DUBAI: Oman Insurance Company is assigned a positive outlook by S&P Global Ratings, based on improved operating performance while affirming an A- rating, a news release said. The rating agency also reaffirmed the capital adequacy of Oman Insurance above the AAA level based on their risk-based capital model. According to S&P, the positive outlook indicates…
Category: MENA
Corporate news and announcements from the stock markets of Middle East and North Africa.
AmCham members tour Mueller Middle East
MANAMA, BAHRAIN: Members of the American Chamber of Commerce in Bahrain (AmCham) enjoyed a tour of Mueller Middle East (MME), the first and only Copper Tube manufacturing facility in the MENA region. MME produces tailor made seamless and inner grooved copper tubes for Air Conditioning and Refrigeration Original Equipment Manufacturers. MME serves customers across the…
GFH Properties awarded ‘Best Development in MENA’
MANAMA, BAHRAIN: GFH Properties, one of the leading real estate developments in the Kingdom of Bahrain, has received the “Best Development in MENA” award for its “The Harbour Row” project at the Architecture Leaders Awards 2021. Organised by BNC Publishing and Design Middle East, the inaugural Architecture Leaders Awards 2021 aims to celebrate creativity and…
Dubai Islamic Bank closes lowest-ever pricing on an AT1 sukuk from the GCC
DUBAI: Dubai Islamic Bank PJSC (DIB), rated A3 by Moody’s and A by Fitch, successfully priced a landmark USD 500 million Perpetual Non-Call 5.5yrs Additional Tier 1 Sukuk with a profit rate of 3.375% per annum. This transaction represents the lowest ever pricing achieved by a GCC bank (both conventional and Islamic) on an Additional…
GFH shareholders approve $42 million dividend in cash and bonus shares
MANAMA: GFH Financial Group shareholders approved the Board of Directors’ recommendation for the distribution of a total dividend of US$42million. This included cash profits for all ordinary shares, save for treasury shares, at 1.86% of the nominal value of the share (equal to US$0.0049, BD0.001859, UAE dirham 0.0181) totaling US$17 million and bonus shares for all ordinary shares at…
Bahrain Bourse commences first edition of capital markets apprenticeship program
MANAMA: Bahrain Bourse has commenced the first edition of the Capital Markets Apprenticeship Program on Thursday, 1st April 2021 with the participation of 8 interns out of more than 470 applicants for the program. The Capital Markets Apprenticeship Program is an on-the-job training program that targets Bahraini graduates who are willing to gain practical knowledge…
Abdulla Al Nuaimi appointed CEO of Dubai National Insurance and Reinsurance
DUBAI: Dubai National Insurance and Reinsurance (DNIRC) has appointed Abdulla Al Nuaimi as Chief Executive Officer (CEO) of the company effective from April 11, 2021. Dubai National Insurance & Reinsurance P.S.C (DNIR) is a Dubai based insurance company since 1991 with a branch in Abu Dhabi focusing on Motor, Medical, Travel, Home and various other…
AFC Energy enters MoU with Altaaqa Alternative Solutions to distribute its fuel cell systems in MENA
RIYADH: AFC Energy signed a non-binding Memorandum of Understanding (MoU) with Altaaqa Alternative Solutions Company Limited with the intention of establishing an exclusive dealership for the distribution of AFC’s fuel cell systems in Saudi Arabia and the Middle East & North Africa (MENA) regions via a strategic partnership. AFC Energy announced that it has signed…
Qatar Stock Exchange to launch listing & trading venue for SMEs
DOHA: Qatar Stock Exchange (QSE) will launch the QE Venture Market (QEVM), which will provide a listing and trading venue for SME’s that do not fulfil listing requirement of the main market, a news release said. The QEVM would give SME owners an opportunity of listing and trading in the bourse in accordance with lighter…
Injazat and Lamprell partner to accelerate digitalisation in the energy sector
DUBAI: Injazat the UAE’s leader in digital transformation and Lamprell, a leading provider of services to the international energy sector, have announced the signing of a joint venture (JV) agreement to create and market innovative digital solutions focusing predominantly on the renewables and oil & gas industries, a news release said. With the initial funding…
Doha Bank closes $500 million new bond issuance with strong investor demand
DOHA: Doha Bank, rated A by Fitch and Baa1 by Moody’s, successfully completed a USD 500 million 5-year senior unsecured bond at a yield of 2.431% per annum, which is equivalent to a credit spread of 150 basis points over 5-year Mid Swap Rate. The transaction was executed under the Bank’s USD 2 billion EMTN…
BH Mubasher changes name to BHM Capital
DUBAI: BH Mubasher Financial Services, a leading company in the UAE’s financial market, held its Annual General Meeting on 24th March 2021, which adopted a resolution to change the name of the company to BHM Capital Financial Services. The AGM was chaired by Mr. Al Hurr Mohammad Al Suwaidi, Chairman of BH Mubasher’s Board of…