NMC Health net profit up by 76.5% for 2016 | GulfNews.com:
"NMC Health, the UAE health-care provider, posted a net profit of $151.4 million (Dh556 million) for 2016, an increase of 76.5 per cent over 2015, the company said in a statement on Tuesday. It said profit increased on strong revenues that totalled $1.22 billion in 2016 compared to $880.9 million in 2015, a jump of 38.6 per cent.
“NMC Health delivered record growth in 2016 as we began to reap the long-term rewards of several years of progress on the two stages of our growth strategy,” Dr BR Shetty, Chief Executive Officer and Executive Vice-Chairman of NMC, said in a statement.
In recent years NMC has expanded its asset and brand portfolio organically and inorganically into additional health-care services segments, extending their presence across the continuum of care. The company acquired Al Zahra Hospital in Sharjah from Gulf Medical Projects Company for Dh2.05 billion last year.
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Wednesday, 8 March 2017
MIDEAST STOCKS-Dubai outperforms in weak Gulf; Egypt climbs | Reuters
MIDEAST STOCKS-Dubai outperforms in weak Gulf; Egypt climbs | Reuters:
"Most Gulf stock markets were weak on Wednesday as another slide in Doha Bank pulled down Qatar, but Dubai rose on the back of gains in a few stocks.
The Dubai index climbed 0.8 percent, bouncing from a 10-week low, although gaining stocks only marginally outnumbered losers by 15 to 14. The index has closed lower in six of the last eight sessions.
Shares in courier Aramex added 7.0 percent and theme park operator DXB Entertainments, the most heavily traded stock, jumped 6.1 percent."
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"Most Gulf stock markets were weak on Wednesday as another slide in Doha Bank pulled down Qatar, but Dubai rose on the back of gains in a few stocks.
The Dubai index climbed 0.8 percent, bouncing from a 10-week low, although gaining stocks only marginally outnumbered losers by 15 to 14. The index has closed lower in six of the last eight sessions.
Shares in courier Aramex added 7.0 percent and theme park operator DXB Entertainments, the most heavily traded stock, jumped 6.1 percent."
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Qatar Airways Plans to Establish Indian Carrier With 100 Planes - Bloomberg
Qatar Airways Plans to Establish Indian Carrier With 100 Planes - Bloomberg:
"Qatar Airways Ltd. plans to set up an Indian airline with a fleet of 100 planes, renewing a push to gain a bigger share of one of the world’s fastest growing travel markets.
The Gulf carrier will make an application to the Indian authorities “soon,” Chief Executive Officer Akbar Al Baker said Wednesday at the ITB Berlin travel fair, adding that he intends to proceed “step by step.”"
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"Qatar Airways Ltd. plans to set up an Indian airline with a fleet of 100 planes, renewing a push to gain a bigger share of one of the world’s fastest growing travel markets.
The Gulf carrier will make an application to the Indian authorities “soon,” Chief Executive Officer Akbar Al Baker said Wednesday at the ITB Berlin travel fair, adding that he intends to proceed “step by step.”"
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SoftBank to sell 25% of Arm to Saudi-backed fund
SoftBank to sell 25% of Arm to Saudi-backed fund:
"Japan’s SoftBank is set to sell a roughly $8bn stake in Arm, the UK chip designer it purchased only six months ago, placing 25 per cent of Britain’s largest technology company into a new, Saudi-backed $100bn investment fund.
The decision was made as the SoftBank-led fund looks to hit its fundraising goals and secure the backing of Mubadala, the Abu Dhabi state-backed investment group, which wanted the fund to own a portion of Arm, said two people close to the situation.
The two sides are closing in on an agreement that would see Mubadala commit $15bn to the fund, these people said, and help the Japanese company get closer to its stated $100bn target for the SoftBank Vision Fund."
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"Japan’s SoftBank is set to sell a roughly $8bn stake in Arm, the UK chip designer it purchased only six months ago, placing 25 per cent of Britain’s largest technology company into a new, Saudi-backed $100bn investment fund.
The decision was made as the SoftBank-led fund looks to hit its fundraising goals and secure the backing of Mubadala, the Abu Dhabi state-backed investment group, which wanted the fund to own a portion of Arm, said two people close to the situation.
The two sides are closing in on an agreement that would see Mubadala commit $15bn to the fund, these people said, and help the Japanese company get closer to its stated $100bn target for the SoftBank Vision Fund."
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Dubai’s Mashreq bank looks beyond oil-rich countries for growth | The National
Dubai’s Mashreq bank looks beyond oil-rich countries for growth | The National:
"Mashreq bank said that it is aiming to boost its international business in countries including China, India and Egypt to diversify the lender’s source of income away from the oil-dependent nations of the Arabian Gulf that have been hit hard in recent years by low hydrocarbon prices. "In the past year, growth in the international business was very helpful that we could rely on revenue outside of the UAE as a buffer," said Jan-Willem Sudmann, group head for international banking at Mashreq. "I would see us in the next four to five years, the goal we have set ourselves is 30 per cent [of operating income from international business[ from the current 24 per cent. I believe the way trade patterns will change over the next years are very much that we will see Asia coming to the centre of globalisation and in particular of growth in trade.""
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"Mashreq bank said that it is aiming to boost its international business in countries including China, India and Egypt to diversify the lender’s source of income away from the oil-dependent nations of the Arabian Gulf that have been hit hard in recent years by low hydrocarbon prices. "In the past year, growth in the international business was very helpful that we could rely on revenue outside of the UAE as a buffer," said Jan-Willem Sudmann, group head for international banking at Mashreq. "I would see us in the next four to five years, the goal we have set ourselves is 30 per cent [of operating income from international business[ from the current 24 per cent. I believe the way trade patterns will change over the next years are very much that we will see Asia coming to the centre of globalisation and in particular of growth in trade.""
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Hyperloop One Is in Talks With Persian Gulf Sovereign Wealth Funds - Bloomberg
Hyperloop One Is in Talks With Persian Gulf Sovereign Wealth Funds - Bloomberg:
"Maglev train developer Hyperloop Technologies Inc. said it’s in talks with sovereign wealth funds in the Persian Gulf as it seeks to bring the super-fast transportation system to the region and raise $300 million from global investors over six months. Hyperloop One, as the U.S. startup is known, has seen growing interest in the maglev-like project from four of the six Gulf Cooperation Council states, Chief Executive Officer Rob Lloyd said in an interview in Dubai, while declining to identify the countries or funds concerned."
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"Maglev train developer Hyperloop Technologies Inc. said it’s in talks with sovereign wealth funds in the Persian Gulf as it seeks to bring the super-fast transportation system to the region and raise $300 million from global investors over six months. Hyperloop One, as the U.S. startup is known, has seen growing interest in the maglev-like project from four of the six Gulf Cooperation Council states, Chief Executive Officer Rob Lloyd said in an interview in Dubai, while declining to identify the countries or funds concerned."
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Credit Agricole Said to Weigh $2.4 Billion Saudi Stake Sale - Bloomberg
Credit Agricole Said to Weigh $2.4 Billion Saudi Stake Sale - Bloomberg:
"Credit Agricole SA, France’s third-largest bank by market value, is considering a sale of its 31 percent stake in Saudi Arabian lender Banque Saudi Fransi, in a deal that could potentially fetch about $2.4 billion, according to people familiar with the matter. The bank is speaking to advisers to find buyers, the people said, asking not to be identified as the information is private. The stake may attract both international and regional lenders who are seeking an entry into the kingdom, one person said. A formal process hasn’t started and the bank may still decide against the sale, the people said. Representatives for Credit Agricole and Riyadh-based Saudi Fransi declined to comment."
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"Credit Agricole SA, France’s third-largest bank by market value, is considering a sale of its 31 percent stake in Saudi Arabian lender Banque Saudi Fransi, in a deal that could potentially fetch about $2.4 billion, according to people familiar with the matter. The bank is speaking to advisers to find buyers, the people said, asking not to be identified as the information is private. The stake may attract both international and regional lenders who are seeking an entry into the kingdom, one person said. A formal process hasn’t started and the bank may still decide against the sale, the people said. Representatives for Credit Agricole and Riyadh-based Saudi Fransi declined to comment."
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MIDEAST STOCKS-Dubai outperforms in mostly quiet market; Bank Doha extends slide | Reuters
MIDEAST STOCKS-Dubai outperforms in mostly quiet market; Bank Doha extends slide | Reuters:
"Dubai's stock market was the top performer and Qatar's Bank Doha extended falls in an otherwise mostly quiet Gulf region early on Wednesday. The Dubai index added 0.7 percent with builder Arabtec rebounding 4.2 percent after closing 2.9 percent lower on Tuesday. Emaar Properties added 0.1 percent. The index has closed lower in six of the last seven sessions."
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"Dubai's stock market was the top performer and Qatar's Bank Doha extended falls in an otherwise mostly quiet Gulf region early on Wednesday. The Dubai index added 0.7 percent with builder Arabtec rebounding 4.2 percent after closing 2.9 percent lower on Tuesday. Emaar Properties added 0.1 percent. The index has closed lower in six of the last seven sessions."
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CERAWEEK-UAE to accelerate oil production cuts by June -Energy min | Reuters
CERAWEEK-UAE to accelerate oil production cuts by June -Energy min | Reuters:
"The United Arab Emirates is accelerating its oil production cuts and expects to meet its commitment to reduce output by 139,000 barrels per day (bpd) by June, its energy minister said on Tuesday. Suhail bin Mohammed al-Mazrouei told Reuters on the sidelines of the CERAWeek conference in Houston that the OPEC member cut more production last month than it did in January as it phases in compliance with a historic agreement to bring supplies closer to demand. The Organization of the Petroleum Exporting Countries' production-reduction pact, which was joined by non-OPEC countries including Russia and Kazakhstan, is intended to reduce global output by about 1.8 million bpd."
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"The United Arab Emirates is accelerating its oil production cuts and expects to meet its commitment to reduce output by 139,000 barrels per day (bpd) by June, its energy minister said on Tuesday. Suhail bin Mohammed al-Mazrouei told Reuters on the sidelines of the CERAWeek conference in Houston that the OPEC member cut more production last month than it did in January as it phases in compliance with a historic agreement to bring supplies closer to demand. The Organization of the Petroleum Exporting Countries' production-reduction pact, which was joined by non-OPEC countries including Russia and Kazakhstan, is intended to reduce global output by about 1.8 million bpd."
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Saudi Arabia Plans Domestic Sukuk to Help Boost Market - Bloomberg
Saudi Arabia Plans Domestic Sukuk to Help Boost Market - Bloomberg:
"Saudi Arabia is planning a sale of Islamic bonds in riyals to local institutions this year to help boost the country’s sukuk market, three people with knowledge of the matter said. The world’s biggest oil exporter is working on the benchmark-sized issue alongside a plan to sell dollar Islamic bonds in the international market, the people said, asking not to be identified because the information isn’t public. The country hasn’t yet decided which offering to conduct first, they said. A benchmark-sized issue usually raises more than $500 million. A sukuk issuance is one of a number of options the country is considering as part deficit financing and developing a domestic debt market, the Finance Ministry said in an e-mailed response to questions."
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"Saudi Arabia is planning a sale of Islamic bonds in riyals to local institutions this year to help boost the country’s sukuk market, three people with knowledge of the matter said. The world’s biggest oil exporter is working on the benchmark-sized issue alongside a plan to sell dollar Islamic bonds in the international market, the people said, asking not to be identified because the information isn’t public. The country hasn’t yet decided which offering to conduct first, they said. A benchmark-sized issue usually raises more than $500 million. A sukuk issuance is one of a number of options the country is considering as part deficit financing and developing a domestic debt market, the Finance Ministry said in an e-mailed response to questions."
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