North Africa/Middle East

Results for North Africa/Middle East

Moody's Downgrades Saudi Arabia Credit Rating Over Oil Price Slump

Saudi Arabia’s credit rating has been downgraded by Moody’s because of the long and deep slump in oil prices, The Guardian reported. Moody’s Investors Service said it also downgraded Gulf oil producers Bahrain and Oman. It left ratings unchanged for ...

Daily Headline - global.abi.org - 05/15/2016 - 21:05 - 0 comments

Saudi Opens Door To Short Sellers To Lure Investors

Saudi Arabia has announced a series of market reforms aiming to make its $400bn bourse more attractive to foreign investors ahead of a much-anticipated listing of state oil company Saudi Aramco, the Financial Times reported. The Capital Market Author ...

Daily Headline - global.abi.org - 05/03/2016 - 20:31 - 0 comments

Saudi Arabia Approves Economic Reform Program

Saudi Arabia unveiled plans to free the kingdom from its dependence on oil revenues, in part by selling a stake in its state-owned oil company and creating the world’s largest sovereign-wealth fund, The Wall Street Journal reported. The move represen ...

Daily Headline - global.abi.org - 04/25/2016 - 21:38 - 0 comments

Creditor Sale Brings Dubai's Limitless To Brink Of Debt Plan Deal

Dubai-based property developer Limitless is set to complete a drawn-out debt restructuring after the final dissenting creditor sold its share of the company's 4.45 billion dirhams ($1.2 billion) debt, sources with knowledge of the matter said on Wed ...

Daily Headline - global.abi.org - 04/20/2016 - 21:59 - 0 comments

Saudi Arabia Takes Out $10 Billion In Bank Loans

Saudi Arabia is raising $10bn from a consortium of global banks as the kingdom embarks on its first international debt issuance in 25 years to counter dwindling oil revenues and reserves, CNBC reported on a Financial Times story. The landmark five-ye ...

Daily Headline - global.abi.org - 04/19/2016 - 21:27 - 0 comments

IMF Agrees $2.8 Billion Bailout For Tunisia

The International Monetary Fund has successfully concluded negotiations for a $2.8bn bailout for Tunisia, the latest in a series of loans to countries in north Africa and the Middle East to help them cope with the stresses posed by a growing influx of re ...

Daily Headline - global.abi.org - 04/17/2016 - 18:12 - 0 comments

Abu Dhabi Fund Says It Never Received Payments From Malaysia’s 1MDB

An Abu Dhabi state fund said publicly for the first time on Monday that it hadn’t received billions of dollars in payments that a controversial Malaysian fund set up by Prime Minister Najib Razak claims it sent, The Wall Street Journal reported. The ...

Daily Headline - global.abi.org - 04/11/2016 - 22:11 - 0 comments

UAE Conglomerate Al Jaber Misses Payment On $4.5 Billion Restructured Debt

Al Jaber Group missed a March repayment on its $4.5 billion restructuring, three sources aware of the matter told Reuters on Tuesday, adding pressure on the Abu Dhabi-based conglomerate to quickly secure a new debt deal to save it from collapse. The fami ...

Daily Headline - global.abi.org - 04/05/2016 - 21:17 - 0 comments

Saudis Moving to Reduce Dependence on Oil Money

A top Saudi prince has announced new elements of a plan to reduce the kingdom’s heavy dependence on oil, amid a drop in world prices that has sent shock waves through the Saudi economy. The plans include publicly selling shares of the state oil giant, Sa ...

Daily Headline - global.abi.org - 04/03/2016 - 21:39 - 0 comments

Historic Zim Lines Result After Debt Restructure Points The Way For HMM's Battered Creditors

Israeli container shipping line Zim last week delivered some of the best results in liner industry, reporting a net profit of $7m for 2015, recovering from a $198m net loss in 2014, The Loadstar reported. The overall improved profitability was almost ...

Daily Headline - global.abi.org - 03/29/2016 - 23:33 - 0 comments

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