Saudi Arabia’s fourth-largest lender by assets, plans to issue 4 billion riyals ($1.07 billion) of bonds.
Adel al-Ghamdi said he believed 10 companies might be possible candidates for privatisation
Sources told Reuters last month that the firm could raise between $750 million and $1 billion from the senior unsecured Reg S/Rule 144A issue.
A single foreign investor will be able to hold no more than 5 per cent of any listed company, while total foreign ownership of a firm will be limited to 20 per cent.
The budget assumed an oil price of $60 a barrel, forecasting a budget deficit of about BD1.47 billion for 2015.
Burgan made a net profit of KD17.54 million ($58.2 million) in the first quarter of 2015.
The deal will help Abyat expand into the wider Gulf region, with Al Muhaidib Group benefiting from an increased presence in the sector.
ADIB made a net profit of Dhs450.8 million ($122.8 million) in the first quarter of 2015.
The firm is looking for what bankers termed “incremental finance”, sources said.
Lower oil prices had only a minor impact on UAE credit conditions, with no effect on demand for business loans or credit standards, a new survey shows.
Brent crude hit a new 2015 high of $66.93 per barrel on Thursday before easing slightly on Friday.
Currently, a fixing is scheduled for every day other than Friday.
Net profit in the three months to March 31 was KD12 million.
The investment will produce an average semi-annual cash return of 12 per cent, GFH said.
the central bank did not elaborate on why it took the action against Future Bank and Iran Insurance Co.
A number of Saudi insurance firms have been loss-making for years because of severe competition in the market.
RBS, 79 per cent owned by the British government, is shrinking its corporate and institutional banking business in the Middle East.
The timing for the listing would be dependent on approval from Kuwait’s Capital Markets Authority.
The office opening is part of the fund’s strategy to shift its focus from Europe to Asia and the US.
The majority of UAE residents want to leave behind an inheritance but only a fraction are confident of doing so, a new survey says.
Any deal would require the approval of the board of directors, the shareholders and the regulators, United Finance said in a statement.
Kuwait’s regulator is looking to improve the investment environment in the country.
The lender reported a marginal increase in first-quarter net profit.
The conglomerate said its net profit was Dhs282 million in the first quarter of 2015.
NBAD made a net profit of Dhs1.42 billion in the first quarter of 2015.
The size of the issue was capped at $500 million and books exceeded $650 million with more accounts to respond.
The group is aiming to work with state firms such as TOKI, Emlak Konut and Kiptas.
The new fund will focus on companies interested in doing business in Oman as well as other Gulf countries, East Africa, and South and Southeast Asia.
One third of companies in the country have increased counter offers to avoid losing key employees, finds Robert Half survey.
Rated Baa1/A+ by Moody’s and Fitch, ENBD has mandated HSBC, Morgan Stanley, Standard Chartered Bank and itself as bookrunners.