Finance and Economy

Related Content

Business and Finance (video)

Amlak expects surge in mortgage finance in Egypt
Dubai-based lender Amlak expects to nearly triple its mortgage finance portfolio in Egypt by the end of 2009, Reuters has reported. Ahmed Haggag, chief executive of Amlak in Egypt, said Amlak started lending in Egypt in November 2007 to diversify from its home market and now has a portfolio of about 380 million Egyptian pounds. He said he expects that figure to grow to 1 billion pounds by the end of 2009 due to the huge demand for housing in Egypt.
Egypt: Tuesday, October 21 - 2008 at 13:01

Private equity investors get boost from slowdown
Karim El Solh, CEO of Gulf Capital, said companies in the UAE are increasingly tapping private equity investors for money due to freezes in credit and equity and markets, reported Bloomberg. El Solh said his company is 'an alternative to bank financing and public markets' and is providing capital for many companies that need to 'keep on fundraising to keep their growth rates'. Private equity investors in the Middle East manage more than $25bn, private equity investor Abraaj Capital said in Dubai last week.
United Arab Emirates: Tuesday, October 21 - 2008 at 12:42

Waha's net profit up 34%
Waha Capital, the Abu Dhabi-based diversified investment holding company, has reported a net profit of Dhs40m ($10.8m) for the third quarter of 2008, an increase of 34% over the corresponding period last year. Net profits for the nine months ending September 30, 2008 reached Dhs107.1m from Dhs91m in 2007, an increase of 17.7%. The company's revenues for the same period reached Dhs401.6m in 2008, an increase of 23.7% compared to last year.
United Arab Emirates: Tuesday, October 21 - 2008 at 08:01

Gulf growth to slow, says IMF
A new report by the International Monetary Fund predicts that economic growth for the Gulf will slip to 6.6% in 2009 from its forecast of 7.1% in 2008, reported Gulf News. The report said the global economic slowdown combined with falling oil prices will be the main factors that ease the Gulf's economic growth. According to the IMF, despite slowing growth and the credit squeeze, the Gulf's economies and financial systems are not facing systemic risks.
Middle East: Tuesday, October 21 - 2008 at 07:57

French Minister in GCC tour
The French Minister of Foreign Trade, Anne-Marie Idrac, is currently undertaking a tour of Gulf countries, including a visit to the Gitex exhibition in Dubai. The Minister will travel to Saudi Arabia, Qatar, the UAE and Oman and will be accompanied by a delegation of rench comapnies.
Middle East: Monday, October 20 - 2008 at 14:31

Amlak and Tamweel working closely with government
Amlak and Tamweel, UAE-based mortgage lenders, are seeking access to liquidity and funding alternatives through the government to support their merging plans, Gulf News reports. The companies have already started negotiations with the Investment Corporation of Dubai and other key stakeholders who are supporting the company's plans to merge.
Monday, October 20 - 2008 at 11:09

Don't sideline Mideast reforms, G8 told
Regional political and social reform could suffer if support from the G8 industrialised nations weakens, experts at the Forum for the Future warned yesterday. They said that the G8 had not provided enough support for previous initiatives. Sheikh Abdulaziz al Khalifa, representing Bahrain, said the G8 should not 'sideline' the needs of the Middle East and North Africa region as the global financial crises deepens.
Middle East: Sunday, October 19 - 2008 at 10:04

TASI falls 5.23%
The Saudi stock market on Saturday dropped 5.23% or 359.21 points to close on 6,503.94, led by Saudi Basic Industries Corp (SABIC), which posted its first decline in quarterly net profit in more than two years on a slowdown in sales growth. SABIC shares led losers among blue-chip stocks, shedding 9.95% to SR95.
Saudi Arabia: Sunday, October 19 - 2008 at 10:00