Saturday 26 July 2014

ADIB net profit jumps 22.5pc, cites higher revenue

Abu Dhabi Islamic Bank (ADIB), the largest sharia-compliant lender in the emirate, beat analysts' estimates on Sunday as it posted a 22.5 per cent jump in second-quarter net profit as core business income boosted revenues.  


ENBD repays final $1.1bn of govt support

Emirates NBD, Dubai's largest lender, has repaid the remaining 4 billion dirhams ($1.1 billion) of support which it received from the United Arab Emirates government in 2008, the country's finance ministry said. The UAE ministry of finance injected 70 billion dirhams into


Ominvest mulls merger with ONIC Holding

Oman International Development and Investment Co (Ominvest) said on Sunday it had written to fellow investment firm Oman National Investment Corp Holding to open talks on a possible merger. "Ominvest would like to disclose that it has written to ONIC Holding to explore a pos


UNB ahead of forecasts with 5.6pc profit gain

Union National Bank, 50 percent owned by the Abu Dhabi government, edged ahead of analysts' forecasts as it posted a 5.6 percent increase in second-quarter net profit on Sunday due to lower impairments. The fifth-largest lender on the Abu Dhabi exchange by market value report


Arabtec tumbles 10pc after Aabar statement

Shares in Dubai builder Arabtec plunged in early trade on Sunday after Aabar Investments, one of its major shareholders, did not confirm a report which said Aabar was in talks to increase its stake. Arabtec tumbled its daily 10 percent limit, dragging down the entire Dubai stock


GE unveils IPO plan to raise $3.1bn

The success of General Electric's (GE) impending initial public offering for its private-label credit card unit could ride on investors' willingness to bet that a lukewarm consumer-led US economic recovery heats up.  


Abu Dhabi inflation jumps 3.8pc

Abu Dhabi's inflation jumped to 3.8 per cent in June, the highest rate since November 2010, according to the consumer price data released by the Abu Dhabi Statistics Centre. Furnishings, household equipment and routine household maintenance jumped 12.9 per cent from a year ea


Al Khaliji posts $41m profit for Q2

Qatar's Al Khaliji Bank has reported a net profit of QR149.6 million ($41.09 million) for the second quarter of this year, compared to QR159 million for the same period last year. However, the profit represented an increase of 37 per cent over its financial results for the fi


Malaysia jet crash insurance may be 'complex, lengthy'

Insurance on the Malaysian airliner brought down over Ukraine is likely to pay out relatively quickly if the cause of the crash is determined, but observers say settling insurance for the loss of 298 lives and other liability could be complex and lengthy.


Dubai consumer prices surge 2.7pc

The consumer prices in Dubai surged at a record 2.7 per cent in the first half of the year, as compared to the same  period last year, spurred by price escalation in goods and services, said a report.   The group comprising housing, water, electricity, gas

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