The lender made a net profit of OMR14.1 million in the three months to Sept. 30.
Dubai’s bourse dropped 1.2 per cent as most stocks pulled back while heavyweights such as Emaar Properties and Arabtec Holding fell slightly.
The lender said that its board had decided against issuing the convertible “due to uncertainty regarding its eligibility as an additional Tier 1 instrument”.
The official said that the fall in oil prices will not deeply impact UAE’s GDP growth since the country is economically diversified with oil accounting for less than 30 per cent of the GDP.
The lender said it made SAR461.8 million ($123.1 million) in the three months to September 30 compared with SAR433.3 million in the corresponding quarter of 2013.
The company made OMR5.3 million ($13.8 million) in the three months to Sept. 30, compared with OMR4.5 million in the corresponding period of last year.
The cement producer made a net profit after tax of OMR2.3 million ($6.0 million) in the three months to Sept. 30, compared with OMR3.8 million in the corresponding period of 2013.
The bank said it made SAR926 million ($246.9 million) in the three months ending September 30, compared with SAR685 million in the same period a year earlier.
The bond will have a ten-year lifespan, with an option for the issuer to redeem it after the fifth year, and will be priced at 2.25 per cent over the central bank of Kuwait’s discount rate.
The nine-member external advisory group includes industry bodies such as the Bahrain-based Accounting and Auditing Organisation for Islamic Financial Institutions.
The projected federal spending of Dhs49.1 billion is up from Dhs46 billion in the original budget for 2014.
The contract, secured by Agility Defense and Government Services, will run from October 2014 to April 2016, the company said in a statement.
In a statement, the bank said its net profit for the first nine months of 2014 was 8 billion riyals.
Markets fell globally after a raft of weak indicators from Europe and China collided with concerns about the U.S. Federal Reserve’s plans to reduce monetary stimulus.
Dubai plunged 6.7 per cent, Abu Dhabi slid 2.1 per cent and Qatar dropped 2.7 per cent.
Almarai made a profit of SAR539.4 million ($143.8 million) in the three months to Sept. 30, up from SAR475.6 million in the year-earlier period
The IMF has flagged Europe as the top concern, a sentiment echoed by many policymakers, economists and investors gathered in Washington for the Fund’s fall meetings.
Markets across the region fell on Wednesday as global equities came under pressure from worries about economic growth.
In 2015, growth in the region is expected to accelerate to 3.9 per cent – but that is 0.9 percentage point slower than the IMF’s July forecast.
The developer reported a net profit of Dhs2.6 billion, aided by strong growth in its retail and leasing businesses.
The investment is expected to help Amak, a firm specialising in providing petroleum services, to fund its growth plans.
Libstar operates across South Africa through manufacturing, supply and distribution and employs about 4,200 people.
The bourse plans to launch a novel equity-based murabaha financing tool and Islamic real estate investment trusts.
The central bank appointed five members to its sharia board, which will have direct oversight of Islamic banking institutions.
Shares in Emaar, the market’s second most heavily traded stock on Tuesday, jumped 3.1 per cent to Dhs11.50.
The Mirfa IWPP was financed through a mix of bank debt and equity from the shareholders, a statement from ADWEA said.
The firm announced it had completed the acquisition of 100 per cent of London-based Pioneer Trader Ltd.
Shares in Emaar rose 1.4 per cent to Dhs11.35 and were the main support for Dubai’s index, which added 0.4 per cent.
UAE firms saw output growth accelerate to a three-month high of 63.2 points in September from 62.2 points in August but new orders growth dropped to 64.0 points.
The SABB HSBC Saudi Arabia Purchasing Managers’ Index climbed to a seasonally adjusted 61.8 points in September, its highest level since June 2011.