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Published in June 2009, this map provides an overview of global Islamic finance markets. Charts and graphics include Sharia-compliant financial assets by country (Dec 2007), Takaful operators by country (2008), Leading Islamic banks by asset values (Dec 2007), and Organisation of the Islamic Conference (OIC) inter-regional trade

The private political risk insurance (PRI) market is open for Iraqi risks, sometimes with a degree more flexibility than its official export agency counterparts. “Contracts continue to be insured”, said Harry Doyne-Ditmas, the Dubai-based leader in JLT Specialty’s credit, political and security risk team covering the Middle East and Africa. He said JLT typically receives “one to two enquiries a month, which has been the case for the past couple of years”.

Former boss Sir Fred Goodwin is vilified in the British press, and the UK government effectively controls 68% of its equity, but credit crunch victim Royal Bank of Scotland retains some significant businesses, notably a project finance arm which has acted as advisor to major GCC project sponsors including Qatar Petroleum, Saudi Aramco, Total, ConocoPhillips, ExxonMobil and Occidental Petroleum Corp (Oxy). Rumour has it that, as it refocuses its investment banking operations, a contrite RBS is set to exit project, leveraged and real estate lending.

The Central Tender Committee (CTC) announced on 3 November that a consortium of Kuwait-based Kharafi National (KN) and Turkish conglomerate Limak Holding had submitted the lowest bid – worth KD1.39bn ($4.76bn) – for a contract to build a new terminal at Kuwait International Airport. Other bids ranged up to KD1.7bn; the CTC said they had been referred to the Ministry of Public Works for a final recommendation. The news was a positive step for the terminal project, which was delayed in June after companies bidding for the construction contract pulled out of the tender process.

Shareholders at Bahrain-based Islamic banks Capivest, Elaf Bank and Capital Management House will vote on a proposed merger this month.

Abu Dhabi has become the latest Gulf Co-operation Council (GCC) government to tap into the debt market; a $5bn bond offering on 25 April was the wealthy emirate’s first since 2009. Split into two $2.5bn tranches with five- and ten-year maturities, the issue was priced at the tighter end of expectations, with rates of 2.125% and 3.125% for the five-year and ten-year issues respectively.

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

We’ve seen Saudi artists bought by European collectors, and major American works bought by collectors from the GCC,” the fair’s director, Antonia Carver, told GSN in an interview. “Increasingly we are seeing a lot of young collectors

The Council of Ministers (cabinet) has approved a plan to loosen restrictions on expatriate visas in an effort to attract more international investment into the kingdom. The new ‘green card’ permits will be offered without the need for a local sponsor; those granted a new residency permit will be allowed to allocate visas for family members and to own real estate in the country. There will be two types of permit: one offering permanent residency and the other renewable on an annual basis.

Deputy prime minister and finance minister Sheikh Salem Abdulaziz Al-Sabah criticised Kuwait’s bloated bureaucracy and inefficient labour market on 7 October, repeating views he expressed before resigning as governor of the central bank.
Interestingly, his comments were carried by state news agency Kuna, although the headline, ‘Kuwaiti economy “strong and stable”’, highlighted a different aspect of what was his first extensive public policy statement since taking charge at the ministry in August (GSN 953/8). 
Sheikh Salem did, indeed, say Kuwait’s economic situation was predominantly strong and stable, pointing to a KD12.7bn ($44.8bn) surplus for the 2012-13 financial year ending in March, representing 24.7% of nominal GDP for 2012.

Egypt’s Finance Minister Youssef Boutros Ghali has been selected as the new chairman of the International Monetary and Financial Committee (IMFC), which sets the International Monetary Fund’s (IMF) political direction and overall policy priorities. The chairmanship lasts for a term of up to three years.

One of the region’s strongest financial systems has weaknesses to address despite its successful management of last month’s mini-crisis.

Concern over the sultanate’s current account and other balances are being reflected in an upturn in sovereign and corporate debt issuance. The most eye-catching deal of the Omani summer was a $3.6bn loan agreed by the government with a group of unnamed Chinese financial institutions. Finalised in July and unveiled in August, the five-year unsecured loan was only marketed to Chinese lenders; it is something of a departure for the sultanate, which has tended to rely on financial aid from rich regional allies such as Saudi Arabia, Kuwait and the UAE, or loans from western lenders.

The UAE’s two leading airlines have tapped nearly $650m in bond and debt facilities backed by export credit agencies (ECAs), reflecting the attractiveness of long-term ECA support at a time when commercial debt remains scarce and highly priced.

Spanish sporting giant Real Madrid (RM)’s president Ramon Calderón has been in talks with Ajman Crown Prince Sheikh Ammar Bin Humaid Al-Nuaimi with the idea of training talented young Emirati footballers in Spain, as well as opening RM football schools in the UAE.