North Africa/Middle East

Results for North Africa/Middle East

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 - 20:53 - 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 - 22:45 - 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 - 21:26 - 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 - 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

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