Saudi Arabia’s stock market, the region’s largest, dropped 4.3 per cent on Saturday.
The possibility of another boom-and-bust cycle in Dubai is a risk for the UAE economy in the medium term, the IMF warned
The mandatory practice is unfamiliar to many local businesses but must be complied with in order to tap the growing markets.
The sultanate needs to adjust its fiscal balance by around 10 per cent of GDP over the medium term, said the IMF.
The two nations have been upgraded from frontier markets to emerging markets by index compiler MSCI.
The Gulf state’s bourse jumps to its highest level since September 2008.
The size of the new Islamic bond could match the firm’s record-breaking $4 billion debut sukuk issued in 2012, say sources.
This is the first major sale of a foreign asset by Dubai World as it restructures its debt.
The new deal, which was arranged by a group of eight local and international banks, refinances an existing $2 billion facility.
Dubai Group and its lenders have been locked in a complex debt restructuring.
Regional banks have been well capitalised since the 2009 crisis and now driving the economic recovery.
The UAE and Qatar are hoping to receive an upgrade to emerging market status during a review of the MSCI indexes on Wednesday.
The UAE regulator issued a circular last month, directing banks to halt loan transfers for three months.
The move will increase the dominance of local banks over foreign banks in the panel that determines Eibor.
About 69 per cent of Middle Eastern institutional investors polled by Natixis expected to increase allocations to alternatives.
The reform allows a shareholder who does not want to or cannot subscribe to a share issue to sell the rights.
Islamic banks Al Khair and Khaleeji have set up a committee to study the feasibility of a merger.
The bank had said in March it would issue local debt as part of an adjustment of monetary policy.
The changes are expected to be implemented in six to nine months.
Kuwait, Bahrain and the UAE also make it to the global top 10 nations with the highest density of millionaires.
Yield on the 91-day T-bills eased to 0.82 per cent on Tuesday from 0.87 per cent in May.
Claude Henri Chavanon replaces Alan Durrant who left NBAD recently.
Gulf Business reveals the 50 biggest banks in the UAE, Saudi Arabia, Bahrain, Qatar, Kuwait and Oman as ranked by full-year 2012 assets.
The Majid Al Futtaim group planned to partly finance the $683 million acquisition of Carrefour’s stake through a hybrid bond.
The regional PE market is still in its nascent stages, but with consolidation on the way, only the best players will survive.
The lender has repaid the remaining Dhs2.6 billion of a Dhs6.6 billion loan facility it borrowed from the government.
The deficit was lower than the BD1.33 billion initially foreseen and is equivalent to two per cent of GDP.
The Saudi company sold its stake to Hawaii-based Outrigger Hotels and Resorts.
Qatar and the UAE feature on the list of the world’s richest nations as measured by GDP per capita.
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