North Africa/Middle East

Results for North Africa/Middle East

Dubai's Nakheel Says Has Finished $16 Billion Recovery From Crisis

State-owned property developer Nakheel, which was at the centre of Dubai's debt crisis in 2009, has finished recovering from a $16 billion debt restructuring by repaying an Islamic bond this month, its chairman said on Monday, Reuters reported. Ali ...

Daily Headline - global.abi.org - 08/22/2016 - 19:40 - 0 comments

I.M.F. Lends $12 Billion to Egypt to Fix Ailing Economy

The International Monetary Fund said Thursday that it would grant Egypt a $12 billion loan over three years to help Egypt mend its ailing economy after years of unrest, the International New York Times reported. The I.M.F. said the loan, which is sub ...

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

Oil Income Falling, Saudi Arabia Raises Government Fees and Fines

Saudi Arabia, faced with dwindling oil income, has sharply increased government fees such as visa charges as part of a range of measures aimed at raising revenue from non-oil sources, The Wall Street Journal reported. Under the new rules approved by ...

Daily Headline - global.abi.org - 08/09/2016 - 22:42 - 0 comments

Gulf Keystone Petroleum Moving On Restructuring

The target of a takeover bid, Iraqi oil player Gulf Keystone Petroleum said most of the parties with an interest in the company are in favor of restructuring. The company, which lists headquarters in London, reached an agreement last month with the major ...

Daily Headline - global.abi.org - 08/02/2016 - 23:25 - 0 comments

Dubai Firm With Alleged Links To Quinns Can Be Sued Here

A Dubai-based firm has failed to get a Supreme Court order aimed at preventing it being sued here over its acquisition of a multi-million euro property in India from companies controlled by members of the family of businessman Sean Quinn, the Irish Tim ...

Daily Headline - global.abi.org - 07/28/2016 - 22:53 - 0 comments

Egypt Talks for IMF Loan Program Are Nearing ‘Final Stages’

Egypt is “nearing the final stages” of its talks with the International Monetary Fund for a three-year support program, the government said, as it looks to repair an economy damaged by years of political upheaval, Bloomberg News reported. The central ban ...

Daily Headline - global.abi.org - 07/26/2016 - 23:10 - 0 comments

Dubai Businesses Feel Squeeze As Economic Downturn Bites

A large GMC 4x4 sits with deflated tyres. Like the Range Rovers and Camaro GT parked nearby, it is covered in a thick layer of sandy dust — one of more than 30 apparently abandoned cars lining the bays of a floor of a multistorey car park at Dubai airpor ...

Daily Headline - global.abi.org - 07/25/2016 - 22:11 - 0 comments

Saudi Arabia’s Non-Oil Sector Slips Into Recession

prices, the Financial Times reported. The country’s non-oil sector contracted 0.7 per cent year on ... quarter of 2015, which the country’s statistics agency has now revised to show a 0.5 per cent year-on-year ...

Daily Headline - global.abi.org - 07/14/2016 - 22:32 - 0 comments

Distressed Funds Set For Big Stakes In Gulf Keystone After Debt Swap

Distressed debt funds will become big shareholders in troubled oil firm Gulf Keystone after bondholders agreed to swap $500 million of debt for equity, wiping out some of the world's top funds as shareholders, Reuters reported. Gulf Keystone operate ...

Daily Headline - global.abi.org - 07/14/2016 - 22:34 - 0 comments

Low Oil Price And Austerity Overshadow Eid In Saudi Arabia

After weeks of fasting, affluent Saudis typically spend, feast and travel as they celebrate Eid to mark the end of the holy month of Ramadan. Families gather in gleaming malls from Riyadh to Jeddah, picking up bargains and eating at restaurants. But this ...

Daily Headline - global.abi.org - 07/13/2016 - 22:59 - 0 comments

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