NBF approves 6.2% cash dividend

National Bank of Fujairah (NBF) held its annual ordinary general meeting at Al Diar Siji Hotel in Fujairah, where shareholders approved the cash dividend of 6.2 per cent (Dh68.2 million) of paid-up capital, the chairman's report and the bank's consolidated financial statements for the year ended December 31, 2010. The board of directors was also re-appointed for another term of three years. Incorporated in 1982, the NBF is a full services corporate bank with strong wholesale banking and trade finance expertise.

Mubadala

Mubadala Development hired banks to arrange meetings with bond investors starting April 6 in London, according to a banker involved in the transaction. Barclays Capital, HSBC Holdings, National Bank of Abu Dhabi, Societe Generale and Standard Chartered Bank are arranging the meetings, the banker said.

Noor Islamic Bank

Noor Investment Group (NIG), the Dubai-based Sharia-compliant financial solutions group, announced that Noor Islamic Bank has been awarded the title of ‘Best Business Product' and Noor Takaful for ‘Best Insurance Product' at this year's edition of the Banker Middle East Product Awards. Noor Islamic Bank's Global Transaction Services unit was acknowledged for the outstanding results achieved by its latest service, the Licence Fee Collection facility for the Dubai Department of Economic Development.

RAK Ceramics

RAK Ceramics has revealed that it has extended the deadline of RAK Ceramics Design Award 2011, which is instituted to honour the best tile and bathware concept designs and its creators, to April 30. The theme for the competition is a presentation of wall/floor design (matching wall and floor) inclusive of related decoration such as décor tiles, borders and listellos.

ANB

Arab National Bank (ANB) said yesterday its shareholders have approved a plan to increase its capital by 31 per cent to 8.5 billion Saudi riyals ($2.3 billion) via bonus shares. ANB intends to issue four bonus shares for every existing 13 shares owned, it said in a statement posted on the Saudi bourse website.

Banque Saudi Fransi

Banque Saudi Fransi, the lender part-owned by France's Credit Agricole S.A., said yesterday it appointed Saleh Bin Abdul Aziz Al Omair as its new chairman. Al Omair replaces Ebrahim Abdul Aziz Al Toq who resigned earlier this month for health and family related reasons.

Emaar

Emaar Properties PJSC's project in Egypt is not facing any legal problems, Chairman Mohammad Al Abbar told shareholders in Dubai yesterday.

Albaraka

Albaraka Banking Group BSC, Bahrain's biggest publicly traded lender, may sell $300 million (Dh1.10 billion) of Islamic bonds in September after confidence in the region is restored, chief executive officer Adnan Ahmad Yousuf said. The bond may yield about 150 basis points more than benchmark borrowing rates, Yousuf said in Istanbul yesterday. Bahrain's 6.247 per cent five-year Islamic bonds, due in June 2014, have lost 4.8 per cent since January 25.