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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.
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
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.
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
In a move to increase pressure on Tehran, the British government has followed US moves by banning all UK-based companies from entering into or continuing any transactions or business relationships with Bank Mellat,
After a turbulent year for several GCC economies, private sector underwriters and trade finance banks say they will remain wary of Saudi trade paper until a clearer understanding emerges of how much the Saad Group crisis is going to cost banks in the region.
Moral hazard is now perceived as a growing factor in dealings with the GCC after a troubled Saudi group recently excluded all but Saudi creditors from an agreement to repay syndicated and bilateral loans
The US Government Accountability Office (GAO) has released a report on Saudi Arabia’s efforts to tackle terrorism financing, saying that while there has been progress, some challenges remain – particularly in preventing alleged funding for terrorism and extremism outside the Kingdom.
The use of letters of credit (l/cs) by Middle East importers and exporters is increasing due to the harsher risk environment, according to a Dubai-based trade financier. "Traders have faced delays in receiving payments and, in some cases, even lost money in this region in 2008,
Banks risky but Qatar does well, says study, Batelco fined by regulator for sector monopoly, Al-Bazie appointed deputy finance minister, €1bn sukuk delayed, Warba Bank approval, BD50m investment in IWPP
First Persia Equity Fund, a Cayman Islands-based subsidiary of the state-controlled Bank Melli Iran, has been blacklisted by the US Treasury Department’s office of foreign assets control. As part of further US sanctions
Attempts to reassure world markets that the emirate’s debt is no more than $80bn have been overshadowed by the revelation that Dubai World alone owes $59.3bn. Last November, Emaar Properties chairman Mohammed Ali Alabbar – for long a key ally of UAE Vice President, Prime Minister and Ruler of Dubai Sheikh Mohammed Bin Rashid Al-Maktoum (MBR) – attempted to reassure financial markets that Dubai’s debt was no more than $80bn. It now appears the figure is higher.
For all their power and wealth, few among the Saudi merchant class attained the level of fame of Khalid Bin Mahfouz