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Bank Dhofar board approves OMR40 million rights issue (Times of Oman - 31/07/2016)

Bank Dhofar board has approved a rights issue of OMR40 million at an issue price of 200 baisas per share (consisting of a nominal value of 100 baisas, a premium of 98 baisas, plus issue expenses of 2 baisas). The rights issue is subject to all necessary

Bank Nizwa posts 57pc revenue rise (Oman Daily Observer - 31/07/2016)

The Board of Bank Nizwa reported a 57 per cent rise in its total revenues compared to same period in 2015, while total assets grew by 22 per cent compared to December 2015 reaching RO 421 million. During the period, the bank’s gross financing portfolio

Ooredoo said to consider stake sale in StarHub owner (Gulf Times - 31/07/2016)

Ooredoo, the Qatar-owned phone carrier, is considering selling its indirect stake in Singapore’s StarHub Ltd, according to people with knowledge of the matter. The company is working with HSBC Holdings to gauge potential interest in its stake in Asia

Batelco signs network deal with Albilad for new project (Trade Arabia - 31/07/2016)

Batelco, Bahrain’s leading digital solutions provider, has signed an agreement with Albilad Real Estate Investment Company for the provision of the latest communications services at its development, Water Garden City. The agreement was signed by Batelco

SABIC, MAWHIBA sign MoU to support creative students (Saudi Gazette - 31/07/2016)

SABIC and the King Abdulaziz and His Companions Foundation for Giftedness and Creativity (MAWHIBA) signed a memorandum of understanding at the SABIC headquarters in Riyadh on Wednesday to jointly support creative male and female school students at

Mobily offers triple data in new packages (Saudi Gazette - 31/07/2016)

ETIHAD Etisalat (Mobily) launched its newest offer of triple data to new subscribers of data cards packages of 500 MB and 2GB as well as when recharging data cards of 2GB and 10GB for the first time. Accordingly, the new subscribers will get extra 1.5GB

Zain KSA revenues up 5% to SR1.7b in Q2 2016 (Saudi Gazette - 31/07/2016)

Zain Saudi Arabia (Zain KSA) continued improving its revenues and gross profit for the second quarter of 2016 ending June 30, 2016, compared to the same period last year. Reporting revenues of SR1,727 million, reflecting a 5% growth compared with SR1,649

Aramco opens massive platform for marine work (Arab News - 31/07/2016)

Saudi Aramco has launched the largest platform for its marine operations which has been manufactured at the King Abdul Aziz Port in Dammam. The platform is fixed in the undersea coral reef and will receive the production of eight marine oil platforms,

QFB’s first half revenue surges by 46% to QR353m (The Peninsula - 28/07/2016)

Qatar First Bank (QFB), a leading Shari’ah compliant bank based in Qatar and listed on Qatar Exchange (QE), has recorded a revenue increase of 46 percent to QR353m ($97m) and a net profit of QR16.8m ($4.6m) for the first half ended June 2016. The first

Ezdan Holding’s profits jump 8% to QR927m in H1 (The Peninsula - 28/07/2016)

Ezdan Holding Group reported a net profit of QR927m for the first half of 2016 (H1, 2016), up 8 percent as compared to QR858m recorded for the corresponding period last year. The earnings per share (EPS) remarkably went up reaching QR0.35, from QR0.32 a

Ooredoo’s business desks see strong demand (The Peninsula - 28/07/2016)

Six months after their launch, Ooredoo’s business desks are receiving thousands of visitors per month at Ooredoo Shops, as business customers take advantage of the new service. The Ooredoo dedicated business desks, which opened in selected Ooredoo retail

Western Union, du to offer services benefits (Trade Arabia - 28/07/2016)

The Western Union Company, a leader in global payment services, has signed an agreement with du, a leading telecom provider in the UAE, aiming to pursue joint efforts to benefit subscribers. The agreement was signed by Osman Sultan, CEO, du, and

Sipchem Q2 net profit slumps 76.4pc (Trade Arabia - 28/07/2016)

Saudi International Petrochemical Co (Sipchem) reported a 76.4 per cent slump in second-quarter net profit on Wednesday, as lower sales prices for its products weighed on its earnings for a fifth straight quarter. Sipchem made a profit of SR26 million

NBAD and FGB results show pace of growth in bank sector has slowed (The National - 28/07/2016)

National Bank of Abu Dhabi (NBAD) and FGB said in their first earnings releases ahead of a planned merger that second- quarter profitability had waned as interest from lending slowed amid weakening economic growth and rising debt defaults. Net income at

NBAD profits fall 8% to Dh2.65b (Gulfnews - 28/07/2016)

The National Bank of Abu Dhabi (NBAD) reported on Wednesday Dh2.65 billion in net profit for the first half of 2016, marking a 7.8 per cent drop from the Dh2.87 billion reported in the same period in 2015. The results put net profit for the second

Etisalat Q2 profit up by 51% at Dhs2.3b (The Gulf Today - 28/07/2016)

Etisalat Group announced on Wednesday that its consolidated net profit after Federal Royalty increased year over year by 51 per cent to Dhs2.3 billion in the second quarter (Q2) of 2016 resulting in higher profit margin of 6 points to 17 per cent.

Emaar Malls records Dhs987m profit in H1 (The Gulf Today - 28/07/2016)

Emaar Malls has reported first-half 2016 net profit of Dhs987 million, 17 per cent higher than the net profit of Dhs845 million during the same period last year. Revenue for H1 2016 is Dhs1.618 billion ($441 million), 11 percent higher than the H1 2015

KIPCO first half profit rises 10 pct to KD 28 million (Arab Times - 28/07/2016)

The Kuwait Projects Company — has announced a net profit of KD 28 million ($93 million) in the first six months of 2016, an increase of 10 per cent on the KD 25.4 million ($84.2 million) reported for the same period last year. Earnings per share

SADAFCO’s solar project in Riyadh starts operation (Saudi Gazette - 28/07/2016)

AFTER announcing its investment in a SR2 million solar power project in its Riyadh Regional Distribution Centre (RDC) last October, Saudia Dairy and Foodstuff Company (SADAFCO) has now commenced operations utilizing a photovoltaic (PV)-diesel hybrid

SABIC's net profit falls 23.2 percent (Arab News - 28/07/2016)

Saudi Basic Industries Corp. (SABIC), one of the world's largest petrochemicals groups, reported a 23.2 percent drop in second-quarter net profit on Wednesday, extending a earnings slump as lower sales prices continued to weigh. SABIC made a net profit

Fawaz Alhokair net profit up 0.9% (Arab News - 28/07/2016)

Saudi Arabian retailer Fawaz Abdulaziz Alhokair Co. reported a 0.9 percent rise in first-quarter net profit on Wednesday as sales increased at its outlets in the Kingdom. The company made a net profit of SR212.6 million ($56.7 million) in the three

Bank Muscat highlights unique role in e-payment (Oman Daily Observer - 27/07/2016)

Bank Muscat, the flagship financial services provider in the Sultanate, as part of its ‘Let’s Do More’ vision and commitment to partnership and innovation, extended support to the 4th international conference on e-commerce, which started on Tuesday 26

Ooredoo Group net profit jumps 46% to QR1.5bn in H1 (Gulf Times - 27/07/2016)

Driven by its successful digital strategy across various key markets and “positive” forex movements, Ooredoo Group has posted a half yearly (H1) net profit of nearly QR1.5bn, up 46% on the same period in 2015. The group earned revenue of QR16bn

Vodafone shows improvement signs in Q1 (The Peninsula - 27/07/2016)

Vodafone Qatar registered a 2.6 percent increase in the number of mobile customers to 1,458,000, during the first quarter ended on June 30, 2016, compared to the first quarter of 2015. Service revenue rose to QR485m, a 2.8 percent growth compared to last

DIC financial outlook stable: S&P (The Peninsula - 27/07/2016)

Global ratings agency Standard & Poor’s has reaffirmed the financial strength of Doha Insurance Company (DIC) with stable outlook at (A-). At a time when both the regional and global economy facing troubles, S&P’s reaffirmation of DIC’s rating means a

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