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14381 - 14390 from 16584 . In "BUSINESS"
Steve Klemme
Barclays names new head of Private Bank & Overseas Services
BARCLAYS announced Tuesday that Steve Klemme will be joining as Head of Middle East in Private Bank & Overseas Services.With over 30 years’ experience leading Middle East regional teams for global financial institutions, Steve brings a unique depth and range of specialist expertise that will support the delivery of a high-growth strategy for Private Bank & Overseas Services across the region.He and his teams based in Dubai, Switzerland and London will develop and strengthen relationships with Middle Eastern high net worth and ultra-high net worth clients through the delivery of bespoke advice and solutions and access to Corporate and Investment banking products and services.Karen Frank, CEO, Private Bank & Overseas Services, Barclays, said: “This year we have completed a series of...
October 31, 2017

Barclays names new head of Private Bank & Overseas Services

‘Canon for Business’ offering in Lebanon
‘Canon for Business’ events held across the Middle East
CANON Middle East, a leader in imaging solutions, unveiled its new business value proposition ‘Explore, Inspire, Improve’ to further expand the ‘Canon for Business’ offering in Lebanon. The new business proposition was launched during a two-day event held at Hilton Metropolitan Hotel in Beirut, and is part of a series of ‘Canon for Business’ events in the Middle East which fall under Canon’s strategy of working closely with its customers.Canon is exploring the changing world of business and data, and is helping customers address their challenges and improve their business. ‘Explore, Inspire, Improve’ provides business process consultancy, with Canon working alongside its customers to build the best solution for their organization based on business priorities. The...
October 31, 2017

‘Canon for Business’ events held across the Middle East

Saudi stocks soft despite SABIC cadence
JEDDAH/DUBAI — Saudi Arabia's stock market was soft on Monday despite strong earnings at Saudi Basic Industries Corp (SABIC), while Emaar Properties dragged down Dubai's index.The Saudi stock benchmark Tadawul All Share Index edged down 0.2 percent to 6,945 points. SABIC, the biggest petrochemical producer, gained 0.6 percent after reporting a 10.7 percent rise in third-quarter net profit to S5.79 billion ($1.54 billion); analysts had on average forecast SR4.27 billion.SABIC cited higher average selling prices and higher sales quantities, but this - and Brent crude oil's rise above $60 a barrel at the end of last week for the first time since 2015 - failed to boost the petrochemical sector as a whole.PetroRabigh fell 0.5 percent, Petrochem lost 1.3 percent and Saudi Kayan...
October 31, 2017

Saudi stocks soft despite SABIC cadence

Nemeh Sabbagh
Arab Bank Group net income slips to $600.8 million
JEDDAH — Arab Bank Group continued its solid financial performance during 2017, posting net income after provisions and taxes of $600.8 million for the nine months period ended Sept. 30, 2017 as compared to $617.9 million in prior period. The results were achieved despite the impact of foreign currency devaluations.The performance of Arab Bank Group reflects its commitment to grow while maintaining a strong and healthy capital base as shareholders’ equity reached $8.5 billion as of Sept. 30, 2017. Customer deposits stood at $33.6 billion whilst the loans and advances increased by 6% to reach $25 billion compared to $23.7 billion as of Dec. 31, 2016.Sabih Masri, Chairman of the Board of Directors, said the financial performance during the nine months period confirms the success of the...
October 31, 2017

Arab Bank Group net income slips to $600.8 million

Abdul-Aziz Al-Boug
Tawuniya obtains ‘A-‘ rating, ‘stable outlook’ from S&P
RIYADH – Standard & Poor's (S&P), the world's leading financial and credit rating agency, has affirmed its outstanding rating for the Company for Cooperative Insurance (Tawuniya) in 2017, granting it an "A-" rating with a "stable" outlook, the highest rating among insurance companies operating in Saudi Arabia.In its report, S & P said Tawuniya’s strong performance, coupled with its earnings in 2016 and the first half of 2017 were key factors in the high rating. Tawuniya's risk based capital adequacy has further improved, reflecting strengthened capital position and competitive position as the leading insurance company in the Saudi market, according to the report.S&P further noted that Tawuniya’s high rating is aligned with the sovereign ratings on...
October 31, 2017

Tawuniya obtains ‘A-‘ rating, ‘stable outlook’ from S&P

$200bn projects underway in Gulf hospitality sector
DUBAI — Over 2,000 hospitality and leisure projects are currently underway in the GCC with a combined estimated value of $200 billion, event organizers announce ahead of The Big 5 next month. An estimated $64 billion worth of related projects in the construction pipeline, coupled with increasingly relaxed visa policies highlight a developing focus on strengthening the regional tourism ecosystem.Hospitality and leisure markets in the UAE and Saudi Arabia currently make up 74% of all related projects in the GCC region. According to the “GCC Hospitality and Leisure & Recreation” report by BNC Network for The Big 5, the expanding tourism sector is a key driver for increasing hospitality and leisure projects in the region.By adding hospitality and leisure projects to their portfolio, and...
October 31, 2017

$200bn projects underway in Gulf hospitality sector

Streamlines cargo handling
King Abdullah Port caps first phase of electronic integration with Saudi Customs
JEDDAH — King Abdullah Port has announced the completion of the first phase of integration between the Port Community System, a computerized information system that facilitates access to information and allows efficient implementation of operations at the port, and the Customs-affiliated SANAM, in a step that will enable King Abdullah Port and the Customs to implement the electronic exchange of cargo manifests and container inspection instructions – which are part of 24-hour customs clearance initiative – as well as locating the containers at the customs inspection yard.“We are proud of this achievement, which is the result of the fruitful cooperation between King Abdullah Port, the Economic Cities Authority (ECA), the Customs, IBM, the leader in information systems development,...
October 31, 2017

King Abdullah Port caps first phase of electronic integration with Saudi Customs

Nawaf Al Sahhaf
Badir Accelerator to start financing Saudi start-ups with SR500,000
RIYADH — Badir Accelerator has announced its plan to start financing start-up technology companies in Saudi Arabia with amounts up to half a million riyals beginning in the first quarter of next year, in exchange for a share in their capital. The funding will be concentrated in the acceleration phase of those companies.In addition to investment financing, Badir Accelerator also offers a range of advisory services that includes training, follow-up, guidance and workshops, accompanied by continuous guidance, in order to develop the entrepreneurial innovations and translate them into existing projects within 90 working days.Badir Program did not disclose the size of the total funds planned to be invested by the Accelerator in start-up Saudi companies during its second session. However, it...
October 31, 2017

Badir Accelerator to start financing Saudi start-ups with SR500,000

Nuclear energy drives global economic growth
ABU DHABI — Nuclear energy drives global economic growth, supports sustainable development and is helping to meet growing worldwide energy demands - that was the key message on day one of the International Ministerial Conference on Nuclear Power in the 21st Century, currently being held in Abu Dhabi, United Arab Emirates (UAE). Over 700 nuclear energy leaders and experts have convened in the UAE capital to assess the latest trends in the industry and propose new strategies to tackle energy challenges faced across the globe.The importance of international collaboration featured prominently throughout day one of the event, which featured nuclear energy leaders and delegations from the US, Russia, China, France, South Africa, India, South Korea and many others. The experts addressed on the...
October 31, 2017

Nuclear energy drives global economic growth

Increased power prices to lessen inefficient use of energy: KAPSARC
JEDDAH — The King Abdullah Petroleum Studies and Research Center (KAPSARC) has published a research paper titled "Reforming Industrial Fuel and Residential Electricity Prices" and found that the energy system could benefit by $12 billion per year, largely due to households using less electricity in response to increased prices - for example, from 144 TWh (2015 electricity pricing) to 120.6 TWh (lifeline pricing), 88.3 TWh (dynamic pricing) and 82.6 TWh (average cost pricing).The paper aimed to support the policymakers’ objective of minimizing inefficient use of energy while maintaining a safety net for low-income households (such as the Citizen’s Account), the paper examines the effects of four electricity pricing schemes for households: 2015 pricing, dynamic pricing,...
October 31, 2017

Increased power prices to lessen inefficient use of energy: KAPSARC

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