Monday 25 May 2015

Saudi retailers post increase in Q1 net profits

The retailers listed in the Saudi stock exchange have reported a net profit of SR789.43 million ($210.41 million) for the first quarter of this year, an increase by SR45 million ($11.99 million) compared to the same period last year. The retail sector sales rose to SR8.4 billio


Khaleeji Commercial in drive to improve communication

Khaleeji Commercial Bank (KHCB) has launched a new internal initiative to improve communication between staff members and top level management. It involves a random selection of employees being invited to have lunch with chief executive Khalil Al Meer on a monthly basis as part o


Bahrain, China to sign major trade agreements

Two major agreements aimed at promoting trade are expected to be signed by Bahrain and China, with more than 100 business leaders currently visiting Bahrain. More than a 100 business leaders from the Chinese region of Ningxia, led by its vice governor and the China Chamber of Int


Growth push by Bahrain's private sector showcased

The role of private sector in supporting sustainable development in Bahrain was showcased at a high-profile event in Kazakhstan. The Astana Economic Forum 2015 was held under the patronage Kazakhstan President Nursultan Nazarbayev, said a report in the Gulf Daily News (GDN),


Income disclosure law challenged in Bahrain

A law that obliges senior government officials and public representatives in Bahrain to declare their finances, as well as those of their spouses and children, is being contested by the Shura Council. Members voted unanimously yesterday to challenge the Financial Integrity Law in


Gulf markets dip, tracking oil; Egypt extends gains

Most Gulf stock markets slipped on Sunday after oil prices fell, while Egyptian equities extended gains following the delay of an unpopular capital gains tax. Brent oil fell $1.17, or 1.8 per cent, to $65.37 a barrel on Friday, declining 2.1 per cent on the week as a rallying dol


Burgan Bank eyes UAE, Saudi, Egypt expansion

Burgan Bank, Kuwait's third-largest lender by assets, will consider expanding in the UAE, Saudi Arabia and Egypt as it raises the share of international operations in its business, its chief executive said. Eduardo Eguren said he did not expect to make any acquisitions this y


IAFC to raise $400m sukuk for aircraft financing

International AirFinance Corporation (IAFC) has picked two banks to arrange a $400 million Islamic loan to finance the provision of five aircraft, one of the arrangers of the facility said on Sunday. National Bank of Abu Dhabi and Arab Banking Corporation have been mandated as le


KAEC eyes 50 new corporate tenants this year

King Abdullah Economic City (KAEC), a special economic zone on Saudi Arabia's Red Sea coast, expects to attract about 50 new companies to establish operations this year, versus 35 last year, KAEC's managing director said. KAEC will sell around 2,500 residential units in 2


Bank Sohar launches $250m 3-year debut loan

Oman's Bank Sohar has invited banks to participate in a $250 million debut loan to fund its general business activities, with the marketing of the deal expected to close by end of June, the arranger of the facility said on Sunday. The bank, which is in talks about a possible

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