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The National Bank of Ras Al-Khaimah, known as Rakbank, for the first time crossed a billion dirham mark as it recorded a significant jump of 38 per cent in net profit for the year ending December 31, 2010. The bank on Sunday announced Dh1,002.75 million
Commercial Bank of Dubai (CBD) on Sunday announced a net profit of Dh821 million for 2010, up by 2.2 per cent compared to Dh803 million for 2009. The fourth quarter net profit in 2010 was up by 7.7 per cent when compared to the same period in 2009. Total
Defining a communications strategy and laying down a robust blue print was what Chief Officer Corporate Affairs, Philippe Georgiou, set out to achieve at Oman Air's first Communications Summit which witnessed the coming together of more than thirty
The BBK has achieved a record net profit of BD39.15 million ($103.84m) last year with a return on equity of 16.90 per cent compared to 16.38pc in 2009. Total assets at the end of the year grew by 7.38pc to reach BD2,447m compared to BD2,279m in 2009.
QNB, the country’s largest lender by assets, is increasing the capital by 25% through a rights issue to part fund its expansion and meet the proposed Basel III norms. The rights issue, which will be on tap during the second quarter (April-June) of this
Registering growth in all portfolios of its operations, International Islamic (QIIB) posted a net profit of QR559mn in 2010, up 9.3% on 2009. The bank’s total revenue jumped 16% to QR1.12bn in 2010, International Islamic chairman & managing director
Boubyan Bank announced in a press release on Sunday a net profit of 6.1 million Kuwaiti dinars for year 2010 compared to a net loss of KD 51.7 million for year 2009. Chairman of Boubyan Bank, Ibrahim Al-Qadhi, said that these results represent the Bank's
Emirates National Bank of Dubai (NBD), a leading bank in the region, announced in a press release on Sunday that it has been recognised as the largest financial services contributor to foreign direct investment (FDI) in Saudi Arabia in 2010, by the Saudi
RAKBank led gains among banks reporting earnings yesterday, helped by a return in lending that analysts expect will continue throughout the year. Commercial Bank of Dubai (CBD) and National Bank of Umm al Qaiwain (NBQ) also reported a rise in profits.
AHLIBANK held an information security awareness training programme for employees at the bank’s training centre in Al Khuwair. Conducted by Jan al Balushi, the training was a part of the bank’s data security enhancement programme. The bank holds such
BankMuscat Investment Banking, the leading financial advisor in the Sultanate, has successfully closed financing for the $562 million PET (polyethylene terephthalate — a type of plastic commonly used to package soft drinks, water and other products)
Saudi investment firm Kingdom Holding has offered to buy Kuwaiti telecom company Zain's entire stake in its Saudi Arabian unit, Kingdom said in a statement on Monday. Zain has to sell its 25 percent stake, valued at 2.75 billion riyals ($733 million), in
UAE-based Dana Gas reported a higher-than-expected fourth quarter net profit of Dh59 million ($16.07 million), helped by higher production after posting a loss of Dh193 million a year ago. The Gulf's only listed natural gas company, Dana Gas also
Kingdom Holding Co., controlled by Saudi billionaire Prince Alwaleed bin Talal, offered to acquire Mobile Telecommunications Co.’s 25 percent stake in Zain Saudi Arabia, valued at about 2.6 billion riyals ($690 million). The sale of the Saudi unit would
While most GCC markets recovered on Monday after the one-day Egypt-Crash on Sunday, the DFM General Index finished 0.56% lower at 1,534.40, as some key financial shares re-gained territory, but real estate-related firms remained under selling pressure.
Saudi billionaire Prince Alwaleed's investment firm has offered to buy Kuwaiti telecom company Zain's Saudi Arabian assets, paving the way for UAE group Etisalat to complete a takeover of Zain. Alwaleed's Kingdom Holding, which announced the offer on
Dubai Financial Market announced today its full readiness to introduce the new settlement mechanism "Delivery versus Payment" (DvP). DFM has completed all the technical requirements to apply DvP in coordination with custodians and brokerage firms. The
Etisalat has launched SMB Channel Partner Program which focused on strengthening its reach in the small and medium businesses (SMB) segment. The program was launched in an exclusive event to share SMB market overview and trends with its network of
Logistics company Aramex posted a 11 per cent rise in fourth-quarter net profit on Monday but said it expected to see more challenging conditions in 2011. The firm, which competes with global giants such as Fedex and DHL, posted a net profit of Dh55
Viva, a leading telecom service provider in Bahrain, has signed a partnership agreement with the Royal Golf Club, a premier events, dining and golf venue. “We are very happy to confirm this partnership which will be beneficial to our club members as well
Saudi Kingdom Holding Company (KHC) has made an offer for Mobile Telecommunications Company K.S.C. (Zain) , the company said in a statement published on the Saudi Stock Exchange "Tadawul" website on Monday. KHC said it has delivered a "non-binding offer"
The award ceremony took place at the Coral Beach Resort in Sharjah where the award was presented to UAB’s Chairman, HE Sheikh Faisal Bin Sultan Bin Salem Al Qassimi by Stuart Isted, Business Leader, from Visa Inc. Sheikh Faisal Al Qassimi said, “To win
The 2P reserves results give a total reserves addition of 15% (after 2010 production) and 27% (before 2010 production). The total production replacement ratio associated with this 2P reserves increase is 229%. Concerning, the operational Results, the
Dubai Investments PJSC ("DI"), an investment company with diversified interests in high growth segments, today announced its preliminary unaudited financial results for the year ended December 2010, with a net profit of Dhs805m. Revenues for the year
Commercial Bank of Dubai (CBD) has announced a net profit of AED 821 million ($223.6 million) for the year ended on December 31, 2010, up by 2.2 per cent. Fourth quarter net profit in 2010 was up by 7.7 per cent when compared to the same period in 2009.