Monday 14 July 2014

Qatar cuts stake in London Stock Exchange group

Qatar Holding is set to slash its 15 per cent stake in the owner of the London Stock Exchange by a third, ahead of the British company's $1.6 billion rights issue to help it buy US indexes group Frank Russell, reported the Telegraph, citing sources. The sovereign wealth fund


Bahrain in deal to promote SMEs growth

The Economic Development Board (EDB) has signed an agreement with the Islamic Corporation for the Development of the Private Sector to promote the growth of small and medium enterprises (SMEs) in Bahrain. This will be done by providing support, Sharia-compliant products and train


Banque Saudi Fransi ups H1 dividend

Banque Saudi Fransi's board has proposed a cash dividend of 0.45 riyals ($0.12) per share for the first half of 2014, the Credit Agricole affiliate said. The proposed figure, announced in a Riyadh stock exchange filing, is above the 0.3 riyals per share which the bank paid fo


SABB Q2 profit up 15pc, beats estimates

Saudi British Bank (SABB), the kingdom's fifth-largest listed lender by assets, posted a 15.2 per cent increase in its second-quarter net profit, it said in a bourse statement on Wednesday, beating analyst forecasts. The bank, an affiliate of HSBC Holdings, said it made 1.16


Dubai-Canada trade sees 61pc growth

Dubai’s foreign trade with Canada recorded a 61 per cent growth in the first quarter of the year valued at Dh2 billion ($544.3 million) as compared to Dh1.3 billion for the same period last year, said a top official.   At a meeting in Canada with Canadian


DGCX to relist Indian rupee options contract

Dubai Gold and Commodities Exchange (DGCX) has announced that it will re-list its Indian Rupee Options contract, which will restart trading on July 18. The contract was temporarily suspended in 2013 to facilitate migration to a new trading infrastructure. DGCX&rsqu


Saudi non-oil exports down 5pc in May

Saudi Arabia's imports fell an annual 5 per cent in May, the seventh drop in a row, while non-oil exports dropped 5.1 per cent, their first fall since March 2013, data from the Central Department of Statistics and Information showed on Wednesday.   The non-oil exports acc


GCC insurance premiums surge to $18.4bn

The GCC insurance industry has tripled between 2006 and 2013, as insurance premiums grew from $6.4 billion to $18.4bn, according to Moody's Investors Service. Moody's said that increasing mandatory insurance covers have also helped increase market awareness.


GIB launches new retail banking services in Saudi

Bahrain-based Gulf International Bank (GIB) has launched the trial phase of its retail banking services in Saudi Arabia under the brand name, ‘meem.’ The bank aims to provide services to the retail banking sector using a bold and innovative approach focused on technol


Kuwait's CBK gets nod for $425m bond

Commercial Bank of Kuwait, the country's fifth-largest lender by assets, has received regulatory approval to issue up to 120 million dinars ($425.8 million) of bonds, as it prepares to convert into an Islamic bank. In April, CBK shareholders approved both the issuance of the

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