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BBK names new chief executive (Gulf Daily News - 31/03/2016)

BBK, Bahrain’s fourth largest bank by assets, has announced the appointment of Reyadh Yousif Sater as its new chief executive with effect from tomorrow. Mr Sater takes over the role from Abdulkarim Bucheery who has retired. The announcement was made

NBO approves cash and stock dividends (Oman Daily Observer - 31/03/2016)

National Bank of Oman (NBO) announced recently that a distribution of a 17 per cent cash dividend of the paid up capital (baisa 17 per share) and 10 per cent stock dividend (one share per each 10 shares) was approved following the conclusion of its

Ominvest-led consortium to acquire Oman Arab Bank’s investment banking (Times of Oman - 31/03/2016)

Oman International Development and Investment Company (Ominvest), together with its strategic partners Oman Investment Fund (OIF) and Arab Bank (Switzerland) (ABS), has entered into a memorandum of understanding with Oman Arab Bank (OAB), to acquire

Khaliji issues QR1bn capital notes (Gulf Times - 31/03/2016)

The Al Khaliji headquarters in Doha. Al Khalij Commercial Bank (Al Khaliji) announced that it has issued yesterday perpetual, non-cumulative Tier 1 capital instruments worth QR1bn to support funding future growth across the bank. The instruments have

Ooredoo and Cisco expanding cloud solutions (The Peninsula - 31/03/2016)

Ooredoo and Cisco recently hosted a business event to demonstrate the enhanced range of cloud solutions and services available for companies in Qatar. The event, which highlighted the ways that companies can deploy cloud solutions across their

Vodafone in deal to release $381m in deferred dividends (Trade Arabia - 31/03/2016)

Telecom Egypt, the state-owned landline monopoly, said it had struck a deal with Vodafone Egypt under which the mobile operator would release at least E£3.34 billion ($381 million) in withheld dividends. Telecom Egypt owns 45 per cent of Vodafone Egypt,

NBK to increase capital by 6.5pc (Trade Arabia - 31/03/2016)

National Bank of Kuwait’s (NBK) board of directors has agreed to increase the bank’s capital through a 6.5 per cent rights issue. The bank will issue 343.96 million shares at 400 fils per share. The issuance price includes an issuance premium of 300 fils

Dubai-based Al Sagr National Insurance Company swings to 2015 loss (The National - 31/03/2016)

Al Sagr National Insurance Company swung to a loss last year due to lower investment income, the Dubai-based insurer said. Al Sagr posted a net loss of Dh105 million versus a net profit of Dh38.8m in 2014, as the industry struggles to overcome

GFH buys 30% stake in London’s No 1 Palace Street (The National - 31/03/2016)

GFH Financial Group has paid £100 million (Dh528.7m) to acquire 30 per cent of No 1 Palace Street in London’s Victoria. The Bahrain-based investment company said it has signed a deal with Palace Revive Developments Limited for the site which is being

Saudi Aramco has ambitious plans for Al-Ahsa region (Arab News - 31/03/2016)

The Al-Ahsa region in the Eastern Province of Saudi Arabia can become a major center for knowledge-based and innovation-driven sectors, and the small-to medium-size enterprises, as part of the Kingdom’s economic transformation strategy, said Amin H.

NBK-Egypt posts $64m net profit, up 53pc (Trade Arabia - 30/03/2016)

National Bank of Kuwait-Egypt, the subsidiary of National Bank of Kuwait Group (NBK) in Egypt, has reported a net profit of EGP575.6 million ($64.5 million) for last year compared to EGP375.5 million in 2014, an increase of 53.3 per cent year-on-year.

Marka to sell online with Souq.com (Trade Arabia - 30/03/2016)

Marka, a major retail operator in the UAE, today announced its partnership with e-commerce leader Souq.com in a move that will see the company offer sportswear and eventually fashion items online. Marka has started offering a variety of sports brands

APC awarded SR 73 Mil project to supply steel pipes to Saudi ARAMCO (Tadawul - 30/03/2016)

Arabian Pipes Company awarded on Wednesday 30 Mar 2106 a contract value SR 73 million for supplying 167KM of welded steel pipes to Saudi Aramco. The supplying of the project pipes will start on fourth quarter of year 2016 from Jubail factory and the

CI: Commercial Bank’s ratings affirmed; outlook revised to ‘negative’ (CPI Financial - 30/03/2016)

Capital Intelligence (CI), the international credit rating agency, announced today that it has affirmed Commercial Bank’s (Cb) Financial Strength Rating (FSR) at ‘A-’. In view of the Bank’s systemic importance, the Support Rating is affirmed at ‘2’.

Qatar International Islamic Bank plans Tier 1 Sukuk issue (CPI Financial - 30/03/2016)

In a statement to Qatar Stock Exchange on 30 March it was revealed that Qatar International Islamic Bank (QIIB) is planning a Sukuk issue of up to QAR 3 billion. The bank’s General Assembly gave the nod to the extension of its approval to issue

Ahli United Bank approves 18 per cent cash dividend (Gulf Daily News - 30/03/2016)

Shareholders of Ahli United Bank (AUB) have approved the distribution of cash dividend of 18 per cent ($4.5 cents per share) together with bonus shares of 5pc (five shares per 100 ordinary shares) for the financial year ended December 31 last year.

Omantel’s special packages support small businesses (Times of Oman - 30/03/2016)

In line with its efforts to nurture development of the small and medium enterprises (SME) sector, Oman Telecommunications (Omantel), the Sultanate’s leading provider of integrated telecommunication services, has reaffirmed their commitment to growing

QIIB expects final approval for JV Moroccan bank by Q3 (Gulf Times - 30/03/2016)

QIIB is expecting final approval from the Moroccan authorities for its joint venture bank in the kingdom by the third quarter of this year, said CEO Abdulbasit A al-Shaibei. “We have already established the company; the seed capital has been injected.

Emaar gears up for grand Dubai Opera launch (Trade Arabia - 30/03/2016)

Leading developer Emaar Properties has announced a spectacular line-up of world-class performances to mark the grand inauguration of its iconic ‘Dubai Opera’ in Downtown Dubai later this year. The city’s first purpose-built multi-format performing arts

Qatar’s Ahli Bank to meet investors for potential dollar bond (Gulfnews - 30/03/2016)

Qatar’s Ahli Bank has picked banks to arrange a series of meetings with fixed income investors starting on Thursday for a potential benchmark-sized US dollar bond issue, a document from lead arrangers showed on Tuesday. The bank has picked Barclays, HSBC

KIB 2015 net profit rises 17% to KD 16.1 mln – Assets up 8% to reach (Arab Times - 30/03/2016)

The Kuwait International Bank (KIB) announced a profit of KD 16.10 million for the year ending Dec 31, 2015, which is a 17 percent increase year on year as the 2014 profit was KD 13.70 million. Speaking at the Annual General Meeting held at the bank’s

Zain KSA introduces latest Samsung devices (Saudi Gazette - 30/03/2016)

ZAIN KSA launched the new Samsung Galaxy devices S7 and S7 edge, enabling the customers to enjoy the new devices on its state-of-the-art 4G/LTE network. The devices are available along with Zain KSA postpaid and prepaid packages, along with wide and

Mobily’s towers sale hinges on profitability (Saudi Gazette - 30/03/2016)

AHMAD Farroukh, Chief Executive Officer of Etihad Etisalat (Mobily), said in an interview with Bloomberg newswire that Mobily will not proceed with the towers sale unless the deal is good for our shareholders. Farroukh clarified that this case inflicted

Prince Alwaleed keen to boost economic ties with China (Arab News - 30/03/2016)

Prince Alwaleed bin Talal, chairman of Kingdom Holding Company (KHC), received at his office in Riyadh, Li Chengwen, ambassador extraordinary and penipotentiary of People’s Republic of China to Saudi Arabia. Hassna Alturki, executive manager for

BBK BD100m bond issue set to open (Gulf Daily News - 29/03/2016)

Bahrain-based BBK has launched a BD100 million ($265.3m) convertible bonds issue to boost its capital ratios. The bonds issue will be open to subscription by shareholders from Sunday to April 18. Chairman Murad Ali Murad told the GDN after the

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