January 9 Luxembourg Housing Projects to Continue Despite Insolvency Proceedings, Capelli CEO Says Housing projects planned by a developer in Luxembourg will continue despite the firm’s subsidiary in the Grand Duchy entering insolvency proceedings, the company’s CEO has insisted, the Luxembourg Times reported. Capelli Lux, the Luxembourg arm of French property group Capelli, began insolvency proceedings on Monday, casting doubt over the future of a major construction project in Howald, the South Village project.

The Lod District Court in Israel has approved an application from cultivated meat startup Future Meat Technologies Ltd (doing business as Believer Meats) to open insolvency proceedings and appointed a trustee to represent the interests of its creditors, AgFunderNews.com reported. Yoel Freilich, an attorney at law firm Gissin & Co, has been authorized as trustee to manage the company’s assets, while the court also issued a 40-day stay on all proceedings against the company, which temporarily freezes enforcement actions by creditors.

In the Sultanate of Oman, bankruptcy is considered pivotal for consolidating market competitiveness and ensuring a fair investment climate in line with the objectives of Oman Vision 2040, according to a commentary in the Times of Oman reported. In 2019, Oman issued the Bankruptcy Law under Royal Decree No. 53/2019, which came into effect in July 2020. The law aims to enhance the business environment by providing legal protection for debtors and creditors, regulating bankruptcy procedures transparently, and allowing distressed companies to restructure instead of liquidating.

A Dubai civil court has officially declared a Gulf national insolvent after determining that he is unable to settle accumulated debts totaling Dh2.56 million owed to seven creditors, including banks, private individuals, and housing finance institutions, the Filipino Times reported. The court approved the insolvency petition and appointed a licensed insolvency trustee to examine the debtor’s financial standing and manage the proceedings.

Mindex, the export center of Iran's Ministry of Defense, is accepting cryptocurrency payments for advanced weapons systems as a means of bypassing international sanctions that the country faces, CoinDesk.com reported. Prospective customers can buy weapons such as missiles, tanks and drones using crypto, amongst other accepted payment methods including Iranian rials or bartering, according to the center's website. Mindex is responsible for Iran's overseas defense sales and claims to have clients in 35 countries. No prices are displayed for the available items.

Bahrain plans to introduce new fiscal reforms aimed at bolstering public finances, with measures from increasing fuel prices to establishing a corporate income-tax law, The National reported. The Gulf nation will raise electricity and water tariffs, increased dividends from state-owned companies to support the public budget and enact a 20 per cent cut in administrative spending across all government agencies, Bahraini media reported on Monday.

Lebanon’s Cabinet on Friday approved a draft law to determine the extent of losses suffered by Lebanese banks during the country's financial meltdown in 2019 and provide a mechanism to return depositors' funds that were wiped out at the time, the Associated Press reported. The financial collapse, which wiped out billions in savings and left many unable to access their funds, was part of a fiscal crisis that followed decades of corruption, financial mismanagement and nefarious profiteering.

Abu Dhabi's sovereign wealth fund has taken a rare public stand against a private equity firm's asset-shuffling plan, halting a proposed $800 million continuation fund involving Houston-based Energy & Minerals Group, AIInvest.com reported. The Abu Dhabi Investment Council filed a lawsuit to block the maneuver, which sought to move a key asset, Ascent Resources LLC, into a new vehicle according to reports. The legal challenge has drawn attention to governance concerns in private equity and highlighted growing investor wariness over opaque fund structures.