Tuesday, May 05, 2009

Gulf News

Islamic Arab Insurance Co (Salama), the world's largest Islamic insurance company, is looking for acquisitions in a number of markets including Turkey, a company executive said on Monday.

The Dubai-listed group was well-capitalised with around Dh1.1 billion in its coffers, Noel D'Mello, general manager of Salama's Family Takaful unit, told reporters. We are looking at markets and at places where we can expand. We will look out for organisations that could be a benefit for us in terms of acquisitions," he said. "Our CEO has mentioned that we are looking at Turkey," he said. D'Mello said the group would "ideally" look at Islamic institutions, but was open to conventional ones.

Dubai Insurance Company (PSC) announced a 27 per cent increase in profit for the first three months of 2009 ending March 31 reaching Dh13.751 million, up from Dh10.832 million during the same period of 2008. The company reported its results on the Dubai Financial Market yesterday, posting a net underwriting income of Dh11.758 million with an increase of 66 per cent as compared to Dh7,065,000 of the same period of 2008. Total equity and liabilities increased by 1.48 per cent from Dh432.75 million from Dh426.43 million same period last year.

The board of directors of mashreq, one of the leading private banks in the UAE, will hold a meeting on Thursday, at 4 pm, to discuss and approve the financial results for the first quarter of the financial year 2009. The meeting will also review local and international branch network expansion, rating update, and appointment of an executive vice president - head of International Banking Division.

Gulf Pharmaceutical Industries (Julphar), one of the largest pharmaceutical and drug manufacturing companies in the Middle East, will hold a board meeting at 10 am on Thursday, at the company's headquarters in Ras Al Khaimah.

Kuwaiti investment firm Aayan Leasing and Investment Co said yesterday it wants to merge its asset management unit with the parent firm but had not taken a final decision yet. The statement comes after Aayan Capital managing director Mansour Al Mubarak said asset manager Aayan Capital would be shut down as a standalone entity and combined with the parent company as part of a revamp. Yesterday, the firm said merging Aayan Capital with its parent company Aayan Leasing was part of its plans to restructure and cut costs but still needs the board's approval, according to a statement on the Kuwait bourse website. The merging of Aayan Capital with its parent company will not have an effect on Aayan Capital Saudi,

Taib Bank BSC, a Bahrain-based investment bank controlled by Dubai Financial LLC, said its first-quarter loss doubled as fees and commission income fell. The loss widened to $3.81 million (Dh14 million), or $0.04 a share, from $1.86 million, or $0.02, in the year-earlier period, according to a statement posted on Bahrain's bourse yesterday.

Saudi Electricity Co, the kingdom's largest power generator, said it plans to start a fiber optics company with 1 million riyals (Dh979,454) in capital, according to a company statement on the Saudi bourse website yesterday.

Bahraini Islamic lender Al Salam Bank is looking to make acquisitions in Bahrain's banking sector worth up to 50 million dinars (Dh487.8 million), its chief executive said yesterday. "Our top priority is Bahrain ... we're always looking for opportunities," Yousif Taqi told reporters, adding the bank is eyeing targets worth up to 50 million dinars. Al Salam's shareholders yesterday approved the bank's take-over offer for Bahrain Saudi Bank during an extraordinary general meeting.

Kuwaiti mobile operator Mobile Telecommunications Co (Zain) will cut 2,000 employees from it 15,500 core workforce through to 2011. The company said job cuts were part of a restructuring plan that includes outsourcing work, and would affect all units. Many of the 2,000 would continue working for Kuwait's biggest operator as outsourced contractors, a spokesman added.

- Compiled from staff and agency reports

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