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Issue 871 - 12 February 2010

MBR: Warning to ministers

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Warning to ministers

United Arab Emirates (UAE)
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Trade finance and insurance trends are changing as a result of the emergence in 2009 of major debt events in Gulf Co-operation Council (GCC) countries. Bankers and insurers have increasingly cited a moral hazard in dealing with trade finance risks in the GCC, and one year after the global downturn derailed Dubai’s explosive growth, its largest corporate entity, the state-owned Dubai World, announced in November that it was suspending payments on some $26bn of its $59bn or so of outstanding obligations.

United Arab Emirates (UAE)
Issue 870 - 29 January 2010

Air show adds to self-promotion drive

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Bahrain is mounting a sustained self-promotion programme, highlighting such reforms as evidence that it is different from other Gulf states. One such venture was a direct encroachment onto Dubai's turf,

Bahrain | United Arab Emirates (UAE)
Issue 870 - 29 January 2010

Old hands for Dubai’s new committees

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Dubai has established five new committees in an effort to climb out of its financial crisis. The committees are headed by conservative Dubai figures, underlining the emirate’s perception that appointing establishment figures to key jobs will help restore international confidence.

United Arab Emirates (UAE)
Issue 868 - 18 December 2009

UAE: Issa Bin Zayed

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Torture trial

United Arab Emirates (UAE)
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As lenders decide whether to approve Dubai World’s $26bn debt standstill request, many questions remain – not least over other entities, the legal case and wider impact on the region

United Arab Emirates (UAE)
Issue 868 - 18 December 2009

UAE: Sheikh Sultan

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Death

United Arab Emirates (UAE)
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It is clear the UAE disagrees with Qatar over its overtures to Israel, even if the differences are politely stated. Talking to GSN in Abu Dhabi, minister of state for foreign affairs Dr Anwar Gargash made plain his exasperation at the international community’s failure to take serious action over the continued expansion of Jewish settlements. “Israel, at the end of the day, is an ideological right-wing government,” he said. “The settlement issue is very important.

Israel | United Arab Emirates (UAE)
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The United States has launched a national security investigation into the proposed sale of a stake in Sir Richard Branson’s Virgin Galactic

United Arab Emirates (UAE)
Issue 867 - 04 December 2009

What has yet to emerge from the crisis?

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Many critical questions remain to be answered as the Dubai crisis unfolds

United Arab Emirates (UAE)
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Most investors refused to question starry-eyed statements about Dubai’s mega-investments or assumptions that oil-rich Abu Dhabi would step in if the emirate’s bold investment strategy foundered. The crisis shows that Gulf leaders can no longer shirk their public responsibilities in a globalised economy – and leaves difficult questions to be answered about other firms’ finances and the impact of likely further shifts in the UAE balance of power

United Arab Emirates (UAE)
Issue 867 - 04 December 2009

Investors organise, vultures circle

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The financial crisis is likely to provide a bonanza for accountants, lawyers and other professional services companies, and several groups of creditors have begun to organise. The Financial Times reported that one group includes HSBC, Standard Chartered, Royal Bank of Scotland, Lloyds and local banks, who have formed a steering committee and were preparing to meet Dubai World representatives.

United Arab Emirates (UAE)
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Figures are starting to emerge for the extent of creditors' exposure to Dubai and its government-related entities. The Wall Street Journal (WSJ) reported that European banks have some $83.7bn-worth of UAE exposure, including UK-based banks with $49.5bn, French banks with $11.3bn, German with $10.2bn, Dutch

United Arab Emirates (UAE)
Issue 867 - 04 December 2009

Dubai in the federation

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In a feisty response to critics of the financial crisis just days before the Dubai World default, Sheikh Mohammed Bin Rashid Al-Maktoum stressed the unity of the UAE

United Arab Emirates (UAE)
Issue 867 - 04 December 2009

Regional development bank proposal

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Gulf Co-operation Council (GCC) head Abdelrahman Al-Attiyah told Al-Arabiya television on 24 November that will propose

United Arab Emirates (UAE)