YANBU, 1 May 2006 — The Royal Commission for Jubail and Yanbu held a meeting yesterday with companies wishing to sponsor the trainees at the Cooperative Training Center in Yanbu as part of efforts to activate its training and employment program. The director of the center spoke about the training programs offered and their duration. Consequently, a number of companies signed training contracts with 48 trainees including Yanbu Steel Company, Maaden Services Company and Global Al-Sehaimi.
ABC Announces $66 Million Profit
MANAMA, 1 May 2006 — Arab Banking Corporation (ABC) announced the group’s net profit for the first quarter of 2006 of $66 million, an increase of 144 percent for the same period last year. Total income surged to $133 million compared to last year’s $74 million. Operating expenses increased to $57 million attributable mainly to rise in staff costs resulting from increased in cost of living, higher accruals on account of variable compensation schemes from higher earnings and additional staff hired to develop the group’s growing business lines.
Arner Bank Opens Office in Dubai
DUBAI, 1 May 2006 — Arner Bank Ltd., the Swiss private bank, opened its new representative office in Dubai recently. Arner Bank Ltd. is headquartered in Lugano, Switzerland with branches and representative offices in Italy, the Bahamas, Brazil, Portugal and Luxembourg and this is its first foray into the Middle East. Having acquired the banking license granted by the UAE Central Bank, Arner Bank Ltd. is now all set to bring its exclusive style of banking to a niche, affluent audience in the UAE.