Abu Dhabi Banks Said in Talks to Form Biggest Mideast Lender - Bloomberg:
"National Bank of Abu Dhabi PJSC and First Gulf Bank PJSC are exploring a potential merger to create the largest lender in the Middle East, according to people with knowledge of the matter.
Discussions about a combination are preliminary, the people said, asking not to be identified because the talks are private. While negotiations are ongoing, NBAD and FGB may decide against pursuing a merger, said the people. NBAD and FGB both said it is not their policy to comment on speculation or rumor.
With assets of about $170 billion the potential combination would surpass Qatar National Bank SAQ as the largest bank in the region, and comes as the industry battles falling profits because of lower government spending, slower economic growth and a decline in asset quality. Both NBAD and FGB posted a drop in first-quarter net income."
'via Blog this'
Thursday, 16 June 2016
MIDEAST STOCKS-Gulf mostly soft; revived Americana talks support Kuwait | Reuters
MIDEAST STOCKS-Gulf mostly soft; revived Americana talks support Kuwait | Reuters:
"Gulf stock markets were mostly soft on Thursday after international bourses and oil markets slipped, but Kuwait's market was supported by renewed talks on the sale of a stake in a top food company.
Kuwait Food Co (Americana), majority-held by the al-Kharafi family, is back in talks to sell a majority stake to a group of Gulf investors just days after negotiations collapsed over valuation issues, sources told Reuters on Wednesday.
Americana declined to comment and its shares were suspended from trade on Thursday, but stocks rose in other companies in which the Kharafis own major stakes. National Investment Co added 2.2 percent and Zain rose 1.6 percent. Kuwait's main stock index edged up 0.1 percent.
"
'via Blog this'
"Gulf stock markets were mostly soft on Thursday after international bourses and oil markets slipped, but Kuwait's market was supported by renewed talks on the sale of a stake in a top food company.
Kuwait Food Co (Americana), majority-held by the al-Kharafi family, is back in talks to sell a majority stake to a group of Gulf investors just days after negotiations collapsed over valuation issues, sources told Reuters on Wednesday.
Americana declined to comment and its shares were suspended from trade on Thursday, but stocks rose in other companies in which the Kharafis own major stakes. National Investment Co added 2.2 percent and Zain rose 1.6 percent. Kuwait's main stock index edged up 0.1 percent.
"
'via Blog this'
Kuwaiti fast-food group Americana revives sale talks - sources | Reuters
Kuwaiti fast-food group Americana revives sale talks - sources | Reuters:
"Kuwait Food Co (Americana) is back in talks to sell a majority stake to a group of Gulf investors just days after negotiations collapsed over valuation issues, sources said on Wednesday.
Americana, which owns the Middle East franchises for fast food chains KFC and Pizza Hut and also produces branded consumer foods, has been up for sale since early 2014.
Investment firm Adeptio, which is led by prominent Dubai businessman Mohamed Alabbar, in February agreed to buy 69 percent of Americana from Al Khair for Stocks and Real Estate, which is controlled by the Kharafis, a wealthy merchant family."
'via Blog this'
"Kuwait Food Co (Americana) is back in talks to sell a majority stake to a group of Gulf investors just days after negotiations collapsed over valuation issues, sources said on Wednesday.
Americana, which owns the Middle East franchises for fast food chains KFC and Pizza Hut and also produces branded consumer foods, has been up for sale since early 2014.
Investment firm Adeptio, which is led by prominent Dubai businessman Mohamed Alabbar, in February agreed to buy 69 percent of Americana from Al Khair for Stocks and Real Estate, which is controlled by the Kharafis, a wealthy merchant family."
'via Blog this'
Iran's Oil Comeback Hits a Bump - Bloomberg
Iran's Oil Comeback Hits a Bump - Bloomberg:
"Iran has ramped up oil production in the aftermath of western sanctions and it intends to go higher. However, there are concerns that the recovery may soon run out of steam. Bloomberg's Anthony DiPaola reports on "Bloomberg Markets Middle East." (Source: Bloomberg)"
'via Blog this'
"Iran has ramped up oil production in the aftermath of western sanctions and it intends to go higher. However, there are concerns that the recovery may soon run out of steam. Bloomberg's Anthony DiPaola reports on "Bloomberg Markets Middle East." (Source: Bloomberg)"
'via Blog this'
Saudi prince seeks to repair ties, promote business on U.S. visit | Reuters
Saudi prince seeks to repair ties, promote business on U.S. visit | Reuters:
"Saudi Arabia's powerful deputy crown prince held a full day of meetings with U.S. lawmakers on Wednesday, part of a visit aimed at restoring frayed ties with Washington and promoting his plan to wean the kingdom away from oil revenue.
Mohammed bin Salman, son of Saudi Arabia's King Salman, is expected to meet U.S. President Barack Obama on Friday.
Lawmakers said his discussions on Wednesday, including meetings with the Senate Foreign Relations and Armed Services committees and House Speaker Paul Ryan, emphasized his push to help end Saudi dependence on oil by 2030."
'via Blog this'
"Saudi Arabia's powerful deputy crown prince held a full day of meetings with U.S. lawmakers on Wednesday, part of a visit aimed at restoring frayed ties with Washington and promoting his plan to wean the kingdom away from oil revenue.
Mohammed bin Salman, son of Saudi Arabia's King Salman, is expected to meet U.S. President Barack Obama on Friday.
Lawmakers said his discussions on Wednesday, including meetings with the Senate Foreign Relations and Armed Services committees and House Speaker Paul Ryan, emphasized his push to help end Saudi dependence on oil by 2030."
'via Blog this'
MIDEAST STOCKS-Gulf wilts in early trade as Brexit risk saps sentiment | Reuters
MIDEAST STOCKS-Gulf wilts in early trade as Brexit risk saps sentiment | Reuters:
"Stock markets in the Gulf edged down in early trade on Thursday after international bourses and oil markets slipped, partly because of fears that Britain might leave the European Union in next week's referendum.
Local day traders sold speculative Saudi Arabian shares. The insurance sector dropped 0.8 percent and was the main drag on Riyadh's index, which had edged down 0.3 percent after an hour of trade.
Dar Al Arkan, which soared last week on hopes it would benefit from building housing units as part of Saudi Arabia's economic reform programme, fell back 0.9 percent and was the most heavily traded stock."
'via Blog this'
"Stock markets in the Gulf edged down in early trade on Thursday after international bourses and oil markets slipped, partly because of fears that Britain might leave the European Union in next week's referendum.
Local day traders sold speculative Saudi Arabian shares. The insurance sector dropped 0.8 percent and was the main drag on Riyadh's index, which had edged down 0.3 percent after an hour of trade.
Dar Al Arkan, which soared last week on hopes it would benefit from building housing units as part of Saudi Arabia's economic reform programme, fell back 0.9 percent and was the most heavily traded stock."
'via Blog this'
Subscribe to:
Posts (Atom)