Banking

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SME Banking

Dominance of bank stocks in GCC may wane
While banking sector stocks continue to dominate the ranks of listed companies in the Gulf, their reign could end as a more diverse universe of listings emerges, according to a study by international rating agency Moody's Investors Service. Banks comprise only 13% of listed companies in the GCC but about one-third of market capitalisation, partly due to their role in recycling a considerable portion of the GCC's oil wealth and liquidity. The study said the dominance of the sector in the regional stock markets could decline in the future as a growing number of more diverse companies are obtaining stock market listings, reported Gulf News.
Tuesday, March 18 - 2008 at 10:27

Gulf Capital ties up with Credit Suisse
Abu-Dhabi based private equity firm Gulf Capital has signed a strategic alliance with Credit Suisse's alternative asset management arm, reported Gulf News. Under the agreement, the Swiss bank will commit an unspecified, yet significant, amount of investment capital to the alliance, and Gulf Capital will have access to Credit Suisse's research resources.
United Arab Emirates: Tuesday, March 18 - 2008 at 06:50

IBQ profit goes 56% up
The International Bank of Qatar announced its net profit has increased to QR234m, a 56% growth over 2006. Non-interest income jumped from QR35.7m to QR71.5m, a 100% increase. Growth was attributed to 74% increase in the loan book to QR6.5bn, while customer deposits hiked by 42%.
Qatar: Monday, March 17 - 2008 at 10:26

IAS invests $1.6bn in African state
Qatari investment company IAS International will spend $1.6bn on development projects in the Central African Republic, according to a Bloomberg report. Projects will include the Cite Lumiere, a tax-free cluster of homes, offices and a hotel. Previously it has invested in gold and diamond mining, oil and gas exploration and water plants in the country.
Qatar: Monday, March 17 - 2008 at 08:28

ABC Islamic arranges for Munshaat
ABC Islamic Bank had successfully closed the senior phase of the $100m, 3-year syndicated revolving Murabaha financing facility for Kuwait's Munshaat Real Estate Projects Company. The funds will be used to finance development of prime properties in the Holy Haram area in Makkah and Madinah in Saudi Arabia.
Kuwait: Sunday, March 16 - 2008 at 15:13

Emirates NBD on Uzbek bank tie up
Emirates NBD has signed a Memorandum of Understanding with the National Bank for Foreign Economic Activity of the Republic of Uzbekistan. The agreement seeks to explore the potential for cooperation in the field of trade finance.
United Arab Emirates: Sunday, March 16 - 2008 at 14:31

Bahrain gets new look money
The Central Bank of Bahrain will release the first batch of its new look currency on Monday. The Bank has BD300m worth of new notes, the Bahrain Tribune reports, all with improved security features within them. Bahrain retains its current denominations and no changes will be made to the coinage. No withdrawal date has been given for the outgoing notes.
Bahrain: Sunday, March 16 - 2008 at 07:30

Emirates NBD on $150m Moscow loan
Emirates NBD announced it arranged $150m syndicated term loan facility for Bank of Moscow, together with ABN AMRO Bank, Deutsche Bank AG, London Branch and Raiffeisen Zentralbank Österreich AG. Launched on 11th March 2008, syndication of the facility will focus on investors from Middle East and Asia.
United Arab Emirates: Saturday, March 15 - 2008 at 16:07

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