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SIIG announces the maintenance of two JV projects
(Tadawul - 31/01/2018)

SIIG announces that its two projects Saudi Chevron Phillips (SCP) and Jubail Chevron Phillips (JCP) located in Jubail industrial city, have started their planned periodic maintenance shutdowns that include the catalyst replacement. The shutdown schedule

Savola Group appoints new CEO
(Tadawul - 31/01/2018)

Further to the Savola Group (The Group) previous announcement dated 14/11/2017, regarding the resignation of its CEO, the Group would like to announce its Board of Directors decision dated 30/1/2018 to appoint Eng. Anees Ahmed Moumina in the position of

SGS Company serviced 87,873,034 passengers in 2017
(Saudi Gazette - 31/01/2018)

For the leading national ground handling Saudi Ground Services Company (SGS) 2017 was a very busy year, where the company served over 87,873,000 passengers and 344,028 flights for 99 of SGS airline customers at all 27 airports around the kingdom. SGS

Commercial Bank plans to boost lending to state firms
(Gulf Times - 31/01/2018)

Commercial Bank of Qatar is pushing to increase lending to state-run companies as the government presses ahead with infrastructure projects to counter the impact of the Saudi-led boycott against the country. “We have historically been under weight in the

United Finance plans to reduce paid-up capital
(Times of Oman - 31/01/2018)

The board of United Finance Company has proposed to reduce the company’s paid up capital from OMR34.91 million to OMR25 million. This will be done by returning the par value of the shares (100 baisas), worth up to OMR9.91 million, which represents some

Bank Nizwa to finance Duqm town project
(Times of Oman - 31/01/2018)

Bank Nizwa signed a financing agreement with Duqm Development Company (DDC), a member of the Asyad Group (Asyad), to finance Phase 1 of the Duqm Frontier Town project. The project covers 23 hectares and comprises retail shops, recreational facilities and

Saudi Sipchem mulls US shale venture in first foreign foray
(Gulf News - 31/01/2018)

Saudi International Petrochemical Co. is considering investing in the US shale industry in what would be the company’s first foreign venture as it faces higher costs and a shortage of feedstock at home in Saudi Arabia. Sipchem, as the business is known,

Bank Sohar net grows 32.54 per cent in 2017
(Oman Daily Observer - 31/01/2018)

Bank Sohar’s net profit for 2017 jumped 32.54 per cent to RO 25.331 million compared with RO 19.112 million in 2016. Commenting on the bank’s performance, Mohammed Mahfoudh al Ardhi, Chairman of the Board of Directors at Bank Sohar said, “The bank has

Dubai Islamic Bank gives initial guidance for planned dollar sukuk
(Reuters - 30/01/2018)

Dubai Islamic Bank, the largest Islamic bank in the United Arab Emirates, has given initial price guidance for its planned U.S. dollar-denominated sukuk in the range of 130 basis points over mid-swaps, sources familiar with the matter said. The potential

Al Rayan Bank plans 250 mln pound mortgage-backed sukuk
(Reuters - 30/01/2018)

Birmingham-based Al Rayan Bank has mandated banks to raise 250 million pounds ($352 million) via Islamic bonds, or sukuk, using a residential mortgage-backed securitisation, the sharia-compliant lender said. Al Rayan has appointed Standard Chartered and

Emirates NBD shares soar on talks to acquire Turkish DenizBank
(The National - 30/01/2018)

Shares in Emirates NBD soared to a two-year high yesterday, after it confirmed it was in talks to acquire a majority stake in Turkish lender DenizBank from Sberbank of Russia. "Discussions are at a very preliminary stage and there is no certainty that

Agthia's 2017 profit drop 19%
(The National - 30/01/2018)

Agthia Group, an Abu Dhabi-based food and beverage firm, reported a 19 per cent drop in its full-year 2017 net profit, missing analysts' forecast, as lower contributions from flour and animal feed business affected profitability. The company, which is 51

Saudi Aramco considering expansion to India- Nikkei
(Reuters - 30/01/2018)

Saudi Aramco , the state oil company of Saudi Arabia, is considering entering India as part of its Asian expansion, Nikkei said on Tuesday, citing Aramco's CEO who said that plans for an Indian refinery are crystallising. "Saudi Aramco is looking at

Buy-and-build activity ‘rising among buyout firms‘:Investcorp
(Trade Arabia - 30/01/2018)

Investcorp, a leading provider of alternative investments, has released its white paper looking at platform investment activity across the private equity industry and the increased volume of buy-and-build transactions as market conditions require more

Agthia's 2017 profit slides 19%, impacted by subsidy reform for flour
(The National - 30/01/2018)

Agthia Group, an Abu Dhabi-based food and beverage firm, reported a 19 per cent drop in its full year 2017 net profit, missing analysts' forecast, as lower contributions from flour and animal feed business affected profitability. The company, which is 51

NBB reports record net profit of BD 61 million for 2017
(CPI Financial - 30/01/2018)

For Q4 2017, the bank recorded a net profit of BD 11.58 million compared to BD 12.03 million for the corresponding period in 2017. Earnings per share (EPS) for the year also improved to 48.4 fils for 2017 from 46.3 fils in 2016 reflecting the bank’s

Waha Capital net profit rises 4.6pc to $116m
(Trade Arabia - 30/01/2018)

Waha Capital, a leading investment company based in Abu Dhabi, has reported a preliminary net profit of Dh425.9 million ($115.96 million), an increase of 4.6 percent from a year earlier, due to gains from divestments and lower costs. The company reported

Emirates NBD in talks to buy Turkey's Denizbank
(The National - 30/01/2018)

Emirates NBD is in talks to acquire a majority stake in Turkish bank Denizbank from Russia's Skerbank, the Dubai-based lender said. "Discussions are at a very preliminary stage and there is no certainty that any transaction will be entered into,"

NBO board recommends 20 per cent dividend
(Times of Oman - 30/01/2018)

National Bank of Oman’s board has recommended a cash dividend of 15 per cent and a stock dividend of 5 per cent. The stock dividend is equivalent to one share for every 20 shares held, according to a disclosure statement posted on MSM website. The

Bank Muscat board proposes 35 per cent dividend
(Times of Oman - 30/01/2018)

Bank Muscat, the leading financial service provider in the Sultanate, has proposed 35 per cent dividend for the year 2017. Continuing the bank’s strong dividend payment track record, the board has proposed 30 per cent cash dividend for 2017. In addition,

Doha Bank unveils aggressive Asian expansion plans
(The Peninsula - 30/01/2018)

Doha Bank, one of Qatar’s largest private commercial banks, has unveiled its aggressive expansion plans in fast-growing Asian economies. After opening its branches in India, the bank is planning to expand its footprint to Nepal, Vietnam and Sri Lanka.

Commercial Bank’s net profit grows by 20.4%
(The Peninsula - 30/01/2018)

The Commercial Bank, its subsidiaries and associates delivered a combined net profit of QR604m for the full-year 2017, an increase of 20.4 percent, compared to QR501m reported for the same period in 2016. The Group’s total assets rose by 6.2 percent to

Ooredoo in partnership action to support SMEs
(The Peninsula - 30/01/2018)

Ooredoo, one of the region’s leading ICT providers, announced yesterday a new joint initiative with Qatar’s biggest business players to support the end-to-end digital transformation of small and medium-sized enterprises (SMEs).This joint initiative sees

Emirates NBD Asset Management fund to focus on Saudi Arabia
(Gulf News - 30/01/2018)

Emirates NBD Asset Management has converted one of its three Middle East & North Africa (Mena) equities funds into a Saudi fund as it pushes to position its clients to participate in a rally to catch up with emerging market peers. Last year, regional

Dubai Islamic Bank plans to raise Dh1.64b via rights issue
(Gulf News - 30/01/2018)

Dubai Islamic Bank (DIB) has said it is seeking shareholder approval for a plan to raise Dh1.647 billion on the Dubai Finacial Market by issuing additional shares. Shareholders will have a right to buy one share for every three shares held and will have