Du inks five-year deal with Tata unit

Telecom provider du on Wednesday signed a five-year contract with leading Indian IT services firm Tata Consultancy Services (TCS). As an IT-managed services partner, TCS will support Du in its aggressive growth strategy and its continuous focus on enhancing the company's capabilities in offering a better scope in developing and managing customer-centric products and services.

GFH

Gulf Finance House BSC (GFH), the Bahrain-based Islamic investment bank, announced yesterday that the Kuwait Investment Company (KIC) has been appointed to assist the bank with the recapitalisation and raising up to $500 million (Dh1.83 billion) programme through a convertible murabaha as part of the restructuring plan. KIC's appointment opens up an opportunity to private investors who will now — through KIC — be able to participate in the capital increase.

Tamweel

Mortgage lender Tamweel said yesterday it will hold its board of directors meeting on Sunday.

DDC

Dubai Development Company (DDC) disclosed its financial statements for 2010 yesterday. Based on assets of Dh19.5 million, the company reported revenues of Dh814,055 and a net profit of Dh578,276 for the period. The company said that due to current market conditions, it has not started any commercial activities in 2010 and will not pay a dividend for the fiscal year.

ADSB

Abu Dhabi Ship Building (ADSB) announced yesterday that its board of directors meeting will be held on Sunday.

Foodco

Foodco Holding reported its financial results for 2010 yesterday. Its revenue rose to Dh110.96 million from Dh105.45 million in 2009. Net profit for the period was Dh30.64 million compared to Dh25.55 million in 2009.

ADIB

Abu Dhabi Islamic Bank (ADIB) said its board of directors will convene on Monday to approve the financial statement for 2010 and to announce the dividend distribution.

Omantel

Oman Telecommunications Co (Omantel), the country's biggest telecom operator, yesterday reported a fourth-quarter net profit of 29 million Omani riyals ($75.3 million), a 50 per cent increase compared to 19.4 million riyals in the same period in 2009.