Saudi’s SAFCO Q3 Net Profit Rises 24% As Sales Increase

The company, a unit of Saudi Basic Industries Corp (SABIC), said it made a profit of SAR913 million ($243.5 million) in the third quarter, up from SAR734 million in the year-earlier period.

Dubai’s Marka Partners With Chef Heinz Beck To Launch New Restaurant

The restaurant is among the first of five food and beverage outlets that Marka is planning to open by next year.

Kuwait’s Gulf Bank Q3 Net Profit Gains 11.2%, Beats Estimates

The bank made a net profit for the three months to the end of September of KD10.9 million ($37.8 million), compared to KD9.8 million in the year-earlier period.

Dubai Gold And Commodities Exchange Says CEO To Step Down

Gary Anderson is stepping down due to ill health and will be temporarily replaced with COO Gaurang Desai.

Dubai Judge Approves Liquidation Of Local Espirito Santo Unit

Portugal’s largest listed lender, Banco Espirito Santo, was rescued by the state in August.

Kuwait’s Burgan Bank Plans KD21.6m Rights Issue

Burgan said it plans to issue 216 million new shares and that the rights issue will raise its paid-up capital to KD197.18 million.

Stock News: Dubai Jumps After Global Markets Rebound; Arabtec Surges

Middle East bourses tumbled last week, with Dubai taking the biggest hit and losing 13.6 per cent.

Saudi’s Al Khodari Q3 Net Profit Rises 23.1%

The firm attributed the rise to a 5.6 per cent rise in revenue and a reduction in costs and marketing expenditure.

Dubai’s Atlantis Resort Signs Increased $1.1bn Loan Deal

Atlantis refinanced an $880 million loan to take advantage of favourable market conditions, ICD confirmed.

Saudi British Bank Q3 Net Profit Rises 25.2%

The bank attributed the rise in quarterly profit to higher operating income, which increased 12.1 per cent.

Kuwait Petroleum Subsidiary Launches $1bn Loan

Kuwait Foreign Petroleum Exploration Company (Kufpec) was last in the market in June 2013 when it sealed a five-year $750 million deal.

Stock News: Saudi Index Tumbles 5%, Dubai Drops 4.7%

The Saudi index sank to 9,407 points, its lowest level since mid-April.

Dubai Duty Free Named World’s Largest Airport Retailer

Dubai’s airport retailer accounted for 5.19 per cent of global airport duty free business and almost three per cent of the wider duty free and global travel retail business.

Stock News: Markets Extend Pull-Back Amid Global Gloom

Dubai’s index fell 2.7 per cent to 4,370 points as a broad sell-off continued.

Kuwait Moves Toward Cutting Diesel, Kerosene Subsidies In Key Reform

The cabinet “accepted” a report by a committee at the Ministry of Electricity and Water on hiking prices of diesel and kerosene more than threefold, state news agency KUNA reported.

Al Rajhi Bank Posts Fifth Straight Quarterly Profit Drop

The bank said it made SAR1.66 billion ($442.6 million) in the three months ending September 30, compared with SAR1.71 billion in the same period a year earlier.

National Bank Of Kuwait Q3 Net Profit Falls 16%

The decline in third-quarter net profit came despite the bank posting a 7.8 per cent increase in its operating revenue.

UAE Lender First Gulf Bank Sells 45% Stake In Brokerage

FGB, majority-owned by Abu Dhabi’s ruling family, signed an agreement with Integrated Financial Group.

Blackstone, Gulf Investors Buy Stake In UAE’s GEMS Education

Under the transaction, GEMS will be split into two entities, with the investing group buying a stake in the part of the business focussed on MENA and Asia.

UAE’s Amanat To Invest In Six Firms Post IPO

The company is looking to invest in the GCC’s healthcare and education sector, with a focus on the UAE and Saudi markets.

Flydubai Hires Seven Banks For Debut Sukuk – Sources

In February, a Flydubai official said that the firm is looking to raise funds through a bond issue and was considering a sukuk option.

Bahrain To Invest $22bn In Infrastructure Projects

The projects include the upgrade to the country’s international airport, various tourism developments and the expansion of the aluminium smelter at state-owned firm Alba.

UAE’s Amanat Holdings Dubai Share Sale To Open Oct. 20

The offer period for the flotation, in which shares will be priced at Dhs1 each, will run until November 4, the company said in a statement.

Stock News: UAE Markets Rebound, Qatar Weakens

Dubai’s index added 1.2 per cent in a broad rally while Abu Dhabi edged up 0.2 per cent.

Oman’s Bank Dhofar Q3 Net Profit Rises 18%, Misses Estimates

The bank made a net profit of OMR9.8 million ($25.5 million) in the three months to Sept. 30, up from OMR8.3 million in the same period of 2013.

Bank Muscat Q3 Net Profit Rises 2.5%, Misses Estimates

The bank made a quarterly profit of OMR40.39 million ($104.9 million) in the three months to September 30, it said in a statement to the Muscat bourse.

HSBC Bank Oman Q3 Net Profit Rises 9%

The lender made a net profit of OMR3.8 million ($9.87 million) in the three months to September 30, compared with OMR3.5 million in the same period of 2013.

Kuwait Keeps Wide Discount To Saudi Oil In Market Share Battle

Kuwaiti crude for November was priced at a discount of 50 cents per barrel to Saudi Arab Medium, unchanged from a month ago and the widest in 10 years.

Al Noor Hospitals To Spend Up To $200m On Acquisitions In 2015

Al Noor has made three acquisitions in the UAE this year, including a cancer centre, and hopes to add further buys in the coming year, vice-chairman Kassem Alom said.

Saudi’s Riyad Bank Meets Expectations With 7.8% Q3 Net Profit Gain

The bank said it made SAR1.08 billion ($280 million) in the three months ending September 30, compared with SAR998 million in the same period of 2013, according to a bourse filing.