Tuesday 1 September 2015

Saudi foreign reserves fall slows after bond sale

The speed of decline in Saudi Arabia's foreign reserves slowed in July after the government began issuing domestic debt to cover part of a budget deficit created by low oil prices, central bank data showed on Thursday.   The world's largest oil exporter


Oman growth may slow to 2-3pc, says Moody's

Oman's economic growth is expected to slow to an average 2 per cent to 3 per cent per year until 2019 from an average 4.9 per cent between 2005 and 2014, rating agency Moody's Investors Service has said. The sultanate's very high economic and fiscal reliance on the oi


Euromoney Egypt focus on project finance

Key government and private sector speakers will discuss topics examine the best financing mix for the development of the Suez Canal Corridor and the energy projects in the pipeline at the upcoming Euromoney Egypt Conference in Cairo. The invitation-only event will take place on S


Saudi Arabia 'considers 10pc spending cut'

According to Bloomberg, the Saudi government is conducting a review of capital spending plans with advisors, said an industry expert, adding that the government is looking to delay or shrink some infrastructure projects, and may be contemplating budget capex cuts of 10 per cent or more.


IFC gets top rating for $100m sukuk

The International Finance Corp (IFC), the World Bank's lender to the private sector, has received a preliminary AAA rating from Standard & Poor's for a proposed $100 million issuance of sukuk, or Islamic bonds. Proceeds of the sukuk would be used to purchase a portfol


Bahrain corporate earnings ‘set to grow 6pc this year’

Bahrain’s corporate earnings growth for the whole of this year is expected to be robust at six per cent, when compared with last year, according to a leading regional investment bank. In a report, the Kuwait Financial Centre said while UAE and Qatar are likely to see eight per cent and


Gold traders in Bahrain in private lab call

Gold traders in Bahrain are calling for private laboratories to be introduced amid claims that a backlog at the government’s Assay Office is hurting trade. A shortage of staff at the office, which falls under the Industry and Commerce Ministry, is to blame for the situation according to


Asia stocks take heart from Wall Street rally

Asian stocks extended gains on Thursday as a sharp rebound on Wall Street and gains in battered Chinese shares eased fears of a deep and protracted global market rout, while the dollar rallied as risk aversion eased. Sentiment was also supported by comments from New York Fed Pres


Citigroup wins 'Bank of the Year' at Euromoney awards

The Citigroup has won the 'Bank of the Year 2015' accolade at the Euromoney award for excellence recently.   Kingdom Holding Company (KHC) and its chairman Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud are among largest investors in Citigroup, said a st


World shares sag as China jitters persist

World shares sagged on Wednesday as investors feared fresh rate cuts in China may not be enough to stabilise its slowing economy or halt a stocks collapse that is wreaking havoc in global markets. Europe's main stock markets, which had surged on Tuesday after China's move

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