Company News

CBO approves merger between National Finance and Oman Orix

(Times of Oman - 8/15/2017 7:21:00 AM)

National Finance Company and Oman Orix Leasing Company have received in-principle approvals from the Central Bank of Oman for their proposed merger. However, it is subject to approvals from shareholders of both firms and final approval from regulatory ...

Bank Sohar shareholders approve OMR100m bond issu

(Times of Oman - 8/15/2017 7:20:00 AM)

An extraordinary general meeting of Bank Sohar shareholders on Sunday approved a proposal to issue additional tier 1 capital by way of perpetual bonds. The issue size is OMR100 million (OMR70 million and a OMR30 million green shore option) with nominal ...

Saudi developer Jabal Omar to raise 4b riyals via sukuk

(Gulfnews - 8/15/2017 7:15:00 AM)

Saudi Arabia’s Jabal Omar Development Co, one of the largest listed property developers in the country, plans to raise 4 billion riyals (Dh3.91 billion or $1.06 billion) with local currency sukuk issues, sources familiar with the matter said on Monday. ...

Waha Capital reports lower second quarter profit

(Gulfnews - 8/15/2017 7:13:00 AM)

Waha Capital, an Abu Dhabi-based investment company reported a second quarter net profit of Dh95.6 million compared to Dh130 million a year earlier. The decrease was largely due to an adjustment of Dh66.6 million against the share of income from AerCap ...

Emaar posts growth in property sales

(The Gulf Today - 8/15/2017 7:06:00 AM)

Emaar Properties recorded a 15 per cent growth in net profit to reach Dhs2.837 billion ($772 million) during the first six months of 2017 (H1), compared to Dhs2.475 billion ($674 million) during the same period last year. The H1 2017 revenue reached ...

Damac reports decline in property development sales

(Arab News - 8/15/2017 6:56:00 AM)

Damac Properties reported a second consecutive quarterly income decline after property development sales fell sharply. The developer behind the only Trump-branded golf course development said total comprehensive income declined 19 percent to 704.8 ...

Drake & Scull removes CEO as it pares losses

(Arab News - 8/15/2017 6:55:00 AM)

Dubai-based construction firm Drake & Scull has terminated the contract of its CEO Wael Allan after less than a year in the role. The contractor on Monday posted a loss of 182.7 million dirhams ($49.7 million) for the second quarter. The board also ...

Air Arabia may consider Boeing, Airbus or Embraer aircraft as it looks

(The National - 8/14/2017 6:22:00 AM)

Air Arabia, the largest low-cost carrier in the Middle East and North Africa, may order new aircraft for its fleet in the near future as newer, more fuel-efficient plane models are introduced by manufacturers, the airline’s chief executive said. “When we ...

GFH profit jumps fivefold to $62m in first half

(Gulfnews - 8/14/2017 5:59:00 AM)

GFH Financial Group reported on Sunday $62.1 million (Dh227.9 million) in net profit attributable to shareholders for the first half of 2017, marking a 440 per cent jump from the $11.5 million recorded in the same period of 2016. In the second quarter ...

Lootah ties up with Amlak Finance

(Gulfnews - 8/14/2017 5:57:00 AM)

Lootah Real Estate Development announced their partnership with Amlak Finance PJSC through which investors of Lootah will benefit with the opportunity of doubling their property portfolio. When applying for finance support through Amlak, investors will ...