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Issue 870 - 29 January 2010

Alleged $220m securities fraud

Subscriber

Thousands of investors have been swindled out of OR88m ($220m), the Omani prosecutor’s office said on 27 January. “So far, as many as 3,254 people fell prey to the swindlers and the total amount swindled by the cheats so far stands at OR88.4m,” the prosecutor said in a statement.

Oman
Issue 870 - 29 January 2010

Qatar’s Brazilian plays

Subscriber

Qatar is interested in buying minority stakes in state oil company Petrobras and in a major financial institution, Banco do Brasil

Qatar
Subscriber

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)
Subscriber

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?

Subscriber

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

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

Investors organise, vultures circle

Subscriber

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)
Subscriber

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

Local exposure to Dubai entities

Subscriber

The extent of local banks' exposure to Dubai World remains unclear - and evaluating lenders' exposure is difficult since secondary market trades can reduce or increase an original lender's exposure, while new lenders can enter the market.

United Arab Emirates (UAE)
Subscriber

Markets quaked following the ‘bombshell news’ that $26bn of Dubai World’s debt had been put on standstill. Dubai, the UAE authorities and some western commentators reverted to their default position, arguing that markets over-reacted and that all was really very well, but the default may have revealed only the tip of an iceberg that hides more over-leveraged government-related entities with poor investment strategies, faulty business models and weak management

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

Bilfinger Berger may pull out

Subscriber

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.

Qatar
Issue 867 - 04 December 2009

New QFC chief executive

Free

Stuart Pearce, Qatar Financial Centre’s chief executive since 2005, has stepped down and been replaced by acting chief

Qatar
Issue 867 - 04 December 2009

Regional development bank proposal

Free

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

United Arab Emirates (UAE)
Subscriber

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

United Arab Emirates (UAE)
Subscriber

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.

United Arab Emirates (UAE)
Issue 865 - 20 November 2009

IWPP transaction

Subscriber

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.

Oman