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Bahrain asset management sector posts strong growth (Gulf Daily News - 31/05/2016)

Total assets under management by investment firms in Bahrain have seen an increase of more than 13 per cent reaching $19.8 billion at of the end of first quarter from $17.5bn for the same period last year, a top regulatory official has said. According to

Central Bank of Oman highlights importance of restructuring bank loans (Times of Oman - 31/05/2016)

Central Bank of Oman (CBO) has taken a series of precautionary measures for restructuring bank loans, said Ali bin Hamdan Al Raisi, executive vice president of the bank, at a banking workshop. The two-day workshop titled ‘Restructuring bank loans’ was

Kuwait awards $4.3bn airport terminal contract (Trade Arabia - 31/05/2016)

Kuwait has awarded Turkey's Limak Group and its local agent, Kharafi National, a contract to build a new airport terminal at a cost of KD1.31 billion ($4.34 billion), the Public Works Minister Ali Al Omair said on Monday. The minister told a news

Abu Dhabi, Bahraini firms to set up $100m Islamic bank (Trade Arabia - 31/05/2016)

Abu Dhabi Financial Group (ADFG) and Bahrain's GFH Financial Group are jointly setting up an Islamic bank in Abu Dhabi's new financial free zone with initial capital of $100 million, ADFG's chief executive told Reuters on Monday. Privately-owned

UAE leads corporate investment in Mena region (Gulfnews - 31/05/2016)

Venture capital in the UAE amounted to $100 million (Dh367 million) in 2014 — but if the investment rate were as high as the US, there would have been $1.2 billion available, according to a report presented at the Arabtec Digital Forum on Monday. The UAE

Public-private participation for Mena infrastructure projects (The National - 31/05/2016)

The participation of private-sector investors in state-backed infrastructure projects is being reimagined in the Middle East and North Africa amid a US$270 billion gap in spending. Lower revenue because of the lower oil price has pushed regional

Emirates signs MoU with Jordan Tourism Board (The Gulf Today - 31/05/2016)

Emirates Airline has signed a Memorandum of Understanding (MoU) with the Jordan Tourism Board, which aims to utilize the airline’s global network to further boost inbound tourist arrivals to Jordan, focused on the growth of key tourist destinations in

UAE and Korea agree to boost economic ties (The Gulf Today - 31/05/2016)

The 5th UAE-Korea Economic Joint Committee concluded in Abu Dhabi on Monday. The two-day event focused on enhancing economic cooperation in sectors such as high technology, innovation, small and medium-sized enterprises (SMEs), industry and tourism of

LuLu chairman: ‘Vision 2030’ to improve KSA’s investment image (Saudi Gazette - 31/05/2016)

Yusuffali MA, chairman of LuLu Group, said that Vision 2030 will further improve the Kingdom’s image as one of the leading investment friendly nations in the world. “All businessmen are extremely happy with the Vision, which will, no doubt, be an

SAMA'S foreign assets reach SR2.15 trillion (Arab News - 31/05/2016)

Foreign assets at Saudi Arabian Monetary Agency (SAMA) shrank $6 billion in April as it liquidated some financial holdings to cover a big state budget deficit caused by low oil prices, official data showed on Sunday. Net foreign assets dropped 1.1

Coca-Cola plans to expand Bahrain products portfolio (Gulf Daily News - 30/05/2016)

One of the world’s most recognisable brands that has a bottling plant in Bahrain plans to expand its portfolio here by producing juices and energy drinks. The Coca-Cola Bottling Company located in Salmabad plans to introduce more products from its

Oman-Qatar JV takes 15pc stake in major aquaculture project (Oman Daily Observer - 30/05/2016)

Al Hosn Investment Company SAOC (HIC), a partnership venture between Qatar Holding LLC and Oman’s Ministry of Finance, is investing in the establishment of the world’s first hamour (Grouper) fish farm in the Sultanate based on innovative recirculating

Takaful insurance in Oman grows by 64 per cent: CMA (Times of Oman - 30/05/2016)

Islamic insurance, which is popularly known as takaful insurance, is gaining popularity in Oman with the players achieving a robust growth of 64 per cent in gross direct premium at OMR39 million last year, which constitutes around 9 per cent of

Initial tenders floated for developing Duqm, Khasab water projects (Times of Oman - 30/05/2016)

Four initial tenders were floated by Oman Power and Water Procurement Company (OPWP) on Sunday to develop two independent water projects – one each in Duqm and Khasab. These tenders are for the selection of consultants to conduct onshore and offshore

Qatar LNG well set to compete at lower prices, says Samba (Gulf Times - 30/05/2016)

Qatar’s LNG industry is “well positioned to compete at lower prices” Samba Financial group has said and noted that the outlook for LNG prices “remains bearish” in 2017. Liquefied natural gas prices have continued to trend down this year and implied Asia

Qatar seen taking more steps as liquidity remains tight (The Peninsula - 30/05/2016)

With rapid credit growth outstripping deposit growth, thanks to the falling public sector deposits, Qatar’s banking sector is facing liquidity pressure. There are possibilities for a move from the Central Bank to cut the repo rate or reduce reserve

GCC capital projects need alternative funding: Expert (The Peninsula - 30/05/2016)

The new economic reality of lower oil prices will constrain the amount of funding available to the Gulf Cooperation Council’s (GCC) governments to finance capital and infrastructure projects in the region. These governments will hence have to make tough

Islamic assets proving to be the perfect alternative investment aven (Gulfnews - 30/05/2016)

Asset management, one of the main pillars of the fast growing $2 trillion (Dh7.34 trillion) Islamic finance industry, is gaining interest among investors as an alternative investment avenue, according to bankers and investment managers. During the last

Saudi Arabia’s foreign assets fall to lowest level in four years (The National - 30/05/2016)

Saudi Arabia’s net foreign assets fell for a 15th month in April, as the kingdom announced its “vision" for a post-oil future. The Saudi Arabian Monetary Agency said on Sunday net foreign assets declined 1.1 per cent to US$572 billion, the lowest level

Abu Dhabi sets out plan to double industrial sector’s contribution (The National - 30/05/2016)

Abu Dhabi is planning to double the size of its industrial base as a percentage of its GDP as it seeks to diversify its economy away from oil, said the chairman of the Department of Economic Development on Sunday. Ali Majed Al Mansoori said the

UAE seeks to ramp up ties with Germany: Mansouri (The Gulf Today - 30/05/2016)

Sultan Bin Saeed Al Mansouri, Minister for Economy, has stressed the importance of boosting cooperation between the UAE and Germany in the aviation sector. Al Mansouri said in a statement on Saturday that such cooperation would drive both countries’

CMA invites public views on draft Rules (Saudi Gazette - 30/05/2016)

The Saudi Capital Market Authority (CMA) invites investors, interested parties and the public to provide their comments and observations on the ‘Rules for Special Purposes Entities’ which is made available on CMA’s official website and will continue to

Saudi Arabia, UAE lead in GCC planned projects valued at $2t (Saudi Gazette - 30/05/2016)

The pipeline of projects planned in the GCC as of May 2016 amounts to $2 trillion. Delegates at the recently concluded MEED Construction Leadership Summit in Dubai were told at a briefing hosted by leading professional services firm Deloitte that Saudi

Moody’s confirms GIB’s long-term deposit and short-term ratings (Saudi Gazette - 30/05/2016)

The international credit rating agency Moody’s Investors Service (Moody’s) recently confirmed Gulf International Bank’s (GIB) standalone baseline credit assessment, long-term deposit and short-term ratings. The Moody’s rating committee confirmed GIB’s

Kuwait to spend $115 billion on energy projects (Arab News - 30/05/2016)

Kuwait has earmarked 34.5 billion dinars ($115 billion) to spend on oil projects over the next five years, despite the slump in oil prices, a senior executive said. “We have earmarked 34.5 billion dinars for spending on oil projects over the next five

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