UAE Dirham Will Remain Pegged To US Dollar – Central Bank

The regulator denied reports that the country was studying the feasibility of continuing the peg between the dirham and the US dollar.

Stock News: Saudi Down To 11-Month Low, Dubai Falls To Five-Month Low After Oil Price Plunge

Brent crude prices have fallen about 10 per cent since regional equity markets last traded on Thursday.

HSBC Oman Says In Talks With Meezan Bank To Sell Pakistan Unit

HSBC Oman, 51 per cent owned by London-listed HSBC, said talks were preliminary and may or may not lead to a sale.

Egypt Repays $2.5bn Deposit To Qatar

The payment brings the amount Egypt has returned to Qatar to $6 billion, leaving $500 million outstanding.

Dubai’s Meraas Says Share Sale To Professional Investors Well Covered

Dubai Parks and Resorts, a unit of Meraas Holding, is selling 40 per cent of its shares.

UAE May Create Body To Monitor FX Peg, No Policy Change Likely

Since 1997, the UAE dirham has been fixed at a rate of 3.6725 to $1.

Dubai World Sets Meetings To Put New Deal To All Creditors

Meetings will take place in London on Dec. 1 and Dubai on Dec. 8.

UAE Dirham Falls To One Year Low Against Dollar In Forwards Market

The dirham is pegged to the dollar at 3.6725 and is trading in the spot market at 3.6730.

Ex Arabtec CEO Plans Sale Of Remaining Stake, Seeks Premium Price

A stock market announcement on Nov. 11 said Aabar had become Arabtec’s largest shareholder after hiking its stake to 34.93 per cent through the purchase of shares from Ismaik.

HSBC To Refund UAE, Oman, Bahrain Customers For Excessive Fees

The lender said it charged them excessive foreign currency fees on debit and credit card transactions.

Commercial Bank Of Qatar Group CEO Resigns, Appointed Board Advisor

Andrew Stevens had been with CBQ, Qatar’s second-largest lender by assets, for 25 years.

Dubai’s Amlak Finance Signs Financial, Debt Restructuring Deal

The Islamic mortgage lender has been negotiating with creditors to finalise the deal, which was approved by shareholders in September.

UAE Regulator Expects Three More Firms On Secondary Market By Mid-2015

Abu Dhabi-based firms The National Investor and Manazel Real Estate became the first companies to begin trading on the platform.

Dubai’s Noor Bank Eyes Turkish Growth To Beat Competition

The bank has arranged syndications for Turkish borrowers worth more than $4.5 billion since 2010, including more than $2.1 billion in the past 18 months.

Stock News: Egypt, Saudi Slide; Funds Start Buying In UAE, Qatar

Bourses in the UAE and Qatar began recouping early-session losses as stocks whose weightings in MSCI’s emerging markets index are set to increase topped trading volumes.

Saudi Builder Al Khodari Proposes $133m Capital Hike

The capital increase will require the approval of the bourse regulator and an extraordinary shareholder meeting, a bourse statement said.

UAE’s Topaz Plans To Raise $550m Loan To Fund Expansion

The company plans to use the proceeds to refinance an existing $380 million loan package at a lower interest rate and to provide cash for potential expansion.

UAE, China Mull Joint Investment Fund To Focus On Clean Energy Projects

A senior official said that the fund will be looking to invest in clean energy since it is an area of interest to both the UAE and China.

Emaar Properties Gets Shareholder Nod For Dhs9bn Special Dividend

EMG listed 15.4 per cent on the Dubai Financial Market, raising $1.58 billion from the sale, which was well covered by investor bids.

UAE Fund To Provide $200m In Loans To Microfinance Projects In Egypt

Abu Dhabi-based Khalifa Fund for Enterprise Development said it signed the loan agreement with the Egyptian government in Cairo.

UAE Banks Close To Resolving Credit Bureau Liability Issue – NBAD Boss

The recently-opened Al Etihad Credit Bureau aims to serve as a safeguard against a repeat of the credit bubble.

Oman Mulls Expat Remittance Tax, Spending Cuts As Oil Tumbles

A two per cent tax on the remittances sent by foreign workers in Oman is estimated to generate about OMR62 million.

Dow Chemical CEO Says Not Quitting Kuwait, But Shifting Strategy

Dow Chemical announced recently that as part of a $7-$8.5 billion divestiture plan, it would reduce its equity positions in all of its Kuwaiti ventures.

Stock News: UAE, Qatar Rise On Positive Backdrop, MSCI Adjustments

Qatar’s index rose 0.3 per cent while Abu Dhabi’s benchmark edged up 0.1 per cent.

Qatar Insurance $250m Convertible To State Fund Get Shareholder Nod

The five-year note, which can be converted after three years into shares, will represent around five per cent of the firm’s current share capital.

Jersey Eyes Liquidity In Asian, Middle Eastern Banks

Presently, 18 per cent of the 138.9 billion pounds in banking deposits in Jersey are from residents of the Middle East and Asia,

UAE’s Abraaj Says Raises Offer Price For Egypt’s Bisco Misr

Abraaj is now offering 79.10 pounds ($11.06) a share for a total purchase price of 909.65 million pounds, it said in Sunday’s statement.

Emaar To Approve $2.45bn Special Cash Dividend For Shareholders

The company said it would pay the special cash dividend following the recent IPO of Emaar Malls Group.

Abu Dhabi Signs Dhs110m Loan Agreement With Madagascar

Abu Dhabi Fund for Development (ADFD) has agreed to provide loans to finance the development of a two-lane road and seven bridges in Madagascar.

KBW Investments, Owned By Prince Alwaleed’s Son, Buys 50% Of Arcadia

Engineering firm Arcadia will now seek to expand into Saudi Arabia, Qatar and the UAE.