Qatari banks face growing risks from real estate downturn, says Fitch

Friday, 17 May 2019

Qatari banks face growing pressure from high exposure to the country’s sluggish real estate market, hit by oversupply tied to preparations for its 2022 World Cup, ratings agency Fitch said. The tiny but wealthy Gulf state has seen its rental prices slide by 20 percent over the past three years. Analysts expect these prices to fall further as a wave of projects tied to the tournament come online over the next three years. Qatar has had the added challenge of a ...

Report: UAE’s Finablr extends IPO closing by a day to May 14

Tuesday, 14 May 2019

United Arab Emirates-based payments and foreign exchange company Finablr has extended the closing of books for its initial public offering (IPO) to May 14 due to volatile market conditions, two sources familiar with the deal said on Monday.The books were supposed to close on Monday for a London public offering, which will now close on Tuesday, they said.The company, whose brands include UAE Exchange, Travelex Holdings and Xpress Money, has been seeking to raise $200 million from the sale of new ...

Turkish lira weakens against dollar, weakest since Sept 24

Thursday, 9 May 2019

Turkey’s currency weakened beyond 6.24 against the dollar on Thursday, hitting its weakest level in eight months amid concerns over the re-run of Istanbul’s mayoral election and tensions ahead of US-China trade talks. The lira fell as far as 6.2410 against the dollar at 0914 GMT, its weakest level since September 24, sliding nearly 1 percent from its close of 6.1790. After weeks of appeals by President Tayyip Erdogan’s AK Party and its nationalist MHP ally, Turkey's High ...

UAE’s Majid Al Futtaim set to raise $600 mln in ‘green’ sukuk

Tuesday, 7 May 2019

Majid Al Futtaim, a UAE-based developer, and shopping mall operator is set to raise $600 million in “green” Sukuk, or Islamic bonds, documents by one of the banks leading the deal showed on Tuesday.The proceeds of the Sukuk will back environmentally-friendly projects in areas such as renewable energy and sustainable water management, according to the documents.Green bonds are a growing category of fixed-income securities and green Sukuk could widen the appeal of Islamic bonds beyond ...

Beirut Stock Exchange suspends trading, cites central bank worker strike

Monday, 6 May 2019

The Beirut Stock Exchange suspended trading until further notice on Monday because clearance and settlement processes could not be carried out on time during a strike by central bank employees, the stock exchange said on its website.The stock exchange said it had received a letter from Midclear stating it could not carry out the clearance and settlement process on time. The trading suspension was “to protect the interest of all investors,” the stock exchange said. ...

Saudi Arabia reduces fees, trading commissions for local bond market

Thursday, 25 April 2019

Saudi Arabia’s Capital Market Authority (CMA), the country’s bourse and its Debt Management Office (DMO) announced in a joint statement on Thursday reduced fees and commissions to encourage secondary market trading of debt. The three entities said trading commissions for the Tadawul, the Middle East’s largest exchange, and the CMA had been reduced, while fees for new offerings and annual registration charges for issuers were also reduced. In addition, ...

Experts praise the progress of bond markets and privatization in Saudi Arabia

Wednesday, 24 April 2019

Experts in the private sector lauded Saudi Arabia’s development in the bond market and the country’s privatization efforts in a session titled “Taking stock: Building a competitive capital market in Saudi Arabia and the region,” that took place Wednesday at the Financial Sector Conference in Riyadh. Moderated by Al Arabiya’s senior business reporter, Nadine Hani, the session’s speakers included HE Mohammed A. Elkuwaiz, the Chairman of Saudi Arabia’s ...

India suspends Kashmir border trade with Pakistan

Friday, 19 April 2019

India has suspended trade across its disputed Kashmir border with Pakistan, alleging that weapons and drugs are being smuggled across the route, as tensions simmer between the nuclear-armed neighbors. Kashmir has been on edge since a February suicide attack that killed 40 Indian paramilitaries and brought the two countries to the brink of war with cross-border air strikes. On Thursday, India’s government, which is in the middle of a tough national election, said it had reports that trade ...

India’s Jet Airways stock falls on report of temporary close

Tuesday, 16 April 2019

Beleaguered Indian airline Jet Airways’ stock fell sharply on Tuesday after its former chairman reportedly withdrew plans to bid for a controlling stake in the company and news media said its flight operations might be temporarily halted.Naresh Goyal, who founded Jet Airways in 1992 and saw it soar to become India’s largest airline, abandoned plans to bid for a controlling stake as part of a rescue plan led by government-owned State Bank of India, according to Mark Martin, chief ...

Dubai financial services authority says investigation into Abraaj is ongoing

Monday, 15 April 2019

Dubai’s financial services authority (DSFA) said on Monday that its investigation into collapsed Dubai private equity firm Abraaj Capital Ltd and relevant companies and persons was ongoing. The Dubai regulator added that it was aware of the arrest of two former executives of the Abraaj group, former chief executive, Arif Naqvi, and managing partner, Mustafa Abdel-Wadood, on US fraud charges. “The DFSA is a regulatory body which oversees the conduct of firms under its jurisdiction in ...

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