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          Local, Italian companies partner up to establish food retail chain in Egypt

          Local, Italian companies partner up to establish food retail chain in Egypt

          Egypt’s agriculture minister stresses importance of boosting intra-regional trade cooperation among African states

          Egypt’s agriculture minister stresses importance of boosting intra-regional trade cooperation among African states

          Azerbaijan, Iraq discuss prospects of relations

          Azerbaijan, Iraq discuss prospects of relations

          Oman inks pack to bolster role of SMEs in food systems

          Oman inks pack to bolster role of SMEs in food systems

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            Egypt’s Trade minister, Hungarian ambassador discuss economic relations

            Turkey eyes $5bn bilateral trade with Qatar

            Turkey eyes $5bn bilateral trade with Qatar

            Iraq set to award new Faw Port deals

            Iraq set to award new Faw Port deals

            Deal signed to set-up first factory in Qatar to assemble electric vehicles

            Deal signed to set-up first factory in Qatar to assemble electric vehicles

            Railway line to be built between Mosul, Turkey: governor of Nineveh

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            Local, Italian companies partner up to establish food retail chain in Egypt

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            Foundation stone laid for new 700-bed hospital is Salalah, Oman

            Foundation stone laid for new 700-bed hospital is Salalah, Oman

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            Iraq set to award new Faw Port deals

            Egypt implements 164 service and development projects at LE4.8 billion in North Sinai

            Egypt implements 164 service and development projects at LE4.8 billion in North Sinai

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            Miral’s premier Abu Dhabi waterfront project work on track

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            Aecom wins Neom utilities infrastructure design contract

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              Investments in renewables in Egypt reach LE6 bn: Official

              Investments in renewables in Egypt reach LE6 bn: Official

              Egypt signs 8 gas exploration contracts worth $934mn over 15 months

              Egypt signs 8 gas exploration contracts worth $934mn over 15 months

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              JGC lands $3.7bn Iraq refinery upgradation project deal

              Tadweer opens phase 2 of solar power plant at Al Dhafra

              Tadweer opens phase 2 of solar power plant at Al Dhafra

              France to help Iraq generate electricity, will invest in education, science: Macron

              France to help Iraq generate electricity, will invest in education, science: Macron

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              Acwa Power inks finance deals for 900MW Dubai solar park

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                Coronavirus: UAE conducting human trials for Covid-19 vaccine

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                Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

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                UAE sends medical aid to Iraq to fight COVID-19

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                UAE launches phase III trial of inactivated Covid vaccine

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                COVID-19 vaccine could be available by autumn: Oxford University

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                Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

                Saudi to be among world’s big leisure tourism hubs by 2030

                Saudi to be among world’s big leisure tourism hubs by 2030

                Qatar’s hospitality sector peaks despite turbulent 2020

                Qatar’s hospitality sector peaks despite turbulent 2020

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                Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

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                Staycations to stimulate Qatar’s hospitality sector

                Quarantine rule to give a boost to Qatar’s hospitality industry in Q3: CWQ report

                Quarantine rule to give a boost to Qatar’s hospitality industry in Q3: CWQ report

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              Qatari bank trio in talks for potential $44 billion merger

              Reuters

              December 20, 2016
              in Finance
              0

              Qatari banks Masraf Al Rayan, Barwa Bank and International Bank of Qatar have begun initial talks for a potential merger in a deal that would create the Gulf state's second-largest bank.

              If the deal goes ahead, it would be a rare example of consolidation among banks in the Gulf, which have previously been reluctant to tie up but are facing challenging conditions due to the impact of lower oil prices on the region's economies.

              The trio have begun initial discussions "to create a larger and stronger financial institution with a solid financial position and liquidity to support Qatar’s economic growth", according to a joint statement from the three banks sent to Reuters.

              The new bank, which would be run in compliance with Islamic banking principles, would have assets worth more than 160 billion riyals ($44 billion), it added.

              Masraf Al Rayan is already the second-largest bank in Qatar by market capitalization and the largest Qatari constituent in the MSCI Emerging Markets index. It had assets worth 87 billion riyals as of Sept. 30, according to its financial statement.

              Both Rayan and Barwa Bank are Islamic institutions, but ICQ currently follows conventional banking principles. Qatari regulations do not allow a lender to operate both standards, so IBQ would have to convert its business to being sharia-compliant should a deal go ahead.

              Consolidation has long been talked about in the Qatari banking sector given that 18 local and international commercial banks serve a population of 2.6 million. However, reluctance among local shareholders to cede control, given the prestige of owning a bank, plus buoyant local economic conditions in recent years, have prevented tie-ups.

              With previously lavish state spending being trimmed to adjust to lower oil prices, hitting banks' deposit growth and revenue generation, the argument for consolidation is now more compelling.

              Though negotiations have begun, there is no guarantee any agreement will be reached: the last time a bank merger was attempted in Qatar, between Al Khalij Commercial Bank KCBK.QA and IBQ, it collapsed in June 2011 after more than a year of talks.

              The proposed merger of Rayan, Barwa and IBQ depends on financial and legal due diligence, as well as securing approvals from regulatory authorities and shareholders of all three banks, the statement said.

              Barwa Bank is 52.85 percent state owned, split between two government funds and Qatar Holding, according to Reuters calculations based on its half-year financial statement.

              Qatar Holding, the investment arm of the Qatar Investment Authority (QIA) sovereign wealth fund, is also the largest shareholder in Rayan, while four government funds were in the top 10 shareholder list published in its 2015 annual report. They owned a combined 27.4 percent.

              Unlisted IBQ has senior Qatari royal family members among its major shareholders, including Sheikh Hamad bin Jassim al-Thani, the former prime minister and former chief executive of QIA who serves as chairman of the bank.
              Reuters
              20 December

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