Business


Business news briefs: May 28



OIFC board of directors proposes 25% cash dividend
Muscat: The board of directors of Oman Investment and Finance Company (OIFC) yesterday decided to recommend a 25 per cent cash divided amounting to OMR5 million. This is subject to the approval of shareholders of the company at its annual general meeting, the company said in a disclosure statement posted on MSM website. OIFC's net profit declined by 27.9 per cent at OMR6.62 million for the year ended March 2014, against OMR9.18 million for the previous year. However, revenue moved up 12.4 per cent to OMR12.49 million.

New India Assurance plans to open hub in Dubai
Muscat: The New India Assurance Company, one of the oldest insurance firms in the world and fully owned by the Government of India, has announced its plans to open its Middle East hub in Dubai International Financial Centre (DIFC) as part of its strategic move to enhance its footprints in the region. G. Srinivasan, chairman and managing director of New India Assurance said that its business has grown manifold in the GCC during the company's over 50 years of presence in the market, consistently notching up growth above industry average.

Barclays to boost hiring, increase lending in Dubai
Dubai: Barclays will boost hiring and increase lending at its corporate banking business in Dubai as companies in the region seek expansion. The UK lender, which is cutting 7,000 investment banking jobs over the next two years, plans to increase Gulf corporate banking numbers by 10 per cent this year, Rezwan Mirza, head of that business in the UAE and Gulf nations, said.

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