New Rules To Align UAE Insurers With European Solvency Requirements

The rules clarify policyholders’ rights and setting investment limits for the sector.

RAKBANK, Kalyan Jewellers Launch ‘Goldback’ Credit Card In UAE

The credit card offers users between three to seven per cent goldback on purchases made locally and internationally.

UAE’s NBAD To Meet Investors From Tuesday For Potential Dollar Bond

National Bank of Abu Dhabi will meet investors in Asia and Europe, it said.

Dubai Developer Damac Q4 Profit Rises 11%

Damac’s 2014 full-year profit was $937 million, up from $641.5 million in 2013, the company said.

Investcorp Eyeing U.S. Growth, Falling Euro For Buys

The firm is best known in the global space for listing luxury goods brands, such as Gucci and Tiffany & Co, but has been increasingly branching out into other sectors.

Saudi Electricity To Pay $149m In Bonuses After King’s Order

The company added that the bonus paid to each staff member would not exceed SAR50,000.

Bahrain’s Investcorp H1 Net Profit Rises 5%

The Bahrain-based company made a net income of $45.3 million in the second half of 2014.

Different Arab money

Saudi-Based IDB Extends Islamic Reinsurance For Apache’s Egypt Projects

The deal covers the Overseas Private Investment Corporation for its own insurance policy on the exploration projects of Houston-based Apache Corporation.

Al Noor Hospitals Says No Plans To Dual List In Abu Dhabi

Al Noor’s confirmation comes after ADX chief said that most local firms listed in the London market had agreed to dual list in Abu Dhabi.

Stock News: Dubai Surges On Stronger Oil, Dividends, Saudi Payout

The Dubai benchmark jumped 4.5 per cent to close at 3,840 points, its biggest daily gain in six weeks.

Dubai’s Al Khaleej Says Has Enough Raw Sugar For This Year

The sugar refinery has 1.5 million tonnes of raw sugar, either stockpiled at the refinery or on its way to the refinery.

UAE’s Massar Solutions Postpones Floatation On Poor Demand

Less than half of the shares in the Dhs576 million IPO were taken up by investors for whom they were reserved, a report said.

Saudi Kayan To Shut Several Units For Maintenance

The company, an affiliate of Saudi Basic Industries Corp (SABIC), will shut its olefins plant from Feb. 1 for almost five weeks, it said.

Abu Dhabi Bourse Suspends Three Stocks Over Technical Issue

The bourse said the issue had to do with ownership proportions.

New Saudi Regulator Says Market-Opening Plan On Track

Mohammed Al-Jadaan was named head of the Capital Market Authority in a cabinet resuffle by King Salman last week.

Saudi’s Almarai Chief Executive Resigns, New CEO Appointed

Georges Schorderet, previously the company’s chief operating officer, is taking over from Abdulrahman Al Fadley, a statement said.

Dubai Investments Says Approves 60% Purchase Of Al Mal Capital

Dubai Investments previously said that it was close to two acquisitions, worth a combined value of Dhs400 million ($109 million).

Abu Dhabi’s Waha Capital Q4 Profit Nearly Doubles

Waha made a net profit of Dhs142.1 million in the last quarter of 2014 compared to Dhs75.6 million in the same period a year ago.

Dubai Shares Post Fifth Monthly Drop As Oil Curbs Risk Appetite

The DFM General Index retreated 2.6 per cent in January.

Investcorp Buys Spanish Ceramics Products Firm Fritta

The deal is Investcorp’s second acquisition in Spain after its purchase of ceramics products maker Grupo Esmalglass-Itaca in 2012

Swiss IT Firm Nexthink Gets $14.5m Funding From Qatar’s Al Mannai

The company is looking to expand its presence in Saudi Arabia and the UAE.

Gulf Countries Pledge Over $39m To Global Vaccine Fund

Saudi Arabia and Qatar were the biggest contributors, committing $25 million and $10 million respectively to Gavi Alliance.

Vodafone Qatar Q3 Net Loss Widens

Vodafone made a net loss of 68.8 million riyals ($18.9 million) in the last quarter of 2014.

National Bank Of Oman Proposes 17% Cash Dividend, 10% Bonus Shares

NBO, earlier in January, posted a 29 per cent rise in fourth-quarter net profit, beating estimates.

Bank Muscat To Pay 25% Cash Dividend, 15% In Bonds, 5% Bonus Shares

The bonus shares will be paid out in the proportion of one share for every 20 ordinary shares held, the lender said.

Ooredoo Oman Q4 Profit Falls 17%

The firm made a net profit of OMR8.3 million ($21.6 million) in the last quarter of 2014.

Kuwait Cuts Diesel Fuel Prices After Political Pressure

State news agency KUNA estimated that diesel price reform would save the government around $1 billion a year.

Gourmet Date Company Bateel Agrees L Capital Asia Partnership

The deal is the first completed by L Capital Asia in the Middle East, a statement said.

Bahraini Bank BBK Plans Bond Issue To Refinance Maturing $500m Debt

The offering by the bank will have a lifespan of between five and seven years.

UAE Bank FGB Q4 Net Profit Rises 13%, Beats Analyst Forecasts

The bank made a net profit of Dhs1.55 billion ($422 million) for the last quarter of 2014.