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Lebanon gearing for Syria’s post-war boom

Posted by on 17/08/2017
Filed under Business

Lebanon gearing for Syria’s post-war boom

Lebanon gearing for Syria’s post-war boom

British safety managers training local hires for windfall TRIPOLI, Lebanon: The port of Tripoli in northern Lebanon wants the world to know it’s ready for business. British safety managers are training local hires to operate heavy machinery and Chinese technicians are running diagnostics on two new container cranes that tower over the harbor, just 28 […]

Bruised but coping, Qatar economy remains strong

Posted by on 16/08/2017
Filed under Business, Middle East, Top Stories, World

Bruised but coping, Qatar economy remains strong

Bruised but coping, Qatar economy remains strong

DOHA/ZURICH: Qatar’s sovereign wealth fund, with around $300 billion to its name, is shrugging off the country’s diplomatic crisis with its neighbors and planning to expand its holdings. Its chief executive was quoted yesterday as saying there were no plans to liquidate foreign assets-as some investors had speculated-and that the fund would soon announce big […]

India cracks down on shell companies; 200,000 shut

Posted by on 16/08/2017
Filed under Business, Subcontinent, World

India cracks down on shell companies; 200,000 shut

India cracks down on shell companies; 200,000 shut

Hundreds of shell firms located in Kolkata NEW DELHI/KOLKATA: When India’s Prime Minister Narendra Modi banned high-denomination currency bills in a surprise move late last year, authorities noticed a surge in shell companies depositing cash in banks, seemingly in a bid to hide who owned that wealth. The moment, said a top aide to Modi, […]

Al-Mazaya Holding among top 10 listed firms for corp governance

Posted by on 16/08/2017
Filed under Business

Al-Mazaya Holding among top 10 listed firms for corp governance

Al-Mazaya Holding among top 10 listed firms for corp governance

Among fastest in submitting disclosure reports: CMA KUWAIT: Al-Mazaya Holding has been ranked among the top 10 out of 233 listed companies in Kuwait for the second consecutive year that boast the most robust and transparent corporate governance system for 2017. This comes in a report released by the Kuwait’s Capital Markets Authority (CMA), where […]

Warba Bank, Mohamed Naser Al-Sayer & Sons sign the biggest Toyota deal

Posted by on 15/08/2017
Filed under Business

Warba Bank, Mohamed Naser Al-Sayer & Sons sign the biggest Toyota deal

Warba Bank, Mohamed Naser Al-Sayer & Sons sign the biggest Toyota deal

Successful partnership exceeds expectations KUWAIT: Warba Bank, the best bank in financial services for corporate and investment banking services in Kuwait, revealed fruitful cooperation with Mohamed Naser Al-Sayer & Sons EST CO.W.L.L., the exclusive agent of Toyota in Kuwait following the signature of the biggest deal of its kind since the Bank entry into the […]

Zain, Ooredoo, and VIVA launch first local VoLTE interconnection in MENA

Posted by on 14/08/2017
Filed under Business

Zain, Ooredoo, and VIVA launch first local VoLTE interconnection in MENA

Zain, Ooredoo, and VIVA launch first local VoLTE interconnection in MENA

A better connected Kuwait KUWAIT: Zain, Ooredoo, and VIVA, Kuwait’s leading telecom operators, jointly announced the launch of the first local Voice Over LTE (VoLTE) interconnection in the Middle East and North Africa region. The service is now commercially available between the three operators’ networks. This collaboration will offer a seamless and direct local VoLTE-to-VoLTE […]

NREC announces H1 2017 earnings

Posted by on 14/08/2017
Filed under Business

NREC announces H1 2017 earnings

NREC announces H1 2017 earnings

Operating revenue KD9.6m; Net profit KD7.5m KUWAIT: National Real Estate Company (NREC), a leading regional developer with $2 billion in projects under development in the UAE, Egypt and other markets, yesterday released its financial results for the first half of 2017. H1 2017 Financial Highlights (YoY) * Operating Revenue: KD9.6 million, down 35.7% * EBITDA: […]

Saudi budget deficit halved in H1 2017

Posted by on 13/08/2017
Filed under Business

Saudi budget deficit halved in H1 2017

Saudi budget deficit halved in H1 2017

RIYADH: Saudi Arabia’s budget deficit halved in the first six months of this year, the finance ministry said yesterday, following sweeping spending cuts and a stabilization in oil prices. The ultra-conservative kingdom has moved to diversify its traditionally oil-dependent economy following a sharp fall in crude prices. The budget deficit dropped by 51 percent to […]

Ahli United Bank appoints Tareq Muhmood as Senior Deputy CEO

Posted by on 13/08/2017
Filed under Business

Ahli United Bank appoints Tareq Muhmood as Senior Deputy CEO

Ahli United Bank appoints Tareq Muhmood as Senior Deputy CEO

KUWAIT: Ahli United Bank (AUB) has announced the appointment of Tareq Muhmood in the position of Senior Deputy CEO – Banking Group. The role covers Corporate Banking, Treasury, Retail Banking, and Private Banking and Wealth Management. Muhmood will report direct to the Chief Executive Officer. With a Bachelor of Science degree in Management Science from […]

Kuwait Insurance Company records KD 6.5 million net profit for H1 2017

Posted by on 12/08/2017
Filed under Business

Kuwait Insurance Company records KD 6.5 million net profit for H1 2017

Kuwait Insurance Company records KD 6.5 million net profit for H1 2017

KUWAIT: Kuwait Insurance Company S.A.K. announced its financial results for the first half ending 30 June 2017. The results reported a net profit of KD 6.5 million for the first half of 2017, compared to a loss of (KD1.026 million) for the same period last year, showing an increase of 735 percent, with Earning Per […]

Venezuela’s worst economic crisis: What went wrong?

Posted by on 12/08/2017
Filed under Business

Venezuela’s worst economic crisis: What went wrong?

Venezuela’s worst economic crisis: What went wrong?

Venezuela, the country that sits on world’s largest oil reserves in the world, is going through the worst economic crisis in its history. It is on the verge of a collapse as its economy and political situation have deteriorated. Shortages of basic goods, from food to medicine all incredibly scarce all around the country as […]

Zain to sell treasury shares to Omantel – Deal valued at KD 255.4m

Posted by on 10/08/2017
Filed under Business, Kuwait, Other News

Zain to sell treasury shares to Omantel – Deal valued at KD 255.4m

Zain to sell treasury shares to Omantel – Deal valued at KD 255.4m

KUWAIT: Mobile Telecommunications Company (Zain), a leading telecom pioneer in eight markets across the Middle East and Africa, announced yesterday that it has entered into a definitive agreement to sell its entire block of treasury shares, representing 9.84 percent of Zain’s fully paid in and issued share capital, to Oman Telecommunications Company (Omantel). Under the […]

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