Tuesday 31 March 2015

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


Sico approves 9pc cash dividend

Securities and Investment Company (Sico), licensed by the Central Bank of Bahrain (CBB) as a conventional wholesale bank, has approved the payment of a cash dividend of BD3.86 million ($10.1 million), representing nine per cent of the paid-up capital. The dividend was recommended


Investors warned over re-pricing risk in Q2

The current cycle of “extend and pretend” is coming to an end as the planned economy model of the past eight years comes to breaking point, an investment specialist has warned investors. The second-quarter (Q2) outlook for the global economy is dour, said Steen Jakobs


Aramco signs $10bn revolving credit facilities deal

Saudi Aramco has signed a new $10 billion standby revolving credit facilities agreement as part of the company’s strategy of maintaining financial flexibility. The agreement replaces the existing $4 billion facilities agreement, which was signed in 2010. The


UAE to allow 100pc foreign ownership of firms

The United Arab Emirates is at an advanced stage of drafting a foreign investment law to allow 100 per cent foreign ownership of businesses in some sectors, the country's economy minister said at a conference on Monday. Sultan bin Saeed Al-Mansouri also revealed new foreign d


Investcorp to buy US education provider

Investcorp has agreed to buy a United States schools provider, the Bahrain-listed alternative investment fund said on Monday. The deal to acquire Nobel Learning, a major private education firm in the US with a network of 176 schools, is in partnership with Mumtalakat, the investm


Arcapita sells freightliner for $800 million

Bahrain investment firm Arcapita has announced the sale of Freightliner Group, an international rail freight operator, to Genesee & Wyoming, a US-based international owner and operator of short line and regional freight railroads. Consideration for 100 per cent of the shares


New BENEFIT move boost for ATM customers

A reduction in ATM transaction fees that banks have to pay the Benefit Company has resulted in 50 per cent discount for end users, it has emerged. According to the company's chief executive Abdulwahid Janahi, key initiatives that the operator of Bahrain's electronic netwo


Bahrain’s EDB steps up efforts to spur trade with China

Bahrain’s Economic Development Board (EDB) is hosting businessmen and trade officials from Hunan Province in China this week, who will meet officials and private sector counterparts during a two-day visit to the kingdom. The visit aims at strengthening bilateral economic an


Middle East firms face rising costs

Companies in the Middle East and North Africa are facing rising costs to fight financial crime, with more than half reporting a climb of higher than 25 per cent in the past two years, according to a survey. In a region where the risk of money laundering and terrorism looms larger

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