North Africa/Middle East

Results for North Africa/Middle East

Dubai Regulator Probes Abraaj Capital, Stops It From Taking On New Work

Dubai’s financial services regulator has stopped Abraaj Capital from taking on new business or moving money to Abraaj Investment Management (AIML), its related entity, as part of an investigation into the group, Reuters reported. “Given the onset of fina ...

Daily Headline - global.abi.org - 08/16/2018 - 22:40 - 0 comments

Qatar Comes to Rescue as Turkey Moves to Avert Financial Crisis

President Recep Tayyip Erdogan has found a benefactor to help pull Turkey from the brink of a financial crisis as Qatar promised to invest $15 billion in the country, Bloomberg News reported. The lira extended gains to 6 percent after Qatar’s Emir Sheikh ...

Daily Headline - global.abi.org - 08/15/2018 - 23:08 - 0 comments

Dana Gas Q2 Net Profit Falls on Sukuk Restructuring Costs

United Arab Emirates-based energy company Dana Gas reported a 14 percent decrease in second quarter net profit on Tuesday, citing one-off sukuk restructuring costs, Reuters reported. Dana Gas has been at the centre of a long and complex legal dispute wit ...

Daily Headline - global.abi.org - 08/14/2018 - 21:05 - 0 comments

UAE's Stanford Marine Creditors in Talks About Sale of Business

Creditors of Stanford Marine Group (SMG), which has links to troubled private equity firm Abraaj, are in talks with three potential buyers, sources familiar with the matter say, Reuters reported. Banks are overseeing control of Dubai-based SMG after it f ...

Daily Headline - global.abi.org - 08/07/2018 - 00:00 - 0 comments

Abraaj Fund Investors Said to Hire Advisers for Debt Recovery

Investors in a $1.6 billion-Abraaj Group fund have hired advisory firm Alvarez & Marsal Holdings LLC to help recover money owed by the floundering Middle Eastern private equity firm, people with knowledge of the matter said. The New York-based compan ...

Daily Headline - global.abi.org - 08/05/2018 - 22:16 - 0 comments

TPG, KKR Leading Contenders to Manage Abraaj's Healthcare Fund

Buyout firms TPG and KKR & Co have emerged as leading contenders to run Dubai-based private equity firm Abraaj’s troubled $1 billion healthcare fund, three sources familiar with the matter said, Reuters reported. The two firms have access to the heal ...

Daily Headline - global.abi.org - 08/02/2018 - 23:24 - 0 comments

Abraaj Fund Investors Hire Advisers to Help Recover Debt

In a related story, Bloomberg News reported that investors in a $1.6 billion-Abraaj Group fund have hired advisory firm Alvarez & Marsal Holdings LLC to help recover money owed by the floundering Middle Eastern private equity firm, people with knowle ...

Daily Headline - global.abi.org - 08/02/2018 - 23:25 - 0 comments

Abraaj Woes Put Gulf’s Corporate Governance Under Spotlight

When the pressure intensified on Abraaj over allegations that it had mishandled investors’ funds, Arif Naqvi, the private equity group’s founder, handed over the reins of the company’s fund business to “drive the necessary operational and governance chan ...

Daily Headline - global.abi.org - 07/31/2018 - 22:02 - 0 comments

Bond-Market Veteran Braces for Rising Emerging-Market Defaults

Veteran fixed-income investor Abdul Kadir Hussain sees unsettling similarities between the 1997 Asian crisis and the present that spell trouble for emerging markets, Bloomberg News reported. Default rates on emerging-market debt will climb next year as t ...

Daily Headline - global.abi.org - 07/24/2018 - 22:20 - 0 comments

Auction to Save Defaulted Etihad-Linked Bonds Yields Low Bid

Holders of $500m defaulted Etihad-linked bonds learnt on a restructuring call on Tuesday that an auction aimed at saving the structured debt yielded a bid of just a fraction of their assets’ value, the Financial Times reported. The fate of $1.2bn bon ...

Daily Headline - global.abi.org - 07/24/2018 - 22:23 - 0 comments

Syndicate content