Sunday 22 January 2017

SABB 2016 net profit plunges 10pc to $1.03bn

The Saudi British Bank (SABB) has reported a 10 per cent drop in its net profit for the year ended December 31, which fell to SR3.9 billion from SR4.33 billion last year. The Saudi bank said its net profit for the fourth quarter too registered a decline of SR332 million which fel


Nogaholding marks close of $741m LNG terminal financing

Nogaholding, the investment and business development arm of Bahrain’s National Oil and Gas Authority (Noga), has marked the financial close of its LNG Terminal Project with Bahrain LNG, the developer and owner of the first LNG receiving and regasification terminal to be developed on a PPP


Barclays reinforces wealth and investment management team

Barclays announced today the appointment of three new senior bankers in its Wealth and Investment Management division for Middle East and North Africa (Mena). Antoine Roger Chemali and David Stephan both join Barclays Wealth and Investment Management division as directors, while


Emirates Real Estate Fund secures $190m finance

Emirates Real Estate Fund (EREF) has agreed a $190.6-million (Dh700 million) Shari’a compliant finance facility with Emirates NBD, on “attractive” commercial terms. The new facility will help contribute to restructuring the balance sheet and creating a more effi


QIC Insured opens new branches for motor claims

QIC Insured, the retail arm of Qatar Insurance Company (QIC) said it has made the filing of a motor claim (both comprehensive and third party liability) a smooth process for its customers. Announcing the new service, the Qatari firm said now customers need to just simply visit an


Qatar's non-oil economy set for solid growth

Qatar’s efforts to broaden the economic base away from a reliance on hydrocarbons are gaining pace, as indicated by the country’s non-oil growth figures, said a new report by the global publishing firm Oxford Business Group (OBG). The country's plans to implement


Mashreq customers get early access to Samsung Pay

Mashreq, UAE’s leading financial institution, said it has become the first bank in the region to offer customers early access to Samsung Pay – a best in class and secure mobile payment service that works as a contactless credit or debit card. With the roll-out of Sams


Turkey prices $2bn global 10-year bond

Turkey has priced a $2-billion senior unsecured global bond which offers a semi-annual coupon of six per cent for a tenure of 10 years. QNB Capital acted as a joint-lead managers and book-runner on the transaction along with Barclays, Citi, and Goldman Sachs. The U


Abraaj Group acquires majority stake in Chile firm

The Abraaj Group, a UAE-headquartered investor operating in growth markets, has acquired through its funds a majority stake in Casaideas, a leading home design and home decorations business with growing market presence in Chile, Peru and Bolivia. The transaction represents the fi


UAE Exchange wins Service Olympian Award

Global remittance, foreign exchange and payment solutions brand UAE Exchange has won the Service Olympian Award 2016 under the Best Customer Experience Measurement category. The award is in recognition of the brand’s commitment towards continuous improvement in enhancing th

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