Etisalat and Telefonica sign accord

The UAE's largest telecom, etisalat, and Spain's Telefonica say they have signed a wide-ranging deal to cooperate across several business areas. The companies say the deal covers collaboration on technological standardisation, research and development and the implementation of new services, among other areas. The statement was sent by etisalat yesterday but dated Thursday. The two companies say the agreement will help them compete better in their own markets by increasing efficiency, boosting innovation and cutting costs. The deal takes effect immediately. Financial terms were not disclosed. Qatar Navigation Article continues below Qatar Navigation Co posted a drop in first-half profit to 418 million riyals from 952.3 million riyals a year-ago when it recorded a one-off non-cash accounting adjustment, according to a statement to the Qatari bourse yesterday. Noor Islamic Bank Noor Islamic Bank reported an operating profit of Dh207 million in the first half after a loss of Dh9 million a year earlier. Net profit was Dh85 million in the first half, while revenue was Dh386 million, the bank said in an e-mailed statement yesterday. Oman International Bank Oman International Bank SAOG said its board started a review of its operations and will consider plans including a potential alliance with another financial institution. "This strategic review will evaluate potential operating models for the future and will consider whether the bank should remain independent, whether it should form a strategic alliance with another leading financial institution or whether it should pursue other different forms of cooperation," the bank said in a statement to the Muscat bourse. Alafco Aviation Lease & Finance Co (Alafco) advanced the most since March after the Kuwaiti company said it gained 17 million dinars by waiving an agreement with Airbus SAS to buy six 350-900 aircraft for a third party. The shares surged 4.6 per cent, the most since March 9, to 345 fils at 9:43am in Kuwait City. The benchmark Kuwait SE Price Index rose 0.1 per cent. The gain will be included in the full-year results, the company known as Alafco said in a statement to the Kuwait Stock Exchange yesterday. Al Ahli Bank Al Ahli Bank's Chief Executive Officer Salah Murad said the effect of the central bank's restrictions on retail loans is "high" on the Qatari lender. Retail loans comprise 20 per cent of Ahli Bank's total banking portfolio, Murad said in a statement distributed at a media briefing in Doha yesterday. Ahli Bank's brokerage division will begin operations this week, he said. The Qatar Central Bank in April reduced the amount banks can lend to Qataris to two million riyals from 2.5 million and to foreigners to 400,000 riyals, and limited the interest lenders can charge on the loans. Raysut Cement Raysut Cement Co, the biggest Omani maker of building materials by market value, said first-half profit before tax dropped to 8.89 million riyals from 13.65 million riyals a year ago. The company made the announcement in a statement to the Muscat bourse yesterday. Saudi Electricity Saudi Electricity Co, the state-controlled power producer, raised its output capacity to 50,512 megawatts by the end of May, according to the Saudi Press Agency. Saudi Electricity added 508 megawatts in May, the news service reported, citing a company statement. Union National Bank Union National Bank PJSC mandated HSBC Holdings Plc, Standard Chartered Plc, Citigroup Inc and Deutsche Bank AG to arrange investor meetings for a potential dollar bond sale, Reuters reported, citing an unidentified banker. Credit Suisse Saudi Arabia Credit Suisse Saudi Arbia, a unit of Credit Suisse Group AG, received the market regulator's approval to raise its capital to 300 million riyals from 210 million riyals, according to a statement posted on the Saudi bourse website yesterday.