North Africa/Middle East

Results for North Africa/Middle East

UAE Bankruptcy No Longer Leads Straight to Prison

UAE residents are hopeful that new bankruptcy legislation will ease the burden on small business owners. After years of deliberations, in December the federal government introduced an insolvency law to ease the orderly unwinding of bankrupt companies, in ...

Daily Headline - global.abi.org - 03/22/2017 - 22:44 - 0 comments

Brown Rudnick's Middle East and North Africa Bulletin

MENA Team News DIFC Court of Appeal upholds judgment for USD 60m in a property finance dispute Deyaar Development P.J.S.C. v Taaleem P.J.S.C. & National Bonds Corporation P.J.S.C. [2015] DIFC CA 010 Having obtained in 2015 a judgment agains ...

Resource Article - twallace@abiwor... - 02/08/2017 - 13:55 - 0 comments - 1 attachment

The New UAE Bankruptcy Law

Partners Mark Craggs and Matthew Escritt review the eagerly anticipated Federal Law No. 9 of 2016 (the “New Bankruptcy Law”) which came into force on 29 December 2016. Click here for more. (United Arab Emirates) bankruptcy,insolvency,headli ...

Resource Article - twallace@abiwor... - 02/08/2017 - 13:44 - 0 comments - 0 attachments

Emirates Airline Embarks On 'Modest Restructuring' As Growth Slows

Emirates, the world's biggest long-haul airline, said on Monday it was in the process of only a "modest restructuring," two months after it reported a 75 percent decline in half-year profits due to slower growth and increased competition, ...

Daily Headline - global.abi.org - 01/23/2017 - 22:40 - 0 comments

Egypt Approves Bankruptcy Law To Spur Investment

The Egyptian cabinet approved on Wednesday the country's first bankruptcy law, Justice Minister Hossam Abdelrahim said, part of an economic reform drive aimed at encouraging investment, Reuters reported. The law aims to minimise the need for compani ...

Daily Headline - global.abi.org - 01/04/2017 - 21:53 - 0 comments

Dubai’s Amlak Announces Renegotiation Of Restructuring Terms

Islamic mortgage provider Amlak Finance has announced the renegotiation of a restructuring deal with its financiers, Gulf Business reported. The firm said it approached financiers in September to wave “a number of restrictive covenants” in its origin ...

Daily Headline - global.abi.org - 01/03/2017 - 23:45 - 0 comments

Saudi Royal Family Is Still Spending in an Age of Austerity

King Salman serves as chairman of the family business unofficially known as “Al Saud Inc.” Sustained low oil prices have strained the economy and forced questions about whether the family — with thousands of members and still growing — can simultaneously ...

Daily Headline - global.abi.org - 12/27/2016 - 22:26 - 0 comments

Troubled Saudi Builder MMG Appeals Directly To Deputy Crown Prince

Embattled Saudi construction firm Mohammad Al Mojil Group (MMG) said it has written directly to Deputy Crown Prince Mohammed bin Salman explaining that it may not be able to continue operating, Reuters reported. It was unclear if the privately owned comp ...

Daily Headline - global.abi.org - 11/21/2016 - 21:59 - 0 comments

IMF Approves $12 Billion Loan to Egypt

The International Monetary Fund’s executive board on Friday approved Egypt’s request for a $12 billion loan facility, after the North African country met its requirements to implement tough measures to revive its floundering economy, The Wall Street Jo ...

Daily Headline - global.abi.org - 11/13/2016 - 16:47 - 0 comments

Saudi Oger Seeks Payment Freeze On $3.5 Billion Local Bank Debt

Construction giant Saudi Oger has asked banks to agree to a freeze in repayments on at least 13 billion riyals ($3.5 billion) of debt, sources aware of the matter said, as it seeks more time to collect money owed by the kingdom's government, Reuters ...

Daily Headline - global.abi.org - 11/08/2016 - 22:21 - 0 comments

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