Hasan Ismaik who resigned from Arabtec on Wednesday, holds a 28.85 per cent stake in the company.
Al Rajhi is the Kingdom’s biggest listed lender and the world’s largest Islamic bank,
The loan has a lifespan of 15 years but there is a grace period of ten years before repayments begin, a statement to Riyadh’s bourse said.
The transaction, which will boost the bank’s Tier 2 – or supplementary – capital, will support Banque Saudi Fransi’s capital base and future growth.
Under the proposed new arrangement, the Reserve Bank of India would buy the dollars from authorised currency dealers, instead of the Indian oil buyers tapping the currency market.
According to the report, 3.3 per cent of UAE households hold private wealth of at least $1million.
The company confirmed the appointment of Mohamed Al Fahim as Arabtec’s acting CEO for an unspecified “temporary period”.
Dubai builder Arabtec’s share price plunged as much as 50 per cent in the last six weeks.
A new survey finds that a quarter of finance professionals said that lack of career progression was one of the main reasons for changing jobs.
The country’s net foreign assets are currently worth about $730 billion.
RAKBANK, rated BBB-plus by Fitch, attracted books of over $1.5 billion for its offer.
The lender has gathered more than $2.25 billion in orders for its bond sale so far.
The lender has mandated Bank of America-Merrill Lynch, HSBC and Morgan Stanley to arrange the bond sale.
The lender expects to price a deal this week, a document from lead managers said.
Banks need to adopt a more simplified approach to apps in order for customers to fully grasp the concept, says Gartner.
Kuwait’s Capital Markets Authority decided to monitor the stock after it was traded in high volumes ahead of a company disclosure last year.
Dubai’s index drops 2.3 per cent while Abu Dhabi’s benchmark slides 1.4 per cent.
A sukuk issue is still in the early stages of discussion but would likely be in the 2015 fiscal year, which starts next month, an IFC spokesperson said.
No figure for the amount of debt renegotiated was given in the statement, but bankers had previously said it was in the region of $4.5 billion.
Shares in Dana Gas dropped 4.8 per cent on Sunday as part of a wider rout in Gulf stock exchanges that was partly due to the news from Iraq.
The level of Aabar’s stake in Arabtec is important because the deep-pocketed fund has backed the construction firm’s expansion to become one of the region’s largest builders.
The investment firm will acquire 250 million shares from the ruling family of Ras Al Khaimah.
In a brief statement on Sunday, Dubai Financial Market said the stake had now risen slightly to 18.94 per cent.
Azar has been with Barclays since September 2010, when he joined from private equity firm Kohlberg Kravis Roberts & Co.
A study by the International Finance Corporation (IFC) found a potential market gap of up to $13.2 billion for Islamic financing in the region.
Al Hilal will meet investors in the Middle East, Hong Kong, Singapore, London and Switzerland between June 15- 23.
Etisalat sold $4.3 billion worth of bonds in four tranches on Wednesday.
Arabtec shares dropped 2.4 per cent, a much smaller fall than the 7.8 per cent drop on Tuesday.
JP Morgan is acting as the global coordinator for the bond sale.
The issue’s success was due partly to factors specific to Etisalat, including its state ownership and healthy financial profile.