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MOST OMANI BANKS POST BETTER Q1 PERFORMANCE (ONA - 28/05/2017)

Oman’s commercial banks performed well during the first quarter of 2017 despite the difficult economic challenges facing the global banking sector. The net profits of the six commercial banks listed at the Muscat Securities Market (MSM) rose to RO87.4mn

Oman plans to build mobile water desalination project (Times of Oman - 28/05/2017)

Oman plans to build a mobile desalination project, with a capacity to produce 100,000 cubic metres of water per day (22 million imperial gallons per day or MIGD) to meet temporary shortages for potable water in different parts of the country. The

Summer love-in for yen, emerging markets won’t last: BofAML (Gulf Times - 28/05/2017)

In an unusual turn of events, investors are long in emerging-market currencies as well as the Japanese yen. Bank of America Merrill Lynch doesn’t expect the trend to last. The yen will probably weaken and developing-nation currencies turn more mixed

Aramco’s only IPO foray provides a cautionary tale (Gulf Times - 28/05/2017)

Since the Saudi state-owned oil giant Saudi Aramco sold shares in Rabigh Refining and Petrochemical Co in 2008, the facility has provided a peek into a small corner of its operations. With few other clues available as Saudi Arabia prepares a massive

QNB Weekly Market Report (Gulf Times - 28/05/2017)

The Qatar Stock Exchange (QSE) index decreased 42.83 points, or 0.42% during the trading week to close at 10,060.52. Market capitalisation increased by 0.63% to QR540.9bn versus QR537.5bn at the end of the previous week. Of the 44 listed companies, 16

Dollar rebounds as GDP revised up (The Peninsula - 28/05/2017)

The dollar was on track to end the week essentially unchanged after gaining Friday as US first-quarter economic growth was revised higher, potentially soothing Federal Reserve concerns over “transitory weakness.” The greenback was up less than 0.1

Qatar Development Bank wins prestigious 'Best SME Loan' Award (The Peninsula - 28/05/2017)

Qatar Development Bank (QDB) was named 'Best SME Loan' during the Arab Banks Awards and Commendations of Excellence 2017. The award ceremony was organized by the World Union of Arab Bankers in Beirut, where it was attended by senior bankers, business

Agility reaches global settlement in US supply contract row (Trade Arabia - 28/05/2017)

Agility, a leading global logistics provider, on Saturday announced a global settlement in the case involving the US government food-supply contracts that the company held from 2003 to 2010 (the Prime Vendor contracts). The contracts spanned seven years,

Dubai Airport Freezone nets solid Q1 sales growth (Trade Arabia - 28/05/2017)

The Dubai Airport Freezone Authority (Dafza) said it performed exceptionally well in first quarter of 2017, achieving 62 per cent of its total annual sales target. This was accompanied by an increase of seven per cent in sales revenues over the same

Oman to tackle joblessness among young with SME campaign (The National - 28/05/2017)

Oman is hoping to stoke an entrepreneurial spirit amid its growing contingent of jobless youths. A 70 million Omani rials (Dh668m) government-backed fund for the creation of small and medium enterprises (SMEs), first launched in February, will now be

Moody’s upgrades UAE and Kuwait credit outlook,cuts Qatar’s debt ratio (The National - 28/05/2017)

The actions by Moody’s late on Friday came shortly after the decision by Opec, of which all three countries are core members, to continue restraining output until the end of next March at least. Opec and its non-member partner countries on Thursday

In Aramco IPO pitch, Canada plays up its natural resources expertise (Gulfnews - 28/05/2017)

The Toronto Stock Exchange’s efforts to win a slice of the massive Saudi Aramco public listing plays up the country’s deep experience in natural resources as part of a broader offer to help the kingdom with its shift away from oil dependence. In pitch

Oman Arab Bank celebrates opening of two new state-of-the-art branches (Oman Daily Observer - 28/05/2017)

Oman Arab Bank (OAB) recently celebrated the official opening for two of its latest ‘New Experience’ branches. The first was the new-look branch at Nizwa Grand Mall, while the second is OAB’s first ever branch to be opened in Al Hail. With the opening of

Last day to subscribe to Arabtec’s rights on May 28 (Gulfnews - 28/05/2017)

The last day for Arabtec rights holders to disclose their intent to subscribe to rights will be on May 28, before the new shares get listed on the Dubai Financial Market on June 8. “Subscription forms will be available during the Subscription Period from

New mechanism to support peak power demand in the Sultanate (Oman Daily Observer - 28/05/2017)

Oman’s power sector authorities are weighing a new mechanism to help respond to spikes in electricity demand without the need for costly investment in new generation capacity. The mechanism, known as ‘Demand Response’, is a strategy typically used by

China industrial profits up 14% in April (The Gulf Today - 28/05/2017)

Profits earned by Chinese industrial firms rose 14.0 per cent in April from a year earlier, official data showed on Saturday, slowing from March’s pace and adding to concerns that the world’s second-largest economy may be losing steam. Profits in April

UAE, Canada discuss trade relations (The Gulf Today - 28/05/2017)

Mohammed Ahmed Bin Abdul Aziz Al Shehhi, Under-Secretary of the UAE’s Ministry of Economy, has met with Farid Amin, Chairman of the Canada-UAE Business Council (CUBC), to discuss developing economic and trade relations between the two countries, and

US economy slackens less than expected (The Gulf Today - 28/05/2017)

The US economy slowed less than initially thought in the first quarter, but softening business investment and moderate consumer spending are clouding expectations of a sharp acceleration in the second quarter. Gross domestic product increased at a 1.2

Digital transformation the way forward for HR in Middle East region (Saudi Gazette - 28/05/2017)

The third edition of the HR Tech MENA Summit, organized by Dubai-based QnA International at the Westin Dubai, Al Habtoor City, recently came to a close. The event centered on the changing dynamics within the HR technology segment as seen by industry

Abu Dhabi’s rating outlook raised to stable (Saudi Gazette - 28/05/2017)

Moody›s Investors Service has changed the rating outlook on the Government of Abu Dhabi to stable from negative. Concurrently the long and short-term issuer ratings have been affirmed at Aa2/P-1. The key drivers of the outlook change to stable are (1) an

Alinma Bank working hours in Ramadan (Saudi Gazette - 28/05/2017)

Alinma Bank has announced the Ramadan working hours for its 136 branches across the Kingdom. With the exception of its 24/7, around-the-clock branch at Prince Mohammed bin Abdulaziz Airport in Madinah, all other bank branches will operate between the

Zain Saudi Arabia Ramadan promo (Saudi Gazette - 28/05/2017)

Zain Saudi Arabia announced the launch of ‘X5’ special commercial promotion during the holy month of Ramadan, enabling existing and new customers to win 5 BMW X5 cars, while granting data and voice prepaid customers 5 times bonus upon every recharge.

Gold at highest since May 1 on political uncertainty, dollar (Arab News - 28/05/2017)

Gold hit its highest in nearly four weeks on Friday in response to a weaker dollar and political uncertainty that led investors to shun riskier assets in favor of bullion. “We have had the political noise coming from Trump and the US administration and

OPEC ponders how to coexist with US shale oil (Arab News - 28/05/2017)

First, they ignored each other. Then, they went into a bruising fight. Finally, they are talking, albeit with opposing agendas. The history of the relationship between the Organization of the Petroleum Exporting Countries (OPEC) and the US shale oil

OPEC says it will extend production cuts through March 2018 (WSJ - 25/05/2017)

The Organization of the Petroleum Exporting Countries on Thursday renewed an agreement to withhold some crude-oil supplies into March 2018, people familiar with the matter said, doubling down on its bet that it can raise prices despite soaring output

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