Kuwait's National Industries Group Holding (NIG) said on Sunday it has appointed banks to raise more than 100 million Kuwaiti dinars (358 million US dollars) in a Shariah-compliant syndicated loan."Lead arranger (Warba Bank) will invite local, Gulf and international banks to participate in this financing," NIG said in an e-mailed statement."It comes in line with the strategy and objectives of the bank to support the local economy and local companies," it added, saying the operation would be compliant with Islamic law. It did not give further details on the use of the proceeds.Kuwait's Kharafi Group, a major local investor, holds a stake in NIG according to Kuwait Stock Exchange (KSE) data.Exchange rate of the US dollar against the Kuwaiti dinar stabilized at 0.279 Kuwaiti dinars, and so did the euro at KD 0.356, compared to last Thursday's figures, said the daily bulletin of the Central Bank of Kuwait (CBK) on Sunday.Yet, exchange rate of the Sterling pound was down to KD 0.441, while the Japanese yen remained unchanged, at KD 0.003 and so did the Swiss franc with KD 0.296.

Europe fears continue to haunt marketsA report produced by National Bank of Kuwait (NBK) Capital stated that markets continue to show deep concerns over a potential shock from Greece exiting the Euro zone and the systemic ramification. The flow of negative news remains relentless...

Boumediene Derkaoui CEO of Saïdal Group announced Wednesday in Algiers the creation of an Algerian-Kuwaiti joint company for anticancer drugs production.

Derkaoui, invited by Channel III of national radio, said that the company under study will be established within a maximum period of 36 months, indicating that a Kuwaiti partner having extensive experience in the manufacture...

Emirates International Investment Company (EIIC) has recommenced work on the first phase of the USD 5.9 billion Dounya Park project in Algiers, the capital of Algeria, and expects to complete it within 18 months, an official at the Algeria National Investment Development Agency told Zawya.

The first phase includes the establishment of the green spaces, recreational areas, an international...

Epson has announced that its participation at GITEX Saudi Arabia 2012 - the 11th International Information Technology Exhibition for Saudi Arabia, that runs from May 21 to 24, 2012, will be marked by a showcase of its latest range of wireless and 3LCD projectors, POS (point of sale) systems, laser printers, scanners, large format printers, and all-in-one devices. During the event, the company will also launch a new 3LCD projector that is capable of producing white light and colour light output of 10,000 lumens.

Epson will occupy a large...

CHICAGO Omantel, the leading integrated telecom services provider in the Sultanate, and Batelco, Bahrain’s leading integrated communications company have signed a partnership agreement to launch MPLS IP VPN interconnectivity between both the countries.

Omantel senior manager of Capacity and Submarine at Wholesale Business unit Johannes Boersma and Batelco’s general manager of Enterprise Division and Government Adel Daylami signed the deal on the sidelines of the International Telecoms Week (ITW) in Chicago on May 14-16, informs...

The State of Qatar confirmed that it worked to create legislative and institutional environment necessary to attract investment and laid foundations for cooperation in various fields with all countries.

In a statement delivered before the United Nations General Assembly High-level Meeting on the Economic and Financial Situation for the year 2012, HE the Minister of State for Foreign Affairs Dr. Khalid bin Mohamed Al-Attiyah said the State of Qatar prepared its National Vision 2030 and its national strategy for the period from 2011 to 2016,...

HE Siksek stated that there is no doubt that eHealth is the emerging practice in public health and information technology at the heart of day-to-day business, but recommended from a regulator's perspective that the industry change with technological advances.

"Over the last ten years technology has improved patient safety through, housing information, allowing access to information, acquiring information, monitoring information and supporting the prevention of errors," he said.

However, agreeing that technology has advanced significantly...

A total of 1,200 firms have benefited from Tamkeen's BD10 million ($26.52m) Enterprise Support Fund at the end of April since it reopened applications from businesses earlier this year. The fund, which comes as part of Tamkeen's efforts to support and develop the private sector, was launched in June last year to enable distressed companies to cover recurring expenses and continue their normal business activities.

The Enterprise Support Fund has contributed a total of BD5.3m in financial support to distressed small and medium enterprises...

eHosting DataFort (eHDF), the region’s leading managed IT services provider and a member of TECOM Investments, today announced it is offering disaster recovery (DR) facilities to Atlantis The Palm in Dubai, the iconic property managed by the hospitality conglomerate Kerzner International.

Due to the hotel’s"...