Qatar

Ezdan Holding Group faces the risk of debt restructuring or default as the Qatari real estate developer is yet to obtain credit-lines to meet upcoming maturities, according to S&P Global Ratings, Bloomberg News reported. “Despite discussing payment option plans, the company is still in the negotiation stage of securing a committed credit line to address its significant upcoming debt maturities and amortization schedule,” according to the ratings agency. S&P cut Ezdan’s rating to CCC from B- with negative outlook. Ezdan’s $500 million senior unsecured sukuk matures on May 18.
Read more

Qatar’s neighbors agreed Tuesday at a regional summit to set aside festering differences that had caused a destabilizing break among the U.S. allies and undermined a pressure campaign on Iran, but sidestepped efforts to resolve the sources of their repeated rifts, the Wall Street Journal reported. Saudi Arabia, the United Arab Emirates, Bahrain and Egypt will reopen their airspace to Qatari jets, restore diplomatic ties with Doha and reverse all other actions taken since they cut relations in 2017.

Read more

Gulf Arab leaders signed a declaration on Tuesday to ease a rift with Qatar, following Saudi Arabia’s decision to end a 3 1/2-year embargo of the tiny energy-rich country that deeply divided regional U.S. security allies and frayed social ties across the Arabian Peninsula, the Associated Press reported. Saudi Arabia also said that it was restoring full diplomatic relations with Qatar, although it was not clear how soon the step would be followed by the United Arab Emirates, Bahrain and Egypt, which had joined the kingdom in isolating the country over its regional policies.

Read more

Qatar, Saudi Arabia Set to End Feud

Qatar and Saudi Arabia and its allies are expected to sign a deal on Tuesday designed to end a protracted feud that has split the Middle East and hampered U.S. efforts to isolate Iran, senior Trump administration officials said on Monday, the Wall Street Journal reported. Under the deal, the U.S. officials said, Saudi Arabia, the United Arab Emirates, Bahrain and Egypt are expected to officially end a blockade of Qatar they began in June 2017 when the countries accused Qatar’s leaders of supporting terrorism and aligning itself with Iran.

Read more

Banks from Qatar, the United Arab Emirates and India risk losing millions of dollars due to their exposure to Finablr Plc, the foreign-exchange operator that’s preparing for potential insolvency, according to people with knowledge of the matter, Bloomberg News reported. Qatar National Bank, Doha Bank, National Bank of Fujairah, Commercial Bank International and Bank of Baroda are still owed about $300 million by Finablr’s parent BRS Ventures, which is owned by Bavaguthu Raghuram Shetty, some of the people said, asking not to be identified because the matter is private.

Read more

Qatar’s banks eased repayment terms on real-estate loans, according to the chief executive officer of Doha Bank QSC, after the Saudi Arabia-led standoff hurt property prices, Bloomberg News reported. “Cash flows have been redefined, debt has been restructured to see that debt-servicing capacity is not in danger in the coming days for real estate owners,” Raghavan Seetharaman said in an interview with Bloomberg TV on Monday.

Read more

Qatar said on Monday it plans to buy $500 million of Lebanese government bonds to help support one of the world’s most indebted countries, Bloomberg News reported. Eurobonds rallied by the most since September. Lebanon’s struggling economy needs a cash infusion to reassure bond holders still reeling from mixed remarks by officials about the possibility of debt restructuring this month.

Read more
Qatar Airways is reviewing plans for its own domestic Indian airline due to “confusing” foreign ownership rules and could work with a partner in India or take a stake in IndiGo instead, its chief executive said on Tuesday. The state-owned Gulf carrier has long coveted the Indian aviation market, which is the fastest growing in the world, and in 2017 said it would set up a domestic airline, a year after India eased foreign investment rules for the sector, Reuters reported.
Read more