United Arab Emirates

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Senior management responsibility in banks

Regulators have made clear their view that responsibility for the culture of a bank sits at the top; if senior management create the right culture, good regulatory practice and procedures will naturally follow. Following the financial crisis banks’ s ...

Resource Article - twallace@abiwor... - 11/08/2017 - 09:02 - 0 comments - 0 attachments

Dana Gas to Miss Payment on $700 Million Sukuk Tomorrow

A Middle Eastern energy company that has questioned the lawfulness of its own sukuk won’t settle the $700 million worth of debt owed to investors, according to people familiar with the matter. Dana Gas PJSC, the Sharjah, United Arab Emirates-based energy ...

Daily Headline - global.abi.org - 10/30/2017 - 21:28 - 0 comments

Dubai Returns to Court Over Ship-Repair Company’s $2.1 Billion Debt

Dubai’s Drydocks World has returned to the courts to push through a $2.1bn debt restructuring, clearing the path for the troubled ship-repair business’ sale to a sister company, DP World, the emirate’s port operator, the Financial Times reported. The ...

Daily Headline - global.abi.org - 10/03/2017 - 16:40 - 0 comments

Dana Fight With BlackRock to Start Despite U.A.E. Court Order

A London lawsuit over $700 million in Shariah-compliant bonds issued by Dana Gas PJSC will go ahead despite a last-minute United Arab Emirates court order that attempted to stop the company from taking part in the trial, Bloomberg News reported. Dana Gas ...

Daily Headline - global.abi.org - 09/19/2017 - 21:41 - 0 comments

Dubai’s DP World to Buy Drydocks World

Dubai’s DP World has agreed to buy Drydocks World and a maritime business park in the emirate for $405m. Ports operator DP World, majority owned by government conglomerate Dubai World, agreed to buy Dubai World’s Drydocks World ship repair unit via a cas ...

Daily Headline - global.abi.org - 09/18/2017 - 23:20 - 0 comments

Goldman, BlackRock Offer Dana Deal to End $700 Million Debt Saga

Dana Gas PJSC bondholders, including BlackRock Inc. and Goldman Sachs Group Inc., submitted a proposal to the Middle Eastern energy producer to resolve a dispute over a $700 million sukuk that shocked the Islamic finance industry this year, Bloomberg New ...

Daily Headline - global.abi.org - 09/13/2017 - 21:03 - 0 comments

Here's a Sign That Dubai Is No Longer the U.A.E.'s Problem Child

To see how far Dubai has come, take a look at its credit default swaps. The extra cost investors pay to insure the sheikhdom’s bonds versus those of its oil-rich neighbor, Abu Dhabi, has fallen below 60 basis points this month for the first time on recor ...

Daily Headline - global.abi.org - 08/22/2017 - 16:21 - 0 comments

Dana Gas Said to See Creditors Turn Debtors as Showdown Deepens

The standoff between Dana Gas PJSC and its bondholders took a fresh twist after the Middle Eastern energy explorer that’s trying to void $700 million of its own debt was said to believe investors may even have to pay the company, Bloomberg News reported. ...

Daily Headline - global.abi.org - 08/03/2017 - 18:45 - 0 comments

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 - 21:06 - 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 - 21:25 - 0 comments

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