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Vodafone Qatar posts narrower Q3 loss
(Reuters - 31/01/2017)

Vodafone Qatar, an affiliate of Vodafone Group (NasdaqGS: VOD - news) , reported a narrowing third-quarter loss on Tuesday, according to Reuters calculations. The operator made a net loss of 31.5 million riyals ($8.7 million) in the three months to Dec

Dur starts its first annual hotel roadshow in Riyadh
(Saudi Gazette - 31/01/2017)

Dur Hospitality’s hotel operation division launched its first annual roadshow that kicked off in Riyadh last Jan. 24 at Riyadh Palace hotel, and will continue to cover the cities of Jeddah and Makkah. The roadshow that gathers senior representatives from

Zain Saudi Arabia seeks SME partnership in CITC forum
(Saudi Gazette - 31/01/2017)

ZAIN Saudi Arabia took part in the Communication and Information Technology Commission Forum 2017 which was held at the CITC headquarters in Riyadh. The forum was attended by Dr. Mohammed Al-Suwaiyel, Minister of Communication and Information Technology;

L’azurde acquires Amazing Jewelry franchise for KSA
(Saudi Gazette - 31/01/2017)

L’AZURDE Group, largest gold and jewelry designer, manufacturer, and distributor in the Middle East, has announced Monday the launch of its first ever franchise with ‘Amazing Jewelry’. Amazing Jewelry was founded in Copenhagen, Denmark by Jesper Nielsen,

Mobily offers unlimited voice calls for less than SR1 a day
(Saudi Gazette - 31/01/2017)

Mobily continues providing its offer for all prepaid customers, which offers unlimited voice calls within Mobily’s network for less than SR1a day. The offer aims to support customers to make more calls with ease of mind. This offer comes with three

Arab Bank profit up 20pc to $533m
(Trade Arabia - 31/01/2017)

Arab Bank Group posted a net profit after tax of $533 million for 2016, a growth of 20 per cent compared to $442 million for 2015. The net operating income before provisions and taxes exceeded $1.1 billion, the bank said. Excluding the effect of foreign

Gulf Bank reports $141m profit, up 10pc
(Trade Arabia - 31/01/2017)

Kuwait-based Gulf Bank recorded a net profit of KD43 million ($140.88 million) for 2016, an increase of 10 per cent over the previous year. The earnings per share was 15 fils and the board of directors has recommended a cash dividend of 7 fils per share,

Alba to lead aluminium sector at Gulf Industry Fair
(Trade Arabia - 31/01/2017)

Aluminium Bahrain (Alba), the Bahrain-based international aluminium smelter, is the strategic sponsor for the Aluminium Sector at the upcoming Gulf Industry Fair 2017, Northern Gulf’s leading annual industrial expo. The event takes place from February 7

Dubai Investments profits up 10% in 2016
(Gulf News - 31/01/2017)

Dubai Investments, a Dubai-listed conglomerate, reported on Monday Dh1.22 billion in net profit for the full-year 2016, marking a 9.8 per cent increase from the Dh1.1 billion recorded in 2015. Revenues also jumped, reaching Dh3.1 billion in 2016 – a 14

Aramex may move UK jobs to Netherlands or France on Brexit
(Bloomberg - 31/01/2017)

Aramex, the Dubai-based courier and logistics company, is considering minimising its operations in the UK and serving Europe through the Netherlands or France if Brexit agreements do not favour free trade flows. The company, which is listed on the Dubai

Buyout firm Abraaj said to seek up to $8bn for global fund
(Gulf Times - 31/01/2017)

Buyout firm Abraaj Group is planning to raise about $5bn to $8bn from investors this year, people familiar with the matter said, in what would be the emerging-market-focused investor’s largest fund. The Dubai-based firm, which invests across markets from

GWC to distribute 16% dividend after 11% net profit growth in 2016
(Gulf Times - 31/01/2017)

Logistics provider GWC’s general assembly approved the distribution of 16% cash dividend of the nominal share value, amounting to QR1.6 per share, during the company’s Ordinary Assembly General Meeting yesterday. The dividends will be distributed either

QIIB picks Misys solution to enhance ‘modern Shariah compliant banking
(Gulf Times - 31/01/2017)

QIIB has chosen Misys FusionBanking Essence Islamic solution, the financial services software provider said yesterday. The bank is implementing the new solution in conjunction with Misys FusionBanking Party Management, to “accelerate modern

Thermoplastic ICEhouse Stands out at 2017 World Economic Forum
(Composites Manufacturing Magazine - 30/01/2017)

Material supplier SABIC’s ICEhouse took center stage during the 2017 World Economic Forum in Davos, Switzerland. The ICE in ICEhouse stands for Innovation for the Circular Economy. SABIC collaborated with renowned architect and sustainability pioneer

HSBC Bank Oman reports profits up 31 per cent, names new chairman
(CPI Financial - 30/01/2017)

In a statement to the Muscat Securities Market, HSBC Bank Oman reported net profit increased by 31 per cent to OMR 16.9 million (compared to OMR 12.9 million for the year ended 31 December 2015) due to higher operating income and lower operating expenses

Dubai Investments plans IPO in six to nine months
(CPI Financial - 30/01/2017)

Diversified Dubai-based investment group, Dubai Investments, has revived its IPO plans and says it will float shares in subsidiary companies, including potentially Emicool, if the market rally extends over the next six to nine months, according to its

Al Rajhi Bank deploys Gemalto's instant EMV card issuance solution
(Press Release - 30/01/2017)

Gemalto (Euronext NL0000400653 GTO), the world leader in digital security, is supplying Al Rajhi Bank, Saudi Arabia`s leading financial institution, with its instant card issuance solution for the bank`s new generation of self-service kiosks. Gemalto`s

Bank Muscat board proposes 30% cash and stock dividend
(Muscat Daily - 30/01/2017)

The board of directors of Bank Muscat has proposed a 30 per cent dividend for the year ended December 31, 2016. “Continuing the bank's strong dividend payment track record, the board of directors have proposed a 25 per cent cash dividend for the year

SRMG appoints new chief executive
(Aab News - 30/01/2017)

The board of directors of the Saudi Research and Marketing Group (SRMG) on Sunday accepted the resignation of Dr. Azzam Al-Dakhil, chief executive and managing director of the company, who opted to leave for private reasons. In a statement shared with

ADIB and AAIB led AED 325 million Islamic financing facility
(CPI Financial - 30/01/2017)

The deal was structured to meet Omniyat’s financing objectives, particularly for its Opus Project, a mixed use development comprising offices, hotel and luxury serviced residences designed by the late architect, Dame Zaha Hadid. Abu Dhabi Islamic Bank

Tabreed reports rise in profit
(The National - 30/01/2017)

The district cooling company Tabreed reported a 6 per cent rise in full-year profit as it added more capacity to chill buildings. Revenue increased by the same measure to Dh1.28bn. The utility, which is also known as National Central Cooling Company,

Ajman Bank impairment charges more than double
(CPI Financial - 30/01/2017)

Ajman Bank reported profits for 2016 up 2.8 per cent at AED 125.5 million. Net operating income rose 19.8 per cent to AED 505.3 million. However, the bank also saw a jump in impairment charges on finance, rising from AED 60.9 million in 2015 to AED 132.5

Alwaleed Philanthropies contributes $700m toward humanitarian work
(Saudi Gazette - 30/01/2017)

ALWALEED Philanthropies (AP), chaired by Prince Alwaleed Bin Talal, held the Board of Trustees meeting of Alwaleed Philanthropies — Saudi Arabia and Alwaleed Philanthropies – Global at the foundation’s headquarters in Riyadh last Jan. 11. The meeting was

Alinma Bank launches SADAD account
(Saudi Gazette - 30/01/2017)

ALINMA Bank has launched the most recent extension to its account offerings for its partners (customers) with the introduction of the Alinma SADAD Account. Designed to give partners greater flexibility when shopping online, the new account obviates the

Nahdi and Tawuniya in deal to boost services
(Saudi Gazette - 30/01/2017)

NAHDI, a leading Saudi retail pharmacy chain, and Tawuniya Cooperative Insurance Company, renewed their strategic partnership to offer additional health insurance services to clients and beneficiaries. The renewal agreement, signed in Riyadh, is part of

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