Kuwait has said it would ship around two million barrels of crude oil a month to Egypt, giving it priority as a buyer ahead of sales from storage into the Mediterranean market.
KIPCO made a net profit of KD10.1 million ($34.8 million) in the three months to Sept. 30, up from KD8 million in the same period of 2013, it said in a statement.
The bank said that despite attracting sufficient attention for the transaction from investors, the bond issue was cancelled due to “legislative and technical issues”
China has appointed clearing banks for Taiwan, Singapore, London, Frankfurt, Paris, Luxembourg and Seoul in the past two years.
QIA, estimated to have around $170 billion, and state-owned CITIC Group signed an MoU to launch the 50-50 investment fund.
The fund is best known for European investments including the acquisition of London department store Harrods.
The bank made a net profit of Dhs476.8 million ($129.8 million) in the three months to Sept. 30, up from Dhs395.5 million in the prior-year period.
The company made a net profit of KD46 million ($158.4 million) in the third quarter of 2014, down from KD53 million in the year-earlier period.
The firm is currently earmarking the U.S. dollar-denominated sukuk to price in the area of the very low 200s in terms of basis points over midswaps, a document showed.
The extra funds had come from the injection of voluntary reserves and retained earnings, as agreed by Gulf Cryo’s owners, it said in a statement.
The offer is for the whole company but Abraaj will accept no less than a 51 per cent controlling stake, it said.
Daman will sell new shares equivalent to 55 per cent of the firm to the public.
Proceeds from the multi-currency programmes would be used predominantly to refinance upcoming maturities.
The retail portion comprises 15 per cent of its stock, amounting to 300 million shares.
Suvrat Saigal, previously head of consumer banking at Barclays in India, takes over from George Beatty, who resigned in January.
Called Beehive, the marketplace claims to be the region’s first peer-to-peer (P2P) online lending platform.
The bank said net profit was KD15.35 million ($52.96 million) for the third quarter of 2014, compared to a KD10.31 million loss in the same period a year ago.
Although the long-term outlook for oil prices remains uncertain, Brent crude has stabilised around $85 a barrel in recent days.
ADCB launched a representative office in London five months ago, and has two branches in India.
Authorities are investigating possible violations connected to the lender banking for Iranian-controlled entities in Dubai.
The Islamic investment firm will also distribute its Luxembourg fund range via two European investment firms.
The financial institution and its ME unit were found to have mis-sold $200 million of investment products, a Dubai court ruled.
NCB is offering 300 million shares to Saudi individuals and 200 million shares to the state-run Public Pension Agency.
Survey finds 47 per cent of fund managers intend to raise their overall equity allocation to the Middle East in the next three months.
The central bank did not give a reason for the drop in spending, but work on some large infrastructure projects has been slowed.
The retail and malls unit of Dubai’s largest developer made a quarterly profit of Dhs321.18 million.
Investcorp did not reveal the deal value in the statement but said that the new investment will allow it to expand its business.
The suspension was requested because its audit committee was meeting to consider “significant matters relating to its financial statements”, a statement said.
Britain’s prime minister asked Sheikh Tamim bin Hamad Al Thani to consider further funding to help Britain’s push to develop cities in the north of the country.
The lender said it plans to issue 216 million new shares and that the rights issue will raise its paid-up capital by KD21.6 million.