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GGICO signs debt restructuring with creditors
(Gulf News - 30/09/2017)

Dubai-based Gulf General Investment Co. PSC (GGICO) announced that it has completed a Dh2.1 billion ($584 million) debt restructuring after obtaining agreement from the majority of its creditors. Abdalla Juma Al Sari, Chairman of the company, believes

Mobily launches iPhone 8 & 8 Plus
(Arab News - 30/09/2017)

Etihad Etisalat (Mobily) has announced that the new generation iPhone 8 and iPhone 8 Plus will be available across all main Mobily outlets starting Saturday. Customers can also pre-order iPhone 8 and iPhone 8 Plus at www.mobily.com.sa. Mohammed Albelwe,

Aramco IPO Could End OPEC Status Quo
(Oil Prices - 30/09/2017)

Sources have told Reuters that the Saudi drive to get OPEC on board with production cuts last year—threatening to quit the bloc if members disagreed—was in part meant to maximize Aramco’s valuation with higher oil prices ahead of its planned IPO. An

Saudia receives four-star ranking from APEX
(Arabian Aero Space - 29/09/2017)

Saudi Arabian Airlines (SAUDIA), has received a 4-star rating from the Airline Passenger Experience Association (APEX). The Award Ceremony was held as part of the Apex Expo 2017, attended by more than 3,000 airline industry professionals including

Commercial Bank of Qatar negotiating sale of UAB stake
(CPI Financial - 29/09/2017)

Qatar’s Commercial Bank (CBQ) is in talks to sell its 40 per cent stake in Sharjah-based United Arab Bank (UAB). In a statement to the Qatar Stock Exchange, CBQ said it has agree to grant a third-party purchaser a 90-day period of exclusivity. The

UGH listed after acquiring UGB listed shares
(BNA - 29/09/2017)

Bahrain Bourse (BHB) has announced the listing of United Gulf Holding ‘UGH’ Company post reorganization of the activities of United Gulf Bank ‘UGB’ as approved by the Central Bank of Bahrain (CBB), under which UGH acquired 100% the listed shares of UGB.

Aramco flotation prompts dramatic U-turn in Saudi oil policy
(The Week Business - 29/09/2017)

The proposed stock market flotation of Saudi Arabia’s state oil giant Aramco has prompted a major shift in the country’s energy policy. Long seen as an advocate of restraint within Opec, seeking to convince fellow members like Venezuela, Iran and Russia

Emirates NBD issues A$200 mln bond, ANZ is lead manager
(Reuters - 28/09/2017)

Emirates NBD, Dubai’s largest lender, has raised a 200 million Australian dollar ($156.3 million) bond with ANZ as sole lead manager, ANZ said on Thursday. The senior unsecured kangaroo bond has a 10-year maturity and a 4.85 percent annual coupon. The

Alba Line 6 Expansion Project On Target
(Press Release - 28/09/2017)

Aluminum Bahrain B.S.C. (Alba), the Bahrain-based international aluminum smelter, is taking solid steps in building its present with Line 6 Expansion Project and creating its future with the pouring of its First Hot Metal (FHM) by January 01, 2019

Delisting of United Gulf Bank B.S.C. (UGB) shares from Bahrain Bourse
(Bahrain Bourse - 28/09/2017)

Bahrain Bourse hereby announces the delisting of United Gulf Bank (UGB) from BHB’s mainboard market. Following to the Resolutions of the Extraordinary General Meeting held on 25/09/2017 and after receiving BHB’s Board approval and the Regulatory no

Saudi Aramco to venture into non-Saudi crude oil trading: sources
(Reuters - 28/09/2017)

Saudi Aramco’s trading arm will start trading non-Saudi crude oil to mainly feed its international joint ventures as the world’s largest oil exporter seeks to optimize profits, industry sources familiar with the move said. The expansion into crude comes

Drake & Scull wins approval for capital reduction
(Trade Arabia - 28/09/2017)

Drake & Scull International (DSI), a regional market leader in engineering and construction services, has won regulatory approval to reduce its share capital by 75 per cent and also to list 500 million new shares. The reduction of DSI’s share capital

Bahri, Bolloré Group launch logistics joint venture
(Trade Arabia - 28/09/2017)

Bahri, a global leader in transportation and logistics, and Bolloré Group, a global player in international freight forwarding and logistics, celebrated yesterday the inauguration of BahriBolloré Logistics, the companies’ joint venture. Bahri owns a 60

Saudi Aramco to finish first shale gas project soon
(Times of Oman - 28/09/2017)

State oil giant Saudi Aramco is expected to finish building facilities soon in the north of the kingdom that will allow it to produce shale gas for the first time, industry sources said. The project, known as System A, involves gas processing facilities,

QINVEST bullish on Turkey, bets on EM equities
(The Peninsula - 28/09/2017)

QINVEST, Qatar’s leading investment group, is set to reinforce its presence in Turkey. Amidst a raft of global market challenges, the prominent Qatar-based Islamic financing investment bank, is betting on Emerging Market equities, Europe and other

Waha Capital acquires a stake in Dubai based fintech firm
(Gulfnews - 28/09/2017)

Waha Capital, an Abu Dhabi-based investment firm has acquired a significant minority stake in a local fintech company valued at $55 million, the company executives said on Wednesday. Waha is taking a minority stake in Dubai based Channel VAS, a rapidly

Bank Muscat joins hands with Majid Al Futtaim for Mall of Oman project
(Oman Daily Observer - 28/09/2017)

Bank Muscat, the flagship financial services provider in the Sultanate, and Majid Al Futtaim Properties signed a term finance agreement for the Mall of Oman project. Anticipated to open in 2020, the Mall of Oman will be the largest shopping mall in the

Saudi Airlines lives up to its pledge
(Saudi Gazette - 27/09/2017)

At the World Airline Awards held at the Paris Air Show on June 20, Skytrax announced the world’s Top 100 Airlines in 2017, as voted by airline customers around the world. The awards, described as “the Oscars of the aviation industry,” are the most

RAK Properties to complete Northbay Residence tower by 2020
(Construction Week Online - 27/09/2017)

Comprising one-, two-, and three-bedroom apartments, as well as duplex units, the tower will be surrounded by amenities such as restaurants, shopping options, parks, walkways, and gardens. Designs for the development's one- and two-bedroom apartments

Mashreq Bank boosts security
(Press Release - 27/09/2017)

Mashreq Bank, a leading financial institution in the United Arab Emirates, has tapped Diebold Nixdorf to streamline in-branch cash cycle management with the implementation of teller automation technology at selected UAE branches. In combination with

Saudi's BahriBollore Logistics JV to start operations by year-end
(Reuters - 27/09/2017)

Saudi Arabia's Bahri , the world's largest owner and operator of very large crude carriers (VLCCs), aims to start operating its joint venture with French logistics firm Bollore by the end of the year, an executive told Reuters on Tuesday. "We are looking

Polycarbonate resins for lighter LED automotive headlights
(eeNews Europe - 27/09/2017)

Plastics-maker SABIC has released new materials for customers producing LED automotive lighting parts. The LEXAN HF4010SR resin is a polycarbonate material which enables the development of complex headlight bezels with enhanced aesthetics. While current

Saudi Aramco in Talks With Russia's Sibur on Joint Plant
(Bloomberg - 27/09/2017)

Saudi Arabian Oil Co., the world’s biggest oil exporter, is in talks with Sibur Holding PJSC, Russia’s largest petrochemical producer, about forming a joint venture to make synthetic rubber in the desert kingdom, according to two people with knowledge of

Qatar's Commercial Bank in talks to sell United Arab Bank stake
(Reuters - 27/09/2017)

Qatari’s third-biggest lender, Commercial Bank, is in talks to sell its $217 million stake in Abu Dhabi-listed United Arab Bank, joining several Qatari companies exiting the United Arab Emirates (UAE) due to a widening Gulf rift. The potential buyer is a

Waha Capital takes significant minority stake in Channel VAS
(Press Release - 27/09/2017)

Waha Capital, a leading investment company based in Abu Dhabi, has acquired a significant minority stake in Dubai-based Channel VAS, a rapidly growing financial technology company. Waha Capital’s new investment is approximately USD 55 million. Channel