More Saudi investors, developers to set up real estate funds: CMA

The Saudi Capital Market Authority (CMA) has said the number of real estate investment funds in the kingdom has so far reached 58 funds and there has been tremendous turnout among real estate developers and investors to float more funds. The market regulator has issued guidelines to regulate investments in this sector to avoid non-organised real estate investment, which has had a negative impact on many citizens in a bid to streamline group investment on the real estate sector and allow investors, especially young and small categories.

Dubai Islamic Bank 2012 net profit rises to Dhs1.19bn

Dubai Islamic Bank (DIB) group announced its financial results for last year, reporting a net profit of Dhs1.19bn, an increase of 13% compared to 2011. DIB's Board of Directors also recommended the distribution of a cash dividend of 15%, subject to regulatory and general assembly approvals. In general, the financial results show healthy growth across the bank's operations, confirmed by Fitch Ratings recently, that gave the bank a Long-term Issuer Default Rating at 'A' with a stable outlook.



Fraud is major concern at Mideast banks - survey

An online survey by ReadiMinds has revealed that internal frauds in the banking sector remain a major source of concern in the Middle East region.

Moody's downgrades Tamweel to Baa3/P-3 from Baa1/P-2; negative outlook

Tamweel's short-term issuer rating was lowered to Baa3/P-3 from Baa1/P-2; negative outlook.

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