Bahrain-based Gulf Finance House has announced a net profit of $4.2m for the half year of 2013. Net profit fell compared to $5.7m in the corresponding half year period in 2012 despite a drive to reduce costs. Second quarter net profit also dropped to $…
Al Rajhi Bank will reportedly distribute dividends worth SR2.25bn ($599.9m) for the first six months of 2013. This is equivalent to 1.5 riyals per share. The amount is slightly higher than the 1.25 riyals per share which the bank paid last year. Separa…
State pension funds in the Gulf are sharply increasing their investments in new assets on the back of the Arab Spring and demographic shifts, according to Invesco’s Middle East Asset Management Study. Regional state pension funds were forecast to grow assets by 19 percent this year. Morover, the study said that about 15 percent of all new sovereign assets in the region were going into state pension funds. In contrast, Gulf sovereign wealth funds (SWFs) are expected to increase assets by an average of just 4 percent, down from 8 percent in 2012. Invesco said that the political unrest in the region had caused governments to pour more cash into pension funds as well as so-called ‘development’ SWFs, which focus their investments on assets that contribute to local economic growth.
State pension funds in the Gulf are sharply increasing their investments in new assets on the back of the Arab Spring and demographic shifts, according to Invesco’s Middle East Asset Management Study. Regional state pension funds were forecast to grow assets by 19 percent this year. Morover, the study said that about 15 percent of all new sovereign assets in the region were going into state pension funds. In contrast, Gulf sovereign wealth funds (SWFs) are expected to increase assets by an average of just 4 percent, down from 8 percent in 2012. Invesco said that the political unrest in the region had caused governments to pour more cash into pension funds as well as so-called ‘development’ SWFs, which focus their investments on assets that contribute to local economic growth.
Dubai-based GFH Capital, owners of English football club Leeds United, have confirmed the appointment of Brian McDermott as the club’s new manager with immediate effect. McDermott has agreed a three-year contract and will be joined by Nigel Gibbs as hi…
Shareholders in Kuwait Finance House (KFH) have agreed to a 20 percent capital hike, The plans to increase its capital are part of the bank’s five-year strategic plan. New shares will be issued at 100 fils ($0.35) per share plus a premium of 400 fils. …
Dubai Electricity and Water Authority (DEWA) has listed its planned $1 billion sukuk on Nasdaq Dubai. The sukuk has raised more than expected, with WAM claiming regional and global investors had reacted positively, leading to an increase in the value o…
Dubai Group’s $10 billion debt restructuring will be managed by David Smoot, chief executive officer of Dubai International Capital (DIC). In addition to Smoot’s appointment, two banks will be named to a post-restructuring creditor committee to provide…
Dubai Electricity and Water Authority plans to issue sukuk of at least US$500m this week, after releasing early price guidance for the deal on Tuesday. DEWA is aiming to sell the dollar-denominated sukuk at a profit rate in the low 3 percent area. The…
The Investment Corporation of Dubai (ICD) is in talks with banks to launch its first Islamic bond, in order to diversify its funding sources. The deal will reportedly be completed this year. A source at ICD said the fund had no plans for a sukuk, but i…
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