CMA approves Musharaka REIT
18 Jul 2017

CMA approves Musharaka REIT

The Saudi Capital Market Authority (CMA) announced Monday that it has issued its resolution approving Musharaka Capital’s request to offer, register and list "Musharaka REIT" units on the Saudi Stock Exchange (Tadawul) as Real Estate Investment Traded Fund.Terms and Conditions (T&Cs) of "Musharaka REIT" can be obtained from the fund manager’s website and the CMA's website, which contain all re...

By on 18 Jul, 2017 at 12:17:57
Banque Saudi Fransi stock hits highest level in 2 yrs
17 Jul 2017

Banque Saudi Fransi stock hits highest level in 2 yrs

The stock of Banque Saudi Fransi on Sunday registered its highest level since 10 September 2015, after reaching SAR 32.6 by 1:58pm KSA time.Meanwhile, the stock edged down 0.6%, with a trading value of SAR 1.7 million.It is noteworthy that the bank’s board members recommended distributing 10.5% of capital or SAR 1.05 per share as cash dividends for the first half of 2017, with a total of SAR 1.26 ...

By on 17 Jul, 2017 at 09:37:02
Kuwait Finance House Q2 net profit up 17.1 pct, in line with expectations
17 Jul 2017

Kuwait Finance House Q2 net profit up 17.1 pct, in line with expectations

Kuwait Finance House (KFH), the country's biggest Islamic lender, reported a 17.1 percent rise in second-quarter net profit according to Reuters' calculations, in line with analysts' expectationsNet profit rose to 43.1 million dinars ($142.2 million) in the three months to June 30, from 36.8 million dinars in the same period a year ago, Reuters calculated from the six month results released on Sun...

By on 17 Jul, 2017 at 09:27:27
Investcorp sells Esmalglass for €605 million
16 Jul 2017

Investcorp sells Esmalglass for €605 million

Investcorp, a leading provider and manager of alternative investment products, has agreed the sale of Esmalglass to global private equity firm Lone Star Fund X for an enterprise value of €605 million.Established in 1978 in Villareal, Spain, Esmalglass is the leading producer of ceramic colours and glazes in the world with total sales of €400m in 2016. Esmalglass supplies a wide range of high-value...

By on 16 Jul, 2017 at 11:24:39
Bank Muscat posts RO84.3mn net profit for first half of 2017
16 Jul 2017

Bank Muscat posts RO84.3mn net profit for first half of 2017

Bank Muscat posted a net profit of RO84.31mn for the six months period ended June 30, 2017; a decrease of 6.8 per cent compared with RO90.47mn reported during the same period of 2016.The bank announced its preliminary results for the first half of 2017 on Thursday in a disclosure filed with the Muscat Securities Market.Its net interest income from conventional banking stood at RO125.63mn for the f...

By on 16 Jul, 2017 at 09:09:43
Tadawul awaits important events this week
16 Jul 2017

Tadawul awaits important events this week

Investors in the Saudi Stock Exchange (Tadawul) are anticipating a series of important events this week, between 16 and 20 July, led by the dividends distributions by Riyad Bank and Arab National Bank.On Sunday, Riyad Bank will begin distributing dividends to shareholders for the first half of 2017 at SAR 0.35 per share, with a total value of SAR 1.05 billion.Meanwhile, Al Jouf Cement will hold it...

By on 16 Jul, 2017 at 09:06:09
CBB Sukuk Al-Ijarah oversubscribed
16 Jul 2017

CBB Sukuk Al-Ijarah oversubscribed

The Central Bank of Bahrain (CBB) announces that the new issue of the long term Islamic leasing, three year Sukuk Al-Ijarah, has been oversubscribed by 152 per cent.Subscriptions worth BHD 190 million were received for the BHD 125 million issue, which carries a maturity of three years. The expected return on the issue, which begins on 17 July 2017 and matures on 17 July 2020, is 4.2 per cent.The S...

By on 16 Jul, 2017 at 09:00:19
Meethaq launches ‘Little Investor’ to enhance students’ financial literacy
11 Jul 2017

Meethaq launches ‘Little Investor’ to enhance students’ financial literacy

Meethaq from Bank Muscat, the pioneer of Islamic banking in Oman, in association with Injaz Oman and the Ministry of Education has successfully implemented ‘Little Investor’ programme in which 1,000 students were successfully taught about the fundamentals of financial literacy and entrepreneurship… The aim is to motivate students at schools to develop entrepreneurial thinking and skills from an ea...

By on 11 Jul, 2017 at 15:36:24
ENBD signs up first equity trading member
11 Jul 2017

ENBD signs up first equity trading member

Emirates NBD, a leading bank in the region, has announced that it will provide Clearing Member services to its subsidiary, Emirates NBD Securities making the brokerage firm, the first trading member to sign with the bank.The announcement follows ‘SCA - Securities and Commodities Authority, UAE’s approval of Emirates NBD as its first General Clearing Member providing clearing and settlement service...

By on 11 Jul, 2017 at 15:14:11
Bank ABC appoints new Group Chief Credit and Risk Officer
11 Jul 2017

Bank ABC appoints new Group Chief Credit and Risk Officer

Bank ABC has recently appointed Grant Lowen as Group Chief Credit and Risk Officer based at its head office in Bahrain.Lowen joins Bank ABC from QNB in Qatar, where he served as Group Chief Risk Officer (GCCRO) since 2012. He has extensive experience in the banking industry and worked internationally in several countries around the world over the past 30 years.Lowen also brings with him extensive ...

By on 11 Jul, 2017 at 15:03:42
The Abraaj Group to acquire Java House from ECP
03 Jul 2017

The Abraaj Group to acquire Java House from ECP

The Abraaj Group (“Abraaj” or the “Group”), a leading investor operating in growth markets, has entered into a definitive agreement to purchase, through its Funds, 100 per cent of Java House Group (“Java House” or the “Company”), East Africa’s leading coffee-led casual dining chain, from private equity firm Emerging Capital Partners (ECP), and the Company’s founder and chairman, Kevin Ashley.Java ...

By on 03 Jul, 2017 at 11:18:50
GIB Capital acts as Lead Financial Advisor to GACA contracts
02 Jul 2017

GIB Capital acts as Lead Financial Advisor to GACA contracts

His Excellency Sulaiman bin Abdullah Al Hamdan, the Minister of Transportation, on 8 June, 2017 signed concession agreements for private sector participation in several Saudi airports.GIB Capital LLC (GIB Capital), the Lead Financial Advisor to GACA, led a group of specialised advisors comprising Hillbrook Partners as co-financial advisor, Clifford Chance as legal advisor and Mott McDonald as tech...

By on 02 Jul, 2017 at 12:27:27
GFH appoints SICO as Market Maker to acquire treasury shares
02 Jul 2017

GFH appoints SICO as Market Maker to acquire treasury shares

GFH has signed an agreement with SICO to act as a market maker for GFH’s shares which is based on the non?objection recently received from the Central Bank of Bahrain for further acquisition of treasury shares by GFH.GFH’s shareholders’ (EGM) had earlier approved the acquisition of treasury shares on 12 April 2015.Accordingly,  GFH  has  entered  into  this  market &n...

By on 02 Jul, 2017 at 12:17:44
KFIC settles KWD 3.35m debts with client
22 Jun 2017

KFIC settles KWD 3.35m debts with client

Kuwait Finance and Investment Company (KFIC) has agreed with a client on settling and rescheduling a default of KWD 3.35 million since 2010.This debts settlement will be done through an income-generating real estate asset, as well as rescheduling part of the debts for two years, according to a bourse statement issued on Wednesday.KFIC noted that a profit of KWD 320,000 will affect the financials o...

By on 22 Jun, 2017 at 12:17:03
A’Namaa Poultry, Meethaq sign RO 50m project finance deal
22 Jun 2017

A’Namaa Poultry, Meethaq sign RO 50m project finance deal

A’Namaa Poultry Co SAOC and Meethaq, the pioneer of Islamic banking in Oman from Bank Muscat, signed agreements on June 20, 2017 to successfully conclude long-term financing facilities of RO 50 Million to finance the biggest “Poultry Project” of the Sultanate with a poultry meat producing capacity of 60,000 MT p/a, near Ibri, in Al Sawmahan Water catchment area. The Project will comprise of 240 po...

By on 22 Jun, 2017 at 12:08:46
Xpress Money to expand in Brazil, Chile and Guatemala
22 Jun 2017

Xpress Money to expand in Brazil, Chile and Guatemala

Xpress Money, one of the world's leading money transfer organizations, has announced plans to expand its network in Brazil, Chile and Guatemala by virtue of strategic partnerships that are underway.This development is in line with Xpress Money's focus to increase its network in Latin America to 40,000 locations by the end of 2017. Recent remittance trends in LATAM indicate that there is good poten...

By on 22 Jun, 2017 at 11:48:09
Solidarity Group names new chairman
21 Jun 2017

Solidarity Group names new chairman

Bahrain-based Solidarity Group Holding, one of the largest Takaful groups in the world, announced that Rashed Ismaeel Al Meer, current vice-chairman, was elected as chairman to the Board of Directors for the current board term.This follows the retirement of Khalid Abdulla-Janahi from the Board of Directors.During the recent Board meeting, Ahmed Abdul Rahim was elected as vice-chairman, while Hassa...

By on 21 Jun, 2017 at 11:25:11
Al Ahlia Insurance to launch IPO soon
20 Jun 2017

Al Ahlia Insurance to launch IPO soon

Al Ahlia intends to offer 25mn shares through its IPO followed by listing on the Muscat Securities Market (MSM). Bank Muscat’s investment banking division is the financial advisor and the sole issue manager for the transaction.Al Ahlia is one of the leading property and casualty insurers in Oman with strong promoters led by RSA Insurance Group and supported by experienced local shareholders.RSA Gr...

By on 20 Jun, 2017 at 13:04:05
ENBD launches flexible overdraft facility
20 Jun 2017

ENBD launches flexible overdraft facility

Emirates NBD (ENBD), a leading banking group in the region, has launched FlexiCash, providing customers with an overdraft credit facility to meet short term needs or sudden requirement of funds in an emergency, and repayable in a flexible manner.Eligible customers will be able to avail up to two months’ salary as an overdraft linked to their current account and access the funds round the clock thr...

By on 20 Jun, 2017 at 12:58:34
Arab National Bank to distribute SAR 550m for H1
19 Jun 2017

Arab National Bank to distribute SAR 550m for H1

The board of the Arab National Bank approved dividend payout of 5.5% for the first half of 2017.The company will distribute SAR 550 million at SAR 0.55 per share, according to a bourse filing on Sunday.The Saudi-listed firm will start the distributions on 16 July.Shareholders of record at the close of trading on 2 July and who are registered at Securities Depository Center (Edaa) on the following ...

By on 19 Jun, 2017 at 11:58:23