The World Bank said Friday that the $15.5 million Syria owed it has been paid off by Saudi Arabia and Qatar, clearing Damascus to take out new loans, the Associated Press reported. Saudi Arabia and Qatar had announced plans last month to clear Syria’s outstanding debts, a move that Syria hailed as paving the way for recovery and reconstruction after a 14-year conflict that killed half a million people and caused wide destruction in the country.
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Saudi Arabia, one of the largest bond issuers in emerging markets last year, has started 2025 with a funding spree as the country fuels its vast economic transformation plan, Bloomberg News reported. The kingdom’s sovereign wealth fund signed a $7 billion Islamic loan with a group of 20 international and regional banks, it said Monday. The announcement came hours after the finance ministry began a dollar-bond sale and days after it raised $2.5 billion from three foreign banks.
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Saudi Cable Co. (SCC) issued a clarification regarding the ruling of Turkey's appeal court to overturn the bankruptcy (liquidation) decision previously issued against Elimsan, its subsidiary in Turkey, Argaam.com reported. In a statement to Tadawul, the company said its board decided on Oct. 11, 2021, to take the necessary actions to protect Elimsan Salt Cihazlari ve Elektromekanik San ve Tic A.S. by applying the debt protection law (financial restructuring). Elimsan is 94% owned by Mas Kablo, a subsidiary, which is 100% owned by Saudi Cable. On Feb.
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Saudi Arabia’s Public Investment Fund is set to become a minority partner in UK department-store chain Selfridges after buying out the position of the now-insolvent Signa Group, Bloomberg News reported. The PIF will take a 40% stake in both the property and operating businesses of Selfridges, according to an emailed statement from current co-owner Central Group. The Thai retail conglomerate will own a 60% stake, with the deal including new investment from both shareholders to shore up Selfridges’ financial position.
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This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
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