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Issue 2 Development Bonds

Oman : 06 March

To repay two maturing bond issues this year, Muscat Oman, through the Central Bank of Oman, will probably propose 2 development bonds worth 1.15 billion Dirham, informed by CBO Executive President, Hamoud Bin Sangour Al Zadjali.

Hamoud Bin Sangour Al Zadjali said that due to maturity of two development bonds this year, there will be some borrowings. If crude oil prices remained at the existing level, the budget deficit would be wiped out. Economy is awash with liquidity. Banks will be capable to meet full credit requirements of both private and government sectors. Interest rates are not expected to rise.

In its budget documents, the government had said that its fiscal deficit for the year would be 3% of its GDP or 13% of its revenue on the basis of oil prices of more than 50 US Dollar per barrel. Due to recovery from international recession, crude oil prices soared by 78% in 2009.

Paul Holdsworth, Staff Writer, Gulf Jobs Market News
04 March

20% Decrease in Incomes of Saudi Arabian Banks

Due to tight lending position prompted by international monetary crisis as well as debt non-payment by two local companies, Saudi Arabian banks suffered reduction of net income by over 20% in January.
Saudi Arabian Monetary Agency (Sama) informed that the net profits of the kingdom’s twelve commercial banks dropped from 3.58 billion Saudi Riyal in January, [...]

02 March

5,200 New Jobs in Qatari Financial Services

The global search company, Kinsey Allen International forecast that due to comparative strength and boost in foreign investment, about 5,200 new financial services vacancies will be created in Doha during the current year. Employees’ strength in Doha’s financial services will be increased from 14,900 to 20,100 people as compared to only 4,600 people in 2006. [...]

01 March

1 billion US Dolllar Fund to be Introduced

One of the leading Islamic banks in Qatar, Masraf Al rayan (MAR) will introduce Al Rayan GCC Fund for one billion US Dollar.
Al Rayan Investment LLC has been appointed as fund manager of the Sharia-compliant Al Rayan GCC Fund, by MAR to go-ahead to supervise finances up to 1 billion US Dollars.
A wholly-owned subsidiary of [...]

01 March

Bank Lending will be Increased by UAE

Banks in UAE have raised interest rates and are hesitant to lend because they are waiting for the restructuring of 26 billion US Dollar debt by state controlled Dubai World. Economists say that the high interest rates will hamper the country’s recovery from global financial crisis. Dubai-bsed economist at EFG-Hermes Holding, Monica Malik said that [...]

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