Thursday 2 July 2015

Investcorp’s new executive management takes charge

Bahrain-based alternative investment manager Investcorp announced the long planned changes to its executive management came into effect today (July 2). This marks the culmination of a carefully planned succession process following Nemir Kirdar’s decision to retire as execut


Bank of China marks bond listing on Nasdaq Dubai

Tian Jun, general manager, Bank of China Abu Dhabi Branch, yesterday (July 1) rang the market-opening bell to celebrate the listing of a two billion renminbi (CNY) ($322 million) bond on Nasdaq Dubai. The listing underlines the exchange’s success in attracting securities fr


PayPal to buy digital money transfer provider

PayPal said it would buy digital money transfer provider Xoom Corp for $890 million as it muscles into a growing international remittance market and expand in countries like Mexico, India and China ahead of a spinoff from eBay. The offer price of $25 per share in cash represents


Kuwait parliament approves budget with $27bn deficit

Kuwait's parliament on Wednesday approved a state budget for the current fiscal year that envisages a budget deficit of KD8.18 billion ($27 billion) - nearly half total spending - because of low oil prices. The budget for the year that began on April 1 features spending of KD


ADGM publishes financial services regulations draft

Abu Dhabi Global Market (ADGM), the international financial centre in Abu Dhabi, has published its draft financial services legislation. It includes the financial services and markets regulations and its accompanying rules, in addition to the limited liability partnership regulat


Oman cbank sets up Islamic banking department

The Omani central bank has established an independent department to handle Islamic banking, it said on Wednesday, in a step expected to help further growth of the country's fledgling sharia-compliant finance industry. Oman was the last country in the six-nation Gulf Cooperati


Saudi liquidity holds up in May over stable oil

Saudi Arabia’s domestic liquidity held up in May, helped by the stabilization in oil prices, at the cost of continued expansionary fiscal policy, a report said. M3 growth was 10.4 per cent year-on-year (yoy) in May, increasing from 9.4 per cent in April and 7.7 per cent yoy


Qatar Islamic Bank raises $550m with Tier 1 sukuk

Qatar Islamic Bank (QIB), the Gulf state's largest sharia-compliant lender by assets, has raised QR2 billion ($550 million) with a Tier 1 perpetual sukuk issue, it said on Wednesday. The sale was completed on Tuesday and was in accordance with Basel III banking rules, it said


Apicorp picks banks for international sukuk issue

Saudi Arabia-based Arab Petroleum Investments Corp (Apicorp) has mandated four banks for a debut international sukuk issue this year, according to sources, in what could be the first overseas debt offer from the kingdom in over a year. The company picked Standard Chartered, First


Dubai’s CBI names new Islamic banking head

Dubai-based Commercial Bank International (CBI), a leading financial institution in the UAE, has appointed Mamoon Abdel Kader as its new head of Islamic Banking. Mark Robinson, chief executive officer of CBI said: “We are pleased to welcome Mamoon into the CBI family at thi

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