Saturday 23 May 2015

ICBC Dubai plans $500m bond issue

Industrial and Commercial Bank of China, the country's largest bank by assets, plans to issue a US dollar-denominated benchmark bond through its branch in the Dubai International Financial Centre, sources aware of the matter said on Sunday. It would be the first bond issue by


SABB appoints new chief operating officer

The Saudi British Bank (SABB) has appointed Saad Abdulaziz Alkhalb as its chief operating officer, effective May 1. Alkhalb has returned to SABB following a two-year secondment to HSBC, where he served as the chief operating officer of HSBC Oman, said a statement from the company


AlKhair Capital launches IPOs fund

AlKhair Capital Saudi Arabia, a leading Saudi-based investments institution, has launched the AlKhair Capital IPOs Fund which will invest mainly in primary markets in the region. The fund aims at capital growth in the long term and investors will be able to invest with an initial


Alghanim named co-chair of Mena World Economic forum

Kuwaiti-national Omar Kutayba Alghanim, chief executive officer of Alghanim Industries, has been appointed as the co-chair of the World Economic Forum on the Middle East and North Africa, which will take place later this month in Jordan. The event will be held from May 21 to 23,


Waha Capital to invest $1bn by 2020

Abu Dhabi investment firm Waha Capital plans to invest up to Dh4 billion ($1.08 billion) by 2020, the company said on Sunday after posting a 20 per cent rise in first-quarter profit. Waha is looking to invest in sectors with high growth potential such as energy, infrastructure, h


ME firms brace for high compliance staff costs

Majority of the companies in the Middle East region expect the cost of senior compliance staff to increase this year, up from 57 per cent in 2014, said a report. It may be that perceived geo-political risk is at least one factor in recruiting and retaining staff in the region. An


Modern Exchange opens new outlet in Bahrain

Modern Exchange Company (MEC) Bahrain, a financial services company, has opened its third outlet in the kingdom. The outlet at Gudaibiya Avenue, near Dasman Centre was inaugurated by company director Abdulla Esam Fakhro, reported the Gulf Daily News, our sister publicati


GGICO posts $5.7m Q1 net profit

Gulf General Investment Company (GGICO), leading investment company listed in Dubai Financial Market (DFM), has registered a net profit of Dh21 million ($5.7 million) for the first quarter compared to Dh22 million last year.   Announcing the results, GGICO said its gross pro


Morocco to regulate Islamic insurance

Morocco's government has adopted a bill to regulate Islamic insurance, legislation that will face a final vote by parliament later this year, a cabinet statement said. It is the last step in Morocco's legislative package to regulate the country's fledgling Islamic fin


KFH pivots to Turkey as it mulls Malaysia exit

Kuwait Finance House (KFH) is exploring the possible sale of assets including its Malaysia unit, as the Islamic lender looks for a leaner structure while seeking greener pastures through its Turkey franchise. Kuwait's second largest lender and one of the world's oldest Is

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