Thursday 5 May 2016

Gulf Capital buys 100pc stake in Multibrands

Gulf Capital, a leading alternative investment firm in the Middle East, has acquired 100 per cent of Multibrands Trading, a top F&B distributor in Saudi Arabia, with an annual turnover in excess of $100 million. Founded in 2006, Multibrands operates in the food and beverage s


UAE, Saudi show weakest non-oil growth in 3 months

The non-oil private sector in the United Arab Emirates and Saudi Arabia lost some growth momentum in April, with business conditions improving at the weakest pace in three months, a report said. UAE Output, new orders and input stocks all rose more


Waha Capital posts $47.85m profit

Waha Capital, a leading investment company based in Abu Dhabi, has reported a net profit of Dh175.8 million ($47.85 million) for the first quarter of 2016, a decline of 3.5 percent compared to the same period last year. Portfolio companies AerCap and Dunia Finance performed stead


Public-private partnership 'key to Saudi vision'

Creating a successful partnership between private sector investors and the government will be the critical factor in shaping Saudi Arabia’s development over the coming five years, according to a new research report. Under the ambitious reform agenda being driven by Deputy C


Bahrain drive to empower low-income families

A plan to expand the productive Bahraini families programme was yesterday unveiled during the Cabinet session, as part of efforts to empower the low-income households, reported the Gulf Daily News, our sister publication. To read further, please visit


Fight against money laundering 'top priority'

The Central Bank of Bahrain (CBB) views the fight against money laundering (AML) and combating the financing of terrorism (CFT) as a key priority, executive director for financial institutions supervision Abdul Rahman Al Baker was quoted as saying in a report by the Gulf Daily News, ou


Emirates NBD introduces new banking app

Dubai-based bank Emirates NBD has launched a new tablet banking app for its workers that aims to reduce the waiting and transaction time of customers at its branches. The tablet banking app will enable branch service ambassadors, acting as ‘Timesavers,’ to fast track custom


Al Salam Bank launches credit card promotion

Al Salam Bank-Bahrain, one of the pioneering Shari’a-compliant banks in the kingdom, has launched a special promotion on its range of Visa credit cards, offering customers the opportunity to win valuable cash prizes. The promotion runs from May 1 to June 30.


UAE cbank, ADGM ink anti-money laundering tie-up

The Central Bank of the UAE and the Abu Dhabi Global Market (ADGM) have signed an agreement to cooperate on Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) and related matters. Both parties are committed to continuing their close cooperation through regul


Gold hits 15-month high, eyes $1,300

Gold rose to a fresh 15-month high on Monday, closing in on the $1,300 resistance level as fresh weakness in the dollar lent support, but moves were muted in holiday-thinned trade. Many Asian markets and London were closed on Monday for national holidays, dampening momentum in th

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