http://www.zawya.com/middle-east/financial_servicesen-usCopyright 2012 Zawya Ltd. All rights reserved.Mon, 13 Feb 2012 03:29:00 GMT5014476http://www.zawya.com/middle-east/financial_serviceshttp://www.zawya.com/images/newsletter_zawya_logo.gifhttp://www.zawya.com/story.cfm/sidZAWYA20120214032939/GCC_Turkey_eye_deeper_tiesGulf hydrocarbon producers and Turkey are considering creating a $10-million company to undertake joint investment in the two regions as part of an agreement to expand commercial and investment ties.Tue, 14 Feb 2012 06:49:52 GMTEmirates 24|7 ZAWYA20120214032939Openhttp://www.zawya.com/story.cfm/sidZAWYA20120214033205/Insurance_sector_dominates_Tadawul_trading_index_rises The Tadawul All-Share Index (TASI) closed at 6,831.56 points on Monday, up 28.62 points at a growth rate of 0.42 percent over the close of the previous day. On an YTD basis TASI registered a positive return of 6.45 percent. Tue, 14 Feb 2012 06:48:28 GMTArab News ZAWYA20120214033205Openhttp://www.zawya.com/story.cfm/sidZAWYA20120214040226/BankMuscat_unveils_dynamic_Private_Banking_strategyBankMuscat, the flagship financial institution in the Sultanate, took Private Banking services to a new level unveiling a dynamic brand and business strategy and an exclusive branch at the headquarters yesterday.Tue, 14 Feb 2012 06:30:45 GMTOman Daily Observer ZAWYA20120214040226Openhttp://www.zawya.com/story.cfm/sidZAWYA20120214040309/ODB_support_for_SMEs_laudedShaikh Saad bin Mohammed al Saadi, Minister of Commerce and Industry, commended the important role played by Oman Development Bank (ODB) in supporting and financing the Small and Medium Enterprises (SMEs).Tue, 14 Feb 2012 06:29:59 GMTOman Daily Observer ZAWYA20120214040309Openhttp://www.zawya.com/story.cfm/sidZAWYA20120214040345/Pact_to_support_social_initiatives_in_Oman National Bank of Oman (NBO) one of the leading banks in Oman, in keeping with its commitment to Corporate Social Responsibility (CSR), has announced the signing of an agreement with the Ministry of Social Development, to finance various projects supervised by the ministry.Tue, 14 Feb 2012 06:29:29 GMTOman Daily Observer ZAWYA20120214040345Openhttp://www.zawya.com/story.cfm/sidZAWYA20120213103757/Shuaa_to_sack_another_31_of_its_staffShares in Dubai's Shuaa Capital are up 9.14 per cent this morning to Dh0.74 apiece after the investment bank announced narrower losses for the fourth quarter of 2011 compared with the same period of 2010, and said in a statement that it will be further reducing its headcount by more than 31 per cent in the first half of 2012.Mon, 13 Feb 2012 10:40:00 GMTEmirates 24|7 ZAWYA20120213103757Openhttp://www.zawya.com/story.cfm/sidZAWYA20120213070740/Investcorp_announces_successful_first_exit_from_Gulf_Opportunity_FundInvestcorp, the alternative investments specialist, today announced the first exit from its Gulf Opportunity Fund I. The Firm also reported its results for the six months ended December 31, 2011 (H1 FY12).Mon, 13 Feb 2012 07:57:34 GMTPress Release ZAWYA20120213070740Openhttp://www.zawya.com/story.cfm/sidZAWYA20120213071201/Shuaa_Capital_reports_2011_yearend_resultsShuaa Capital announced revenues in the fourth quarter 2011 were AED 20.1 million (FY 2010: AED 42.8 million) and the Company reported a net loss of AED 111.8 million (FY 2010: net loss AED 186.7 million).Mon, 13 Feb 2012 07:56:55 GMTPress Release ZAWYA20120213071201Openhttp://www.zawya.com/story.cfm/sidZAWYA20120213031410/Saudi_banks_2011_profits_at_5year_highSaudi Arabia's banks earned nearly SR30.9 billion in 2011 to net their highest income since 2006 as a result of a pick up in domestic credit and lower loan loss provisions, according to official data.Mon, 13 Feb 2012 07:49:45 GMTEmirates 24|7 ZAWYA20120213031410Openhttp://www.zawya.com/story.cfm/sidZAWYA20120213014902/SR10bn_Mobily_loan_deal_to_boost_data_services_revenuesEtihad Etisalat (Mobily) signed a SR10 billion loan agreement with seven local banks to boost its revenues and invest in its broadband and data services business.Mon, 13 Feb 2012 07:48:43 GMTArab News ZAWYA20120213014902Openhttp://www.zawya.com/story.cfm/sidZAWYA20120213034610/Al_Omaniya_Financial_2011_net_jumps_1694Al Omaniya Financial Services, the Sultanate's largest non-banking financial company (NBFC), declared its audited results for the year 2011 showing a Net Profit of RO 4.831 million for the year ended December 31, 2011, an increase of 16.94 per cent over the previous year.Mon, 13 Feb 2012 07:43:00 GMTOman Daily Observer ZAWYA20120213034610Openhttp://www.zawya.com/story.cfm/sidZAWYA20120213053340/BankMuscat_rolls_out_IT_recovery_solutionBankMuscat said it has achieved a unique disaster recovery capability covering all of the bank's information technology-based operations. The scale and complexity of the solution, implemented by HP, makes the BankMuscat capability the first of its kind in Oman and the region, a press release said.Mon, 13 Feb 2012 06:48:36 GMTMuscat Daily ZAWYA20120213053340Openhttp://www.zawya.com/story.cfm/sidZAWYA20120213014552/Daman_takes_initiative_to_halt_fraud_and_abuse_in_medical_insuranceDaman, the country's largest health insurer, has revealed that more than 1,000 suspected cases of fraud were examined during last year, and referred a number of cases to the criminal court of Abu Dhabi.Mon, 13 Feb 2012 06:26:11 GMTArab News ZAWYA20120213014552Openhttp://www.zawya.com/story.cfm/sidZAWYA20120213014615/TASI_falls_slightly_turnover_at_SR87bnThe Saudi stock market (Tadawul) retreated to 6,802.94 on Sunday, which was roughly where it started the day. The Tadawul All-Share Index (TASI) lost about 28 points during the day but bounced up and down to close at 6,802.94 levels, just 1.09 points down. General perception of the investors remained negative and Saudi stocks declined a little from earlier levels.Mon, 13 Feb 2012 06:25:25 GMTArab News ZAWYA20120213014615Openhttp://www.zawya.com/story.cfm/sidZAWYA20120213053508/MSM_posts_highest_gains_this_yearThe MSM30 index ended last week (February 6-9) with the highest weekly gain this year, adding 1.04 per cent to 5,622.18, with all the sectoral indices in green territory.Mon, 13 Feb 2012 06:09:51 GMTMuscat Daily ZAWYA20120213053508Openhttp://www.zawya.com/story.cfm/sidGN_12022012_130207/Middle_East_a_link_in_key_trade_corridorStandard Chartered expects the Middle East to be a key market for its transaction banking business. Karen Fawcett, global group head of transaction banking at Standard Chartered, is confident of the bank?s huge business potential in its core markets across Asia, the Middle East and Africa.Mon, 13 Feb 2012 05:36:12 GMTGulf News GN_12022012_130207Openhttp://www.zawya.com/story.cfm/sidDS13022012_dsart-163025/Banking_stock_profits_pick_up_Solideres_slackRecord profits at Lebanon?s listed banks are breathing new life into the country?s fading stock market. Profits rose 2 percent to $989 million at the five listed banks which reported full-year 2011 results, with the country?s biggest lender, Bank Audi, growing its profits by 3.7 percent to over $365 million despite the worst operating environment since 2006.Mon, 13 Feb 2012 05:26:07 GMTThe Daily Star DS13022012_dsart-163025Openhttp://www.zawya.com/story.cfm/sidZAWYA20120212142745/SME_ranking_can_be_pipeline_for_secondary_listing_market_for_small_firms_in_DubaiDubai may be looking more seriously at setting up a stock market to list small companies, as it prepares to create a pipeline of such listings.Mon, 13 Feb 2012 04:22:06 GMTZawya ZAWYA20120212142745Openhttp://www.zawya.com/story.cfm/sidZAWYA20120212111456/Gulf_Bank_reports_net_profit_KD_306_mn_in_2011Gulf Bank announced a net profit of KD 30.6 million in 2011, compared to KD 19.1 million in 2010. Earnings per share amounted to 12 fils. The Board of Directors has recommended to the General Assembly a 5% bonus shares to be distributed to the shareholders.Sun, 12 Feb 2012 11:27:25 GMTPress Release ZAWYA20120212111456Openhttp://www.zawya.com/story.cfm/sidZAWYA20120212094232/Mashreq_lends_80_million_to_Gulf_AirMashreq Bahrain and Bahrain's national carrier Gulf Air have announced the signing of a financial facility of $80 million for the airline.Sun, 12 Feb 2012 09:44:15 GMTEmirates 24|7 ZAWYA20120212094232Openhttp://www.zawya.com/story.cfm/sidZAWYA20120212040737/Emirates_Post_acquires_rest_of_Wall_Street_ExchangeEmirates Post Group Holding has acquired the remaining 40 per cent shareholding in Wall Street Exchange Centre, one of UAE's largest and oldest foreign exchange and money transfer companies.Sun, 12 Feb 2012 06:46:28 GMTKhaleej Times ZAWYA20120212040737Openhttp://www.zawya.com/story.cfm/sidZAWYA20120212042723/Saudi_Arabia_accounts_for_57_of_locally_domiciled_fundsIn terms of locally domiciled funds, Saudi Arabia accounted for 57% of the count, but 73% of assets were based on the selected data (solely indicative given its incomplete nature), the GCC Mutual Fund Industry Survey 2011 showed.Sun, 12 Feb 2012 06:41:15 GMTThe Saudi Gazette ZAWYA20120212042723Openhttp://www.zawya.com/story.cfm/sidGN_11022012_120234/Regional_markets_could_sustain_rallyThe ongoing rally on the region?s stock markets is set to continue this week, supported by surging international crude oil prices, higher volumes of trade and return of foreign investors, analysts say.Sun, 12 Feb 2012 05:06:41 GMTGulf News GN_11022012_120234Openhttp://www.zawya.com/story.cfm/sidZAWYA20120211121430/Businesses_need_to_rethink_risk_says_ACCABusinesses need to work harder to spread responsibility for risk management across the whole organisation, according to a new report from ACCA (the Association of Chartered Certified Accountants). Sat, 11 Feb 2012 12:36:07 GMTPress Release ZAWYA20120211121430Openhttp://www.zawya.com/story.cfm/sidZAWYA20120211110508/Emirates_Post_Group_acquires_remaining_40__shareholding_in_Wall_Street_Exchange_CentreEmirates Post Group Holding has acquired the remaining 40 per cent shareholding in Wall Street Exchange Centre LLC, one of UAE's largest and oldest foreign exchange and money transfer companies, operating since 1982.Sat, 11 Feb 2012 11:50:30 GMTPress Release ZAWYA20120211110508Openhttp://www.zawya.com/story.cfm/sidZAWYA20120211091841/Muscat_Finance_Company_unveils_new_identityThe Sultanate's leading financial services provider, Muscat Finance Co. Ltd (SAOG) is pleased to officially unveil a significant change to its corporate identity, as part of celebrating 25 glorious years in Oman. Sat, 11 Feb 2012 09:30:53 GMTPress Release ZAWYA20120211091841Openhttp://www.zawya.com/story.cfm/sidZAWYA20120211061056/Eurozone_risks_to_GCC_mitigated_expertThe Euro zone crisis poses clear risks to the Gulf countries but these risks had already been mitigated through various policy actions. Nonetheless, some areas of vulnerability remain - notably in the financial sector, says senior economist at the GCC States Department in the World Bank Dr Kevin Carey. Sat, 11 Feb 2012 07:49:16 GMTArab Times ZAWYA20120211061056Openhttp://www.zawya.com/story.cfm/sidZAWYA20120211033552/Saudi_public_sector_employees_block_customers_transactionsGovernment employees fail to provide proper service to the public, reported Al-Riyadh newspaper on Sunday, quoting unsatisfied customers. They claim they have nowhere to turn to with their complaints.Sat, 11 Feb 2012 07:41:37 GMTArab News ZAWYA20120211033552Openhttp://www.zawya.com/story.cfm/sidZAWYA20120211035301/Tadawul_behavior_not_matching_economic_boom_in_KSAA Saudi expert specialized in stock market has called on the Ministry of Finance and the Saudi Arabian Monetary Agency (SAMA), in addition to the local commercial banks, to restore confidence to the local stock market in light of the decline of the market value which does not meet with the firm and strong status of the Saudi economy.Sat, 11 Feb 2012 07:35:41 GMTThe Saudi Gazette ZAWYA20120211035301Openhttp://www.zawya.com/story.cfm/sidZAWYA20120211041909/Emirates_NBD_offers_Mercedes_auto_loan Emirates NBD, a leading bank in the region, and Gargash Enterprises, the authorised distributor of Mercedes-Benz in Dubai launched a special offer on auto loans for select models of Mercedes Benz vehicles, to be availed through February 2012. Sat, 11 Feb 2012 07:32:22 GMTKhaleej Times ZAWYA20120211041909Openhttp://www.zawya.com/story.cfm/sidZAWYA20120211042024/GCC_mutual_fund_assets_decline_6_to_34_billionMutual fund assets in the Gulf Cooperation Council, or GCC, shrank six per cent to $34 billion while global mutual fund assets grew 14 per cent to $25.9 trillion in the first half of 2011, results of survey show. Sat, 11 Feb 2012 07:32:03 GMTKhaleej Times ZAWYA20120211042024Openhttp://www.zawya.com/story.cfm/sidZAWYA20120210143648/Blominvest_arranges_a_loan_of_SR290m_to_build_400_housing_units_in_RiyadhBlominvest Saudi Arabia announced the closing of the private placement offering of "Blominvest - Maskan Arabia for Real Estate Development Fund" with a total of 283 million Riyals that is focused on building 400 housing units in north and north-west Riyadh in collaboration with Maskan Arabia, the project developer. Fri, 10 Feb 2012 14:44:12 GMTPress Release ZAWYA20120210143648Openhttp://www.zawya.com/story.cfm/sidpdf_100212142157/BMI_Bahrain_Commercial_Banking_Report_Jan12This is a PDF report.Fri, 10 Feb 2012 14:15:00 GMTBusiness Monitor International Limited pdf_100212142157Subscriptionhttp://www.zawya.com/story.cfm/sidZAWYA20120210104807/JD274_billion_excess_reserves_at_CBJExcess reserves at the Central Bank of Jordan (CBJ) on Thursday stood at JD2.74 billion.Fri, 10 Feb 2012 11:26:07 GMTJordan News Agency - Petra ZAWYA20120210104807Openhttp://www.zawya.com/story.cfm/sidZAWYA20120210090211/Central_Bank_of_Iraq_closes_its_weekly_acution_with_selling_68_millionsThe sales of the Central Bank of Iraq (CBI), in its auctionsfor selling and buying foreign currencies had raised in the closing of its weekly auctionson Thursday with selling US$68 millions, compared with 15 million dollars in its previoussession, and on an exchange rate of 1,166 Iraqi dinars per dollar, according to the CBI's daily bulletin. Fri, 10 Feb 2012 10:06:23 GMTAswat Aliraq ZAWYA20120210090211Openhttp://www.zawya.com/story.cfm/sidpdf_100212093237/CICR_EGYPT__INVESTORS_GUIDE_09Feb12In the market?s eye, it has been a fine start to 2012. The EGX 30 is up 26.5% year-to-date (Ytd) while the EGX 100 has gained 15.1% YoY, well-ahead of regional peers and one of the best performing benchmarks globally.Fri, 10 Feb 2012 09:25:00 GMTCI Capital Research pdf_100212093237Subscriptionhttp://www.zawya.com/story.cfm/sidGN_09022012_100253/Adia_leads_global_sovereign_wealth_fundsThe Abu Dhabi Investment Authority (Adia) topped the list of the world?s sovereign wealth funds (SWFs) with an estimated $627 billion (Dh2.303 trillion) of assets, according to the latest ranking by the US-based Sovereign Wealth Fund Institute (SWFI).Fri, 10 Feb 2012 08:40:25 GMTGulf News GN_09022012_100253Openhttp://www.zawya.com/story.cfm/sidZAWYA20120210071848/Only_38_percent_of_Saudis_own_housesThere are strong indications that commercial banks will increase their real estate financing this year. Last year, banks offered Saudi citizens housing loans amounting to more than SR6 billion, business daily Al-Eqtisadiah reported, quoting banking sources.Fri, 10 Feb 2012 07:27:10 GMTArab News ZAWYA20120210071848Openhttp://www.zawya.com/story.cfm/sidGN_09022012_100252/UAE_banks_curb_services_for_IraniansUAE banks have started applying stringent restrictions on banking services to non-resident Iranians and businesses owned by them, bankers told Gulf News.Fri, 10 Feb 2012 06:51:29 GMTGulf News GN_09022012_100252Openhttp://www.zawya.com/story.cfm/sidZAWYA20120209112230/Palestine_Exchange_Aqariya_preliminary_yearend_financial_statementsThe Palestine Exchange (PEX) received unaudited year-end preliminary financial statements from Al-Aqariya Trading Investment Company ( AQARIYA). Thu, 09 Feb 2012 12:19:37 GMTPress Release ZAWYA20120209112230Openhttp://www.zawya.com/story.cfm/sidZAWYA20120209082132/DFSA_announces_its_Chief_Executive_to_step_down_later_this_yearThe Dubai Financial Services Authority (DFSA) announces, today, that after nearly four years in the Chief Executive's role, Mr Paul M Koster has decided to step down in September 2012. Thu, 09 Feb 2012 09:03:32 GMTPress Release ZAWYA20120209082132Openhttp://www.zawya.com/story.cfm/sidZAWYA20120209030503/Which_nationality_CEOs_are_the_most_sought_after_in_UAEDo companies in the UAE truly reflect its multicultural set up? Are there some nationals who are more preferred and move up the ranks quicker than others to become CEOs?Thu, 09 Feb 2012 08:19:14 GMTEmirates 24|7 ZAWYA20120209030503Openhttp://www.zawya.com/story.cfm/sidZAWYA20120209042901/Al_Rajhi_Bank_EMV_card_delivery_comes_in_handyAL RAJHI Bank, the largest financial institution in Saudi Arabia, has completed the main phase of the Dexxis Instant Issuance deployment program for on-the-spot EMV card delivery, Gemalto, the world leader in digital security, said Tuesday.Thu, 09 Feb 2012 07:47:21 GMTThe Saudi Gazette ZAWYA20120209042901Openhttp://www.zawya.com/story.cfm/sidZAWYA20120209043228/Commercial_fraud_in_Saudi_Arabia_cost_govt_SR40b_in_2010Commercial fraud cost the government and society a massive SR40 billion in 2010. This shocking announcement was made by Dr. Nasser Bin Ibrahim Al-Tuwaim, President of the Consumer Protection Association (CPA), in a symposium at the Middle East Strategic Studies Center earlier this week.Thu, 09 Feb 2012 07:43:33 GMTThe Saudi Gazette ZAWYA20120209043228Openhttp://www.zawya.com/story.cfm/sidZAWYA20120209043443/Saudi_Credit_bank_gives_SR4b_in_loans_to_small_businessesThe Saudi Credit and Savings Bank (SCSB) has provided SR4 billion in loans to 21,000 small and medium businesses. The SCSB has also opened up over 30,000 job opportunities in various sectors, Dr. Ibrahim Al-Assaf, Minister of Finance, said here Tuesday.Thu, 09 Feb 2012 07:41:50 GMTThe Saudi Gazette ZAWYA20120209043443Openhttp://www.zawya.com/story.cfm/sidZAWYA20120209043735/Chambers_overcharging_firms_Saudi_MinistryThe Ministry of Commerce and Industry (MCI) has accused some chambers of commerce and industry of deliberately violating the ministry's regulations by overcharging companies on their annual membership fees.Thu, 09 Feb 2012 07:41:05 GMTThe Saudi Gazette ZAWYA20120209043735Openhttp://www.zawya.com/story.cfm/sidZAWYA20120209065940/HSBC_completes_the_first_government_Sukuk_in_Saudi_ArabiaHSBC announced that it has completed the first ever government guaranteed Sukuk in Saudi Arabia for Saudi Arabia's General Authority of Civil Aviation ("GACA"). Raising SAR 15 billion (US$4 billion) for GACA, the Sukuk achieved a profit rate of 2.5%.Thu, 09 Feb 2012 07:34:20 GMTPress Release ZAWYA20120209065940Openhttp://www.zawya.com/story.cfm/sidZAWYA20120209040830/Emirates_NBD_funds_retain_SP_A_ratingsEmirates NBD Asset Management, the asset management arm of Emirates NBD, announced on Wednesday that Standard & Poor's (S&P), had reaffirmed the 'A' rating for 2012 on five of its managed funds. Thu, 09 Feb 2012 07:24:56 GMTKhaleej Times ZAWYA20120209040830Open