UAE Car Dealer To Invest Dhs900m

Al Nabooda, the distributor of Porsche, Audi and Volkswagen in Dubai, plans major investment push.

Qatar Plans $4bn Sukuk

The Gulf state is reportedly setting up two companies through an official decree to issue the Islamic bonds.

Indian Remittance Tax Unclear

UAE exchanges say there is still no clarity regarding the Indian government’s proposed service tax on remittances.

GCC IPOs Pick Up In Q2 2012

Four IPOs, valued at over $1.1 billion were issued in the GCC during the second quarter of 2012.

Bahrain Bank Merger Gets Nod

Shareholders of Capital Management House, Capivest and Elaf Bank approve the three-way merger.

UAE Firms May Go On Credit Card Strike

Restaurants and shops consider rejecting premium credit cards as Network International hikes fees.

Tycoon Nears Deal for Drydocks’ Stake

A firm linked to billionaire Robert Kuok is set to take a stake in Drydock’s Southeast Asia operations, say sources.

Former Alkhair CEO Found Guilty

Majid Al-Refai will serve four years in jail for a number of crimes during his tenure as CEO of Bank Alkhair.

Bahrain Eyes 10 Year Bond

The Arab state will need to attract conventional rather than Islamic investors due to the lack of sukuk.

ADIA Values Emerging Equities

Abu Dhabi’s sovereign wealth fund expects emerging market stocks to outperform in the long-term.

Bank Muscat Plans $251m Stake Sale

The Omani bank plans to use the proceeds from the sale to fund credit expansion and its foray into Islamic finance.

UAE Mall Developer Picks Banks

Majid Al Futtaim has begun choosing banks to arrange investor meetings ahead of a second bond issue.

Dubai’s Daman Sells 22.7% Stake

The investment company, which plans to launch an IPO, raised Dhs100 million from the sale.

JAFZA Repays $2.04bn Sukuk

The free zone has repaid the Islamic loan five months early and consequently received a rating upgrade from Fitch.

Gulf Seen Muted After MSCI Move

The UAE and Qatar have not been upgraded to emerging markets status by index compiler MSCI.

KSA IPOs Strong Despite Outlook

Although the stock market is down 14 per cent from this year’s high, investors are positive on earnings.

Gulf Banks Eye European Rivals

Regional banks are on the prowl to snap up Middle Eastern arms of European banks looking to sell.

Kuwaiti Royal Sues UBS For $21.4m

The Suisse bank returns to court today in lawsuit over alleged failure of payment in $10.7 billion Zain deal.

UAE Not Pressured To Issue Bonds

The country has adequate financial resources to bridge its budget gap, a senior minister has said.

ENOC Unit Gets $100m Financing

The amount will be partly used to construct a fuel pipeline from Jebel Ali to the Dubai Airport.

Fitch Cuts HSBC VR Rating

The rating agency has cut the bank’s Middle Eastern arm’s rating from BBB+ to BBB, due to flat NPL ratio.

Bahrain Plans Bond Roadshows

The Gulf state is starting investor meetings this week for a planned dollar-denominated bond issue.

Dubai’s Tamweel Eyes Sukuk Issue

The Islamic mortgage lender picks ADCB, Emirates NBD and UBS for meetings on asset-backed Sukuk.

DIFC Unit Repays $1.25bn Sukuk

DIFC Investments raised money through a syndicated facility to help repay the Islamic bond.

Another False Start?

It’s unclear whether a recent surge in Islamic finance activity will lead to much-needed change.

Kuwait To Invest $150m In Asian IPO

Kuwait Investment Authority is reportedly planning to invest in Malaysia’s IHH Healthcare’s $2 billion IPO.

JAFZA Prices $650m Sukuk

The seven-year Islamic bond was launched at a profit rate of seven per cent, arranging banks said.

Vote On Bahrain’s Triple Bank Merger

Capivest, Elaf Bank and Capital Management House are in talks to form one new bank with larger assets.

New UAE Stock Ownership Rules

The market regulator has implemented new rules on stock ownership in a bid for greater transparency.

MENA Stocks Could Double By 2014

Arqaam Capital says that the regional corporate bond market will also grow substantially by 2014.