BAHRAIN: Arig recorded consolidated net profit of US$ 9.2 million attributable to shareholders for the first half of year 2019 ended June 30, 2019 as against loss of US$ 22.4 million reported in the corresponding period last year. Arig is one of the largest Arab-owned, professional reinsurance providers in the Middle East and Africa and…
DUBAI: Islamic Arab Insurance Company, (SALAMA) reported net profit for H1 2019 ended June 30, 2019 increased 4.7% to AED 33.3 million from AED 31.8 million in H1 2018. Gross written premium (GWP) grew by 18.8% from AED 547 million in H1 2018 to AED 650 million in H1 2019. Plan holder’s assets under management…
OLDWICK: AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of Emirates Insurance Company (EIC). The outlook of these Credit Ratings (ratings) is stable. The ratings reflect EIC’s balance sheet strength, which AM Best categorises as very strong, as well as its strong operating performance,…
KARACHI: Asian Development Bank (ADB) has approved a $500 million loan for Pakistan to support and improve trade competitiveness and exports and help finance the trade deficit. Muhammad Hammad Azhar, Minister for Economic Affairs witnessed the loan signing of Trade & Competitiveness Program (Subprogram – 1) amounting to $500 million between the Government of Pakistan…
KARACHI: A UK commitment to provide financing for renewable energy and energy efficiency to Pakistan’s industrial Small and Medium Enterprises (SME) sector has been signed by the Department for International Development (DFID). As part of DFID’s Sustainable Energy and Economic Development (SEED) programme, Karandaaz will invest over £15 million to promote renewable energy generation and…
SHARJAH, UAE: Dana Gas, the Middle East’s largest regional private sector natural gas company, announced H1 2019 ended June 30, 2019 net profit jumped 483 % to $140 million compared with $24 million in H1 2018. This was mainly due to the recognition at fair value of certain reserve based earn out entitlements amounting to…
KARACHI: KIA Lucky Motors (KLM) has launched the much-awaited, Pakistan’s first all-wheel 2000 CC SUV. KIA Sportage is Pakistan’s first All-Wheel Drive car with 100,000 km or 4 years warranty. KIA Sportage comes in two models- top of the line being an All-Wheel Drive (AWD) version, which is a first of its kind in Pakistan…
LONDON: Europa Oil & Gas, the UK and Ireland focused oil and gas exploration, development and production company, has announced that the Irish government approved the Company’s application to convert Licensing Option 16/20 in the Slyne basin in Atlantic Ireland to Frontier Exploration Licence 4/19. The 100%-owned Licence includes the Company’s flagship Inishkea prospect which…
LONDON: James Fisher and Sons has announced the acquisition of 60% of the share capital of Continental Participação E Administração Ltda., the holding company of Serviços Marítimos Continental S.A. for a total cash consideration of £7.5 million- £4.9 million payable on completion and £2.6 million payable in January 2022. Continental is an established air diving…
LONDON: Avon Rubber has signed an agreement to acquire 3M’s ballistic-protection business and the rights to the Ceradyne brand for an initial cash consideration of approximately $91 million, subject to closing and customary adjustments. A further contingent cash consideration of up to $25 million is payable depending on the outcome of pending tenders, a release…
LONDON: UK Oil & Gas (UKOG) has signed a binding heads of terms with Tellurian Investments LLC to acquire the entire share capital of its subsidiary Magellan Petroleum (UK) Investment Holdings Limited for a total consideration of £12 million in cash and shares, a release issued to London Stock Exchange (LSE) noted. Magellan holds a…
LONDON, UK: CentralNic Group, the global internet platform that derives revenue from the subscription sales of internet domain names, has announced the acquisition of Hexonet Group is now complete. Hexonet, with operations in Canada and Germany, sells domain name subscriptions directly and via more than a thousand resellers in over 110 countries, managing over 3.8…