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QIB highlights treasury products and services to SMEs
(CPI Financial - 31/05/2017)

Qatar Islamic Bank (QIB), Qatar’s leading Islamic Bank, organised a workshop introducing Small & Medium Enterprises (SMEs) to the wide range of the Bank’s treasury products and services. The event, hosted by QIB’s Group Treasurer Hanna M. Al Khoury, was

Moody's affirms Qatar National Bank's deposit ratings at Aa3
(CPI Financial - 31/05/2017)

Moody's Investors Service has affirmed and changed the outlook to stable from negative, on the Aa3 long-term deposit rating of Qatar National Bank (QNB). At the same time, it has downgraded the bank's long-term Counterparty Risk Assessment (CRA) to

ENBD REIT buys GSA’s student residence in Dubai
(Trade Arabia - 31/05/2017)

ENBD REIT (CEIC), a top Shari’a-compliant real estate investment trust managed by Emirates NBD Asset Management, has acquired Dubai’s first purpose-built student residence from Global Student Accommodation (GSA). The 424-bed property was bought from the

Ratings boost to Mubadala, IPIC and Etisalat
(Trade Arabia - 31/05/2017)

Moody's Investors Service has changed to stable from negative the outlook on the ratings of Mubadala Development Company, International Petroleum Investment Company (IPIC) and Emirates Telecommunications (Etisalat). At the same time, Moody's has affirmed

Saudi Aramco signs deal with foreign, local firms to build huge shipya
(Reuters - 31/05/2017)

Saudi Aramco said on Wednesday it had signed a joint venture agreement with three firms to build a shipyard on the kingdom's east coast, part of the government's drive to diversify the economy beyond oil. A shareholder agreement was signed with National

Mobily announced electronic voting on EGM Agenda
(Tadawul - 31/05/2017)

Etihad Etisalat (Mobily) announces to its shareholders, that electronic voting shall be available to enable them to vote on the agenda items of its Extra-Ordinary General Assembly meeting which will be held at 09:30 pm on Sunday 04/06/2017 at Latifa

SIPCHEM announed maintenance for Vinyl aetate Monomer Plant
(Tadawul - 31/05/2017)

SIPCHEM ANNOUNCES SCHEDULED PERIODIC MAINTENANCE TURNAROUND FOR VINYL ACETATE MONOMER PLANT Saudi International Petrochemical Company (Sipchem) announces the scheduled periodic Turnaround maintenance for its Vinyl Acetate Monomer Plant of the

Tadawul announces the delisting of Weqaya Takaful shares,
(Tadawyk - 31/05/2017)

Based on the CMA announcement dated 29/05/2017G about the delisting of Weqaya Takaful Insurance and Reinsurance Co. shares, the Saudi Stock Exchange (Tadawul) announces the delisting of Weqaya Takaful Insurance and Reinsurance Co. shares, symbol (8220)

Marka appoints new CEO
(Trade Arabia - 31/05/2017)

Marka, the first public joint stock retail operating company in the UAE, has announced the appointment of Benoit Lamonerie as its new chief executive officer. Lamonerie joins Marka from Gulf General Investment Company where he was CEO of Subsidiaries and

Saudi insurer MedGulf denies it’s considering sale of business
(Gulfnews - 31/05/2017)

The Mediterranean & Gulf Insurance & Reinsurance Co., a Saudi Arabian insurer known as MedGulf, denied it’s considering putting itself up for sale. MedGulf isn’t exploring strategic options that could include a potential sale of the company and hasn’t

Alinma Bank holds workshop on VAT
(Saudi Gazette - 31/05/2017)

THE Human Capital Education & Development Department at Alinma Bank, recently held a workshop on issues related to the value-added tax (VAT) that will be applied in Saudi Arabia beginning in 2018. The event, entitled «VAT Applications» took place last

Astellia, Zain Saudi Arabia win GTB Innovation Award
(Saudi Gazette - 31/05/2017)

ASTELLIA, leading provider of network and subscriber intelligence for mobile operators, and Zain Saudi Arabia, the leading mobile telecom innovator in the Kingdom of Saudi Arabia, announced Tuesday that they have won the Global Telecoms Business (GTB)

SEC’s longest aerial line saves 11.5m barrel of diesel annually
(Saudi Gazette - 31/05/2017)

Saudi Electricity Company (SEC) said it has finalized implementation and operation of a number of electric transmission and interconnection projects in the northern regions of the Kingdom at a total cost of SR5.5 billion. They included six plants for

Dana Gas Venture Seeks $26.5 Billion in Damages From Iraqi Kurds
(Bloomberg - 30/05/2017)

Dana Gas PJSC and its partners are seeking damages of at least $26.5 billion from Iraq’s self-governing Kurdish region for delays in oil and natural gas projects, a U.S. court filing shows. United Arab Emirates-based Dana Gas and its partners in the

Ezdan Holding temporarily removed from QSE indices
(Gulf Times - 30/05/2017)

Ezdan Holding Group has been temporarily removed from the Qatar Stock Exchange indices and its weight will be proportionately redistributed to the remaining constituents of the Qatar Index and the Al Rayan Islamic Index. A decision regarding this was

Saudi’s Alawwal Bank picks JPMorgan to advise on merger
(Gulfnews - 30/05/2017)

Saudi Arabian lender Alawwal Bank, 40 per cent owned by Royal Bank of Scotland, has picked JPMorgan to advise it on a proposed merger with Saudi British Bank (SABB), sources familiar with the matter told Reuters on Monday. Senior management of SABB and

KFH in talks to buy Bahrain Ahli United Bank, Kuwait unit
(Gulfnews - 30/05/2017)

Kuwait Finance House KSCP is in talks to buy Bahrain’s Ahli United Bank, a person familiar with the matter said, in a deal that would create one of the Middle East’s largest Islamic lenders with about $85 billion of assets. KFH, as the lender is known,

Ithmaar Bank’s subsidiary reports higher profits
(Saudi Gazette - 30/05/2017)

ITHMAAR Bank, a Bahrain-based Islamic retail bank, announced Monday that its retail banking subsidiary in Pakistan, Faysal Bank Limited (FBL), has reported remarkably improved profitability for the first quarter of 2017 compared to the corresponding

Mobily launches Volunteer Works Award
(Saudi Gazette - 30/05/2017)

ETIHAD Etisalat (Mobily) launched initiative that aims to establish volunteer work culture and contribute in achieving Kingdom Vision in the point related to the spirit of society. This initiative is launched under the umbrella (#?????_??????). The

SEC honored after winning Gold Award for Excellence
(Saudi Gazette - 30/05/2017)

Prince Faisal Bin Salman Bin Abdulaziz Al Saud, Governor of Al Madinah Al Munawwarah, has honored the Saudi Electricity Company (SEC) after winning the Gold Award for Excellent Performance in Government Agencies in the region for the third consecutive

Drake & Scull wins approval for key restructuring plan
(Trade Arabia - 29/05/2017)

Drake & Scull International (DSI), a regional engineering and services leader, said it has won approval from shareholders on the proposed capital restructuring programme which will see the company pursue a two-pronged strategy with additional capital

Oman Hotels plans to buyback shares from minority shareholders
(Times of Oman - 29/05/2017)

The majority shareholders of Oman Hotels and Tourism Company plan to buyback the company’s shares from minority shareholders who own 50,000 shares or less. The offer price is fixed at 436 baisas per share, and is valid from May 30 to June 29, 2017,

Tamkeen, BisB launch $50m portfolio to back firms
(Trade Arabia - 29/05/2017)

Tamkeen, Bahrain’s labour fund, and Bahrain Islamic Bank (BisB) have inaugurated a BD20 million ($53.03 million) portfolio to support medium and large enterprises. The scheme, under the Tamweel+ program launched by Tamkeen earlier this year, provides

Dana Gas says board decides to carry out limited drilling in Egypt
(Gulfnews - 29/05/2017)

Dana Gas said on Sunday its board has decided to carry out limited drilling activities in Egypt. Dana Gas, which pumps most of its gas at fields in Egypt is seeking to recover payments for overdue bills. The company was owed $275 million (Dh1 billion) by

Saudi Arabian insurer MedGulf said weighing sale of business
(Gulfnews - 29/05/2017)

The Mediterranean & Gulf Insurance & Reinsurance Co., a Saudi Arabian insurer known as MedGulf, is weighing putting itself up for sale, according to three people familiar with the matter. MedGulf is working with the investment banking arm of Banque Saudi