North Africa/Middle East

Results for North Africa/Middle East

Dana Gas Gets U.K. Court Order in $700 Million Islamic Bond Case

Dana Gas PJSC won an extension of a London court order blocking investors from taking action over $700 million in disputed Islamic bonds until after a trial scheduled for as soon as October, Bloomberg News reported. Dana, which has operations in Egypt an ...

Daily Headline - global.abi.org - 07/05/2017 - 22:06 - 0 comments

International arbitration report

In this issue, we feature a number of articles on investor-state dispute settlement (ISDS). Lawyers from across our global firm review various developments in this area, including requests for reconsideration in ICSID and UNCITRAL arbitration, whether th ...

Resource Article - twallace@abiwor... - 06/30/2017 - 10:09 - 0 comments - 0 attachments

The Mysterious (and Continuing) Fall in Saudi Foreign Reserves

Net foreign assets at Saudi Arabia's central bank, a measure of its ability to support its currency, look set to fall sharply this year as oil prices slump and Riyadh expands its sovereign wealth fund to invest abroad, the International New York T ...

Daily Headline - global.abi.org - 06/28/2017 - 21:37 - 0 comments

The Pain of Dana Gas in Three Charts. And Its Gain in One.

Champions of the rapidly expanding $2 trillion Islamic finance market are probably hoping the Dana Gas situation will go away, and they may yet get their wish, Bloomberg News reported. The Middle Eastern energy explorer sent shockwaves through the Sharia ...

Daily Headline - global.abi.org - 06/22/2017 - 22:25 - 0 comments

If Dana's Sukuk Is Illegal Now, It Was Illegal Then, Lawyer Says

Nothing in Islamic finance or the United Arab Emirates’ laws regarding Shariah-compliant debt has changed since Dana Gas PJSC restructured its sukuk about four years ago, Bloomberg News reported. "What makes the sukuk illegal now?” asks Rizwan Kanji ...

Daily Headline - global.abi.org - 06/18/2017 - 22:20 - 0 comments

Why Everyone's Talking About Dana Gas's Sukuk

A decision by a Middle Eastern gas producer to declare its own Shariah-compliant bonds unlawful has baffled investors in the $2 trillion Islamic finance industry, Bloomberg News reported. Sharjah-based Dana Gas PJSC said Tuesday it no longer considered i ...

Daily Headline - global.abi.org - 06/15/2017 - 20:55 - 0 comments

Islamic Finance Industry Frets as Dana Gas Deems its Sukuk Invalid

A decision by Abu Dhabi-listed Dana Gas to declare $700 million of its sukuk invalid has sent shivers through the Islamic finance industry, raising concern about the safety of sharia-compliant debt instruments in general, Reuters reported. Dana said on T ...

Daily Headline - global.abi.org - 06/14/2017 - 22:34 - 0 comments

Dana Gas Plans Profit Rate Cut on Sukuk in Restructuring Twist

Dana Gas PJSC plans to more than halve profit rates on $700 million of its Islamic bonds after they were found to be non-compliant with religious law, adding a new twist to a debt restructuring initiated in May, Bloomberg News reported. The United Arab E ...

Daily Headline - global.abi.org - 06/13/2017 - 21:58 - 0 comments

Qatar Assets Add Up Losses as Tension With Arab States Grows

Investors in Qatari stocks, bonds and currency forwards were saddled with losses since the country was thrust into the epicenter of an unprecedented spat with its neighbors. The country’s stock market shrank by about $11 billion in value on Tuesday, the ...

Daily Headline - global.abi.org - 06/11/2017 - 22:32 - 0 comments

Qatari Bonds: Sand in the Mechanism

The warmth Qatar inspires in the west as a highly-rated borrower turns out to be a local phenomenon. In the Gulf its ambitions to be a regional arbiter have made it deeply unpopular. A diplomatic rift with four of the emirate’s closest Arab neighbours th ...

Daily Headline - global.abi.org - 06/06/2017 - 23:27 - 0 comments

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