DUBAI: UAE handset retailer Axiom Telecom said on Sunday it expects to debut on Nasdaq Dubai in early December with a market value of up to $1 billion after selling up to a third of its shares to institutional investors.
In what would be the (...)
DUBAI: Dubai-based Emirates NBD said its third-quarter net profit more than halved, undershooting analysts' forecasts, due to a spike in bad loans and a provision for its exposure to debt-laden Dubai World.
Emirates NBD, the Middle East's largest (...)
DUBAI: Private equity in the Middle East may return to its roots with small and medium-sized business investments following a regional downturn, as the sector remains cautious about its 2011 growth prospects.
Gathering in Abu Dhabi for the annual (...)
DOHA: Industries Qatar will be in focus on Thursday after its second-quarter results beat analysts' forecasts.
The Gulf's second-largest chemical producer by market value made a second-quarter net profit of 1.4 billion riyals ($384.7 (...)
DUBAI: Dubai's Mashreq, the bank owned by the billionaire Al Ghurair family, is pursuing growth in North Africa hoping to tap the business flow between that region and the United Arab Emirates, an executive said.
The lender is betting on Egypt (...)
Dubai: Emirates NBD, one of the Gulf banks most exposed to indebted Dubai World, missed analysts' forecasts as its quarterly profit more than halved due to higher bad loan provisions, sending its shares lower.
ENBD, the biggest bank by assets in (...)
DUBAI: The UAE's first IPO of 2010, scheduled for June by lead manager Shuaa Capital, will not take place before the fourth quarter due to the weak market, a banking executive familiar with the matter said.
Shuaa said in May it was lead manager (...)
DUBAI: State conglomerate Dubai World has invited holders of $14.4 billion of its troubled debt to their first full-scale meeting since December last year to sell them a restructuring deal.
Under the deal, already agreed by main lenders, banks (...)
DUBAI: Dubai Holding's main unit will not be repaying a loan that was due on Thursday, saying lenders have agreed to extend the $555 million credit, in the latest blow to investors in Dubai's troubled debt program.
Lossmaking Dubai Holding (...)
DUBAI: Mergers and acquisitions (M&A) activity in the Middle East fell sharply in the second quarter, underlining the difficult environment investment banks face in the region, data from Thomson Reuters showed.
M&A volumes slumped 70 percent in (...)
DUBAI: Dubai-based investment bank Shuaa Capital named Walid Shihabi, a former head of research at the firm, as the brokerage division's new chief executive.
Shihabi succeeds Mohammed Ali Yasin, whose resignation last week has knocked 7 percent (...)
DUBAI: Earnings at troubled Dubai mortgage firms Amlak and Tamweel improved in the first quarter, the companies said on Tuesday, potentially clearing the way to mergers or takeovers.
Trading in Dubai's two biggest mortgage firms has been (...)
DUBAI: Most Middle East bourses traded lower on Thursday on global concerns over widening impact of the Greek debt crisis, while Abu Dhabi banks helped lift the index, after an upbeat report from Credit Suisse.
"(Gulf Arab) banks don't have any (...)
ABU DHABI: Abu Dhabi Commercial Bank on Tuesday reported a 36 percent drop in first-quarter profit, missing analyst forecasts, after booking provisions against bad loans.
The lender is one of the region's most exposed banks to indebted (...)
DUBAI: United Arab Emirates banks are likely to face the brunt of the Dubai World restructuring impact in the second quarter after the central bank told lenders they are not required to book provisions until there is more clarity.
In a circular (...)
DUBAI: Merger and acquisition activity in the Middle East is expected to recover in 2010, driven by sovereign wealth funds in Abu Dhabi and Qatar, the potential for consolidation in several industries and as companies are forced to restructure, a (...)
DUBAI: Lloyds Banking Group Plc s private banking arm expects to expand its Middle Eastern business quickly as it considers opening new branches and looks to add staff, the divisional head told Reuters on Thursday.
The Gulf Arab region, with (...)
DUBAI: Long-term prospects for the private equity sector in emerging markets remain upbeat, even as the industry expects activity to slow down further this year, research by Deloitte and Arbor Square shows.
Given the financial and regulatory (...)