Majid Al Futtaim Holding LLC, the operator of Carrefour SA stores in the Middle East, may sell a five-year Islamic bond at a profit rate of 6 per cent or less, three bankers familiar with the matter said.

The company met with investors yesterday with another meeting scheduled for today in Asia and Europe, according to the bankers, who declined to be identified because the information is private.

Abu Dhabi Islamic Bank, Dubai Islamic Bank, HSBC Holdings and Standard Chartered are arranging the meetings. Majid Al Futtaim set up a $1 billion (Dh3.67 billion) Islamic bond programme, according to a regulatory statement earlier this month.

Emirates NBD

The chief executive of Emirates NBD's investment banking division is leaving the bank, three sources familiar with the matter said.

Suresh Kumar, who was a board member and appointed head of Emirates NBD Capital in 2009, has worked with the bank for over 20 years and held senior management roles with Emirates Bank Group before its 2007 merger with National Bank of Dubai to create Emirates NBD. A spokesman for ENBD declined to comment yesterday.

Last year, ENBD consolidated its investment banking and financial advisory businesses under its Emirates NBD Capital unit and appointed Mohammad Wajid Kamran as general manager of the arm, according to an internal bank memo seen by Reuters.

Kamran was previously the bank's general manager of institutional and international banking and debt capital markets. It was unclear who would replace Kumar.

Emirates NBD, which is 55.64 per cent owned by Investment Corporation of Dubai, is one of the major creditors to Dubai World, the state-linked conglomerate that completed a $25 billion restructuring in 2010.

Oman Cement Co

Oman Cement Co, the sultanate's second-largest maker of the building material by market value, said full-year profit plunged 49 per cent. Profit dropped to 12.8 million riyals (Dh121.8 million) from 25 million riyals a year earlier, the company said in a statement to the Muscat bourse yesterday.

Revenue fell to 50.7 million riyals from 62.6 million rials in 2010. Revenue for 2010 included 7.34 million riyals received from the government as reimbursement for losses in 2008 and 2009 on import of cement and clinker, the company said.

United Development Co

United Development Co, a Qatari investor in infrastructure and energy, said an investor pulled a request to buy a stake in the company after seeking to change the terms of an offer. The company made the announcement in a statement to the Qatari bourse yesterday, without providing the name of the proposed investor.

Qatar's Pension and Social Insurance Authority offered to buy 80 million shares of United Development for 20 riyals (Dh20.16) a share to become a "strategic shareholder" in the company, United Development said in December.

Al Ahli Bank of Qatar

Al Ahli Bank of Qatar posted a 7 per cent increase in 2011 profit to 442.3 million riyals and said it plans to offer shares for subscription to raise its capital by 20 per cent. The Qatari lender's board recommended a 60 per cent bonus shares issue, according to a statement to the Qatari bourse yesterday.

Saudi Cement Co

Saudi Cement Co rose to the highest level since July 2008 after Saudi Arabia's largest producer of the building material by market value recommended paying a better-than-expected second-half cash dividend. The shares gained 5.1 per cent to 77 riyals (Dh75.37) at 11.59am in Riyadh. They earlier rose as much as 7.2 per cent.

The board of the Dammam-based company proposed a second-half dividend of 4.5 riyals a share after paying 2 riyals for the first six months, it said in a statement after the market closed yesterday.

Boubyan Bank KSC

Boubyan Bank KSC, a lender controlled by National Bank of Kuwait, said full-year profit rose 31 per cent from a year earlier to 8 million dinars (Dh105.5 million).

Finance income climbed to 39.6 million dinars from 30.3 million dinars, the bank said in an emailed statement yesterday.

— Compiled from staff reports and agencies