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  • Infograph: IMF forecasts for MENA economies

    June 11, 2015 12:26 PM 32

    Dubai – Mubasher: GCC countries’ combined budget surplus for 2014 of $76 billion (4.5% of GDP) are expected to turn into deficit of $113 billion (8 % of GDP), said the International Monetary Fund. In its ‘Regional Economic Outlook’ Update issued Tuesday, the fund said that, in the oil-importing countries, growth is expected to strengthen from 3 % in 2014 to 4 % in 2015, supported

  • $1bn deal sealed

    June 10, 2015 1:03 PM 37

    TEHRAN: Russia's Tatneft and Iran have signed a $1 billion preliminary deal to develop the Zagheh oilfield, state TV reported yesterday, deepening Moscow's business links with Iran despite US calls for further sanctions over Iran's nuclear programme. The Zagheh oilfield, outside Deilam town in south Iran, contains an estimated three billion barrels of heavy

  • Saudi sovereign borrowing to spur corporate sukuk – Fitch

    June 9, 2015 11:16 AM 26

    Riyadh-Mubasher: A return to debt issuance by the Saudi government could encourage growth in the kingdom’s corporate sukuk market, Fitch Ratings said in a report. The agency added that the upcoming regulatory reform could also make sukuk more attractive for a corporate sector that has traditionally relied heavily on bank lending. The recent decline in oil prices

  • GCC market value down 2% in May on profit-taking – Report

    June 9, 2015 9:34 AM 27

    UAE – Mubasher: Gulf markets concluded May at a significant decline across most market owing to profit-taking, said a report by Global Investment House showed, adding that there were no positive catalysts in the markets on the backdrop of oil price fluctuations and instability in Yemen. The Dubai Financial Market (DFM) was the biggest loser, sliding

  • UAE bank sells partial stake in Bahrain’s Khaleeji Bank

    June 8, 2015 12:58 PM 30

    Emirates Islamic Bank sold more than 987,670 shares of its stake in Khaleeji Commercial Bank through eight transactions on Monday, with a total value of about BHD 66,880, according to a statement issued on Bahrain Bourse. It is noteworthy that Emirates Bank owns about 8.908% or 89,007,747 shares of Khaleeji’s stake. The Bahraini bank executed several

  • S&P reaffirms Al Baraka Banking Group's rating

    June 7, 2015 1:00 PM 31

    Standard & Poors' (S&P) reaffirmed Al Baraka Banking Group (ABG) at BB+ (long term) and B (Short term), upgrading the Outlook to Stable, according to a statement issued by ABG. The world premier rating agency commented that ABG's business position is considered strong, reflecting superior geographic diversification in earnings compared with its peers

  • QIB unveils new issue of Hemaya investment product

    June 7, 2015 12:30 PM 27

    ‘Masaref’ is QIB's answer to investors who are seeking a safe haven and potentially higher rates of return for their capital. It is a three-year Shari’ah-compliant investment that offers invested capital protection at maturity, and the potential to extract positive returns from the performance of a reference equity 'basket' composed of five regional

  • Bahrain’s Alba expands in US

    June 7, 2015 7:52 AM 33

    Aluminium Bahrain (Alba) announced today the launching of its new regional sales office in Atlanta, United States. The recently appointed sales manager at Alba Americas, Zac Jungers, will oversee the growth and development of this key market and, along with his team, will help in expanding the footprint of Alba’s product portfolio within US, according

  • Bahraini stock up 0.36% on 3-sector rise

    June 4, 2015 12:54 PM 34

    The benchmark index of Bahrain Bourse (BHB) gained 0.36% or 4.86 points to settle at 1,367.06 points on Thursday, backed by banks sector. Today’s trading value increased to about BHD 385,110 from nearly 371,520, as trading volume fell to 2.345 million shares from 4.463 million shares. Commercial banks sector was the gainer by 0.67%, based on the 4.67% rise of National

  • S&P revises Al Baraka Group outlook to ‘Stable’, affirms ratings

    June 4, 2015 12:44 PM 33

    Manama – Mubasher: Standard and Poor’s said, in a report issued Thursday it revised the outlook for Bahrain’s Al Baraka Banking Group B.S.C. to ‘Stable’ from ‘Negative’, affirming the 'BB+' long-term and 'B' short-term counterparty credit ratings on the bank. The global ratings agency also said it expects Al Baraka Banking Group capitalization to improve