Sunday 26 June 2016

Oman state fund to invest in Irish mining firm

Oman’s State General Reserve Fund (SGRF) has signed a deal with Ireland-based Kenmare Resources for a $100 million equity investment in the mining company, a report said. The deal with the SGRF is part of a new $275-million capital raising by Kenmare, added the Oman Obs


Saudi to issue about $5.3bn of domestic bonds

Saudi Arabia's government will sell about SR20 billion ($5.3 billion) of domestic bonds to banks next Monday, the Maaal financial website quoted official sources as saying on Tuesday. Since last August, the government has been selling about SR20 billion of domestic bonds to b


Expats in UAE 'spend more on charity during Ramadan'

Sixty-nine per cent of expatriates in the UAE spend more on charitable acts during Ramadan, according to a GCC survey conducted on expatriate spending habits during Ramadan by Xpress Money, a top money transfer brand. Around 72 per cent of expatriates in the UAE said that they wa


Turkey cbank cuts top rate by 50 basis points again

Turkey's central bank cut its overnight lending rate by 50 basis points on Tuesday, as expected, marking its fourth straight month of easing and leaving no doubt about new Governor Murat Cetinkaya's drive for looser policy. The bank lowered the rate, the highest of the mu


Investcorp buys majority stake in luxury brand Corneliani

Investcorp, a global provider and manager of alternative investment products, has reached an agreement with the Corneliani family to acquire a majority stake in the luxury Italian menswear specialist Corneliani for an enterprise value of approximately $100 million. As part of the


Investments in Bahrain ‘surge to $110m’

Bahrain has attracted $110 million in investments and created 1,200 jobs since the beginning of the year, Economic Development Board chief executive Khalid Al Rumaihi was quoted as saying in the Gulf Daily News, our sister publication. To read further, please visit


GDC Partners organises roadshow in Brussels

Gulf Development Company (GDC Partners), an Abu Dhabi-based advisory and investment firm, recently conducted a three-day roadshow in Brussels to promote business initiatives between Belgium and the GCC. The delegation of three was led by Houssam Nasrawin, CEO of GDC Partners. The


Bank ABC to expand network; senior executives appointed

Bahrain-based Bank ABC has recently hired a number of senior bankers with extensive regional and international expertise in support of its growth plans and its strategic objective to become Mena’s leading international bank. The bank has announced plans to expand its intern


India unveils big FDI reforms

India announced on Monday sweeping reforms to rules on foreign direct investment, opening up its defence and civil aviation sectors to complete outside ownership and clearing the way for Apple to open stores in the country. The move comes two days after central bank governor Ragh


Cyber security firm Paladion wins contracts from GCC banks

Paladion, a leading managed security services company, has secured significant multi-year managed services contracts with two of the biggest financial institutions in the GCC. The information security company uses state-of-the-art proprietary technology to protect the interests o

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