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Qatar-headquartered Al-Khalij Commercial Bank, which offers Islamic and conventional banking services, has bought the French branch of Lebanon's Banque Libanaise pour le Commerce (BLC). In 2007, Al-Khalij announced it was in advanced negotiations to buy the assets of BLC bank in the UAE, which has branches in Abu Dhabi, Dubai, Ras Al-Khaimah and Sharjah. The final deal however, has been extended to include all of the bank's operations, including its business in Paris. The value of the deal has not been revealed. The

The ever hungry QIA plans to take advantage of the global property slump in its bid to diversify its asset base.

QNB Al-Islami, fully-owned by Qatar National Bank (QNB), has opened its first branch outside Qatar in Sudan. Sharjah Islamic Bank (SIB) says it has suspended mortgage lending for ready properties to individuals. Private, joint-stock Unicorn Investment Bank (UIB) is establishing a new Islamic bank in Bahrain.

According to the latest Moody’s Investors Service report, Islamic finance is enjoying soaring demand, but requires more sophistication. Abu Dhabi Islamic Bank chief executive Tirad Mahmoud has said that Islamic finance will continue to grow despite the current global financial crisis. Jeddah-based Islamic Chamber of Commerce and Industry (ICCI) has announced plans to establish an Islamic bank. The Islamic Development Bank (IDB) has agreed to lend Tunisia a $195m to build two gas turbines.

One of the region’s strongest financial systems has weaknesses to address despite its successful management of last month’s mini-crisis.

For long a significant player in project finance and emerging markets, BNP Paribas (BNPP) has become a bigger force still on the Africa and Middle East energy scene with the acquisition, announced on 6 October, of Belgian/Dutch giant Fortis Bank NV/SA and some of its affiliates.

An increasingly assertive Abu Dhabi is looking to draw in international partners and assets, to consolidate its traditional position as the UAE’s federal capital and engineering hub, and to emerge as the Gulf city that uses its wealth to plan development with respect for social traditions and environmental constraints while emerging as a significant new international player. GSN examines the oil-rich emirate’s growth strategy and attitudes towards spending money – at home and on less wealthy emirates.

Despite good asset quality, profitability, and capital positions, the strained liquidity positions are clearly visible,JP Morgan Securities said of the outlook for UAE banks in a report published on 29 October (visit the Subscriber Reference Library). Analysing the financials of Emirates-National Bank of Dubai (ENBD), National Bank of Abu Dhabi (NBAD)

While the Abu Dhabi economy diversifies, with an expanded private sector role, the traditionally critical role of government remains centre stage when it comes to development strategy and the senior emirate’s undisguised ambition to present itself as a model for environmentally aware development in the Middle East. The Urban Structure Framework Plan – called Plan Abu Dhabi 2030 – is spectacularly ambitious, and also a significant turning point in its attempt to shift the balance of development away from the present coastal waterfront.

New structures are required, and participating bank numbers may be reduced, but the GCC’s syndicated loan market should hit its stride again in 2009, according to project financiers canvassed by GSN.

Finance Minister Mustapha Al-Shamali and Kuwait Investment Authority (KIA) managing director Bader Al-Saad have reportedly been asked by Kuwaiti investment companies to set up a fund worth KD300m ($1.1bn) to help settle their debt in the wake of the global financial crisis.

Dubai has been exceptionally aggressive in opening up to foreign investment. With little oil wealth, and now evidently in a lot of debt, it has developed real estate, tourism and financial services to drive the boom. Observers have long noted this model is vulnerable to anything that might cause foreign investors to run away, perhaps a terrorist attack.

Dubai Investments (DI), a Dubai Financial Market-listed investment vehicle in which the government has an 11% stake, has acquired a 5% stake in …. Geneva and Riyadh-based investment bank Swicorp has agreed to provide funding to a privately-owned Algerian oil products marketer, Petroser, through its $250m private equity vehicle Intaj Capital.

Gulf financial institutions have been exposed to US defaults, but on a relatively small scale. Worst-affected have been Dubai and Bahrain, with Qatar and Saudi Arabia apparently the least-affected. Foreign banks have slowed down their lending dramatically and local banks are having their international credit lines pulled, causing them to freeze inter-bank lending.

Despite the global financial downturn, Qatar Investment Authority remains busy. It led a capital injection of some $8.8bn into Credit Suisse Group. According to The Wall Street Journal, this boosts Qatar’s stake in the Swiss bank to around 10%, from just under 2%.