Bahrain mega projects to deliver powerful message at Cityscape Global that prospects are bright, despite oil prices and global events photo caption: Bahrain Bay – a master planned development that will be showcased at Cityscape Global...
Operating income continues to be stable at Ithmaar Bank at BD36.8 million, despite a significant compression of margins in overseas subsidiary due to a 300 basis points cut in benchmark profit rates. However, a net loss of BD2.8m was announced for the …
Citigroup is the third largest bond underwriter in the Gulf region this year, up from fourth a year earlier and 19th in 2011. It’s also the fourth-largest arranger of syndicated loans, up from 11th last year....
The stock of outstanding GCC fixed income instruments rose to $239.8 billion in the first six months of this year. The largest debtors are the Qatari public sector (23 per cent), the UAE financial sector (16 per cent) and the UAE public sector (15 per …
<p>Abu Dhabi Islamic Bank plans to branch out in North Africa as the UAE-based lender seeks to reach a larger population. The bank applied for licenses in Algeria and Libya and is considering new operations in Tunisia and Morocco. Chief executive Tirad Mahmoud said the bank is seeking to expand in nations with a critical mass in terms of population and economic activity. Abu Dhabi Islamic Bank has also moved into countries including Saudi Arabia, Egypt and Sudan, Mahmoud said. The bank wants to be better placed to serve companies, such as Dubai-based mall operator Majid al-Futtaim, which operate across the Middle East and North Africa. Banks that comply with Islam’s ban on interest have become increasing popular after the revolts implemented Islamists into power in some North African countries.</p>
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<p><a href="http://english.alarabiya.net/en/business/banking-and-finance/2013/08/12/Abu-Dhabi-Islamic-Bank-plans-North-Africa-expansion.html" title="http://english.alarabiya.net/en/business/banking-and-finance/2013/08/12/Abu-Dhabi-Islamic-Bank-plans-North-Africa-expansion.html">http://english.alarabiya.net/en/business/banking-and-finance/2013/08/12/…</a></p>
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TheAbu Dhabi Forum on Entrepreneurship, which is organised by the Khalifa Fund for Enterprise Development, will take place at the Abu Dhabi National Exhibition Centre (Adnec) from October 7 to 9. The forum aims to highlight important projects by young …
TheAbu Dhabi Forum on Entrepreneurship, which is organised by the Khalifa Fund for Enterprise Development, will take place at the Abu Dhabi National Exhibition Centre (Adnec) from October 7 to 9. The forum aims to highlight important projects by young …
<p>Standard & Poor’s Ratings Services has lowered the counterparty credit and financial strength ratings on Dubai-based Salama/Islamic Arab Insurance Co. (Salama/IAIC) to ‘BBB+’ from ‘A-’ . The outlook is negative. The counterparty credit and financial strength ratings on Salama/IAIC’s wholly-owned, Malaysia-based reinsurance subsidiaries, BEST RE and BEST RE Family have also been lowered to ‘BBB’ from ‘A-’ . The consolidated Salama/IAIC group displays a satisfactory business risk profile, and a strong financial risk profile. S&P has revised its view of the BEST RE subgroup’s group status to its parent to strategically important from core because the subgroup’s activities, size, and earnings potential have reduced. Despite the group and subgroup’s current difficulties, the rating agency continues to regard the consolidated Salama group’s capital adequacy as extremely strong. The outlook can be revised to stable if the situation at BEST RE stabilizes without causing material financial or reputational issues for Salama/IAIC.</p>
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<p><a href="http://www.newsinsurances.co.uk/dubai-based-insurer-salamaiaic-ratings-lowered-as-problems-at-reinsurance-subsidiaries-continue-outlook-negative/0169493576" title="http://www.newsinsurances.co.uk/dubai-based-insurer-salamaiaic-ratings-lowered-as-problems-at-reinsurance-subsidiaries-continue-outlook-negative/0169493576">http://www.newsinsurances.co.uk/dubai-based-insurer-salamaiaic-ratings-l…</a></p>
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Bahrain-based Seera Investment Bank has reported a net income of $5.1 million for the first half of this year compared with a net income of $1.7m for the same period last year. Total income was $8.5m compared with $4.6m last time. The increase in incom…
Standard & Poor's reduced Al Baraka's rating from BBB- to BB+ with a negative outlook on the back of increased sovereign and economic risk in the regions where it operates, particularly Egypt and Jordan. Operating environment and credit conditions …
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