Wednesday 27 May 2015

KAEC eyes 50 new corporate tenants this year

King Abdullah Economic City (KAEC), a special economic zone on Saudi Arabia's Red Sea coast, expects to attract about 50 new companies to establish operations this year, versus 35 last year, KAEC's managing director said. KAEC will sell around 2,500 residential units in 2


Bank Sohar launches $250m 3-year debut loan

Oman's Bank Sohar has invited banks to participate in a $250 million debut loan to fund its general business activities, with the marketing of the deal expected to close by end of June, the arranger of the facility said on Sunday. The bank, which is in talks about a possible


Takaud launches wealth management services

Bahrain-based Takaud, a specialist savings, investment and pensions provider for the Mena region has reached a major milestone for its business with the launch of its new wealth management services. The launch event was recently held at the Crowne Plaza in Bahrain and was hosted


Flat6Labs Jeddah launches 10 Saudi start-ups

Jeddah-based Flat6Labs, a start-up accelerator programme, introduced a line-up of 10 Saudi technology-enabled start-ups at its third Demo Day event. Supported by IKEA and the Arabian Cement’s Corporate Entrepreneurship Responsibility CER Program, Flat6Labs Jeddah’s Bu


UAE banks mull centralised Islamic finance board

The United Arab Emirates' bank industry association has discussed a proposal to create a centralised sharia board that would monitor Islamic banking, which could spur the growth of the industry. The central bank had proposed setting up a Higher Sharia Authority that would com


UAE inflation rise slows in April

Annual inflation in the UAE slowed down slightly after hitting a six-year-high in March, data from the country's National Bureau of Statistics said. The inflation rose 4.2 per cent in April this year compared to the same month last year. Housing and utility cos


Waha Capital wins top deal financing award

Waha Capital, a leading Abu Dhabi-based investment company, has won the “Cross border deal financing of the year” award from US-based M&A Advisor for its sale of Aercap Holdings shares. This announcement follows another award that the company received from Banker


Modern Exchange opens 4th Bahrain outlet

Modern Exchange Company has unveiled its fourth outlet in Bahrain, a report said. The outlet, located at Shaikh Isa Road in Muharraq Suq, was formally inaugurated and dedicated to customers by Indian Club president Anand Lobo, reported the Gulf Daily News, our sister publication.


Al Baraka Tunisia Q1 income doubles

Al Baraka Bank Tunisia, a subsidiary banking unit of Al Baraka Banking Group, announced that first quarter net income jumped by 100 per cent to reach four million Tunisian dinars ($2.1 million) compared to the same period in 2014. Total assets also increased by 14 per cent, finan


Saudi IFC to fund Mena tech companies

Saudi-based IFC, a member of the World Bank Group, is investing $10 million in a venture capital fund that supports promising technology companies, part of an effort to drive job creation across the Middle East and North Africa (Mena). The investment will help Wamda Capital advis

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