Brazil Aims To Multiply Investments From UAE

The country is mainly eyeing investments in energy, logistics and infrastructure.

Bank Muscat Looking At Ways To Recover Fraud Money

Bank Muscat had reported in February that its pre-paid travel cards were hit by fraud, forcing it to take a 15 million rial ($39.0 million) loss provision.

Indian Companies, GCC Banks In Global Cyber Heist

Rakbank suffered a $5 million coordinated heist at ATMs around the world in December while Bank of Muscat lost $40 million in February.

Abu Dhabi Tourism Company Loss Widens Amid Property Weakness

TDIC made a net loss of Dhs2.17 billion in 2012 due to impairments and depreciation compared with a loss of 1.27 billion in the previous year.

Qatar’s Sovereign Wealth Fund Eyeing More Trophy Assets

With a steady availability of capital, Qatar’s sovereign wealth fund has been making opportunistic investments around the world, especially in Europe.

Oman’s Central Bank Sets Minimum Target For SME Lending

Commercial banks have ensure that at least five per cent of their total loans are given to small and medium-sized firms.

Different Arab money

Jeddah’s IDB Unit Launches Sovereign Sukuk Insurance

The insurance product is designed to boost the credit ratings of sukuk for sovereign issuers.

Dubai Financial Market Q1 Profit Slips 11.3%

DFM made a first quarter net profit of Dhs27.03 million.

UAE Central Bank Shuts Two Money Exchange Firms For Violations

The companies were identified as Al Hilal Exchange and Asia Exchange Centre.

Dubai Group Aims To Close $10bn Debt Deal By June 6

The proposed deal is the last big debt restructuring related to Dubai’s 2008-2009 financial crisis.

JPMorgan’s Saudi Chief Leaves For Central Bank Job

Abdulaziz Al Helaissi is rumoured to become the new deputy central bank governor.

Two Oman Power Firms Plan IPOs In Mid-2014

Both Al Suwaidi Power Co and Al Batinah Power Co aim to each offer a 35 per cent stake to the public.

Dow Chemical Receives $2.2bn In Damages From Kuwait

Last year, an international arbitrator told Kuwait’s Petrochemical Industries to pay up for pulling out of a K-Dow joint venture in 2008.

Dubai Eyeing Alternate Plan For Debt Repayment

The emirate may issue another sovereign bond this year, says senior official.

World Bank Unit Helping UAE Draft Law To Aid SME Lending

The new legislation will allow small and medium-sized firms to use machinery and other assets to back loans.

Prince Alwaleed’s Kingdom Holding Plans Hotel Sale

The Saudi billionaire’s investment vehicle plans to sell its stake in 20-30 hotels in the next two years.

Commercial Bank Of Dubai Plans First Bond Issue

Gulf Arab banks have stepped up bond sales this year with over $5 billion of dollar-denominated bonds issued so far.

Emirates Islamic Bank Reports 101% Q1 Profit Jump

The bank recorded strong growth in net profit and net income compared to its first quarter in 2012

Dubai Says Repays $909m Bonds On Maturity

The repayment was part of a dual-tranche facility issued in April 2008.

Oman May Issue USD Bond For First Time In 17 Years

The government hopes to facilitate debt sales by its private sector, says finance minister Darwish al-Balushi

Abu Dhabi’s Gulf Capital Gets $120m Loan For Saudi Project

The 10 year loan facility will be used to develop the first phase of the residential compound

ADCB Buys Back Shares Worth $313m

ADCB’s shares hit a 4-1/2 year high on Wednesday; the bank posted a five per cent increase in first-quarter net profit.

Citi Taps Wealthy Middle Eastern Family Firms

Citi’s family office unit is part of the private bank business which manages over $250 billion in assets and serves over a third of the world’s billionaires.

Interview: United Arab Bank CEO

The UAE lender has not opened a new branch in Dubai for almost 14 years and yet it reported a rise in net profit of 24 per cent for 2012.

Abu Dhabi’s New Financial Zone To Offer Tax-Free Benefits, Customs Exemption

The Global Marketplace Abu Dhabi could become a competitor to Dubai, currently the Gulf’s premier financial centre.

Qatar Islamic Bank Rules Out 2013 Sukuk Issues

QIB last tapped the market with a $750 million five-year sukuk in October as part of its $1.5 billion sukuk programme.

UAE’s Emal Secures $3.4bn Bank Debt

The $3.4 billion bank financing was split between a $2.925 billion portion from commercial lenders and $475 million from Islamic banks.

Mashreq Reports 57% Q1 Profit Jump

The lender made a net profit of Dhs425.3 million ($115.8 million) in Q1, an increase on the Dhs270.8 million from 2012.

Emaar Properties Q1 Net Profit Slips 8%

The Dubai-based developer’s profit was hit by increasing sales and administration expenses.

Bahrain’s Investcorp Sells Armacell For Over $655m

The private equity firm is selling German insulation firm Armacell to Charterhouse Capital Partners.