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Saudi economy accelerates in first quarter (Reuters - 02/07/2015)

Saudi Arabia's economy accelerated in the first quarter of 2015, showing the world's top oil exporter can cope with low energy prices, but growth may slow as the government faces pressure to rein in spending. Gross domestic product, adjusted for

UAE to draft new corporate tax, VAT laws in Q3 (Reuters - 02/07/2015)

The UAE, seeking to bolster state revenues, is likely to complete the drafting of laws introducing corporate tax and value-added tax in the third quarter of this year, a senior Ministry of Finance official said on Thursday. "The draft of the corporate

Mall rental rates curbing retail growth in Saudi (Trade Arabia - 02/07/2015)

High rental rates in the top-tier malls are deterring the growth of Saudi Arabia’s retail market, a report said, noting that the kingdom is currently facing a great challenge due to scarcity of human resources owing to high attrition rates. Availability

ME property market among world’s fastest growing (Trade Arabia - 02/07/2015)

Middle East real estate market revenues have augmented at a compounded annual growth rate (CAGR) of 4.7 per cent between 2009 and 2014, making it one of the fastest growing sectors across the world, a report said. Foreign real estate developers have

Qatar Shipping acquires SocGen gas carrier firms (Reuters - 02/07/2015)

Qatar Navigation (Milaha) said on Thursday its unit Qatar Shipping Company had acquired the remaining 60 per cent interest in two firms which own Liquefied Natural Gas (LNG) carriers from France's Societe Generale. The two entities, Milaha Ras Laffan and

Drake & Scull boosts GCC ownership limit to 100pc (Reuters - 02/07/2015)

Drake & Scull, a leading engineering and construction company based in Dubai, UAE, in a major move has increased the ownership limit for nationals from the Gulf region to 100 per cent from 49 per cent. The move was effective from Thursday, it said in the

Abu Dhabi's Taqa denies holding merger talks (Reuters - 02/07/2015)

Abu Dhabi National Energy Company (Taqa) said on Thursday that it was not holding merger talks. The company "confirms that it is not engaged in merger discussions with any government or other entity", it said in a brief statement to the bourse. Sources

Emaar chief to set up real estate institute (Trade Arabia - 02/07/2015)

Mohamed Alabbar, the founder and chairman of Emaar Properties, has unveiled plans for the region’s first not-for-profit ‘real estate’ educational institute to provide world-class training for the real estate sector. The centre of excellence, fully funded

Omani banks sign deal on proposed merger (Trade Arabia - 02/07/2015)

Oman’s Bank Sohar and Bank Dhofar have entered into a non-binding agreement on a proposed merger, the duo said, in the latest move towards consolidation in the country’s bloated banking sector. The two lenders agreed to proceed with due diligence,

Mobily, Semanoor launch ‘Rosom’ learning service (Trade Arabia - 02/07/2015)

Mobily, a leading telecommunications operator in Saudi Arabia, has launched ‘Rosom’ learning service in collaboration with Semanoor, an e-learning and training company. This will be the first electronic educational and innovative service of its kind in

Kuwait ‘may issue bonds to finance deficit’ (Reuters - 02/07/2015)

Kuwait is considering issuing bonds among various options to finance a budget deficit created by low oil prices, Finance Minister Anas al-Saleh said on Thursday. "Going to the market and issuing bonds and so on, could it happen this year? Possibly yes,"

Doha Bank announces issuance of Tier 1 Capital Instruments (CPI Financial - 02/07/2015)

Doha Bank announces that it agreed to issue Tier 1 Capital Instruments amounting to QAR 2 billion either directly or through a Special Purpose Vehicle as per terms of the issuance prescribed in the resolution. Accordingly Doha Bank has issued the Tier 1

S&P: NBAD ratings affirmed At 'AA-/A-1+'; outlook stable (CPI Financial - 02/07/2015)

Standard & Poor's Ratings Services today affirmed its 'AA-/A-1+' long- and short-term counterparty credit ratings on National Bank of Abu Dhabi (NBAD). The outlook is stable. “The affirmation incorporates our view that NBAD will continue to operate with

Emirates NBD release commodities H1 2015 review (CPI Financial - 02/07/2015)

Commodity prices struggled in H1 2015 as a recovery in oil prices stalled and most industrial materials remained negative year to date (ytd), according to the latest report from Emirates NBD. “The S&P GSCI, which tracks a basket of 24 leading commodity

Global stocks rally on hopes for Greek deal, dollar gains (Reuters - 02/07/2015)

Global equity markets jumped and safe-haven bonds fell on Wednesday after Greece's prime minister signaled he was prepared to accept the bulk of a bailout offer, while stronger-than-expected data on private U.S. jobs growth bolstered the dollar. Prime

Dollar Strengthens On Upbeat U.S. Economic Reports (Dow Jones Newswires - 02/07/2015)

The dollar started the month off strong on Wednesday, as a spate of strong U.S. economic data suggested growth remained robust in June, increasing the likelihood that Federal Reserve policy makers will raise interest rates this year. ADP's June estimate

Euro dips on strong U.S. data and renewed Greece concerns (Reuters - 02/07/2015)

The euro fell against the U.S. dollar on Wednesday after strong U.S. economic data raised expectations the Federal Reserve will hike rates in September, while a combative address from Greece's prime minister also weighed on the euro. The ADP National

Asian Stocks Rise With Dollar Dominant Before Jobs; Oil Sub-$57 (Bloomberg - 02/07/2015)

Asian stocks rose, led by Japan as the dollar maintained gains against the yen before U.S. jobs data. Chinese equity futures signaled a rebound after regulators moved to stem a sell-off, while oil held near a two-month low. The MSCI Asia Pacific Index

Standard Chartered Pakistan gets two IFA Awards 2015 (Business Recorder - 02/07/2015)

Islamic Finance Award (IFA) 2015 recognised Standard Chartered Saadiq for the Best Islamic Consumer Banker of the year 2015 and Islamic Corporate Relationship Manager of the year 2015. Ali Allawala, Head of Islamic Banking, Retail Clients won the award

Turkey’s Kuveyt Türk becomes Germany’s first Islamic bank (Daily Sabah - 02/07/2015)

The Islamic bank Kuveyt Türk based in Turkey opened its first branch in Germany on Wednesday as it becomes the first financial institution which offers a full range of banking services in accordance with the Islamic law in the country. The bank, which

Total bank deposits in KSA rose by SR20.1bn in May (Arab News - 02/07/2015)

Saudi bank credit to the private sector recorded a monthly acceleration in May following a slowdown in each of the previous four months, according to a report. The government also maintained support for development with an elevated level of spending in

ZSCC awarded SR20.5m water tanks factory in Jeddah (Saudi Gazette - 02/07/2015)

Zamil Steel Construction Company (ZSCC), a subsidiary of Zamil Industrial Investment Co., was recently awarded a turnkey project contract worth SR20.5 million by Al Zamil Industry, Trade and Transport Company for its new water tanks factory project in

NADEC among ‘Most Valuable Brands’ in the Middle East (Saudi Gazette - 02/07/2015)

NADEC, one of the leading food, dairy and beverage companies in the MENA region, has been listed by leading research house Brand Finance among the most valuable brands in the Middle East across all sectors. In its 2015 list of “The Most Valuable

Telecoms, transport sectors send Saudi stock index higher (Saudi Gazette - 02/07/2015)

Saudi stocks were higher after the close on Wednesday, as gains in the Telecoms & IT, Insurance and Transport sectors led shares higher. At the close, the stock benchmark Tadawul All Share Index rose 0.19%. The best performers of the session on the

KAEC, Sir Martin Sorrell to create brand academy for Saudi talents (Saudi Gazette - 02/07/2015)

Sir Martin Sorrell, CEO of WPP, has entered into a strategic collaboration with King Abdullah Economic City. The marketing and communications giant was in Saudi Arabia this week to mark the start of a period of working together on key projects, including

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