North Africa/Middle East
Results for North Africa/Middle East
- Falling Oil Prices Puts Small UAE Businesses At Risk Of Default
Banks facing a surge in defaults on small company loans are closing off credit to the sector in the United Arab Emirates, in a sign of the increasingly brittle business confidence in the Gulf amid a sustained slump in oil prices, the Financial Times ...
Daily Headline - global.abi.org - 11/16/2015 - 19:44 - 0 comments
- Saudi Arabia To Tap Global Bond Markets As Oil Fall Hits Finances
Saudi Arabia has decided to tap international bond markets for the first time, in a sign of the damage lower oil prices are inflicting on its public finances, the Financial Times reported. Saudi officials say the kingdom could increase debt levels to ...
Daily Headline - global.abi.org - 11/09/2015 - 21:59 - 0 comments
- Surge In SME Debt Defaults Exposes Flaws In UAE Insolvency Rules
A softening in the United Arab Emirates' economy has led to a surge in small and medium-sized businesses defaulting on debt, dragging on banks' performance and highlighting the need for a new bankruptcy law, Reuters reported. In a country where ...
Daily Headline - global.abi.org - 11/03/2015 - 20:27 - 0 comments
- Set Out Spending Cuts, IMF Tells Saudis
The IMF has asked Saudi Arabia for more details of its plans to deal with its ballooning fiscal deficit, warning the world’s biggest oil producer could deplete its financial reserves within five years unless it builds on efforts to balance the budget, th ...
Daily Headline - global.abi.org - 10/21/2015 - 21:39 - 0 comments
- New Insolvency Law A Safety Net For SMEs, Banks
An impediment to private enterprise and a major risk for banks has been the lack of a viable insolvency law. Ironically, UAE, which is an important international financial and business hub, has functioned without effective insolvency laws, which hurt its ...
Daily Headline - global.abi.org - 10/18/2015 - 20:06 - 0 comments
- Saudi Arabia Withdraws Overseas Funds
Saudi Arabia has withdrawn tens of billions of dollars from global asset managers as the oil-rich kingdom seeks to cut its widening deficit and reduce exposure to volatile equities markets amid the sustained slump in oil prices, the Financial Times r ...
Daily Headline - global.abi.org - 09/27/2015 - 20:43 - 0 comments
- Kuwait's Investment Dar Revises $2.7 Billion Debt Restructuring Plan
Indebted Kuwaiti financial firm Investment Dar is seeking court approval to help close a 813 million dinar ($2.7 billion) debt restructuring, according to an official document seen by Reuters. The new plan, called Dasman, is designed to overcome minority ...
Daily Headline - global.abi.org - 09/22/2015 - 21:53 - 0 comments
- UAE Insolvency Law to Follow U.S. Chapter 11
Fahad Al Raqbani, director general of Abu Dhabi Council for Economic Development, said that the long-awaited insolvency law in the United Arab Emirates is expected to contain provisions for corporate bankruptcy modeled on U.S. chapter 11 proceedings, T ...
Daily Headline - abi_admin - 09/15/2015 - 11:23 - 0 comments
- Malaysia's 1MDB Denies Abu Dhabi's IPIC Pulling Out Of Debt Restructuring Plan
Malaysian state fund 1Malaysia Development Bhd said on Wednesday (Aug 26) that it strongly denies that Abu Dhabi's International Petroleum Investment Co (IPIC) is considering pulling out of a plan to help restructure 1MDB's debts. "We in f ...
Daily Headline - global.abi.org - 08/26/2015 - 19:40 - 0 comments
- Geneva Prosecutor Ends Six-Year Saad/Algosaibi Probe With No Further Action
A Geneva prosecutor has closed a six-year investigation into a criminal complaint by Saudi Arabia's Ahmad Hamad Algosaibi and Brothers (AHAB) against Maan al-Sanea and two units of his Saad Group, the prosecutor's office told Reuters. Family co ...
Daily Headline - global.abi.org - 08/20/2015 - 17:40 - 0 comments