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Al Khaleej Takaful Reveals Net Profit of QR 20.5 Million (QNA - 23/04/2012)

Al Khaleej Takaful Group disclosed the interim financial statement for the three month period ended March 31, 2012. The financial statements revealed a net profit of QR 20.5 Million in comparison to QR 44 Million for the corresponding period in 2011. The

CBB Sukuk Al-Salam securities oversubscribed by 232 per cent (CPI Financial - 23/04/2012)

The Central Bank of Bahrain (CBB) announced that the monthly issue of the Sukuk Al-Salam Islamic securities for the BHD 18 million issue, which carries a maturity of 91 days, has been oversubscribed by 232 per cent. The expected return on the issue,

Dubai Group Said to Propose 1% to 2.5% Interest in Debt Proposal (Bloomberg - 23/04/2012)

Dubai Group LLC, the investment company owned by the emirate’s ruler, proposed paying interest of 1 percent to 2.5 percent in a $6 billion debt restructuring proposal, three people familiar with the plan said. Four different interest rate classes have

Abu Dhabi Duty Free reports best sales quarter (The National - 23/04/2012)

Abu Dhabi Duty Free yesterday reported its best sales quarter ever as passenger numbers at the capital's international airport soared in the first three months of the year. Total sales, including items such as tobacco, perfume and chocolate, were nearly

Prime time to hail UAE property (The National - 23/04/2012)

Almost four years on from the sharp fall in property prices across the Emirates, industry executives have been pondering when it will reach the bottom. That time may have come, according to investors at this week's Cityscape property exhibition in the

Qatar says has 3% of Total, undecided on further buys (Agencies - 23/04/2012)

Qatar Holding, a unit of the Gulf nation's sovereign wealth fund, has increased its stake in French oil group Total to three percent and is undecided on buying more shares, Qatar Holding's chief executive said on Sunday. "This is good for both sides - it

Saudi Cement net profit rises 54.4% in Q1 (Saudi Gazette - 23/04/2012)

Saudi Cement witnessed an extraordinary 54.4 percent increase in 1Q12 net profit to SR325.5 million as compared to the same period a year ago. The profit rose by another commanding 53.3 percent on a QoQ basis. Profits increase can be addressed to

Project manager soon for $6bn Duqm Refinery venture (Oman Daily Observer - 23/04/2012)

Plans for the establishment of a giant refinery at Duqm are making strong headway with the joint venture Omani and UAE partners set to appoint a Project Manager to oversee the execution of the estimated $6 billion venture. According to a top official of

Kingdom has $750b construction projects in the pipeline (Saudi Gazette - 23/04/2012)

Saudi Arabia leads the way in the Middle East and North Africa (MENA) region construction industry with $750 billion of new projects in the pipeline, making up 31 percent of the entire regional market, Citigroup said in a new report. As a whole, on a

GM sales in KSA jump by 39% in Q1 (Saudi Gazette - 23/04/2012)

General Motors has registered record-breaking sales figures in the Kingdom of Saudi Arabia during the first quarter of 2012, the company said in a statement Sunday. Cadillac, GM’s luxury brand, increased sales by 63 percent during the first quarter,

Kingdom sukuk issuance to continue robust growth (Saudi Gazette - 23/04/2012)

The sukuk (Islamic bonds) market in the Gulf and other countries is expected to exceed $100 billion this year to smash the record $85 billion achieved in 2011, National Commercial Bank (NCB) said in a new study Sunday. Despite an expected rise in the

Gulf airlines on acquisition hunt eye India for expansion (Gulf Daily News - 23/04/2012)

Rapidly-expanding Gulf airlines could invest in Indian carriers such as SpiceJet and Kingfisher Airlines, as the government in Delhi considers easing restrictions on stake-building by foreigners in local airlines. SpiceJet, the Mumbai-listed low budget

GIB and Riyad Capital close $133m sukuk (Gulf Daily News - 23/04/2012)

GIB Capital, acting as joint lead manager and joint book runner with Riyad Capital, has successfully closed Ajil Financial Services company's privately placed 500 million Saudi riyals ($133.3m) sukuk, issued through Ajil Cayman, a limited liability

Cityscape Abu Dhabi opens (Khaleej Times - 23/04/2012)

A major property show, Cityscape Abu Dhabi has opened here Sunday, at a time when the UAE’s property market is flooded with housing units. At a simple ceremony, Shaikh Hazza bin Zayed Al Nahyan, National Security Advisor and Vice-Chairman of the Abu

UAE and Poland to explore joint investment potential (Khaleej Times - 23/04/2012)

Top officials of the UAE and Poland on Sunday agreed to enhance business cooperation and explore joint investment potential between the two countries to further strengthen the bilateral relations. At the UAE-Poland Business Forum, Prime Minister of the

Kuwait March inflation at 4-month high (Reuters - 23/04/2012)

Kuwait’s annual inflation edged up to a four-month high of 4.1 percent in March as food costs surged in their fastest monthly pace in over a year, data showed, fueled by more expensive food globally and domestic strikes. Kuwait had seen inflation easing

Bahrain growth highlighted (Gulf Daily News - 23/04/2012)

Bahrain's premier private business club Capital Club hosted an exclusive interactive session featuring British and US ambassadors Iain Lindsay and Thomas Krajeski. The session was moderated by Bahrain Economic Development board executive director Stephen

Over 2,800 residential units delivered in Abu Dhabi in Q1 (Khaleej Times - 23/04/2012)

More than 2,800 additional residential units were delivered in Abu Dhabi during the first three months of the year, while many more are in the pipeline, says a property advisory firm Jones Lang LaSalle in its latest report, creating an over-supply like

Lulu eyes $5.4b sales as it hits 100 outlets (Khaleej Times - 23/04/2012)

Middle East’s retail giant Lulu said on Sunday that it was on target to post 20 per cent growth in business this year to hit $5.4 billion as the UAE’s home-grown regional brand expands outlets to 100 with the opening of a hypermarket at its newly built

Key Abu Dhabi property projects on show at Cityscape (Arab News - 23/04/2012)

Cityscape Abu Dhabi, the Middle East’s leading real estate development and investment event, has opened at the Abu Dhabi National Exhibition Center. Sheikh Hazza bin Zayed Al-Nahyan, vice-chairman of the Abu Dhabi Executive Council, toured the exhibition

Qatar fund to spend $30 billion this year (Reuters - 22/04/2012)

Qatar's aggressive sovereign wealth fund, the Qatar Investment Authority (QIA), has $30 billion to spend this year, executive board member Hussain Al Abdulla said at a conference on Sunday. Speaking on the sidelines of the World Investment Forum in the

Etihad Airways launches 'Double Your Salary' promotion (AME Info - 22/04/2012)

Etihad Airways will help one lucky travel agent in the UAE double their annual salary this year. The airline has launched a special trade incentive promotion under which it will match an agent's salary, thereby doubling it for the year. The promotion is

Kuwait inflation hits 4-month high (Reuters - 22/04/2012)

Kuwait's annual inflation edged up to a four-month high of 4.1 per cent in March, helped by a jump in food prices, data from the Gulf Arab country's Central Statistics Office showed on Sunday. Consumer price growth accelerated to 0.8 percent

Qatar Investment Authority Has $30 Billion to Invest in 2012 (Bloomberg - 22/04/2012)

Qatar Investment Authority, the Gulf Arab country’s sovereign wealth fund, has $30 billion to invest this year, board member Hussain Al Abdulla said. “We don’t have any geographic allocation or asset allocation or currency allocation,” he said at a

Private equity companies set sights on Saudi Arabia (Saudi Gazette - 22/04/2012)

Saudi Arabia has become an interesting geography for private equity (PE) companies due to the gradual structural reforms, stability in overall growth and resilience from the economic turmoil in the West, KPMG said in its report titled "Emerging Trends in

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