Tuesday 28 July 2015

Warba Bank H1 profit soars record 633pc

Kuwait-based Warba Bank reported a net profit growth of 633 per cent to reach KD315,000 ($1.03 million) for the first half of 2015 compared to KD43,000 for the first six months of 2014. Total income grew by 37 per cent to reach KD11.17 million. The strong operating performance wa


Foreign investors race to tap Iran’s $400bn economy

A few investors are racing to establish funds for Iran following last week's nuclear deal with world powers, and many others are tapping into multinationals already present in the $400 billion economy. The agreement has made some seek a foothold in Tehran's $100 billion s


Burgan Bank H1 income up 12.3pc to $122m

Kuwait’s Burgan Bank Group has reported net income of KD37.4 million ($122.6 million)for the first half (H1) of the year reflecting a 12.3 per cent growth from the same period in 2014. Operating income climbed to reach KD144.1 million from in KD130.5 million in 2014 while o


$3bn Umrah spend prompts focus on local products

A total of 5.8 million Umrah pilgrims spent about SR12 billion ($3.2 billion) in the last nine months in Saudi Arabia, a report said, citing experts who stressed the need for more home-manufactured goods to boost the economy. The majority of the pilgrims’ spend was on forei


Bahraini businessman in dock over fraud

A Swedish man was allegedly conned out of BD37,000 ($98,091) with promises of Bahraini citizenship. The victim, of Iraqi origin, claims he was tricked into handing over the cash by a Bahrain businessman, said a report in the Gulf Daily News (GDN), our sister publication.


Barclays to cut more than 30,000 jobs

Barclays plans to cut more than 30,000 jobs within two years after firing chief executive Antony Jenkins this month, The Times reported on Sunday. This redundancy program, which could reduce the bank's global workforce below 100,000 by 2017 end, is considered as the only way


Bahrain to see 4 per cent growth despite low oil

Bahrain’s economy is expected to grow by at least four per cent this year despite global financial challenges and declining oil prices, said a top banking executive. Non-oil sectors would play a crucial role in boosting the economy and spurring growth, Al Baraka Banking Gro


Saudi bourse eyes stability through QFIs

The Saudi Stock Exchange opened to qualified foreign investors (QFI) for the first time one month ago, and is expecting increased involvement of international investors on the exchange as a result. Increased participation from international financial institutions is primarily des

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