said on Thursday. The price, set following a book-building pro


Rakbank acquires 79pc stake in UAE insurer

UAE-based National Bank of Ras Al Khaimah (Rakbank) on Thursday said it had bought a 79.23 per cent stake in Ras Al Khaimah National Insurance after a making a public offer to shareholders. Rakbank, the sixth-largest lender by market value on the Abu Dhabi bourse, said on May 19 it was


Kingdom Holding 'not interested in Snapchat'

Saudi Arabia's Kingdom Holding, the investment firm owned by billionaire Prince Alwaleed bin Talal, has no plans to invest in Snapchat, a source familiar with the matter told Reuters on Thursday. Senior management at Snapchat, the social media platform that allows more than 1


DGCX, Bank of China in derivatives tie-up

The Dubai Gold & Commodities Exchange (DGCX) and the Bank of China have signed a memorandum of understanding (MoU) to facilitate collaboration between the derivatives and financial markets of the UAE and China. The MoU creates a framework for both institutions to share market


Dubai Holding wins productivity management award

Dubai Holding, a leading investment holding company, won the Institute for Health and Productivity Management’s (IHPM) International Corporate Health and Productivity Management Award at the 15th Annual Global Health and Productivity Conference held in Dubai, UAE recently.


Adib EGM to vote on capital raising plan

Abu Dhabi Islamic Bank (Adib) will hold an extraordinary general meeting (EGM) on June 21 to vote on a proposal to raise capital through a rights issue to support the bank’s continued growth. It will also hold a vote on a proposal to increase the bank’s programme for


Mezzan Holding to list on Kuwait SE on June 11

Mezzan Holding, one of the largest manufacturers and distributors of food, beverage and pharmaceutical products in the Gulf, has announced the company’s shares will be listed on the Kuwait Stock Exchange (KSE) on June 11. Once listed, the company will be the 13th largest KS


BIBF-KPMG in key training deal

Bahrain Institute of Banking and Finance has signed a memorandum of understanding (MoU) with KPMG in Sri Lanka to offer the financial services industry in Bahrain and the wider region with the International Financial Reporting Standards (IFRS) training. The training courses will


Mumtalakat gross profit surges 65pc to $477m

Bahrain Mumtalakat Holding Company, the investment arm of the kingdom, has announced that its full-year results for 2014 reflected another solid financial and operational performance across the group, constituting of 38 portfolio companies. While group revenues for the year were


Spending rethink 'vital for subsidy cuts plan'

Bahrain’s government has been asked to justify its planned public spending in the budget for 2015 and 2016, as parliament and the Shura Council seek alternatives to subsidy cuts. Both chambers of the National Assembly yesterday agreed during a meeting with a government dele

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