RIYADH, 29 October 2007 — More than 300 local and international insurance professionals and key industry players from all parts of the globe are slated to participate in the 2nd Saudi Insurance Summit which begins in Jeddah today. The three-day summit, taking place with the approval of the Jeddah Gov. Prince Mishaal ibn Majed, will be chaired by Ali Al-Subaihin, chief executive officer of Tawuniya. It will focus on current issues and developments, including those significant regulatory issues, through a series of presentations and panel discussions. (Mohammed Rasooldeen)
DIFX Set to List Islamic Products
DUBAI, 29 October 2007 — The Dubai International Financial Exchange (DIFX) is preparing to list a range of Islamic structured products that will offer investors attractive new Shariah-compliant opportunities. They will be listed on the TraX platform, which the DIFX created in August 2007 as the only structured products platform in the region. Citigroup, Deutsche Bank, Merrill Lynch and Morgan Stanley are the banks planning to list Islamic products in the near future.
Arab Media’s Role in IPR Commended
DUBAI, 29 October 2007 — The UAE Ministry of Economy (MOE) has praised Arab media for their ongoing efforts to promote the importance of intellectual property rights (IPR), during the recent Business Software Alliance (BSA) Pan Arab IPR Media Awards held at the Al-Murooj Rotana Hotel in Dubai. Mohammed ibn Abdulaziz Alshihhi, undersecretary for planning sector, MOE, speaking at the event on behalf of Sheikha Lubna Al-Qasimi, UAE minister of economy, awarded prizes to journalists who were recognized as playing a pivotal role in promoting IPR and thanked those who have made a significant contribution to exposing digital piracy in the region.
BMB Income Rises to 275%
MANAMA, 29 October 2007 — BMB Investment Bank’s (BMB) net income for the first nine months of the year rose 274.57 percent to $16.2 million from $5.9 million during the corresponding period last year. Net income for the third quarter stood at $3.3 million compared to $2 million in 2006. The bank’s operating income before taxes and other expenses stood at $25.5 million for the nine months with almost every area of activity registering strong gains. Income from investments reached $23.6 million compared to $10.7 million in 2006, an increase of 120.6 percent, while other income increased by 94.1 percent from $1.7 million in 2006 to $3.3 million for the current nine month period. (Walid Mazi)
ABC’s Net Profit Jumps 43 Percent
MANAMA, 29 October 2007 — Bahrain-headquartered Arab Banking Corporation (ABC) announced the group’s net profit of $216 million for the year to Sept. 30, an increase of $65 million or 43 percent over the net profit of $151 million for the first nine months of 2006. Consolidated total assets reached $28.6 billion at the quarter end, up $6.2 billion or 28 percent over the 2006 yearend. ABC’s securities portfolio grew to $13.1 billion, an increase of $4.5 billion or 52 percent, and mainly comprised of highly liquid investment grade securities. Loans and advances increased to $10.9 billion, up $2.3 billion or 27 percent as the lending portfolio continued to grow to meet customer demand. (Mahmood Rafique)
