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German construction company Bilfinger Berger is considering pulling out of Qatar because of a disagreement with local state construction authority Ashghal over its Doha expressway project.

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

Stuart Pearce, Qatar Financial Centre’s chief executive since 2005, has stepped down and been replaced by acting chief

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

The Central Bank of the UAE governor spoke to GSN about why the UAE pulled back from the current plan for GCC monetary union

The worst of the economic downturn is over, Dubai’s ruler said as he joined a chorus of Emirati voices emphasising federal unity – which may be significant after months of speculation over relations between Abu Dhabi and Dubai. In an apparently impromptu interlude in a prepared address at Merrill Lynch’s Mena equities conference, Sheikh Mohammed Bin Rashid Al-Maktoum (MBR), who is also UAE vice president and prime minister, said ties between Abu Dhabi and Dubai should not be questioned.

In another sign that even the richest emirates are having to think hard about financial fundamentals, big-spending, majority state-owned Abu Dhabi National Energy Company (Taqa) has parted company with high-profile chief executive Peter Barker-Homek and announced that it will concentrate on existing operations and reducing debt. Taqa has spent $24bn in the past few years, picking up assets and interests in the GCC, Europe, North America and Africa.

Standard Chartered Bank and Chinese institutions appear close to rounding off financing for the long-delayed $1bn Salalah independent water and power project (IWPP), one of a number of Gulf projects that have been hit by liquidity woes since mid-2008.

Dubai and other emirates may be talking up the apparently limited impact of the global economic crisis and triumph of federal unity, but many analysts believe the fallout from the credit crunch will further alter inter-emirate relations. A possible consequence of Abu Dhabi bailing out Dubai could be the loss of its independent foreign policy, according to Jim Krane, author of the new City of Gold: Dubai and the Dream of Capitalism – and this will also affect business relations.

Not all the headlines are positive, with wealthy Al-Thanis involved in controversial projects in London and Paris, but domestic indicators are good, business is building in Asia and the mega funds are back in action

Qatar Investment Authority (QIA) and its associates are increasingly looking towards Asia. In early November, Qatari Diar said it would soon sign an agreement to develop a project in Vietnam. Qatar Holding, which invests on behalf of QIA, is close to opening an office in China to add to its presence in India. Chief executive Ahmed Al-Sayed recently

The business troubles of two of Emir Sheikh Hamad Bin Khalifa Al-Thani’s brothers (he has four, all half-siblings) have been in the news. In October, former Kaupthing chief executive and prominent Icelandic banker Sigurdur Einarsson was made an official suspect by fraud prosecutors examining alleged market manipulation relating to an investment in the failed bank by Sheikh Mohammed Bin Khalifa Al-Thani.

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.

As international financial sanctions tighten, Iran has slipped off the radar of most banks, but import letters of credit are still being issued by Iranian banks and may be confirmed by a handful of western counterparts

Specialist Lloyd’s of London insurer Hardy Underwriting has entered into a joint venture with Arab Insurance Group (Arig) to develop reinsurance business in the Middle East and North Africa.