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Dubai Investments unit signs $299m loan deal
(Trade Arabia - 31/07/2017)

Dubai Investments Real Estate Company (DIRC) has signed a Dh1.1 billion ($299.47 million) financing deal with First Abu Dhabi Bank (FAB) and Abu Dhabi Commercial Bank (ADCB) for its Mirdif Hills development in Dubai, UAE. DIRC is the real estate

Arab Bank Group reports $415m H1 profit
(Trade Arabia - 31/07/2017)

Arab Bank Group reported a net income after tax of $415.2 million for the first half of this year, compared to $424.9 million for the corresponding period of 2016. The results were driven by solid growth in underlying core revenues and were achieved

Bank Sohar to seek approval for OMR100m bond issue
(Times of Oman - 31/07/2017)

Bank Sohar said it is convening an extraordinary meeting for seeking shareholders’ approval for OMR100 million private placement of perpetual bonds on August 13. This is for raising tier I capital of the bank. The original offer is for OMR70 million,

Barwa Real Estate awards QR140m for Al Baraha project
(The Peninsula - 31/07/2017)

Barwa Real Estate has awarded construction contract for Barwa Al Baraha Warehouses and Workshops projects, worth QR139.95m, to Qatar Building Engineering Co (QBEC). The project that includes construction of 573 warehouses and some 135 workshops, is

Aamal reports QR974.5m revenue in H1
(The Peninsula - 31/07/2017)

Aamal Company (Aamal) has reported a group revenue of QR974.5m for the first half of the current financial year ended June 30, 2017 (H1,2017), 30 percent down compared to QR1.39bn reported during the same period last year (H1,2016). The fall in revenue

Drake & Scull names new board member
(Gulfnews - 31/07/2017)

Drake and Scull International (DSI), the British contracting company, has appointed a new board member in the UAE following the resignation of member Khalaf Sultan Al Dhahiri, the company announced on Sunday. Mohammad Atatreh was confirmed at the latest

First Abu Dhabi Bank Wealth Sentiment Index down 1.3% in July
(Arab News - 31/07/2017)

Lower consumer prices and higher production costs helped pull down First Abu Dhabi Bank’s Wealth Sentiment Index in July, which fell 1.3 percent compared with the previous month. The index, which measures the prevailing business and personal sentiment of

Saudi’s SABIC Q2 net profit declines 25 pct
(Reuters - 30/07/2017)

Saudi Basic Industries Corp (SABIC), the world's fourth-biggest petrochemicals company reported a 25 percent decline in second-quarter net profit on Sunday, amid higher selling costs and lower sales. SABIC made a net profit of 3.71 billion riyals in the

Aramco advisers suggest London for IPO: report
(Trade Arabia - 30/07/2017)

Advisers to the proposed public issue of shares of Saudi Aramco, the world's largest oil and gas company, have recommended London for the listing of the shares, according to a Reuters report. Saudi Aramco plans to offer 5 per cent of its shares in the

BankDhofar plans OMR40m rights issue
(Times of Oman - 30/07/2017)

BankDhofar plans to float a rights issue worth OMR40 million to enhance the bank’s equity capital (tier I). The decision was taken by the board at its meeting last week. The bank said additional details about the rights issue of ordinary shares will be

Ahlibank posts 38.5pc rise in Q2 profit
(Oman Daily Observer - 30/07/2017)

Ahlibank recently announced its financial results for the second quarter ending June 30, 2017. The results are based on the condensed interim financial statements, which have been reviewed by the bank’s external auditors. The bank’s loans and advances

Bank Muscat leverages future digital banking services for corporates
(Oman Daily Observer - 30/07/2017)

With digital technology becoming imperative for corporates to do successful business, Bank Muscat, the flagship financial services provider in the Sultanate, is firmly positioned to leverage on the future transaction and digital banking requirements for

SEC starts operation of Abu Ajram transmission station in Al-Jouf regi
(Saudi Gazette - 30/07/2017)

As part of its efforts to enhance the reliability of the electricity service in the northern regions of the Kingdom, Saudi Electricity Company (SEC) has announced the start of operation and linking of Abu Ajram transmission station (132 KV) in Al-Jouf

Banque Saudi Fransi announces the Resignation of a Board Member
(Tadawul - 27/07/2017)

Banque Saudi Fransi announces that the Board Member, Mr. Sebastien Abel Raymond PAILHOLE (non executive) resigned from the Board of Directors on 24/7/2017 since he has been called to other duties within his group. The Board of Directors has approved his

S&P Global affirms the financial strength rating of gcAA+ for WALAA
(Tadawul - 27/07/2017)

Walaa Cooperative Insurance Company is pleased to announce that on 25/07/2017 the Company has secured gcAA+ long term Gulf Cooperation Council Regional scale financial strength credit rating, The rating carries a Stable Outlook. These ratings reflect the

Zain Bahrain posts $3.7m net profit; revenues hit $84m
(Trade Arabia - 27/07/2017)

Zain Bahrain, a leading telecommunications provider in Bahrain, today reported that its year-on-year revenues for the first half of 2017 surged 16.4 per cent, from BD31.8 million ($84.1 million) to BD37 million ($97.8 million). The company posted a net

Seef Properties' H1 net profit surges 16pc
(Trade Arabia - 27/07/2017)

Bahrain-based Seef Properties has registered a net profit of BD5.2 million ($13.7 million) for the first half of 2017, up 16 per cent compared to BD4.5 million ($11.8 million) the same period last year. Announcing the results for the first six months,

Emirates NBD has resilience to face challenge of losing market lead po
(The National - 27/07/2017)

Emirates NBD, Dubai's biggest bank by assets, will be able to surmount the challenge of losing its market leader position coupled with a weakening economy and rising interest rates, Moody's Investor Service said. "Emirates NBD's unique position as the

Etisalat profit hit by global subscriber base slump
(The National - 27/07/2017)

Etisalat, the country’s biggest telecom operator, posted around an 11 per cent drop in operating profit before federal royalty during the second quarter, as the operator’s global subscriber base slumped 15 per cent. The Abu Dhabi-based operator, which

Raysut Cement shareholders approve proposal to sell Oman Portuguese Ce
(Times of Oman - 27/07/2017)

Raysut Cement said its shareholders have approved a proposal to sell Oman Portuguese Cement Products Co. to Opal Development Co. The decision was taken at an extraordinary general meeting of the company held on July 25, Raysut Cement said in a disclosure

Ezdan profits jump by 25% to QR1.15bn
(The Peninsula - 27/07/2017)

Real estae major Ezdan Holding Group has reported a solid QR1.15bn net profit for the second quarter ended June 2017, a significant increase of 25 percent compared to QR 927m posted during the same period last year. The Earnings per share (EPS), during

Bank Muscat wins Citibank award for error-free fund remittance
(Oman Daily Observer - 27/07/2017)

Bank Muscat, the flagship financial services provider in the Sultanate, has won a prestigious award from Citibank in recognition of operational excellence in the field of dollar payments processing. Bank Muscat won the straight-through-processing (STP)

Ooredoo first-half revenues climb to RO 135 million
(Oman Daily Observer - 27/07/2017)

Ooredoo Oman has announced a 1.7 per cent increase in revenues for the first half of 2017, which climbed to RO 135.0 million compared with RO 132.8 million in 2016. The growth is driven by increases in both mobile and fixed data revenue, the telecom

DAMAC appoints Choi as SVP in London unit
(Saudi Gazette - 27/07/2017)

DAMAC International Limited, has appointed Richard Choi as its London-based Senior Vice President of Business Development in its effort to accelerate expansion opportunities in the UK and Europe. DAMAC is exploring further investment opportunities

First Abu Dhabi Bank profit 4% lower in the second quarter
(Arab News - 27/07/2017)

First Abu Dhabi Bank, the UAE’s biggest bank by assets, on Wednesday reported a lower second-quarter net income on what it said was a slower business momentum. On a pro-forma basis, net profit was recorded at Dh2.56 billion (SR2.61 billion), 4 percent