Mena News

 

  Shoman’s resignation signals end of 80-year era at Arab Bank
Aug , 17 , 2012  
  The resignation of Arab Bank Chairman Abdel Hamid Shoman signals the end of an era for the family that controlled and managed one of the Middle East’s largest financial institutions for over 80 years. According to experts in the banking industry, the resignation of Shoman from the Arab Bank Group, once the largest privately-owned financial house in the Arab world, shows that the family management reign came to an end on Thursday, when he and other members of his family quit over dispute with top executives. For nearly 80 years, the Arab Bank has always been interlinked to the Shoman family, particularly the late Abdul Hameed Shoman who founded the financial firm in Jerusalem in 1930. Born in 1890 in the Palestinian village of Beit Hanina, 6.4km north of Jerusalem, Shoman began his career at the age of seven as a stone mason working in construction sites, according to the bank’s website. With ambitions exceeding his age and spanning further than the borders of his village and country, Shoman emigrated to the US at the age of 20 with only $32 in hand and became a door-to-door salesman, selling dry-good products in New York and Baltimore. His consecutive successes led him to expand and start a dress-making factory in Manhattan’s garment district, according to the website. Despite his success, Shoman was feeling home-sick and began to be consumed with an even larger vision: The establishment of a bank with joint Arab participation, a bank that would play a significant role in shaping the lives of nations and their economies. Currently, with a capital of over $30 billion, the bank operates through more than 500 branches in 30 countries across five continents. Drop in stake Banking expert Mefleh Aqel told The Jordan Times on Thursday that the Shoman family used to own around 18 per cent of the bank’s shares less than 10 years ago, while now its stake is below 6 per cent. In 2003, the family of Khalid Shoman sold their shares to Saudi Oger, owned by the Lebanese Hariri family. Khalid Shoman, who died in 2001, is the second son of Abdul Hameed Shoman the founder and the brother of Abdul Majid. “It’s true that the bank has historically been linked to the Shomans,” said Aqel, who served at the Arab Bank for 26 years and assumed top management posts. Management changes had to happen, particularly after the death of Abdul Majid and Khalid, the banker said, adding that shareholders have been working to make changes in the top management after the share price of bank dropped from over JD35 to JD6. “A resignation due to dispute with top directors is a normal thing and should not be seen as a negative factor that may affect the soundness of the bank,” Aqel said, expecting changes inside the institution that would improve its performance in the short term. Aqel said although Abdel Hamid Shoman gave up his top management post, he would not sell the remaining stake of the family. Rumours have previously circulated that the family of former Lebanese prime minister Rafiq Hariri wanted to move the headquarters of the Arab Bank from Amman to Beirut. “There are no signs that this would ever happen. The bank will remain in Amman,” the banking expert said, explaining that the Social Security Corporation owns around 20 per cent, nearly the same stake as the Hariri family. During the first half of this year, the Arab Bank Group reported a 10 per cent growth in net profit to $360.3 million compared with $327.2 million during the same period of 2011
 

Read More

  SABIC gives nod to Asian, Spanish firms to bid for JV polyacetal plant
Aug , 16 , 2012  
  Saudi Basic Industries Corp (SABIC) has invited bids for the construction of a 50,000 tons per year polyacetal (POM) facility at its affiliate Ibn Sina in Jubail. Companies invited to submit bids by Oct. 24 are Spain's Dragados, China National Chemical Engineering Co , Taiwan's CTCI, South Korea's Hyundai Engineering, Daelim Industrial, Hanwha Engineering and SK Engineering and Construction.
 

Read More

  Saudi Kayan says Amines plant now in commercial operations
Aug , 16 , 2012  
  Saudi Kayan said it has started commercial operations at an amines plant in its massive new complex in Jubail Industrial City. Kayan expects to produce 100,000 tons of ethanol amines annually, as well as 40,000 tons of ethoxylates. Sabic says its Kayan complex will have annual production capacity of more than 4mn tons of petrochemicals and chemicals when it becomes fully operational.
 

Read More

  Qatar recorded inflation of 2.2 percent
Aug , 16 , 2012  
  The inflation rate in Qatar was recorded 2.2 percent in a year until last July, the highest rate so far this year, with furniture, textiles and home appliances becoming costlier compared to a year ago. The consumer price index (CPI) data issued by Qatar Statistics Authority for the month of July 2012, showed an overall increase in all major groups, except rent, fuel and energy on year-on-year basis. The CPI for the month of July 2012 showed an increase of 0.4 percent compared to the June 2012 data.
 

Read More

  Egypt mulls selling stake in stock exchange
Aug , 16 , 2012  
  Egypt is currently studying a plan to sell a stake in the country's stock market, but it would retain a majority holding, state-run Middle East News Agency reported, citing the bourse's chairman Ashraf El-Sharkawy. Potential shareholders could include banks, financial institutions, brokerage firms or individual investors, Mr. El-Sharkawy said. The plan will have to be approved by the government and the parliament.
 

Read More

  U.S. consumer prices were flat in July
Aug , 16 , 2012  
  U.S. consumer prices were flat in July for a second straight month and the year-over-year increase was the smallest in more than 1-1/2 years, giving the Federal Reserve room to ease policy further to tackle high unemployment. The flat Consumer Price Index reading confounded economists' expectations for a 0.2 percent gain. In the 12 months to July, the CPI rose 1.4 percent, the smallest gain since November 2010 and down from June's 1.7 percent increase, the Labor Department said. The core CPI, which strips out food and energy, gained 0.1 percent from June.
 

Read More

  US industrial output grows at fastest pace since April
Aug , 16 , 2012  
  U.S. industrial output expanded last month at the fastest pace since April and manufacturing notched another solid advance, hinting at underlying resilience in an economy that has struggled to establish momentum. Industrial production increased by 0.6 percent in July, the Federal Reserve said, beating a 0.5 percent gain forecast by a Reuters poll of economists and compared with a downwardly revised increase of 0.1 percent in June. Factory production was up 0.5 percent in the month and utilities output rose a solid 1.3 percent, snapping back from a sharp 3.3 percent decline in June. Mining production rose 1.2 percent.
 

Read More

  Deyaar Development reports profit of AED37.7 million in FY11 preliminary results
Aug , 16 , 2012  
  Deyaar Development (DEYAAR UH, Price: AED0.236, Not Rated) recorded a net profit of AED37.7 million in FY11, compared to net loss of AED2.87 billion in FY10. For 4Q2011, it reported net loss of AED7.3 million compared to AED1.77 billion reported in 4Q2010. The financial performance in FY10 and FY11 was hit by heavy write-downs on property valuation
 

Read More

  Drake & Scull International records AED 1.494 billion in revenues and AED 75 million in Net profits in H1 2012
Aug , 16 , 2012  
  [Dubai, 15 August, 2012] Drake & Scull International PJSC (DSI), a regional market leader in integrated design, engineering and construction disciplines of Civil Contracting, Mechanical, Electrical and Plumbing (MEP), Water and Power, Rail and Oil & Gas reported total revenues of AED 1.494 billion and Net profits of AED 75 million for the first half of 2012 representing a top line growth of 8.3 % and a bottom line contraction of 29 % in comparison to the first half of 2011. Year to date DSI secured contracts worth AED 1.6 billion which will guarantee a steady revenue stream for the company in the second half of the year. The company managed to sustain its order Backlog at AED 7.4 billion recorded
 

Read More

  Egypt's EFG-Hermes says Q2 net profit down 66 pct
Aug , 16 , 2012  
  Egyptian investment bank EFG Hermes said on Wednesday its second quarter net profit fell 66 percent to 27 million Egyptian pounds ($4.4 million). The bank, which is planning a tie-up with Qatar's QInvest, reported net profit of 80 million pounds a year earlier. It said investment bank revenue declined 13 percent year-on-year to 195 million pounds in the second quarter on the back of lower revenue generated from capital markets and treasury operations. It said group revenue was 477 million pounds in the period.
 

Read More

[First Page] [Prev] 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 141 142 143 144 145 146 147 148 149 150 151 152 153 154 155 156 157 158 159 [Next] [Last Page]

  
New Page 1
Privacy Statement

Copyright © 2012 LOTUS All Rights Reserved
Developed By Superlink