The tiny Gulf state will take on Abu Dhabi and Dubai as it looks to become the region’s financial powerhouse.
Net profit for the first half of the year was 18.77 million rials compared with 19.92 million rials in the prior year period.
Air Arabia is the top trader on the UAE bourse after jumping 8.3 per cent to reach its highest levels since October 2008.
Mumtalakat made a net loss of 181.7 million dinars versus a net loss of 270.6 million a year earlier.
The UAE’s financial sector is poised for expansion in the second half of 2013 but hiring depends largely on winning new projects.
Net profit for the three months to June 30 was 339 million riyals versus a profit of 348.9 million riyals in the second quarter of 2012.
The new entity would have total assets worth 4.13 billion rials and a market capitalisation of around $1.76 billion.
The sharp increase in first-half trading stems from a rise in currency volumes.
In April last year, the central bank set limits for how much commercial banks could lend to state-linked borrowers, in an effort to reduce risks.
The UAE’s financial ties to Turkey have expanded in recent years as banks look to diversify out of the region’s oil-focused economy.
Oman’s biggest lender by market value reported a net profit of 63.1 million rials in the first half of 2013, down from the prior-year period.
The drop from 6.5 per cent a year earlier reflects a fall in Saudi crude oil output over the year.
DeVere Group CEO believes that the acquisition of Acuma, a UAE-based wealth management firm, will help further their presence in the Gulf market.
The Dubai lender’s retail arm made a net profit of Dhs240 million last year.
ADIA has investments of about $400-$500 million in India which includes a $50 million investment in Red Fort Capital, a real estate private equity fund.
How have Egypt’s markets reacted to the second presidential ousting in as many years?
Gulf Finance House is banking on a revamped business model to revive its fortunes.
The purchase price was equivalent to a 5.6 per cent discount to Tuesday’s closing share price of Dhs5.15.
Loans and advances during the second quarter rose 26.3 per cent to QAR296 billion.
The agreement will reportedly cut EBX’s debt with Mubadala by more than 25 per cent to between $1.6 billion and $1.7 billion.
Political instability in Egypt and other countries in the Middle East have dampened investor confidence resulting in low offering values.
Ali al-Emadi, QNB’s previous CEO, became Qatar’s new finance minister following a cabinet reshuffle in June.
The UAE will make a $1 billion grant to Egypt and a $2 billion loan.
The move is in preparation for its complete acquisition by Dubai Islamic Bank
As political uncertainty rises in the Middle East, PE firms are increasingly considering SMEs as a viable investment option.
The UAE pledged $3 billion in aid for Egypt in 2011 that has yet to be delivered.
Emadi was appointed finance minister only recently following a cabinet reshuffle after the ascension of Sheikh Tamim bin Hamad al-Thani as Emir of Qatar.
Emirate’s creditors breathe a sigh of relief as Dubai government’s assets fetch good price.
According to a report from Mergermarket, the region saw its highest half-year value in M&A deals since 2010.
The two sectors together account for over half of the Saudi market’s capitalisation.