With the Euro bailout of the island country of Cyprus what are the implications for the UAE and Middle East?
The new firm is backed by Qatar’s sovereign wealth fund, Qatar Holding.
Ian Larkin of Lloyds will replace Graham Honeybill, who will become a non-executive director.
IILM faced a major challenge to ensure compliance with laws in all of the 12 member countries situated across Asia and the Middle East.
The three-year revolving credit facility attracted a total of 19 international lenders and replaces a $2.5 billion loan agreed in 2010.
Pricing came at the tight end of initial price guidance of 170-190 bps, indicating that demand for the transaction was strong.
The plan will mean banks have to pay back any overcharged interest to citizens.
Alex Thursby succeeds Michael Tomalin who after 14 years at the helm will remain in a non-executive director’s role.
The Kingdom has budgeted to spend a record 820 billion riyals, up 19 per cent from the amount originally planned for 2012.
Oman’s Islamic lenders can hold no more than 40 per cent of their net worth in the form of foreign currency-denominated assets.
Sadara Chemical Co will use the returns to fund a $19.3 billion petrochemical complex in the east of the Kingdom.
Commercial Bank of Qatar has hired Morgan Stanley and Bank Of America Merrill Lynch for the issue of a Tier 1 bond.
The government is planning to write off the interest on Kuwaiti citizens’ personal bank loans taken out before March 2008.
Qatar plans to boost government spending by 18 per cent to QR210.6 billion in the 2013/14 fiscal year.
Oman does not expect to spend more than its budgeted amount this year.
The lender chose Abu Dhabi-based Al Hilal Bank, HSBC, Kuwait’s Liquidity Management House and Standard Chartered.
The SAR1.3 billion issue attracted orders worth SAR2.4 billion from institutional investors inside Saudi Arabia.
Gulf Capital owns stake in firms such as healthcare chain Techno Scan and water engineering firm Metito Holdings.
DHCOG posted a net profit of Dhs1.2 billion ($326.71 million) for 2012, compared with profit of Dhs204 million in 2011.
The issue was three and a half times oversubscribed with more than 160 orders received from regional and international investors.
Dubai’s bourse fell 0.9 per cent to a fresh two-month low of 1,829 points.
The company also said that it’s on track to complete its sukuk refinancing in the second quarter of the year.
The investment bank plans to launch at least 30 Islamic funds over the next three years
The bank has given initial approval to a proposal by the country’s commercial banks on setting limits for residential mortgage loans.
Robust oil income and lower-than-expected public spending boosted the surplus.
The region’s biggest lenders reported single digit revenue and profit growth as well as a rise in loan loss provisions.
Qatar’s emir, Sheikh Hamad bin Khalifa Al-Thani, said his country will contribute $250 million to the fund.
Individual shareholders and investment funds holding minority stakes in NSGB will have to pay a 10 per cent tax on their gains.
Kerzner sold its stake in Dubai’s Atlantis resort to state-owned Istithmar World for $250 million.
The Dhs50 million facility was signed by Noor Islamic Bank and Commercial Bank of Dubai.