A1SaudiArabia.com

JEDDAH – NCB Capital, Saudi Arabias largest investment bank, has been voted best research house in three categories in Euromoneys annual Middle East research survey for 2010. The bank achieved a total of 10 ranked positions in this years survey, the third highest amongst all research firms in the region. On the basis of top ranked positions, the firm achieved the second highest total in the region.

NCB Capital was awarded:

Read More

JEDDAH – EFG-Hermes Holding SAE, the biggest publicly traded Arab investment bank, agreed to acquire a 65 percent stake in Beirut-based Credit Libanais SAL for $542 million to expand in consumer and commercial banking.

EFG-Hermes obtained an option to buy an additional 25 percent stake over the next two years on the same terms it will buy the 65 percent stake, the Cairo-based investment bank said in a Regulatory News Service statement.

Read More

JEDDAH – Credit Suisse (CS) said on Thursday it planned to launch a debt fund in excess of $1 billion with its largest key shareholders to invest in emerging markets debt.

The Swiss banking giant did not name its shareholders but its largest stakeholders are the Qatar Investment Authority with 8.9 percent and Saudi conglomerate Olayan with 6.6 percent.

Credit Suisse said the fund would operate through its Asset Management business and would “pursue credit investments in global emerging markets”.

Read More

MUSCAT – Oman has no plans to block BlackBerry services, the Gulf state said on Monday, as regional heavyweight Saudi Arabia worked with the devices maker on a solution that could avert a ban of some services.

Kuwait and Bahrain said earlier that the two other Gulf countries do not consider imposing ban on BlacBerry services.

Read More

TOKYO – Post-crisis global demand has driven up profits at Japans top companies, but the yen is also rising owing to fears for the recoverys durability – casting a shadow over future earnings, analysts say.

The safe-haven unit has strengthened beyond the trading levels assumed earlier by many exporters who have eyed its rise with anxiety, as investors seek a refuge from dollar and euro volatility.

Read More

JEDDAH – Bank stocks lifted Saudi stock benchmark Tadawul All Share Index (TASI) by 0.68 percent to 6,217.23 points on Mondays close. It rose for a third session in four as investors focused on domestic-driven stocks.

However, petrochem index fell led by SABIC and Kayan.

Read More

RIYADH – NCB Capital, Saudi Arabias largest investment bank, has been awarded “Best Investment Product Range” at The International Takaful Awards 2010.

The award, presented by Istishar IQ during its annual Takaful Summit in London, recognizes exceptional work in Islamic fund management.

Raul Biancardi, head of Wealth Management at NCB Capital, said: “We are delighted to receive this prestigious award. Recognition such as this is important in reinforcing our market presence and highlighting the strength of our funds.”

Read More

JEDDAH – Saudis Falcom Financial Services said it will launch an exchange-traded fund (ETF) for Saudi petrochemical shares on the Arab worlds largest bourse on Saturday.

The worlds top oil exporter is trying to attract more investment to its bourse and has allowed local brokerages to launch ETFs, the latest step after granting foreign share ownership via swap agreements in 2008.

ETFs are like index funds which are traded on a stock market. Saudi investment bank Falcom Financial Services said the fund, which has an initial value of SR25 million ($6.7 million), will focus on petrochemicals and will start trading on July 10, a bourse statement said on Tuesday.

Read More

MANAMA – A property consultancy on Monday stressed the need for greater public private partnerships in Bahrain to develop affordable housing.

Despite recent attempts by the private sector to take advantage of existing demand for affordable housing, a Cluttons report said developers were finding it difficult to produce stock that is “well designed, market facing and most importantly correctly priced”.

“Given the increasing propensity for Bahrainis to live in smaller family units, this sector shows potential for high levels of growth if the private sector can be attracted to producing suitable, good quality, low cost housing units,” said the report.

Read More

NEW YORK - Goldman Sachs Group Inc. has been ordered to pay $20.6 million to scammed investors who say the investment bank should have known about the pyramid scheme pulled off by the collapsed Bayou Hedge Funds.

A three-person arbitration panel of the Financial Industry Regulatory Authority held the banks Goldman Sachs Execution and Clearing unit, formerly known as Spear Leeds and Kellogg, liable in the dispute.

Read More