Ras Al-Khaimah Eyes Sovereign Sukuk Issue

A deal from the emirate isn’t expected until at least the third quarter of this year.

Egyptian Tycoon Sawiris Backs $257m Bid For 20% Of EFG Hermes

EFG Hermes is one of the biggest investment banks in the Middle East.

Egypt Studying International Bond Issue

An official said that the bond issue would mainly be aimed at Gulf Arab investors.

Trading In Saudi’s Etihad Atheeb Halted Pending More Info On STC Deal

The Capital Market Authority (CMA) has suspended trading in Atheeb shares until the company provides more details.

Dubai Emaar’s Malls Unit Eyes Potential Debut Sukuk Issue

The meetings will be held in Asia, Europe and the Middle East and the sukuk will be sold afterwards, subject to market conditions, Emaar said.

Dubai Islamic Bank Buys 25% Of Indonesia’s Bank Panin

The agreement with DIB was made official about two weeks ago, a senior official from the Indonesian bank has said.

Bahrain’s Mumtalakat Ends Losing Streak, CEO Says Profits To Stay

The fund’s 2013 profit was driven by lower impairment losses and improved operating performance of assets.

UAE Gains Three Slots In Global FDI Confidence Index

A strategic location, well-developed infrastructure, and a large talent base has positioned the UAE favourably among investors.

Abu Dhabi Economy Grows 5.2% In 2013, Slower Than Expected

The contribution of the hydrocarbon sector edged down to 51.4 per cent in 2013 from 52.4 per cent in 2012.

Barclays Cuts Several Hundred Investment Bank Jobs

The cuts will mostly be in the fixed income, currencies and commodities (FICC) trading and markets businesses, according to sources.

Abu Dhabi’s TDIC Secures Financing To Repay $2bn Bonds In 2014

TDIC is building iconic museums such as the Louvre and Guggenheim in Abu Dhabi.

Saudi Business Activity Growth Slows In May

While output growth continued to accelerate, growth in new orders dropped sharply.

PineBridge Investments Raises $140m For GCC Real Estate Fund

The fund will acquire existing real estate assets, with a focus on the logistics, social infrastructure and community retail sectors.

Qatar Image Would Suffer More Than Economy If World Cup Lost

Qatar is wealthy enough to handle such economic dislocation without long-term damage, analysts say.

Abu Dhabi’s TDIC Narrows 2013 Loss On Higher Revenues

The company made a net loss of Dhs1.13 billion ($307.7 million) in 2013 compared to a loss of Dhs2.15 billion in the prior year.

Bahrain Budget Gap Doubles In 2013, Spending Rise Lowest Since 2009

State spending rose by 2.8 per cent to BD3.4 billion in 2013, some 14 per cent below the budget plan.

Oman’s Bank Dhofar Proposes Share Swap Ratio For Bank Sohar Merger

A merger between the two banks would create Oman’s second biggest bank by asset value, with assets worth around 4.78 billion rials ($12.42 billion).

Saudi Mall Owner Othaim Plans Debut Local Currency Sukuk

The transaction is likely to be worth between SAR500 million and SAR1 billion, sources said.

Egypt To Collect Foreigners’ Capital Gains Tax On Each Transaction

The expected amount to be collected from this tax will range between 3.5 billion pounds and 4.5 billion pounds, Egypt’s finance minister said.

Egyptian Govt Says It Is $9.8bn Over Budget On Fuel Subsidies

Energy prices in Egypt are among the lowest in the world, and the government spends more than a fifth of its budget keeping them down.

Dubai’s Emaar Properties Says Malls Unit Raises $1.5bn Islamic Loan

Emaar said the loan is repayable in seven years and carries a profit rate of 1.75 per cent over the London interbank offered rate (Libor).

Saudi Cement Recommends H1 Dividend Of SAR3.5 Per Share

Shareholders owning the company’s stock at the end of trading on July 1 will qualify for the dividend, the company said in a statement.

Egypt Approves New 10% Capital Gains Tax On Stock Market Profits

The tax is part of the first phase of income tax reforms in the country expected to bring in 10 billion Egyptian pounds.

Prince Alwaleed Sees 130% Investment Hike After Chinese Firm JD.com Listing

The Saudi businessman and his Kingdom Holding Company invested $250 million for a combined stake of 2.5 per cent in the Chinese online retailer.

Funds To Cut UAE, Qatar Exposure After MSCI Upgrade – Survey

Only 20 per cent of the funds surveyed expect to increase their allocations to UAE equities in the next three months.

Dubai’s Emaar Properties Secures $1.5bn Islamic Loan – Sources

The new loan replaces an existing facility worth $980 million which was raised in 2011 and was secured against Dubai Mall.

Bahrain Clarifies Basel III Capital Rules, Eyes 2015 Rollout

Bahrain’s decision could influence regulators in other Gulf states such as the UAE and Qatar that have not yet clarified their stance.

UAE Regulator Approves Samena’s Acquisition Of RAK Ceramics Stake

The regulator also granted Samena a waiver in relation to the price it was paying for the RAK Ceramics shares.

Dubai’s DIFC Sets Up Dispute Settlement Authority

The move is in line with the UAE’s Vision 2021, which calls for an effective dispute settlement mechanism to attract more business to the region.

UAE Etisalat Picks Banks Ahead Of Potential Bond Issue – Statement

A separate document from lead arrangers showed Etisalat chose Deutsche Bank, Goldman Sachs, HSBC and Royal Bank of Scotland to arrange the offering.