Saturday 12 July 2014
 
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Citadel wins approval for $1.14bn capital hike

Citadel Capital, a leading investment company in the Middle East and Africa region, said it has won approval from its shareholders to increase its capital to 8 billion Egyptian pound ($1.14 billion) from the present EGP4.35 billion.

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Nokia shareholders approve sale

Nokia shareholders approved the 5.4 billion euros ($7.4 billion) sale of the company's mobile phone business to Microsoft, deciding the deal's financial benefits outweighed any objections to the loss of a Finnish national asset.

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US firm to own 25pc of $7bn Saudi phosphate JV

US-based Mosaic, a top producer of phosphate and potash, will own 25 per cent of a new phosphate production joint venture in Saudi Arabia with Saudi Arabian Mining Company (Ma'aden) and Saudi Basic Industries Corporation (Sabic).

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Insurance House profit tops $2m; beats forecast

Abu Dhabi-based Insurance House (IH) recently held its first annual general meeting and announced a net profit of Dh7.54 million ($2.05 million) in 2012, exceeding the forecasted profits set for the year. Gross Premiums Written (G

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Shareholders approve Aldar-Sorouh merger

Shareholders of Abu Dhabi's Aldar Properties have approved the developer's plans to merge with rival Sorouh Real Estate at a meeting on Sunday, a spokesman for Aldar said. The boards of both state-linked firms proposed a m

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Glencore eyes finish line in marathon Xstrata deal

Shareholders in commodities trader Glencore have overwhelmingly approved its long-awaited $31 billion takeover of miner Xstrata, paving the way for one of the largest tie-ups in the sector to date. After nine months of tense negot

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Qatar dodges shareholder duty on Glenstrata

(The author is a Reuters Breakingviews columnist. The opinions expressed are her own.) Qatar is dodging its shareholder duty. The emirate successfully used its muscle to extract better terms from Glencore in the commodity trader&#

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Ithmaar, FLB to discuss possible merger

Ithmaar Bank, a Bahrain-based Islamic retail bank, has announced that negotiations on a proposed merger with one of its Bahrain-based associates, First Leasing Bank (FLB), had reached an advanced stage. Ithmaar Bank chief executive offi

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Shuaa to unveil financial roadmap Oct 3

Shuaa Capital (Shuaa), the leading regional financial services company, said that it will be updating shareholders and the financial community on its financial, strategic and operational roadmap on October 3. Executive chairman of Shuaa

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Qatar Milaha eyes 20pc capital hike

Milaha (formerly known as Qatar Navigation), held a crucial board meeting to discuss the recommended rights issue and also the proposal to increase the company’s paid-up capital. As part of the extraordinary meeting held in April, the gene

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