Dubai’s National Petroleum Services Signs $200m Financing

NPS secured the refinancing deal from a group of banks and financial institutions.

Dubai World Has 100% Creditor Assent For $14.6bn Debt Deal -Court

The adjournment will allow time for all creditors to sign an agreement which formally pledges each will assent to the plan put forward by Dubai World.

Dubai’s Drake & Scull Q4 Profit Falls 70%

The contractor made a profit of Dhs13 million ($3.54 million) in the last quarter of 2014.

Air Arabia Blames Fuel Hedging As Q4 Profit Falls 30%

The carrier made a net profit of Dhs64.6 million ($17.59 million) in the last quarter of 2014.

POSCO To Sell Stake In Construction Unit To Saudi Fund

POSCO signed the deal to sell a 38 per cent stake plus new shares of POSCO Engineering & Construction to Saudi’s PIF.

Dubai’s Meraas Eyes $234m Loan For Ferris Wheel Scheme – Sources

The loan is being arranged by Emirates NBD and will have a 10-year term and an amortising structure, sources said.

Dubai Parks & Resorts Projects Revenues Worth Dhs2.4bn In First Year

The company said that its revenues will mainly originate through ticketing, hotels and retail segments in the project.

Qatar’s Ooredoo Seeks $500m Islamic Loan-Bankers

The company has asked lenders to provide pricing guidance for a one, three or five-year loan.

Stock News: Gulf Bourses Pull Back After Oil Tumbles

Brent oil is back around $55 per barrel after a loss of as much as three per cent on Wednesday.

Saudi Hollandi Bank Proposes 20% Capital Hike To Support Growth

It plans to increase its capital to SAR5.72 billion from SAR4.76 billion by issuing one bonus share for every five held.

IMF Says Egypt’s Reforms Starting To Spur Turnaround In Economy

The IMF projected growth to reach 3.8 per cent in 2014/15 and to rise to five per cent over the medium term.

Dubai’s ENBD Raises A$450m Via Longest Kangaroo Bond From Middle East

ENBD raised A$400 million from its last kangaroo bond issue in April last year.

Qatar National Bank To Pay 60bps Margin For $3bn Loan

The deal is QNB’s biggest syndicated loan to date and proceeds will be used for general corporate purposes.

Kuwait Finance House Rejects Investment Dar’s Debt-For-Assets Plan

KFH said it would take all legal measures available against Investment Dar to try to collect the debt it was owed.

Oman’s United Finance To Consider Merger Approach From Bank Nizwa

United Finance describes itself as Oman’s largest non-bank financial institution.

Shuaa Capital Unit Eyes Saudi Leasing Market With New Licence

The licence will allow the firm to fund small businesses and help finance cross-border deals between Saudi and the UAE.

Saudi Central Bank Predicts Stable Inflation In Q1

The annual Saudi inflation rate was 2.4 per cent in December, the lowest level since at least September 2012.

Dubai Holding Has No Plans To Float Firm Or Its Units -CEO

Dubai Holding also has no plans to raise cash at the parent level as it seeks to reduce its debts, its chief executive said.

Julphar Buys Majority Stake In Bangladesh-Based RAK Pharmaceuticals

The deal, worth $9.5 million, marks Julphar’s entry into Bangladesh and is part of its expansion in Asia.

Orders Over A$175m For 7-Year Emirates NBD Kangaroo Bond

The Dubai-based bank is marketing the Australian dollar- denominated seven-year notes to yield about 225 basis points above the swap rate, a document from leads showed.

Diamond Prices Firm As Dubai Banks Fill Funding Gap – Gem Diamonds

Diamond prices weakened late last year, partly due to the closure of Antwerp Diamond Bank in October squeezing liquidity for manufacturers.

S&P Cuts Ratings On Middle Eastern Oil Producing Countries

Standard & Poor’s lowered its sovereign credit ratings on Bahrain and Oman, while lowering its outlook on Saudi Arabia.

Abu Dhabi Islamic Bank Plans Subordinated Sukuk In Malaysia

Credit agency RAM Ratings assigned preliminary ratings of AAA and AA1 to the proposed senior and subordinated sukuk.

Qatar National Bank Mandates Banks To Arrange $3bn Loan

Barclays Bank and HSBC will act as coordinators for the loan.

Saudi Central Bank Chief Calls For Energy Subsidy Reform

Fahad al-Mubarak gave no indication that the government actually planned concrete action.

Different Arab money

Qatar’s QIIB Seeks Approval For Up To $825m Tier 1 Sukuk Issue

The bank announced the plan on Monday after reporting full-year net profit of SAR826 million, up 10.1 per cent.

Dubai’s Damac Properties Proposes 10% Bonus Share Issue

Damac reported a fourth-quarter net profit of $249.8 million, up 11 per cent from the year-ago period.

Kuwait Finance House Q4 Net Profit Climbs 35.8%

KFH’s net profit for the three months to the end of December was KD36.4 million ($123.2 million).

Spot Saudi Riyal Back Near Peg After Equities Rebound

Traders attributed the spot market volatility to the plunge of the Saudi stock market, which sank more than 35 per cent between September and mid-December.

Gulf Institutional Funds Favour Japan, Asia, Shun Europe – Pictet

Middle East investors have began to look east as Europe’s economy struggle due to repeated fears over sovereign debt levels and weak growth indicators.