ABU DHABI / WAM The Union National Bank (UNB) on Wednesday reported a net profit of AED452 million in the first three months of 2017, compared to AED 450.0 million in the same period a year ago, according to the bank statement on April 12. Mohammad Nasr Abdeen, Chief Executive Officer, UNB, said, “The liquidity situation in the market …

  DUBAI / WAM Saudi Arabia’s debut US Dollar-denominated Islamic bond has attracted more than US$25 billion of investor orders so far, according to Bloomberg. The fall in global oil prices has prompted the kingdom to prepare what may be the world’s largest initial public offering of state-owned oil company, Saudi Arabian Oil Co, Aramco. The company last week sold …

  Abu Dhabi / WAM Arab economies are projected to grow by 2.3 percent in 2017 as a result of the decline in growth rate of the Arab oil-exporting countries to 1.8 percent. This is due to the decline of oil production reflecting the commitment of these countries to the OPEC agreement to adjust production quantities to balance the world oil …