by Asharq Al-Awsat | Oct 25, 2009 | Business
MANAMA, (Reuters) – The infant Islamic management industry lacks a large enough range of products and distribution channels to increase to challenge its conventional peers in catering to Muslim wealth, experts said. The nascent $1 trillion Islamic finance...
by Asharq Al-Awsat | Oct 25, 2009 | Business
AMMAN (AFP) – Energy giant BP signed a deal on Sunday with Jordan to explore for natural gas reserves in the Risheh field near the border with Iraq in an investment that could reach billions of dollars. Under the agreement, BP plans to invest 237 million dollars to...
by Asharq Al-Awsat | Oct 24, 2009 | Business
RIYADH, (Reuters) – Mobily has granted mobile network gear maker Ericsson a $160 million contract to expand the data business the second largest Saudi mobile phone operator bets on to drive profit growth. “The contract awarded to Ericsson will increase...
by Asharq Al-Awsat | Oct 24, 2009 | Business
RIYADH (Reuters) – SABB bank 1060.SE, HSBC’s Saudi affiliate, booked 351.5 million riyal ($93.7 million) in provisions for loan losses during the third quarter, bourse data showed on Saturday. SABB reported a worse-than-expected 19.8 percent drop in...
by Asharq Al-Awsat | Oct 22, 2009 | Business
ABU DHABI, (Reuters) – First Gulf Bank has $104 million exposure to troubled Saudi groups Saad and Algosaibi and expects to make further provisions until the end of 2010. The United Arab Emirates’ lender said in a statement that it took a total of 490...
by Asharq Al-Awsat | Oct 21, 2009 | Business
MANAMA, (Reuters) – Bahrain Islamic Bank, the country’s biggest Islamic retail bank by market value, on Wednesday swung to a quarterly loss as it booked higher provisions on bad loans. The bank said net loss for the three months ended Sept.30 was 1.36...
