North Africa/Middle East

Results for North Africa/Middle East

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 - 20:59 - 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 - 15:47 - 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 - 21:21 - 0 comments

Egypt Devalues Currency By 48% To Meet IMF Demands For $12 Billion Loan

Egypt has devalued its currency by 48% and announced that it will be allowed to float – measures that meet a key demand by the International Monetary Fund in order to secure a $12bn (£9.6bn) loan over three years to overhaul its ailing economy, The Gua ...

Daily Headline - global.abi.org - 11/03/2016 - 20:31 - 0 comments

UAE Bankruptcy Law Could Put Court System Under Pressure

The new bankruptcy law could come into effect by the end of the year, amid concerns that the court system may struggle to implement it effectively, The National reported. The bankruptcy law was published in the country’s official legal gazette on Sep ...

Daily Headline - global.abi.org - 10/25/2016 - 18:25 - 0 comments

Idle Workers, Inevitable Cuts: Ministers Grade the Saudi Economy

Saudis who switched on a popular talk show last week to listen to officials explain why state employees had their take-home pay cut were in for a shock, Bloomberg News reported. Within minutes of the start of MBC1’s “Al Thamena” program, viewers were tol ...

Daily Headline - global.abi.org - 10/23/2016 - 20:22 - 0 comments

Saudi Arabia, Where Even Milk Depends on Oil, Struggles to Remake Its Economy

Low oil prices and an increasingly costly war in Yemen have torn a yawning hole in the Saudi budget and created a crisis that has led to cuts in public spending, reductions in take-home pay and benefits for government workers and a host of new fees and f ...

Daily Headline - global.abi.org - 10/13/2016 - 21:28 - 0 comments

Saudi Arabia Signals Challenges to Economy Ahead of Bond Issue

Ahead of a multibillion-dollar bond issue, Saudi Arabia warned investors of the challenges that cheap oil poses to its economy and said it would take 70 years to sell all of its oil, prompting concerns that some of it could go unrealized, The Wall Stre ...

Daily Headline - global.abi.org - 10/11/2016 - 21:14 - 0 comments

Gulf Keystone Creditors Win Control as Court Approves Debt Deal

Gulf Keystone Petroleum Ltd. bondholders won control of the oil producer after a London judge approved a debt-restructuring agreement, Bloomberg News reported yesterday. The decision gives creditors 85.5 percent of the company, according to a court rulin ...

Daily Headline - abi_admin - 09/30/2016 - 13:40 - 0 comments

Saudi Ministry of Commerce and Investment Puts Forward New Bankruptcy Draft Law

The Saudi Ministry of Commerce and Investment has published a new bankruptcy draft law and invited feedback those interested, with their opinions and suggestions before the deadline of October 27, Al Arabiya reported today. The Ministry of Commerce ...

Daily Headline - abi_admin - 09/27/2016 - 12:34 - 0 comments

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