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DIB scoops four accolades at Islamic Business and Finance Awards 2017
(CPI Financial - 14/12/2017)

Dubai Islamic Bank (DIB), the largest Islamic Bank in the UAE, picked up four major awards at the Islamic Business & Finance Awards 2017, a prestigious industry event that endorses and recognises those institutions and individuals that have championed

NBF retains “Best Islamic Window–UAE” Award
(CPI Financial - 14/12/2017)

NBF Islamic has once again taken home the coveted accolade titled “Best Islamic Window–UAE” for the second consecutive time at the Islamic Business & Finance Awards 2017. Prevailing over fierce competition, NBF showcased its steady focus on growing the

FAB inaugurates new HQ after merger
(Gulfnews - 14/12/2017)

First Abu Dhabi Bank (FAB) marked the official inauguration of its new headquarters in Abu Dhabi’s Khalifa Business Park at an event attended by senior management. The new location marks the bank’s first premises since it was created from the merger

Etisalat signs 15-year lease pact with Gulf Data Hub
(Gulfnews - 14/12/2017)

Etisalat signed an exclusive 15-year wholesale lease agreement with Gulf Data Hub to acquire the full capacity of its Tier III data centre to provide data centre services to private enterprises, government entities and cloud service providers. The hub

Batelco EGM approves key resolutions
(Trade Arabia - 14/12/2017)

Batelco, an international telecommunications group with operations across 14 countries, today held an extra-ordinary general meeting to discuss proposed changes to Batelco’s Memorandum and Articles of Association. The meeting, held at Batelco’s Hamala

Ooredoo holds digital literacy programme
(Trade Arabia - 14/12/2017)

Ooredoo Oman, a top telecom provider, has partnered with Al Roya Press and Publishing to launch a digital literacy programme which will empower more than 900 women with essential IT skills. Backed by Ooredoo’s team of technical experts, the initiative

SNC-Lavalin, Aramco sign deal on in-kingdom opportunities
(Trade Arabia - 14/12/2017)

SNC-Lavalin and Saudi Aramco today signed a memorandum of understanding (MoU) signalling SNC-Lavalin's continued commitment to creating and accelerating opportunities for local work forces in Saudi Arabia. The MoU supports Saudi Aramco's In-Kingdom Total

Al Tayyar Travel launches transformation plan
(Trade Arabia - 14/12/2017)

Saudi Arabia-based Al Tayyar Travel Group, a leading global travel and tourism company, today announced a strategic transformation plan that will take the company in a new, more focused direction to enhance long-term shareholder value. A statement said

Saudi Aramco to Seek Pitches for IPO Coordinator Roles
(Bloomberg - 13/12/2017)

Saudi Arabian Oil Co. is asking banks to pitch for roles as coordinators and bookrunners on its initial public offering, people familiar with the matter said, as the state-owned crude producer pushes ahead with plans for the world’s biggest share sale.

Saudi Aramco signs $10.4 billion worth of MOUs with companies
(Reuters - 13/12/2017)

Saudi Aramco signed on Wednesday agreements with foreign and local companies worth at least 39 billion riyals (8 billion pounds). The bulk of the memorandum of understanding agreements were part of a drive to promote local manufacturing, the company

du Opens New Business Centre Facility at Jebel Ali Free Zone
(Press Release - 13/12/2017)

UAE-based telecommunications service provider, du, recently signed a strategic agreement with Jebel Ali Free Zone (Jafza), a DP World Company. In line with this agreement, du will expand its Business Centre facilities to all Jafza employees and

Dallah Healthcare recommends cash dividends for year 2017
(Tadawul - 13/12/2017)

The Board of Directors of Dallah Healthcare Company, during its meeting on 12 December 2017, has decided to recommend to the General Assembly the following: First: payment of dividend for the financial year 2017 as follows: 1- Total distributed dividends

Aramco offers $16bn projects for SMEs
(Trade Arabia - 13/12/2017)

Over 140 investment opportunities valued at over $16 billion across Saudi Arabia's energy sector were presented at Saudi Aramco's annual flagship localisation event, the iktva SMEs Forum and Exhibition 2017. In welcome remarks before an audience of over

UAE’s Mashreq Bank announces new Head of Corporate and Investment Bank
(WAM - 13/12/2017)

Mashreq Bank HAS announced the joining of Ahmed Abdelaal as Group Head of Corporate and Investment Banking. Abdul Aziz Al Ghurair, Mashreq Bank’s CEO, said, "I am delighted to welcome Ahmed Abdelaal to Mashreq Bank. He brings a wealth of experience,

Sukuk documents seek to reassure investors after Dana Gas scare
(Gulf Times - 13/12/2017)

Issuers of Islamic bonds are changing the language in documentation for new issues to reassure investors after a UAE company refused to redeem $700mn of maturing sukuk. In June, Dana Gas said it would not repay sukuk maturing in October because changes

ZAD Holding Company to launch new products
(Gulf Times - 13/12/2017)

ZAD Holding Company, which is participating in this year’s edition of ‘Made in Qatar’, said there are plans to launch new products that would support the local market amid the economic blockade imposed on the country. At ‘Made in Qatar 2017’, which is

Omantel organises DevFest Muscat 2017
(Oman Daily Observer - 13/12/2017)

Omantel organised DevFest Muscat 2017 in collaboration with Google Developer Groups (GDG) for Omani developers interested in Google’s technology, at its headquarters last week. This initiative was part of Omantel’s drive to enhance digital awareness

Daar kicks off global expansion with $218m Dubai tower
(Trade Arabia - 13/12/2017)

Dar Al Arkan (Daar), the largest listed real estate developer in Saudi Arabia, has announced plans to expand to global markets, selecting Dubai as the launchpad for its international business, with a Dh800-million ($218 million) development on the Dubai

CMA approves Al Sorayai Trading request to reduce the capital
(Tadawul - 12/12/2017)

The CMA has issued its resolution approving Al Sorayai Trading and Industrial Group Company’s request to reduce its capital from SAR (375,000,000) to SAR (225,000,000), thus reducing the number of shares from (37,500,000) shares to (22,500,000) shares.

SASCO renews bank facility agreement with SABB
(Tadawul - 12/12/2017)

Saudi Automotive Services Company (SASCO) announces completion of renewal and amended of the bank facility agreements (Shariah-compliant) with Saudi British Bank as follows: 1- The renewal and modulate of the facilities was signed on 12 December 2017. 2-

Saudi Aramco signs 13 MoUs in push for local content
(Reuters - 12/12/2017)

Saudi Aramco signed on Tuesday 13 memoranda of understanding (MOUs) worth around 6.3 billion riyals ($1.68 billion) with local and foreign companies as part a drive to expand the kingdom’s industrial base and manufacture a bigger share of products

International banks support QNB's US$3 billion refi loan
(Reuters - 12/12/2017)

International banks are supporting the refinancing of a US$3bn (£2.3 billion) loan for Qatar National Bank QNBK.QA with nine Asian, US and European banks underwriting the deal, bankers said. Bank of America Merrill Lynch, Barclays, Deutsche Bank, MUFG,

Emaar Properties to give special dividend of Dh4 billion
(Gulf News - 12/12/2017)

Emaar Properties’ board approved to give Dh4 billion as special dividend to be paid in two parts, the company said in a statement on Tuesday. The first tranche of Dh3 billion will be paid in January 2018, and the remaining Dh1 billion will be paid

Saudi Arabia announces new electricity tariffs
(Al Arabiya - 12/12/2017)

Saudi Electricity and Cogeneration Regulatory Authority (ECRA) has announced that the Council of Ministers has approved gradual revision of energy prices in the Kingdom including changes to electricity tariffs that will take effect on January 1st, 2018.

du Announces Details with Regards to Application of VAT
(Press Release - 12/12/2017)

In compliance with the Federal Decree-Law No 8 of 2017 issued by President His Highness Sheikh Khalifa bin Zayed Al Nahyan, on the introduction of Value Added Tax (VAT) in the UAE, du announced that it will collect tax on behalf of the government, with a

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