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Investcorp in talks to buy minority stake in Saudi-based Al Borg Medic
(The National - 31/08/2016)

Bahrain-based private equity firm Investcorp Bank is in exclusive talks to buy a minority stake in Saudi Arabia-based healthcare company Al Borg Medical Laboratories, according to people with knowledge of the matter. The deal could value the company at

Qatar Bank CEO says liquidity better after $9b bond sale
(Gulfnews - 31/08/2016)

The availability of funds in the Qatari banking system, which earlier this year became a more serious issue than during the 2008 financial crisis, is improving after the country’s $9 billion bond sale in May, Doha Bank QSC Chief Executive Officer

NADEC chief Babtain to inaugurate ITL World’s UK office
(Saudi Gazette - 31/08/2016)

The ITL World, the travel and tourism arm of Saudi-based Eram Group, will open its first office in the United Kingdom on Wednesday. The new office of the ITL World, one of the key ventures of the Group, is coming up at Ilford, Essex, in London. Abdulaziz

Bupa Arabia the ‘best health insurance company in KSA’
(Saudi Gazette - 31/08/2016)

BUPA Arabia for Cooperative Insurance, the largest specialized health insurance company in the Kingdom, has been inaugurated as the best health insurance provider in the Kingdom for the year 2016, as a result of its outstanding performance this year and

GFH landmark developments to be shown at Cityscape Global
(Saudi Gazette - 31/08/2016)

GFH Real Estate announced Tuesday that it will participate at this year’s 15th Cityscape Global being held in Dubai on Sept. 6-8, 2016 at the Dubai World Trade Centre, while showcasing a number of its new landmark GCC-based development projects. GFH Real

Saudi Electricity to start tendering for Riyadh plant
(Arab News - 31/08/2016)

Saudi Electricity Co. (SEC) will likely delay the planned expansion of its Jeddah South power plant, but is still expected to start tendering for a plant near Riyadh by the end of the year, said industry sources. The utility is trying to keep up with

Bank Muscat SME push makes headway
(Oman Daily Observer - 30/08/2016)

Bank Muscat, the flagship financial services provider in the Sultanate, on Monday (29 September 2016) marked a new session of al Wathbah Academy in Muscat as part of its ‘Let’s Do More’ vision and commitment to partnership in supporting SMEs embark on

Nakilat-Damen delivers 5 vessels to New Port Project
(The Peninsula - 30/08/2016)

Nakilat Damen Shipyards Qatar (NDSQ), one of the region’s leading ship-building companies, has delivered five brand new vessels as part of an eleven-vessel order for New Port Project (NPP). Built entirely at the ‘Erhama Bin Jaber Al Jalahma Shipyard’

Alba awards new PDS contract to Siemens
(Trade Arabia - 30/08/2016)

Aluminium Bahrain (Alba), one of the world's leading aluminium smelters, has announced that it has awarded Siemens the power distribution system (PDS) contract for Power Station 5 (PS 5), as part of its Line 6 project. Under the terms of this contract,

Boeing and Saudi Aramco hold workshop on aviation
(Saudi Gazette - 30/08/2016)

In a joint initiative by Boeing and Saudi Aramco, a focused workshop was organized with the goal to support the aviation sector in the Kingdom of Saudi Arabia. The initiative was supported by the Economic Cities Authority and in partnership with the

Chemanol refinances debt worth SR637m
(Arab News - 30/08/2016)

Saudi Arabia’s Methanol Chemicals Co. (Chemanol) has refinanced total Shariah-compliant debt worth SR636.7 million ($169.8 million), according to a bourse statement. Refinancing includes SR327.7 million balance from a SR832 million Islamic loan signed in

Damac chairman says 2016 profit in line with last year
(The National - 29/08/2016)

Hussain Sajwani, the chairman of the Dubai developer Damac, said the company’s profit for this year was likely to be in line with the Dh4.5 billion it achieved last year. In an interview with the Arabic newspaper Al Khaleej, Mr Sajwani also said that the

Du expands customer sales and services for Emirates Group
(Gulfnews - 29/08/2016)

Telecom operator du expanded its existing customer service facility to address any customer needs at the Emirates headquarters. Emirates Group employees will benefit from a single touchpoint for all their telecommunications requirements such as

Bahrain Islamic Bank plans $218m sale of non-core assets
(Gulfnews - 29/08/2016)

Bahrain Islamic Bank BSC is seeking to sell about 82 million dinars (Dh799 million, $218 million) of unproductive assets such as land and shares as part of a five-year plan to boost growth. The lender sold 14 million dinars-worth of these assets in the

Qatar National Bank gets go-ahead to open branch in India
(Gulfnews - 29/08/2016)

Qatar National Bank (QNB) has been given approval to open a branch in India offering banking services, the Gulf region’s largest lender said on Sunday. The bank, which in June completed the €2.7 billion (Dh11.1 billion) purchase of Turkey’s Finansbank,

Union Properties enter into Dh290m financing agreement
(Gulfnews - 29/08/2016)

Union Properties said on Sunday it has entered into a Dh290 million financing agreement with Ajman Bank and RAK Bank for financing of Oia project for 6 years. The company has also authorised the board of directors to enter into loans for 3 years, sell

Dana Gas may seek to roll over part of $700m sukuk
(The Gulf Today - 29/08/2016)

Dana Gas, a producer of natural gas in Egypt, Iraq and the United Arab Emirates, may seek to roll over part of the $700 million Islamic bonds maturing next year, the chief executive officer said. The company, which has about $344 million in cash, is in

GIB sponsors GMA Summit in Riyadh
(Saudi Gazette - 29/08/2016)

GULF International Bank (GIB) announced its sponsorship of the Global Ministerial Aviation (GMA) Summit in Riyadh to take place on Aug. 29-31, 2016 at the Ritz Carlton. The summit is held under the patronage of The Custodian of The Two Holy Mosques King

Mobily, Ericsson in deal to double data speed using 4×4 MIMO tech
(Saudi Gazette - 29/08/2016)

MOBILY, together with Ericsson, is introducing TDD 4×4 MIMO technology to its LTE network in the western region of Saudi Arabia. This technology will be deployed using the state-of-the-art Ericsson Radio System and L16 network software release. Thanks to

Govt stake in Oman Flour Mills transferred to OFIC
(Oman Daily Observer - 28/08/2016)

The Omani government’s 51 per cent stake in the joint stock Oman Flour Mills Company SAOG (OFM) has been transferred to Oman Food Investment Holding Co SAOC (OFIC), a wholly government owned entity set up with a mandate to support the nation’s food

Saudi Arabia says Aramco IPO on track
(The Gulf Today - 28/08/2016)

The initial public offering of Saudi Arabian Oil Company remains on track while the government considers how to meet all its objectives from the sale of a stake in the world’s biggest oil company, the kingdom’s Energy Minister said. <b> Saudi Arabia

GFH long-term rating affirmed; outlook stable
(Saudi Gazette - 28/08/2016)

GFH Financial Group (“GFH”) on Saturday announced that Capital Intelligence (CI), the international credit rating agency, has affirmed its Long-Term Rating at ‘BB’ and the Short-Term Rating at ‘B’. The Outlook for GFH’s ratings has also been affirmed as

Mezzan Holding acquires major stake in Al Safi Food
(Saudi Gazette - 28/08/2016)

Mezzan Holding, one of the largest food, beverage, FMCG and pharma manufacturing and distribution companies in the Gulf, has completed its acquisition of 70% of KSA-based Al Safi Food Company on August 24, effectively granting Mezzan Holding a local

Mobily unveils ‘Dorar’ app and ‘Zad’ service
(Saudi Gazette - 28/08/2016)

Etihad Etisalat (Mobily) has launched “Dorar” App for Haj and Umrah, which aims to facilitate Haj rituals and is introduced in three languages; Arabic, English and Urdu, as part of Mobily’s outstanding Islamic content services for every Haj season. <b>

Aramco ‘could reduce stake in Indonesia refinery project’
(Arab News - 28/08/2016)

Oil and gas giant Saudi Aramco may reduce its stake in a proposed $5.5 billion refinery project in Indonesia, the country’s energy minister said. <b> Aramco has asked to cut its share of the project to upgrade a refinery in Cilacap in the province of