Dubai Bank Ratings Removal Requested

Emirates NBD requests withdrawal of Dubai Bank’s Fitch and Moody’s ratings.

ADX Denies Trade Inquiry

The Abu Dhabi Securities Exchange has denied reports that it’s going to investigate trading patterns of Aldar and Sorouh.

Investcorp Buys US Properties

The Bahraini investment company has acquired a portfolio of properties in the San Francisco Bay Area for $65 million.

ENBD May Lay Off 15% Of Staff

According to sources, the UAE-based bank is planning to let go of its employees to cut costs. The bank has refused to comment.

Dubai Mulls Essex House Hotel Sale

Government-owned Dubai Group is currently reviewing the potential sale of the Manhattan-based property.

StanChart Seeks Saudi Licence

The bank has reportedly applied for a full commercial banking licence to expand its operations in the kingdom.

KIA Gets China Stock Market Quota

Kuwait’s sovereign wealth fund has obtained approval to initially invest up to $300 million in China’s securities market.

17 GCC Billionaires Make Forbes List

The region’s representatives on Forbes’ annual list of the World’s Billionaires have a combined net worth of $65.4 billion.

NMC Plans London IPO

Healthcare provider NMC hopes to raise $250 million through the listing, and plans to use the funds for further expansion.

ENBD Issues First CNY Bond

The 750 million renminbi bond, which matures in 2015, was 5.7 times oversubscribed, the bank said.

Freeze On Bahrain’s Expat Tax May Continue

The parliament has voted to extend the suspension of the tax on foreign workers for another two years, according to reports.

ME Sukuk Volumes To Reach $14bn

The issuance of Islamic bonds in the region could reach over $14 billion this year because of increasing investor demand, according to HSBC.

ME Unrest To Affect Global Asset Prices

Regional unrest might affect China’s oil input, which in turn will have a drastic impact on global asset prices, said hedge funds guru Marc Faber.

Du’s Profits Fall On Royalty Fees

The telecoms operator reported a net profit excluding royalty of Dhs1.8 billion in 2011, a 47.8 per cent rise over the previous year.

Aabar raises Arabtec Stake

The move makes the Abu Dhabi-based sovereign wealth fund one of the largest shareholders in Arabtec.

UAE Bank Deposits Rise

Total bank deposits in the UAE reached Dhs1,069.7 billion at the end of December 2011, according to the central bank.

Saudi Foreign Trade To Grow

The kingdom’s foreign trade revenue amounted to SR1300 billion in 2011 and is set to rise by 14 per cent this year.

New Commissioners At Kuwait’s CMA

Kuwait’s controversy-ridden stock market regulator, Capital Markets Authority (CMA), has appointed three new commissioners.

DFM Sees Rising Activity

The value and volume of shares traded on the Dubai Financial Market increased in February.

UAE Residents Unhappy With Pay

Many people in the country are dissatisfied with their current financial position, according to a Bayt.com-YouGov survey.

RBS Ends Tie-Up With Rasmala

Royal Bank of Scotland said it no longer requires equity research on Middle Eastern companies from Dubai’s Rasmala Investment Bank.

IPIC Signs $850mn Loan

Abu Dhabi’s International Petroleum Investment Company is refinancing the $850 million, three-year loan it signed in February 2009.

Drydocks To Offer $2.2bn Debt Plan

Dubai’s Drydocks will present its restructuring plan for its $2.2 billion loan facility next week.

Stretching The Truth

Gulf headhunters warn that widespread CV fraud from finance professionals is jeopardising the industry.

Kingdom Holding Plans Bond Sale

The Saudi company owned by Prince Alwaleed bin Talal plans to tap debt markets through sale of either conventional or Islamic bonds.

Standard Chartered Sees UAE Growth

While the bank’s income from the country rose seven per cent last year, expenses also increased by six per cent.

Noor Islamic Has Ended Ties With Iran

Dubai-based Noor Islamic Bank clarified that it has ended all business relations with Iranian banks.

US Targets Dubai Bank Over Iran

Noor Islamic Bank has reportedly been forced to cut off its banking business with Iran by the US Treasury.

Mumtalakat Head Quit Over Differences

The head of Bahrain’s sovereign wealth fund reportedly resigned because of differences with the board.

$293mn Boost For Saudi SME’s

The Saudi Industrial Development Fund has reportedly approved 13 loans to start nine new projects in the kingdom.