Barclays, hit by the Libor scandal in Britain, will leave the IBOR panel after around 90 days.
Saudi Basic Industries Corp saw its quarterly profit drop due to lower prices and production.
Oman’s lender makes $50.6 million profit for the first half of the year, a huge rise from the same period last year.
The Kingdom plans to allow foreign firms to list on its stock exchange within a year, an official has said.
Zain’s share hold in the Saudi operator could rise to above 50 per cent forcing the Kuwaiti firm to consolidate losses.
The bank made a Q2 net profit of $26.8 million, up on analysts’ expectations and last year’s results.
The US-based bank saw overall net income fall to $2.94 billion in the second quarter of the year.
Oman’s largest lender has offered new shares to existing holders at a discounted price to raise over $250 million.
The Saudi-based property developer said that Sukuk account holders will receive the funds on Monday.
The Oman lender made net profit of $90.9 million in the second quarter, above analysts’ estimations.
The new rule, introduced by the central bank, will begin next year and extend until the end of 2014.
Foreign direct investments into the Middle East dropped 16 per cent to $49 billion in 2011, says UN report.
The bank has withdrawn from the interbank panel following the Libor scandal in the United Kingdom.
The Gulf-state priced five and 10-year tranches at $2 billion each, attracting an order book of over $24 billion.
The bank dropped almost 35 million riyals in the second quarter in comparison to the same period last year.
The Dubai Islamic Bank-owned mortgage lender posted its second straight quarterly profit fall.
Booming revenues from liquefied natural gas will assist the country’s infrastructure revamp.
RBS, Commerzbank and Standard Bank are all threatening legal action against the Dubai Group.
Abraaj Capital founder and group CEO, Arif Naqvi, tells Alicia Buller about his hopes for the private equity sector.
SWF Mumtalakat, which has shares in the airline, made a net loss of $717.68 million last year.
Lending to the shipping industry is facing stormy waters amid a difficult global backdrop.
The Dubai airport retailer will use funds from the international credit facility to finance on-going expansion.
Analysts are not revising share price forecasts following a surge in banking shares after mortgage law approval.
Slowing deposit growth means Qatari banks need other sources to avoid funding issues.
The $500 million Sukuk, EIB’s second issue this year, is priced at par and is due to mature in January 2018.
The Gulf States account for 14 per cent of the total deposits in the island, according to official data.
Total deposits in the country decreased by 1.2 per cent during the month to close at Dhs1.1 trillion.
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.