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January
Goldilocks announces 4.99 per cent stake in GFH
(CPI Financial - 21/01/2018)

Goldilocks Investment Company Limited (Goldilocks) today announced its current holding of a 4.99 per cent stake in GFH Financial Group BSC (GFH). Goldilocks supports GFH’s long term growth and intends to request board representation from GFH, and is

Dubai’s Emaar unveils new island development
(Gulf Business - 21/01/2018)

Dubai developer Emaar has revealed a new master-planned island development as part of the Dubai Harbour project. The 10 million-square-foot Emaar Beachfront will feature 1.5km of beach and a variety of food and beverage and retail outlets. Sales of the

DIB named ’Fastest Growing Bank in the UAE’ by IFM
(WAM - 21/01/2018)

Dubai Islamic Bank, DIB, has been recognised as the Fastest Growing Bank in the country at this year’s International Finance Magazine Awards. Organised for the fifth consecutive year, the International Finance Magazine, IFM, Awards recognises and honours

Saudi Electricity secures $2.6bn bridge loan facility
(Trade Arabia - 21/01/2018)

Saudi Electricity Company (SEC) said it has signed a SR9.75 billion ($2.6 billion) international syndicated bridge facility with eight major global banks to fund its future plans including that of a capital expenditure. The facility is co-financed by

Saudi's Almarai Q4 profit down 4.3 pct, competition pressures prices
(Reuters - 21/01/2018)

Saudi Arabia’s Almarai, the Gulf’s largest dairy company, reported a 4.3 percent decline in fourth-quarter profit on Sunday due to tough market conditions that prevailed throughout 2017, missing some analysts’ estimates. Almarai made a net profit of 513

Dubai Investments buys Union Properties’ stake in Emicool
(Press Release - 21/01/2018)

Dubai Investments PJSC [DFM: DIC], the leading, diversified investment company listed on the Dubai Financial Market, has acquired additional 50% stake in Emirates District Cooling LLC [Emicool] from Union Properties PJSC for AED 500 million. Following

Saudi Electricity Company to issue e-bills by end of January
(Arab News - 21/01/2018)

The Saudi Electricity Company (SEC) has set the 28th of each month for issuing electronic bills to subscribers, the Saudi Press Agency said. It is in implementation of the royal decree to issue electricity bills within the week following payment of

Banks expected to share tiny proportion of Aramco IPO
(Gulf Times - 21/01/2018)

The banks that will advise and execute Saudi Aramco’s stock market listing are expected to share a tiny proportion of the $100bn Riyadh hopes to raise in its initial public offering, according to banking sources and industry insiders. Investment banks

GFH begins trading on Nasdaq Dubai
(The Gulf Today - 21/01/2018)

GFH Financial Group on Saturday announced the inclusion of Single Stock Futures Contracts on the Group’s shares available for trading on Nasdaq Dubai’s equity futures market with effect from 16 January 2018. GFH joins 16 other leading UAE-listed

Kuwait logistics firm wins $690m US defence deal
(Trade Arabia - 21/01/2018)

Kuwait & Gulf Link Transport (KGL), an international logistics firm based in Kuwait, said it has been awarded a new contract by the US Defense Logistics Agency (DLA) to lead logistics and distribution operations for US military personnel across the Gulf

CB&I announces Joint Development Agreement with Saudi Aramco
(Press Release - 19/01/2018)

CB&I has announced it has entered into a Joint Development Agreement with Saudi Aramco that includes Chevron Lummus Global (CLG), CB&I's joint venture with Chevron U.S.A. Inc., for the development, commercialization and marketing of innovative

Saudi Aramco, CB&I and Chevron Lummus Global sign JDA
(Press Release - 18/01/2018)

Saudi Aramco, through its wholly-owned subsidiary Saudi Aramco Technologies, has today signed a three-party Joint Development Agreement (JDA) with CB&I, a U.S.-based leading provider of technology and infrastructure for the energy industry, and Chevron

Aramco ready to IPO in H2, awaiting govt decision on venue: CEO
(Reuters - 18/01/2018)

Saudi Aramco’s Chief Executive Amin Nasser said on Thursday that the initial public offering (IPO) of the state oil giant is still planned for the second half of 2018, but the government has not yet made a decision on the listing venue. “The company is

Weeks of talks ‘fail to resolve Dana Gas sukuk dispute’
(Arab News - 18/01/2018)

Weeks of talks between UAE energy firm Dana Gas and some local holders of a disputed $700 million sukuk have failed to reach an agreement, sources told Reuters, leaving a potentially protracted legal battle as the only available option for now. Last

Damac Properties founder ready to sell 15% stake at Dubai developer
(Arab News - 18/01/2018)

Hussein Sajwani, the Dubai billionaire with links to US President Donald Trump, said Wednesday he was ready to sell 15 percent of his stake at real estate giant Damac Properties. Established by Sajwani in 2002, Damac has become one of the leading real

Mashreq Bank boost wealth management products as demand for investment
(The National - 18/01/2018)

Mashreq Bank's head of wealth management Ishrat Kiyani said the Dubai-based lender is beefing up its mutual fund range and portfolio solutions as clients increasingly invest excess funds through local banks and financial services firms. "We are seeing a

Ahli Bank reports 2017 net profit of QR639.7mn
(Gulf Times - 18/01/2018)

Ahli Bank has reported more than 1% year-on-year increase in net profit to QR639.7mn in 2017. The lender has recommended a total of 15% dividend (10% cash and 5% bonus shares) to be approved by the Qatar Central Bank and the shareholders in the general

Qatar Islamic Bank profit grows by 11.6% to QR2.4bn in 2017
(The Peninsula - 18/01/2018)

Qatar Islamic Bank’s (QIB) net profit attributable to shareholders stood at QR2.4bn for the fiscal year 2017, an increase of 11.6 percent compared to QR2.15bn reported for the year 2016. QIB’s basic earnings per share reached QR9.31 compared to QR8.55 in

Deyaar's revenue surges 75pc in 2017
(Trade Arabia - 18/01/2018)

Deyaar Development, one of Dubai’s leading real estate service providers, has reported revenues of Dh751.6 million ($205 million) for 2017, up 75 per cent over Dh428.3 million the previous year. Announcing its preliminary unaudited financial results for

Kingdom Holding inks Jeddah tower infrastructure deal
(Trade Arabia - 18/01/2018)

Kingdom Holding Company (KHC), the investment firm owned by Saudi billionaire Prince Alwaleed bin Talal, today (January 17) signed infrastructure networks contract worth SR620 million ($176 million) for its 170-storey giant skyscraper Jeddah Tower and

SABIC supports Saudi participation in Abu Dhabi Sustainability Week
(Saudi Gazette - 17/01/2018)

SABIC is actively participating in the activities of the Abu Dhabi Sustainability Week (ADSW) 2018 being held from Jan. 13 to 20, highlighting its leadership in sustainability in Saudi Arabia and the GCC. The Saudi delegation at the ADSW represents the

Emirates NBD hires StanChart for potential Formosa bond
(Reuters - 17/01/2018)

Emirates NBD , Dubai's largest bank, has appointed Standard Chartered and other banks to lead a potential Formosa bond issue, sources familiar with the matter said. Formosa bonds are sold in Taiwan by foreign issuers and are denominated in currencies

Dubai Islamic Bank Group Full Year 2017 Financial Results
(Press Release - 17/01/2018)

Dubai Islamic Bank (DFM: DIB), the first Islamic bank in the world and the largest Islamic bank in the UAE, today announced its results for the year ended December 31, 2017. Profitability remained strong with total income for the year 2017 increasing to

Deyaar reports 2017 revenues of AED 751.6 million
(Press Release - 17/01/2018)

Deyaar Development PJSC (“Deyaar”), one of Dubai’s leading property developers and real estate service providers, today announced its preliminary unaudited financial results for the full year ended December 31, 2017. The company reported revenues of AED

FTSE Russell raises Drake & Scull’s weight on index
(Press Release - 17/01/2018)

Drake & Scull International PJSC (DSI), a regional market leader in engineering and construction services, has announced that the foreign ownership limit (“FOL”) used to calculate its free float weight on the FTSE Russell Index has been increased to 39%