• Home
• /
• Business

Al Salam Bank H1 profits reach $40.5 million

In a market marred by financial crisis and tight liquidity, the Bank has managed to increase its institutional and customer deposits and is working to further enhance liability management. The Banks gross operating income for the period amounted to BD21.3 million ($56.6 million), compared to BD19.0 million ($50.4 million) in corresponding period in 2007 and the net income represented a 19.8 per cent annualised return on average shareholders' equity.

Sharjah to host Economic and Industrial Cities Forum 2009

DUBAI — The Sharjah Economic Development Department (SEDD) has signed a joint venture agreement with Beirut based Al Iktissad Wal-Aamal Group to organise a conference on economic and industrial cities, which will be hosted in Sharjah in 2009.

The signing ceremony was attended by Ali bin Salem Al Mahmoud, General Manager of the SEDD, who co-signed the agreement with Rifaat Abu Zaki, Deputy Regional Manager of Arab Company for Press, Publishing and Media, related to Al-Iktissad Wal-Aamal Group.

Arcapita, Colossus form $2 billion partnership

DUBAI — Arcapita Bank B.S.C.(c), has formed a joint venture partnership with Colossus Holdings, a Singapore based holding company of the Tanti group, the multi-billion Indian conglomerate, which will invest $2 billion to develop a 1,650 MW portfolio of wind farms in the Inner Mongolia region of China. This is Arcapita's first investment in China, the company said in a Press statement.

The joint venture partners have signed a definitive purchase agreement to acquire Honiton Energy Holdings plc, a high growth Chinese wind energy generation company, which will build the portfolio.

DFM launches new training initiative

DUBAI — Dubai Financial Market (DFM) has launched a new training programme that will last until the end of 2009. The programme provides DFM's staff with the development skills required to streamline operations, and to understand the technical aspects of a financial market.

The main objective of this programme is to develop DFM's human capital to ensure DFM remains one of the most progressive emerging stock markets worldwide.

The programme will provide staff with a thorough understanding of all the necessary aspects of trading, deposits, clearing and financial and equity settlement and increase their knowledge of the role of brokerage firms.

Gulf Holding Company net profits surge 59 per cent

DUBAI — Gulf Holding Company (GHC), has announced a net profits of KD 18.72 million (approx.$71 million) for the financial year 2006-07, an increase of 59 per cent over the previous year. Net earnings per share stood at 26.75 fils, compared to 16.8 fils in fiscal 2006. Approving the company's excellent financial results, the Board of Directors proposed the company's first dividend of 20 per cent, payable as 10 per cent cash and 10 per cent bonus shares, subject to the approval of the Annual General Meeting (AGM).