Main headlines

June 13, 2013

 the tariff for higher categories will be substantially increased with additional imposition of a tax on consumption of over 1,000 units per month
05:00 GMT

Pakistan’s Finance Minister Ishaq Dar on Wednesday presented his government’s first budget for fiscal 2013-14 in the National Assembly with a record outlay of $200 billion.

June 12, 2013

Banque Misr, National Bank of Egypt
13:04 GMT

Egypt trimmed the size of a treasury bond auction on Monday but its borrowing costs held broadly steady despite anxiety over the country's finances and a mass protest set for June 30.

The deal will be the first local currency Saudi debt issue that Standard Chartered has been involved in
12:57 GMT

Saudi Arabia's state airports operator has picked three banks to arrange the second tranche of its local Islamic bond programme, banking sources said on Tuesday, with a sale seen matching the firm's record-breaking $4 billion debut Sukuk in 2012.

Emirates NBD
12:16 GMT

Emirates NBD, Dubai's largest lender, has completed the acquisition of BNP Paribas' Egyptian assets after receiving regulatory approval in the North African country, the bank said in a statement on Tuesday.

Fitch Ratings has upgraded the bank's Viability Ratings to 'bb-' from 'b+'
12:14 GMT

Gulf Bank announced that Fitch Ratings has upgraded the bank's Viability Ratings to 'bb-' from 'b+'.

The ongoing economic boom in the region has resulted in exceptional business opportunities
11:49 GMT

Swissquote Bank MEA LTD./SQM/ a Dubai-based bank and subsidiary of Swissquote Bank SA./SQB/, announced that it has been granted a category 4 license from the Dubai Financial Services Authority /DFSA/, and Swissquote Bank SA Central Bank Representative Office License.

The pound has more than halved in value since South Sudan became independent in July 2011
11:39 GMT

Sudan's currency has fallen close to a record low against the dollar on the black market since Khartoum threatened to halt cross-border oil flows with South Sudan as import firms fear a dollar scarcity will worsen, dealers said.

The MoU was signed for the Ministry of Finance by Obeid Humaid Al Tayer, State Minister for Financial Affairs, and for the Central Bank by Sultan Bin Nasser Al Suwaidi, Governor of the Central Bank of the UAE
11:38 GMT

The Ministry of Finance and the Central Bank of the UAE have announced today the signing of a Memorandum of Understanding (MoU) in implementation of a Council of Ministers resolution.

Consumer prices increased 0.6 percent in April, after 0.5 percent in March
11:03 GMT

Annual inflation in Yemen surged to 14 percent in April, the highest level since February 2012, fuelled by rises in the prices of food, tobacco and qat, central bank data showed on Tuesday.

Emirates Islamic Bank
08:00 GMT

After recording a strong growth in first quarter net profit and net income, Emirates Islamic Bank is gearing up towards an aggressive push in the competitive retail

Market breadth stood in favour of decliners as of the 57 securities
06:00 GMT

Most regional equity markets ended the day modestly higher amid expectations of a possible MSCI upgrade for UAE and Qatar to emerging market status.

The UAE and Saudi Arabia are the largest auto component markets in the GCC
06:00 GMT

The recovery of the Dubai property market has led to a boost in the consumption of auto parts, according to exhibitors at Automechanika at the Dubai International Convention and Exhibition Centre. The event opened on Tuesday.

The additional staff will be assigned to new and existing outlets in the Gulf, Levant, Far East, Asia
05:00 GMT

Sharaf Retail is on an expansion mode and is set to hire 1,500 additional employees over the next 18 months, the company announced on Tuesday.

June 11, 2013

Saudi Landbridge
13:19 GMT

Saudi Arabia is currently undertaking ground-breaking transformations in the transportation sector and Huawei Technologies aims to place the passengers at the heart of the new transformation by emphasizing safety, comfort and reliability as critical components of railway infrastructure.

Payments will be backdated to January and will cost the government BD105 million this year and next.
12:06 GMT

Bahrain has agreed to increase payouts to around 100,000 needy families in an attempt to end the impasse on the national budget.