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Sunday, 20 September 2015

Commercial Bank International plans to raise funds for expansion | The National

Commercial Bank International plans to raise funds for expansion | The National:



"Commercial Bank International (CBI) plans to raise capital within the next 12 to 18 months for an expansion plan to boost lending to individual customers and extend its reach in trade and Islamic finance.

The Dubai-based lender, of which Qatar National Bank owns 40 per cent, is seeking to make its presence felt in the market more keenly, according to Mark Robinson, CBI’s chief executive and a former senior executive of ANZ Bank.

Sine joining CBI last October, Mr Robinson has made about 20 senior appointments."



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MIDEAST STOCKS-Saudi underperforms Gulf as Fed decision hits banks | Reuters

MIDEAST STOCKS-Saudi underperforms Gulf as Fed decision hits banks | Reuters:



"Gulf stock markets were mixed on
Sunday, responding to weaker oil prices and the decision by the
U.S. Federal Reserve to leave interest rates unchanged. Egypt's
market suffered after its central bank also kept rates on hold.

Saudi Arabia's stock index fell 1.4 percent, with
local banks hit by the Fed's decision on Thursday not to raise
interest rates. The banking sector index dropped 2.2
percent.

Some investors had hoped that higher U.S. interest rates
would boost the margins of Saudi Arabian banks as their deposits
are largely interest free. "



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Arabian Gulf states have flexibility and resources to surmount economic challenges, says Citibank | The National

Arabian Gulf states have flexibility and resources to surmount economic challenges, says Citibank | The National:

"Citibank, the giant American financial group, believes that Arabian Gulf countries have the resources and flexibility to withstand “headwinds” in the regional and global economies.

The bank, one of the biggest in the world with operations in 101 countries, said at a two-day “summit” at its London headquarters that there were serious challenges facing the world economy as a result of changing trade patterns and concerns about some of the biggest economies, notably China.

Farouk Soussa, Citibank’s chief economist for the Middle East, said there were global worries of recession next year. But he added: “The GCC economies have shown flexibility in the past, and we expect they will be able to do again.”"



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MIDEAST STOCKS-Most Gulf markets edge up after Fed keeps rates on hold | Reuters

MIDEAST STOCKS-Most Gulf markets edge up after Fed keeps rates on hold | Reuters:

"Most Gulf stock markets were up in early trade on Sunday, supported by the U.S. Federal Reserve's decision to keep interest rates on hold, although weaker oil prices pressured some stocks.

Abu Dhabi's bourse was 0.7 percent higher with most blue chips positive, although Abu Dhabi National Energy Co , sensitive to oil prices, dropped 3.6 percent.

Qatar's benchmark edged up 0.5 percent. Property firm United Development climbed 1.3 percent after saying it had completed the first auction for townhouses at its new development. It did not disclose the revenue from the auction."



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