Oman’s central bank says it will not “blindly follow the Federal Reserve’s decision”
The chairman and senior managing partner of one of Switzerland’s largest private banks talks investing in 2016, wealth management trends, Brexit and how technology is changing the industry
The added funding will help finance the kingdom’s entry into new industries
Mashreq CEO Abdulaziz al-Ghurair said the banking sector was open to mergers such as the NBAD and FGB deal
The riyal and most other Gulf Arab currencies are pegged to the U.S. dollar
Al Ramz said it had acquired 25 million Marka shares
The QIA had previously said it intended to invest $35bn in the US between 2016 and 2021
The financing will come from bank loans and from various export credit agencies
Bank of Tokyo-Mitsubishi is the first Japanese bank to establish a presence in the kingdom
The first set of new banknotes and coins were delivered to King Salman yesterday
VAT will be introduced in the region from 2018
CEO Bin Kalban said there are also plans to list 30 per cent of Dubai-based Emirates District Cooling (Emicool)
The combined banks will create the UAE’s largest lender
Saudi Oger has been seeking to shed assets to try to meet its debt
The loan comes ahead of the bank’s merger with First Gulf Bank, expected in the first quarter of 2017
The allocation of the new shares will be made on December 29
The company is likely to obtain the financing on a bilateral basis from the European Bank for Reconstruction and Development
Under the deal, the founders and management of the company will maintain a minority stake
Dubai’s DP World will have a 55 per cent stake in the partnership
Moody’s considers that VAT will increase the stability of Sharjah’s government revenue
The tourism complex will be located just north of the Tunisian capital at Raoued
The funds will be used to support both foreign and local investments
The International Monetary Fund has also warned the GCC against taxing expats’ remittances
Last month, a subsidiary of Adeptio completed the acquisition of a 67 per cent stake in Americana
Assets shrank by $10.8bn from a month earlier to $535.9bn in October
The funds plan to invest together in tourism, logistics and financial services
Negotiations on the agreement have been stalled for almost a year
There is an unsatisfied demand for Saudi debt in the market
Low oil prices have squeezed liquidity in the Gulf region
The Public Investment Fund already owns a 13.7 per cent stake in ACWA