Al Omaniya Financial net profit rises 11.3pc
(Oman Daily Observer
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31/01/2010)
Al Omaniya Financial Services SAOG has announced RO 3.675 million as net profit as per the preliminary unaudited management estimates for the year 2009. The net profit is higher by 11.3 per cent over the previous year 2008. The total assets of the
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ESTERAD OFFERS $19M CONVERTIBLE BONDS
(Gulf Daily News
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31/01/2010)
A BD7 million ($18.6m) convertible bonds offer by Esterad Investment Company will close Today. Shareholders registered on December 31 last year and the general public in Bahrain and the region can subscribe until today. The bond embeds a call option on
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Al Baraka Islamic opens Arad branch
(Gulf Daily News
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28/01/2010)
Al Baraka Islamic Bank yesterday opened a new branch in Arad. It was opened by Al Baraka Islamic Bank chief executive officer and board member Mohamed Issa Al Mutaweh in the presence of a number of senior bank officials. "It's a happy occasion to open
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Dubai Investments Swings to Profit in Fourth Quarter
(Khaleej Times
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28/01/2010)
Dubai Investments, which owns stakes in more than 40 companies at home and abroad, said it made a profit in the fourth quarter of 2009, compared with a loss in the same period a year ago. The holding firm, which has a diverse portfolio of investment in
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Tamweel Says Merger with Amlak is Still Possible in Q1
(Reuters
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28/01/2010)
The planned merger between troubled Dubai Islamic mortgage companies Tamweel and Amlak is still possible in the first quarter as progress is being made, Tamweel’s chairman said on Wednesday. Tamweel and Amlak have both been hit hard by the collapse of
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Tamweel, Amlak Merger Delay Is ‘a Concern,’ Tamweel Chief Says
(Bloomberg
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28/01/2010)
The delay in the planned merger of Tamweel PJSC and Amlak Finance PJSC, two United Arab Emirates mortgage lenders, is “becoming a concern” and hampering communication with shareholders, Tamweel’s chairman said. “We are slightly concerned that the
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Tamweel says Amlak merger possible in Q1
(Reuters
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27/01/2010)
The planned merger between troubled Dubai Islamic mortgage companies Tamweel and Amlak is still possible in the first quarter as progress is being made, Tamweel's chairman said. 'From our side we see some progress,' Sheikh Khaled bin Zayed Al-Nayhan told
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Dubai Investments Swings to Profit in Fourth Quarter From Loss
(Bloomberg
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27/01/2010)
Dubai Investments PJSC, which owns stakes in more than 40 companies, said it had a profit in the fourth quarter compared with a loss in the period a year ago. Net income was 141 million dirhams, compared with a loss of 87 million dirhams last year, the
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Investcorp swings to H1 net profit
(Reuters
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27/01/2010)
Bahrain- and London-listed Investcorp swung to a first-half net profit on Wednesday as its hedge fund business recovered from the financial crisis. The investment house said net profit in the six months ended Decemeber 31 was $60.2 million, after a $511
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Global warns on Dubai debt
(Reuters
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26/01/2010)
Global Investment House (Global) has yet to gauge the full effect of the Dubai debt crisis, warning that it may have long-lasting effects on the region’s financial sector, the Kuwaiti bank’s founder said. Global took enough impairment charges and
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Finance House Posts Dh112.4m Net Profit
(Khaleej Times
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26/01/2010)
For the financial year ending in December 31 2009, Finance House has reported a Net Profit of Dh112.4 Million, which equates to 51 per cent return on capital. Further, Finance House Board of Directors has proposed a cash dividend of 50 per cent and stock
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442% surge in profit for Waha Capital
(Business 24|7
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26/01/2010)
Waha Capital, the diversified Abu Dhabi-based holding company, has recorded the highest profits since it was established in 1997, with net profit growing to Dh217 million as of December 31, 2009, compared to Dh40m during the previous year, representing
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Waha Capital posts record Q4 profit
(Trade Arabia
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26/01/2010)
Abu Dhabi-based Waha Capital has posted its highest results for the fourth quarter of 2009 with its net profit surging a record 442 per cent to Dh217 million ($59 million) from Dh40 million ($10.8 million) in 2008. Announcing the results on Monday,
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DIC executive chairman quits
(Reuters
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26/01/2010)
Sameer Al Ansari, the chief executive of Shuaa Capital, will step down as the executive chairman of Dubai International Capital (DIC), according to a statement from the investment vehicle. DIC -- a unit of Dubai Holding which is owned by the emirate's
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S&P puts GFH on creditwatch
(Arab News
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25/01/2010)
Standard & Poor’s (S&P) has lowered long-term counterparty credit rating assigned to Gulf Finance House (GFH), the Bahrain-based Islamic investment bank, from BB+ to B+. S&P also affirmed the short-term rating of GFH at B. More importantly and perhaps of
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Al-Baraka in talks for Bank Muamalat stake
(Reuters
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23/01/2010)
Bahrain-based Islamic lender Al-Baraka is in talks to buy a stake in Malaysia's Bank Muamalat, its chief executive said, with a source adding it could buy up to 49 percent in the lender. Nothing has been signed, there are just talks," Chief Executive
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Moody's assigns Ba3 issuer ratings to Al Omaniya Financial Services
(AME Info
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23/01/2010)
Moody's Investors Service has assigned first-time global scale ratings to Al Omaniya Financial Services SAOG ('AOFS'). The company has been assigned Ba3 long-term local and foreign currency issuer ratings. The ratings carry a stable outlook. Moody's
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Bond offering extended
(Gulf Daily News
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19/01/2010)
Esterad Investment Company has announced an extension of subscription for its convertible bonds offering by seven days from Sunday to January 31. The decision was made in response to requests from institutional and retail investors for more time to
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Alafco earns net profit of KD2.3m
(AME Info
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19/01/2010)
Alafco Aviation Lease and Finance Company announced that it earned a net profit of KD2.3m ($8m) for the first three months of the current fiscal year that ended 31 December 2009, a 54% increase compared to the first quarter last year. Total revenue
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Finance House Expects 25pc Profit Jump in 2010
(Khaleej Times
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19/01/2010)
Abu Dhabi-based Finance House PJSC did not see much growth in its business in 2009, but hopes to see earnings jump as high as 25 per cent this year, its chairman Mohammed Abdulla Alqubaisi said. The company, listed on Abu Dhabi Securities Exchange,
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KAMCO accords Superbrands status
(Al Watan
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18/01/2010)
KIPCO Asset Management Company KSC (KAMCO) has been recognized as a Superbrand in Kuwaits second round of Superbrands. This acknowledgment is evidence of KAMCOs strong brand equity, positive stakeholder perception and high value offering in products and
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KAMCO reports sustainable growth in 2009
(Al Watan
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17/01/2010)
Kuwaits broad measure of money supply (M2) sustained the upward trend during November 2009, growing for the third consecutive month, to reach 24.99 billion Kuwaiti dinars as of November 2009, rising by KD 265 million from the previous month. In a recent
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Al-Mal bids for $1.2bn Philippines project
(Reuters
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17/01/2010)
Kuwait's Al-Mal Investment Co, said it has bid for a tender to develop an airport in the Philippines, valued at about $1.2 billion. The firm is controlled by the family-owned conglomerate Kharafi Group. "The firm notifies that it has bid for a tender to
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Gulf Finance House lowered To 'B+' and placed On CreditWatch negative
(AME Info
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16/01/2010)
Standard & Poors Ratings Services lowered its long-term counterparty credit rating on Bahrain-based Gulf Finance House G.S.C. (GFH) to B+ from BB+ and affirmed its B short-term rating. In addition, we placed both the long- and short-term ratings on
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Global optimistic over growth
(Gulf Daily News
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13/01/2010)
Kuwaits Global Investment House said it was optimistic about growth this year and signalled the worst is over, after shareholders gave the nod to its $1.7 billion debt plan yesterday. Global, which defaulted on most of its debt in December 2008, said it
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