Arab Orient Insurance Company yesterday released its consolidated financial statement for 2010. The company reported a net income for the year of Dh191.72 million, against Dh186.03 million in 2009. Insurance premium revenue stood at Dh1.08 billion versus Dh992.1 million in 2009.

Du

Telecom provider du yesterday announced its support of Maraya Art Centre, at Al Qasba in Sharjah. The collaboration aims to nurture creativity and promote awareness of art, thereby supporting young talent and encouraging innovation throughout the country, the company said.

DIB

Dubai Islamic Bank announced yesterday that it has been assigned an ‘A' rating by Fitch Ratings. Fitch has assigned DIB a long-term foreign issuer default rating of ‘A' with stable outlook.

GIB

UK-based Emeafinance magazine has recently named Gulf International Bank (GIB) as the "Best Local Investment Bank in Bahrain." This announcement came as part of the magazine's Middle East Banking Awards, which were published in the Dec-ember/January 2011 edition.

Emaar

Property developer Emaar announced yesterday that its annual general meeting will be held on March 28.

EIC

The board of directors meeting of Emirates Insurance Co is scheduled for February 28, the company announced yesterday.

Aldar

Aldar Properties officially announced yesterday it has postponed its extraordinary general meeting to February 27 due to a lack of a quorum.

Sudatel

Telecom provider Sudatel said yesterday its board of directors meeting will be held on February 24.

NBF

The National Bank of Fujairah said yesterday its board of directors will meet on February 27.

FBI

Fujairah Building Industries announced yesterday its board of directors meeting will take place on February 26.

AUB

Bahrain-based Ahli United Bank (AUB) yesterday reported a net profit attributable to shareholders of $265.5 million for the year ended December 31, 2010, a 32 per cent increase over the 2009 results of $200.7 million. This includes a fourth quarter 2010 profit of $64.4 million, a marked improvement over the $17.1 million in the same quarter of 2009.

Taameer

Kuwait's Taameer Real Estate Investment plans a multi-purpose tourism project in Lebanon at a total cost ranging between $20 million and $25 million, Kuwait-based Al Watan daily reported yesterday citing an executive. The project, which will include a hotel, restaurants, a shopping centre and a banquet hall, will be implemented on a recently bought 52,000 square-metre plot of land in the Bekaa region, Fawaz Al Badr, the company's chief executive, said according to the paper. Taameer, whose two major shareholders are the Kuwaiti firms Al Massaleh Real Estate and Global Investment House, is listed on the local bourse.

Al Oula

Kuwait's First Investment, or Al Oula, has signed a debt-restructuring agreement with creditor banks that includes issuing five-year sukuk worth 92 million Kuwaiti dinars ($329.1 million), Kuwait-based Al Rai daily reports yesterday citing an executive. The banks participating in the sukuk issue operation are Kuwait Finance House, Burgan Bank, Al Ahli Bank of Kuwait, Kuwait International Bank, Boubyan Bank and Commercial Bank of Kuwait, the paper reports. Al Oula plans to exit real estate assets in the Gulf region worth up to 32 million dinars, or even double that if the company's strategy requires so, Khalid Al Sanaousi, Al Oula's managing director and chief executive said. The assets restructuring plan also includes exiting stakes in banks and companies, he added. Sanaousi expected his company to sell its 8 million dinar stake in First Investment Bank-Bahrain before the end of the first quarter, Al Rai reports.