Saturday 12 July 2014

Saudi's Riyad Bank Q2 profit up 17.4 pc

Riyad Bank, Saudi Arabia's second-largest listed lender by assets, posted a 17.4 per cent rise in second-quarter net profit on Monday. The bank said it made 1.14 billion riyals ($304 million) in the three months ending June 30, compared with 968 million riyals in the same per


EFG Hermes bid in doubt as holders baulk at price

Billionaire Naguib Sawiris' second bid for a stake in Egypt's biggest investment bank EFG Hermes hung in the balance as shareholders agreed to sell just under half of the shares sought. Sawiris' New Egypt Investment Fund together with Beltone Financial had offered 16


Qatar posts solid growth in Q1

Qatar’s economy accelerated in the first quarter, driven by strong growth in construction, financial services and trade, restaurants and hotels, said a report. Qatar real GDP growth accelerated to 6.2 per cent in the year to Q1 2014 with the non-hydrocarbon sector expanding


UAE markets recover; earnings, dividends lift Saudi

Blue-chip banks and property-related stocks, led by Dubai construction firm Arabtec, lifted markets in the UAE on Sunday while earnings reports supported Saudi Arabia's bourse. Dubai's main index jumped 4.4 per cent as shares in Arabtec surged their daily 15 per cent limi


Bahrain’s investor-friendly environment in focus

Bahrain’s progress in diversifying its economy and creating an investor-friendly environment will be the focus of a special publication by global publishing, research and consultancy firm Oxford Business Group.   'The Report: Bahrain 2014' is set t


StanChart opens 1st Islamic banking centre in UAE

Standard Chartered Saadiq, the Islamic Banking division of Standard Chartered Bank, inaugurated its first dedicated Islamic Banking Center in the UAE at the Al Khalidiya Branch in Abu Dhabi. Present at the ceremony was Wasim Akhtar Saifi, global head Islamic Retail Clients and CE


Bahrain's real GDP growth slows to 3.1pc

Bahrain's real gross domestic product (GDP) growth slowed to 3.1 per cent year-on-year in the first three months of 2014, said preliminary data from the Central Informatics Organisation. This is the weakest rate since the final quarter of 2012, it added.  


Al Ramz Capital tops UAE securities markets

Al Ramz Capital, a leading financial services firm, has topped trading in the UAE securities markets for June with a total traded value of Dh10.8 billion ($2.9 billion).   The firm also ranked first in the Dubai Financial Market (DFM) for the same period, tradin


Dubai's finances stronger but still vulnerable: IMF

Dubai's ability to finance its debts has improved because of stronger economic growth and more conservative spending, but the emirate would still be vulnerable in a major dowturn of the global economy, the International Monetary Fund said. Dubai's government debt is expec


BMI Bank names new chairman

BMI Bank, a subsidiary of Al Salam Bank – Bahrain, has appointed Salah Saleh Asheer, a senior and experienced Bahraini banker, as its new chairman. Announcing the key appointments, the Bahraini lender said its newly-appointed board of directors also unanimously elected Habi

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