Barclays To Leave UAE Rate Panel

Barclays, hit by the Libor scandal in Britain, will leave the IBOR panel after around 90 days.

SABIC Q2 Profit Falls 35%

Saudi Basic Industries Corp saw its quarterly profit drop due to lower prices and production.

Bank Dhofar In H1 Profit

Oman’s lender makes $50.6 million profit for the first half of the year, a huge rise from the same period last year.

Saudi Plans Foreign Firms Listing Soon

The Kingdom plans to allow foreign firms to list on its stock exchange within a year, an official has said.

Zain Saudi’s Rights Issue Struggling

Zain’s share hold in the Saudi operator could rise to above 50 per cent forcing the Kuwaiti firm to consolidate losses.

National Bank Of Oman Profit Up

The bank made a Q2 net profit of $26.8 million, up on analysts’ expectations and last year’s results.

Citigroup Q2 Profit Drops 12%

The US-based bank saw overall net income fall to $2.94 billion in the second quarter of the year.

Bank Muscat Shares Declined

Oman’s largest lender has offered new shares to existing holders at a discounted price to raise over $250 million.

Dar al-Arkan Repays $1bn Sukuk

The Saudi-based property developer said that Sukuk account holders will receive the funds on Monday.

Bank Muscat Q2 Profit Up 19%

The Oman lender made net profit of $90.9 million in the second quarter, above analysts’ estimations.

Banks In UAE Need 10% Liquid Assets

The new rule, introduced by the central bank, will begin next year and extend until the end of 2014.

Banks In UAE Need 10% Liquid Assets

The new rule, introduced by the central bank, will begin next year and extend until the end of 2014.

FDI Inflows To GCC Fall 35% In 2011

Foreign direct investments into the Middle East dropped 16 per cent to $49 billion in 2011, says UN report.

Barclays Off UAE Rate-Setting Board

The bank has withdrawn from the interbank panel following the Libor scandal in the United Kingdom.

Bank Muscat Shares Declined

Oman’s largest lender has offered new shares to existing holders at a discounted price to raise over $250 million.

Qatar Sells Largest USD Sukuk

The Gulf-state priced five and 10-year tranches at $2 billion each, attracting an order book of over $24 billion.

Qatar Islamic Q2 Net Profit Down

The bank dropped almost 35 million riyals in the second quarter in comparison to the same period last year.

Tamweel Q2 Profit Down 33%

The Dubai Islamic Bank-owned mortgage lender posted its second straight quarterly profit fall.

Qatar’s Budget Surplus Triples

Booming revenues from liquefied natural gas will assist the country’s infrastructure revamp.

Banks Quit Dubai Group Talks

RBS, Commerzbank and Standard Bank are all threatening legal action against the Dubai Group.

Taking Over In Growth Markets

Abraaj Capital founder and group CEO, Arif Naqvi, tells Alicia Buller about his hopes for the private equity sector.

Gulf Air Weighs On Bahrain Fund

SWF Mumtalakat, which has shares in the airline, made a net loss of $717.68 million last year.

Ship Finance Running Dry

Lending to the shipping industry is facing stormy waters amid a difficult global backdrop.

Dubai Duty Free Gets $1.75bn Loan

The Dubai airport retailer will use funds from the international credit facility to finance on-going expansion.

KSA Investors Move Quickly

Analysts are not revising share price forecasts following a surge in banking shares after mortgage law approval.

Qatar Banks Should Issue More Bonds

Slowing deposit growth means Qatari banks need other sources to avoid funding issues.

Emirates Islamic Bank Prices Sukuk

The $500 million Sukuk, EIB’s second issue this year, is priced at par and is due to mature in January 2018.

Gulf Deposits In Jersey Hit $33bn

The Gulf States account for 14 per cent of the total deposits in the island, according to official data.

UAE Bank Deposits Drop In May

Total deposits in the country decreased by 1.2 per cent during the month to close at Dhs1.1 trillion.

Exclusive Interview: Abdul Aziz Al Ghurair, Mashreq CEO

Abdul Aziz Al Ghurair is the man behind Mashreq, the UAE’s largest privately owned bank. In a rare interview he opens up to Alicia Buller on the greed culture that engulfed the UAE’s
banks and lurched the industry into crisis.