Saturday 28 March 2015

Adnic swings to $76m loss in 2014

Abu Dhabi National Insurance Company (Adnic) has reported a net loss of Dh280 million ($76.2 million) for the year 2014 as compared to net profit of Dh156 million ($42.4 million) during the previous year. Net Investment Income increased 7 per cent to Dh106 million for the year 20


Oman swings to $937m budget deficit

Oman posted a government budget deficit of RO 360.8 million ($937 million) in 2014 compared to a surplus of RO401 million in 2013, provisional finance ministry data showed on Thursday.      Oman's original 2014 budget plan, based on an oil price of $85 per barre


Airlines ‘must effectively manage tax footprint'

Airlines need to effectively manage their tax footprint globally and pay what is owed at the right time, said an industry expert. “Tax has long had an uncomfortable relationship with the aviation industry,” explained Nauman Ahmed, tax practice leader at Deloitte Middl


Kuwait's commerce minister quits

Kuwait's Minister of Commerce and Industry Abdulmohsen Al-Madaj resigned on Wednesday, becoming the second cabinet minister to quit this month after facing public criticism. The emir of Kuwait accepted the resignation of Madaj, who was also a deputy prime minister, state news


Borse Dubai sells stake in LSE

Borse Dubai has today sold its shareholding in London Stock Exchange Group (LSE), representing approximately 17.4 per cent of the share capital in the company. The sale was made through a block sale managed by BofA Merrill Lynch, Barclays Bank and Nomura International, said a sta


Gulf markets sink after Yemen intervention

Gulf stock markets fell sharply in early trade on Thursday after Saudi Arabia and its allies in the region launched air strikes in Yemen, escalating the military conflict there. Dubai's index, which is the most volatile in the region because of leverage and the dominance of s


$150m deals signed at women’s congress in Bahrain

Investment worth $150 million have been agreed on at the Femmes Chefs d'Entreprises Mondiales (FCEM) 63rd World Business Women's Congress in Bahrain. Held under the patronage of Her Royal Highness Princess Sabeeka bint Ibrahim Al Khalifa, wife of His Majesty the King and


Qatar to treat GCC investors as local citizens

Qatar's stock exchange will treat investors from Gulf Cooperation Council (GCC) countries as local citizens from Thursday when calculating whether foreign ownership in listed companies has reached permissible limits, the bourse said on Wednesday. The move will in effect allow


Kipco aims to double profits by 2018

Kuwait Projects Company (Kipco) wants to double its net profit by 2018, according to a statement on Wednesday which also indicated the end of plans to sell or list its pay-television business OSN. The Gulf state's largest listed investment company, with interests in media, in


Omani team to explore trade opportunities in Ethiopia

A senior Omani trade delegation is set to explore new business and investment opportunities in Ethiopia. Led by Ithraa’s chairman, Dr Salem ben Nasser Al Ismaily, the two-day visit to Addis Ababa will include a series of meetings with key Ethiopian business and government o

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