GFH announces the appointment of executive Chairman and new capital program

Gulf Finance House B.S.C. (GFH) today announced the appointment of Esam Janahi as Executive Chairman and the launch of a new capital program. Read more

Corporate and personal tax rate in Bulgaria likely to remain at 10% within the next 5 years

Bulgaria is becoming more and more attractive destination for foreign business owners and individuals to take advantage of the low corporate profit and individual taxes.  Stable currency board system and low inflation are the main contributors for the good news. Apart from that the Bulgarian government has introduced actions for regulating the income from VAT and excise duty. Read more

INVESCO launches Offshore Latin American Equity Fund

Invesco today announced the launch of a new fund, the Invesco Latin American Equity Fund, available to offshore investors and managed by award winning fund manager Dean Newman, who has 24 years’ experience investing in the region. Read more

Dubai Investments Q2 profit falls 32 pct

Dubai Investments PJSC (“DI”), the largest investment company listed on the Dubai Financial Market, today announced its financial results for the six-month period ended 30th June 2010 (“the Period”).

DI reported net profit of AED 474 million for the Period with total income at AED 1.67 billion. The Company’s total liabilities as at 30th June 2010 stand at AED 5.04 billion, while non-current assets total AED 8.62 billion. The annualized return on share capital achieved for the Period is 27%. Read more

National Bonds sales up 5%

National Bonds Corporation achieved sales of more than Dh1 billion in the first half of 2010. The total number of customers reached more than 590,000, a growth of 5 per cent over last year. Around 8.5 per cent of the UAE population now holds National Bonds, the company said in a statement yesterday.

The savings scheme increased its number of female savers to 145,000, holding Dh1.1 billion in funds. Another segment that achieved growth in 2010 is minors — customers under the age of 16, who now number 94,000 with a total of Dh350 million in funds. UAE nationals increased to 168,000 and hold over Dh1 billion in funds. Read more

UAE company to invest in Bulgarian agriculture

UAE-based investment company Al Barakah has shown interest in developing agriculture and farming projects in Bulgaria. This transpired after talks between Bulgaria’s agriculture minister Miroslav Naydenov and representatives of Al Barakah. Minister Naydenov informed his Arab partners that Bulgaria’s mild climate and fertile soil offer excellent opportunities for the development of agriculture and farming projects.

Companies from Qatar and Kuwait have also shown interest in Bulgaria’s agriculture sector.

Evolvence Capital launches third India focused fund at USD 400 million

• Dubai-based alternative investment firm reiterates commitment to continued growth in India
• Evolvence India Fund II to focus on diversified growth in mid-market segment

Dubai-based alternative investment firm Evolvence Capital, announced today, the forthcoming launch of Evolvence India Fund II – its third India focused fund.

Evolvence India Fund II, which is a private equity fund of funds, is targeting a corpus of US$ 400 million from institutional and high net worth clients from across the globe. The fund aims to make select investments in the mid-market growth capital segment in the Indian private equity market, through fund investments, co-investments and direct investments. Read more

MENA Private Equity Activity Declined in 2009 but Set to Rebound in 2010

2010 outlook remains positive as MENA continues to grow amidst an economically stable environment

Private equity in the Middle East witnessed a decline in 2009, with fund managers raising only US$1.06 billion compared to a near-record US$5.4 billion in 2008 according to the 4th annual Private Equity& Venture Capital in the Middle East report released by the Gulf Venture Capital Association (GVCA) in collaboration with KPMG and Zawya. Private equity investments have also regressed from $2.72 billion in 2008 to $561 million in 2009. Private equity investments globally as well as regionally were affected by the cautious investment environment as a result of the continued recession in 2009.

However, private equity firms in the Middle East and North Africa raised $1.25 billion in the first quarter of 2010, an 18% percent increase over all of 2009, as regional economies recovered and investor appetite returned. Read more

Aabar now offers shareholders 1.95 dirhams a share for Delisting from ADX

Aabar and International Petroleum have agreed to offer shareholders 1.95 dirhams a share to reflect the six-month average of Aabar’s price on the Abu Dhabi bourse, the Securities & Commodities Authority said in a statement to ADX today. The offer will be from July 20 to Aug. 5, and the payment should be made on Aug. 10.

Aabar Investments PJSC and its main shareholder International Petroleum Investment Co. will raise the offer to its minority shareholders by 34 percent after the market regulator sought changes to the company’s delisting terms. The stock surged the most in a month. Read more

Partnership with NCB Capital strengthens Fidessa’s MENA operations

Fidessa group plc (LSE:FDSA) provider of award-winning trading systems, market data and global connectivity to buy-sides and sell-sides globally, today announced that NCB Capital (NCBC), the Saudi Arabian investment company and asset manager, has selected Fidessa’s sell-side trading platform to support its retail and institutional client operations on the Saudi stock market, as well as its global trading activities.

This move underpins Fidessa’s commitment to the Middle East and, with more than one million retail customers, NCBC represents Fidessa’s largest client in the region. Read more

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