Gulf banks have spent over $20bn on provisions for bad debt and lost investments since 2008 but are showing signs of returning to high profitability, according to ratings agency Standard and Poor’s.
A law suit filed by one of the Gulf’s most high-profile expatriate executives could point to a dark side in the mighty Abu Dhabi business empire, if the allegations are proven. The suit has been filed in the United States by former Abu Dhabi National Energy Company chief executive Peter Barker-Homek against his former employer.
New figures from the Ministry of National Economy indicate that Oman will end the year with a budget surplus. The Export-Import Bank of the United States has approved its first direct loan to Saudi Arabia. Italian export credit agency Sace has guaranteed a $500m loan to General Holding Corporation.
Two decades after Saddam Hussein’s invasion and in the fifth year of Sheikh Sabah Al-Ahmed Al-Jaber Al-Sabah’s rule, is a more positive investment and policy implementation story starting to emerge from Kuwait? The sometimes beleaguered prime minister Sheikh Nasser Mohammed Al-Ahmed Al-Sabah seems to think so.
Qatar’s gas-fuelled economic boom is reflected in a burgeoning population, which has soared by 128% in just six years to 1.69m people, according to the preliminary results of Qatar Statistics Authority (QSA)’s latest census.
The Middle East project finance market has been boosted by recent deals in Saudi Arabia and the UAE, and the opening of US export credit agency Export-Import Bank in Iraq
The Export-Import Bank of the United States has opened short- and medium-term financing for US imports to Iraq. Ex-Im Bank will provide
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Sheikh Mohammed Bin Rashid Al-Maktoum might argue that the financial turmoil is over, but an increasing number of nationals are asking whether a more rigorous reappraisal of legislation and business practices is necessary for Dubai to emerge from its traumatic debt crisis as a more transparent place to do business
A cluster of new financing facilities has raised well over $10bn, boosting the GCC’s project finance market
UN and US sanctions are targeting the financial sector, but the few bankers still doing business with Iran seem determined to maintain trade finance flows
The report said Bank Mellat was selling the bonds on behalf of Pars Oil and Gas Company (POGC), which is developing South Pars phases 15-18. The issue carries a guarantee from the state National Iranian Oil Company (NIOC).
Ras Al-Khaimah has said it wants to avoid the problems of neighbouring Dubai and reduce its $1.36bn debt after funding its development boom through Islamic bonds. RAK’s Investment and Development Office
Recently created credit insurer Export Credit Insurance Company of the Emirates had a successful first year despite the Dubai debt crisis and other effects of the global credit crunch.
A big Saudi deal will help breathe life into the Gulf Co-operation Council project finance market, when commercial debt and export credit agency money are finalised for the $2.3bn PP11 power project in Riyadh.
