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Moody Affirms NBK’s ratings, outlook stable (Press Release - 29/02/2016)

Moody’s Investors Service has affirmed National Bank of Kuwait’s (NBK) long-term global local currency (GLC) deposit rating at Aa3, the highest in the Middle East and North Africa, with a stable outlook. In its latest credit opinion report, Moody’s

CMA approved Bank Albilad request to increase its capital (Tadawul - 29/02/2016)

The CMA Board has issued its resolution approving Bank Albilad request to increase its capital from SAR (5,000,000,000) to SAR (6,000,000,000) through issuing one bonus share for every (5) existing shares owned by the shareholders who are registered in

Saudi Real Estate signed a contracting amounting to SR 26 million (Tadawul - 29/02/2016)

Saudi Real Estate Company has signed a contract On 19/05/1437H corresponding to 28/02/2016, amounting to SR (26,000,000) (Saudi Riyal Twenty Six million) with M/s Keo International Consultants for Design, Construction Management and Supervision of Al

Ithmaar Bank reports strong retail growth (Gulf Daily News - 29/02/2016)

Ithmaar Bank, a Bahrain-based Islamic retail bank, announced it has seen an increase in total income and operating income from core retail banking operations last year. However, it said the improved performance was impacted by recognition of certain

GIB 2015 net profit up 5.6pc to $90.4m (Trade Arabia - 29/02/2016)

Gulf International Bank has posted a net income after tax of $90.4 million for 2015, compared to $85.6 million in the prior year, representing a 5.6 per cent year-on-year increase. Total income at $308 million was $50.4 million or 19.6 per cent up on

Ooredoo Oman inks distribution deal with Xiaomi (Trade Arabia - 29/02/2016)

Ooredoo Oman has signed an exclusive one-year distribution deal with China-based Xiaomi, the third largest smartphone maker in the world. Under the terms of the agreement, Ooredoo will be the first mobile provider in the country to offer Xiaomi handsets.

Zain KSA reports record 2015 (Trade Arabia - 29/02/2016)

Zain Saudi Arabia (Zain KSA) posted record financial results for the year ended December 31, 2015, reaching EBIT breakeven in two consecutive quarters during the year. The company's revenues grew by 9 per cent year-on-year (YoY), to reach SR6.74 billion

Julphar’s Saudi Arabia oral preparations facility to go into operation (Gulfnews - 29/02/2016)

The Dh300 million Julphar’s Saudi Arabia oral preparations facility is expected to begin its operations by end of 2016, Chairman of the Board of Gulf Pharmaceutical Industries (Julphar) Shaikh Faisal Bin Saqr Al Qasimi, told the board meeting on Sunday,

STC, KFUPM and Ericsson launch Center of Excellence for new graduates (Saudi Gazette - 29/02/2016)

THE Saudi Telecommunications Company, King Fahd University of Petroleum and Minerals and Ericsson launched the Center of Excellence in January 2016 to educate and prepare Saudi new graduates for careers in telecommunications. Students will reap the

NBK awarded “Best Private Bank for 2016 in Kuwait” (Press Release - 28/02/2016)

National Bank of Kuwait (NBK) has been awarded the “Best Private Bank for 2016” in Kuwait in Euromoney’s Annual Survey surpassing global banks in wealth management and private banking services. NBK topped the list of nominees, outmatching renowned

Sharjah Islamic Bank Approves A Cash Dividend Of 10% (Press Release - 28/02/2016)

Sharjah Islamic Bank’s ordinary general assembly meeting has approved a cash dividend of 10 per cent of the nominal value of the shares, following the bank’s announcement of a net profit of AED 409.9 million, in 2015. This represents an increase of nine

Emirates NBD Asset Management wins ‘Real Estate Fund of the Year’ (Press Release - 28/02/2016)

Emirates NBD Asset Management Limited, the asset management arm of Emirates NBD, a leading bank in the region, has won ‘Real Estate Fund of the Year’ at the 2016 MENA Fund Manager Performance Awards, for the second consecutive year. The USD $461million

KAEC unveils new affordable housing units (Trade Arabia - 28/02/2016)

King Abdullah Economic City (KAEC), a special economic zone on Saudi Arabia's Red Sea coast, is set to offer affordable apartment homes in its newly built Al-Shurooq community following the success of its recent residential sales across all segments.

GFH posts $12m net profit (Gulf Daily News - 28/02/2016)

GFH Financial Group (GFH) yesterday announced its full-year financial results for 2015 with a consolidated profit of $29 million before provisions of $17m, and a net profit of $12m, signalling sustained profitability for the group. The consolidated net

Mannai Corp posts 2015 net profit of QR533mn (Gulf Times - 28/02/2016)

Mannai Corporation has posted a net profit of QR533mn in 2015 on a group turnover of QR5.9bn, the company said yesterday. The results were announced after a meeting of Mannai’s board chaired by Sheikh Suhaim bin Abdullah al-Thani here recently. The

Qatar Islamic Insurance CEO receives major award in London (Gulf Times - 28/02/2016)

Qatar Islamic Insurance CEO Ali Ibrahim al-Abdulghani was awarded the prestigious ‘Takaful CEO of the year’ award at a ceremony held during the 10th International Takaful Summit 2016 at Jumeirah Carlton Tower, London recently. This award was presented to

Mobily, Digital Barriers,Telequalitas launch zero-latency VSaaS in KSA (Saudi Gazette - 28/02/2016)

ETIHAD Etisalat Company (Mobily) and Digital Barriers, along with their Saudi Arabian Partner Advanced Communication Systems (Telequalitas), have signed a deal to launch a Video Surveillance as a Service (VSaaS) offering across the Kingdom of Saudi

Batelco wins legal battle against Indian company (Gulf Daily News - 25/02/2016)

Batelco Group, the Bahrain-based international telecoms firm with operations across 14 countries, yesterday announced it has obtained freezing orders from India’s Madras High Court against certain Indian assets of Chinnakannan Sivasankaran and his

National Finance House posts 17pc profit surge (Gulf Daily News - 25/02/2016)

National Finance House (NFH), a Bahraini incorporated finance provider, has announced the distribution of a cash dividend of seven per cent of the paid-up share capital, amounting to BD525,000. A statement issued after an annual general meeting

Bank Muscat plans to open branch in Tehran (Times of Oman - 25/02/2016)

Bank Muscat, the Sultanate’s biggest financial institution, plans to open a branch in Tehran, said a senior official of Central Bank of Iran here on Wednesday. This is expected to be the first international bank branch which is going to be opened in

Ooredoo expands strategic partnership with Cisco (The Peninsula - 25/02/2016)

Enterprise customers will soon be able to lease Cisco products and technological solutions direct from Ooredoo to save cost as the Qatar’s leading telecom services provider has inked new deals with the California-based American tech giant. Ooredoo is

Etisalat scraps $2bn loan plan (Emirates 24|7 - 25/02/2016)

United Arab Emirates-based Etisalat has scrapped plans to raise a $2 billion loan despite the telecommunications firm having the funds agreed with a group of local and international banks, sources aware of the matter said on Wednesday. Etisalat was among

GFH sustains profitability in 2015 with net of $12 million (Saudi Gazette - 25/02/2016)

GFH Financial Group (GFH) on Wednesday announced its full year financial results for 2015 with a consolidated profit of $29 million before provisions of $17 million, and a net profit of $12.0 million, signaling sustained profitability for the Group.

Mobily signs up Huawei for managed network services (Saudi Gazette - 25/02/2016)

Etihad Etisalat (Mobily), has signed an MoU with Huawei, for provision of managed network services for a term of next 5 years. The memorandum was signed on the sidelines of Mobile World Congress 2016, in Barcelona, Spain by Ahmed Farroukh, CEO, Mobily

STC selects Juniper to build and deploy the largest Internet gateway (Saudi Gazette - 25/02/2016)

Juniper Networks, the industry leader in network innovation, announced Wednesday that Saudi Telecom Company (STC), the largest telecommunications company by market capitalization, total revenue and number of employees in the Arab world, has for the first

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