Sunday 30 August 2015

Othaim Malls raises $267m in debut sukuk

Saudi Arabia's Al Othaim Real Estate and Investment Co, owner of five shopping malls in the kingdom, has raised SR1 billion ($267 million) through a debut sukuk issue, two banking sources said on Sunday. The five-year issue was priced at 170 basis points over the six-month Sa


QSE inks cooperation deal with Istanbul bourse

Qatar Stock Exchange (QSE) and the Borsa Istanbul today signed a Memorandum of Understanding (MoU) aiming to formalize cooperation between the two markets. The MoU was signed by Rashid bin Ali Al-Mansoori, CEO of Qatar Stock Exchange, and Tuncay Dinç, CEO of Borsa Istanbul


Saudi credit default swaps fall on oil price recovery

The cost of insuring against a Saudi Arabian sovereign debt default has dropped sharply in the past few days because of the rebound of global oil prices, market data showed on Sunday. Last Monday, five-year Saudi credit default swaps soared as high as 120 basis points, from aroun


Raya IT wins contract for supply of 500 ATMs

Raya Information Technology (Raya IT) has won a contract worth $10 million from a state-owned bank to provide 500 ATMs across various areas and neighbourhoods in Egypt, a report said. The contract includes the provision of ATMs in addition to a set of software programmes for netw


Investcorp net income rises 13pc

Bahrain-based alternative investment fund Investcorp posted a 13 per cent increase in full-year net profit on Sunday. The firm's net income for the 12 months to June 30 was $116.7 million, up from $103.1 million a year earlier, Investcorp said in a bourse statement.


Subsidy cuts ‘could hit investment in Bahrain’

Future investments in Bahrain could be at risk following subsidy cuts, warned a prominent member of the parliament. Subsidy cuts would only provide short-term relief, Ahmed Qarrata, a member of a special sub-committee formed to iron out details regarding redirecting government su


GFH distributes $53m to its funds' investors

GFH Financial Group has distributed $53 million to its funds' investors who currently have underlying investments in Bahrain, UAE, US and India.   Based on its revised strategy, GFH has over the last 18 months invested in projects which provide steady cash y


Islamic finance assets to hit $3.2 trillion

The value of assets in the Islamic finance sector is expected to increase 80 per cent over the next five years, to hit $3.24 trillion in value by 2020, according to findings for an upcoming report.   The initial findings garnered from the upcoming State of the G


GFH boost as key ratings affirmed

GFH Financial Group has announced that Capital Intelligence, the international credit rating agency, has affirmed GFH’s Long-Term Rating at ‘BB’ and Short-Term Rating at ‘B’. The outlook for GFH’s ratings has also been affirmed as ‘stable,’ said


Moscow eyes closer relations with Bahrain

Bahrain is forging stronger ties with Russia, with several key agreements to be signed soon. Preparations are also underway for a joint military co-operation agreement, Russian Ambassador Vagif Garaev said yesterday (August 28) in a report in the Gulf Daily News (GDN), our sister pub

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