The Eurozone debt crisis poses the biggest threat to the global economy, says IMF chief.
State-owned Jebel Ali Free Zone (JAFZA) attributed the fall in H1 profit to rising costs.
Proceeds from the issue will be used for repayment, said DEWA CEO, Saeed Mohammed al-Tayer.
Experts from Emirates NBD, Falcon Private Bank, Lombard Odier, Bank Sarasin-Alpen Group and Julius Baer reveal their regional wealth management strategies to Gulf Business.
CBK Capital is believed to have $53.5 million in capital and manages a Kuwaiti stocks fund and an Islamic finance fund.
Middle East investors are still seeking high-yielding investments, says Daniel Savary, head of Eastern Mediterranean & Middle East markets at Julius Baer
Rohit Walia, executive vice chairman & CEO at Bank Sarasin-Alpen Group, Middle East and India, says that the group will focus on tapping the Islamic finance industry in Saudi Arabia.
Swiss bank Lombard Odier is aggressively increasing its footprint in the Middle East, says its head of new markets, Arnaud Leclercq.
Switzerland has lost its appeal to Gulf investors, says Eduardo Leemann, CEO of Falcon Private Bank
Mark McFarland, chief investment strategist, Private Banking at Emirates NBD, says its time for wealth preservation.
The investment bank is reducing staff in Dubai and relocating some jobs to Qatar, say sources.
Local investors are looking for fixed income investment opportunities outside the region, say asset managers.
The IMF also cut its forecast for Saudi’s budget surplus this year from 16.5 per cent to 12 per cent, citing oil price movements.
The Qatari lender said that it will use the additional capital to meet strategic business requirements.
Following the arrest and conviction of its former chief executive, Khalil Nooruddin takes the reigns.
Sheikh Abdullah bin Saud al-Thani estimates two to three per cent inflation for 2012.
A new report says the ultra-rich have increased their fortunes and successfully managed the global downturn.
E&Y and Arqaam were accused of failing to comply with international accounting standards.
The government plans to allocate around 25 per cent of state revenues into the fund.
The emirate has Dhs6.5 billion ($1.8 billion) of debt maturing in April 2013.
William C. Keliehor aids financial development in Iraq, a country where only 15 per cent of the population has a bank account.
As more regional and international companies turn to Islamic bonds to raise capital, Gulf Business lists the biggest Sukuks issued so far this year.
The bank has hired HSBC, Standard Chartered, Deutsche Bank and QInvest to manage the issuance.
Egypt’s biggest investment bank, EFG Hermes and Qatar’s QInvest had reached an agreement in May 2012.
The German lender is laying off several senior staff in Dubai, according to sources.
The loan facility will be used to fund the Abu Dhabi-based bank’s growth and expansion.
Debt-ridden Dubai Group is reportedly in talks to sell its 45 per cent stake in a joint venture firm with cement maker Lafarge.
The three banks failed to reach a restructuring deal with Dubai Group, the investment vehicle of Dubai Holding.
The Dubai-based investment company blamed a lack of liquidity in the market for postponing its IPO and preventing Dubai’s full recovery.
The deals, in the oil and power sectors, will increase the bank’s market share in corporate financing.