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Successful new sovereign bond issues by Qatar and Abu Dhabi have improved the sentiment toward the region, even though impacts of the global recession continue to be felt – not least in the credit profile of Gulf banks, which will deteriorate this year amid tighter liquidity and slumping stock markets, as Standard & Poor’s predicted recently.

Cayman Islands-registered BMB Group, set up in 2004 by 31-year-old Rayo Withanage, is emerging as a player in Brunei Dar Al-Salam, until now not the most active of Islamic financial markets. BMB started by offering financial services to members of the Brunei royal family, and apparently to Gulf royals too.

Cayman Islands-registered BMB Group, set up in 2004 by 31-year-old Rayo Withanage, is emerging as a player in Brunei Dar Al-Salam, until now not the most active of Islamic financial markets. BMB started by offering financial services to members of the Brunei royal family, and apparently to Gulf royals too. Withanage's partner Prince Abdul Ali Yil-Kabier

Reports that Dubai-based private equity house Abraaj Capital Ltd was to buy up to 15% of global marine terminal operator DP World’s equity remained unconfirmed as GSN went to press. But another round of fund-raising is under way among Dubai-based giants, with another Dubai World subsidiary, property developer Nakheel, resorting to a bail out from the emirate’s Department of Finance to help settle its debts.

Aabar invests in European subsidiary of AIG, Mubadala posts Dh11.8bn loss for 2008, Brunei investment fund, German automotive industry attracts Qatar,

After eight months in the doldrums triggered by the global credit crisis, Middle East project finance has bounced back to life with the stunning commitment of $3bn from commercial banks to refinance the Dolphin pipeline. With liquidity still very tight, a boost was necessary to bring banks back into the international syndications market.

The Jubail export refinery is scheduled to hit the financing market in June, “but will probably come a little later,” a leading regional project finance banker, who wished not to be identified, told GSN. The Jubail facility was estimated initially to cost a massive $12bn, but Saudi Aramco is seeking a reduction to below $10bn for the proposed

The Middle East markets have felt the global recession, including a project finance market that was until last year the world’s strongest. International financial institutions (IFIs) are playing a role in helping to keep the wheels of commerce turning. There was a strong signal of returning confidence when on 24 April the sponsors of

The $2.6bn of commercial bank commitments for the Dolphin refinancing included some very large chunks of single bank finance,

A number of heavyweight regional players are setting up a $10bn Bahrain-based wholesale bank, to be called Al-Istikhlaf. The bank has so far secured $3.5bn from government and private regional investors,

Oman and Uzbekistan signed an MoU in early April for a 75%/25% joint investment company …….

When launched in Q1 10 the new Bahrain Financial Exchange (BFX) will offer to members a platform to trade multiple asset classes including capital

The central bank’s prudent regulation has helped to keep the domestic banking sector in a relatively solid shape, but a prolonged downturn in the region, particularly in real estate markets, could lead to an uncomfortable situation.

Arab Banking Corporation's wholesale Islamic subsidiary told GSN its immediate strategy was to focus on fee income, by exploring ways to provide sharia-compliant hedging solutions as well as liability marketing products.

Abu Dhabi-owned Al-Hilal Bank is setting up an Islamic bank in Kazakhstan. The Almaty-based bank will