The Kingdom has budgeted expenditure of SAR820 billion for 2013, 19 per cent higher than the amount budgeted for 2012.
The trip follows the withdrawal of Qatar last week from a multi-billion euro tender to develop Athens’ old airport.
The emirate issued a $750 million 10-year sukuk, as well as a $500 million 30-year conventional bond.
Around 14,000 people are now employed in the Dubai International Financial Centre.
Investment firm Amwal AlKhaleej says it has exited its investment in Saudi’s Al Rowad Education Group for a “very high return.”
Kuwait-based Arab Fund for Economic and Social Development has a capital base of around KWD2 billion.
The government has mandated four banks to arrange the Islamic bond, according to sources.
National Bank of Kuwait posts profits of $1,085 million for 2012, one per cent growth on the previous year.
The Saudi conglomerate owned by billionaire Prince Alwaleed made a net profit of $55.9 million in the fourth quarter of 2012.
The central bank governor has reportedly claimed that the new rules are not imminent.
Full-year 2012 profits stood at OMR40.7 million, up 19 per cent compared to 2011.
The bank’s net profit fell to 869 million riyals compared to forecasts of 1.1 billion.
The Gulf bank is buying a 77 per cent stake in National Societe Generale Bank.
The central bank is believed to be cooperating with the EBA on the plan.
The mortgage lender is in talks with a creditor committee and Dubai’s largest banks.
A report by the lender has warned to be wary of the US fiscal cliff, the on-going Euro crisis and the Chinese economy.
Investcorp sold the insurance industry software provider to US-headquartered Leonard Green & Partners.
Saudi-based Kingdom Holding Company, which owns a stake in Twitter, is planning a new digital acquisition, its chairman tells Gulf Business in an exclusive interview.
The lender’s fourth quarter profit rose on higher operating income and a drop in expenses.
The Saudi lender reported a rise of 4.1% in net with full year growth of 10.1 per cent.
The investment bank expects activity to pick up in the MENA region in 2013.
The Qatari bank will hold a local rights issue as it plans to match the capital levels of its peers.
The bank plans to slash 1,600 jobs globally to reduce costs.
The UAE central bank reportedly plans to issue broad regulations for the housing mortgage industry this year.
Total revenue for April-November was 21.6 billion dinars while spending reached a mere 6.9 billion dinars.
The new regulations are expected to include the mortgage caps introduced by the central bank late last year.
Qatar National Bank, the Gulf state’s biggest lender, made a record net profit of QAR8.3 billion last year.
Kuwait’s Future Generations Fund is a nest egg for when the economy suffers shocks.
The company made a profit of SAR185 million on the sale of the land located near Riyadh.
The Dubai bourse was the GCC’s best performing stock market.