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Dubai World’s Debt Rescheduling Strategy

Dubai, United Arab Emirates : 19 February

An insider to the Dubai government said that an offer to creditors for rescheduling of approximately $22bn of debt will be offered by the state-owned Dubai World following its advisers finalize valuing the properties of the companies.

The executive said that the ultimate offer will be made after meetings with the Abu Dhabi government and the UAE’ central bank. Abu Dhabi’s government, the central bank, and two commercial banks of the emirate loaned $20bn last year to Dubai’s monetary support fund to assist state-owned companies throughout the credit crisis.

Andrew Reid, Staff Writer, Gulf Jobs Market News
19 February

Mega Islamic Bank

To seize the growth possibility and to contest with Islamic windows or subsidiaries of Western traditional banks, bigger Islamic banks are crucial.
Sameer Abdi, head of Islamic finance at Ernst & Young has announced an imminent launch of Islamic investment megabank, within a year with capital outlay in the range of $3 billion and $4 billion. [...]

18 February

QInvest Plans to Enter Huge Indian Market through Ambit Investment

QInvest, Qatar’s prominent leading investment bank, has decided to make a planned investment for a 25% stake in Ambit Group, one of India’s leading investment banks, depending on regulatory consent. Shahzad Shahbaz, QInvest’s CEO, will become a member of Ambit’s board.
This will mark QInvest’s first ever investment in India and emphasizes the bank’s concentration on [...]

17 February

Stronger Capital Markets Required for the Growth of Gulf Sukuk

Yavar Moini, senior advisor at Morgan Stanley, commented that in order for the sukuk bond sector to grow the GCC needs stronger capital markets as current demand is mainly driven from Southeast Asia.
As UAE and especially Dubai have had credit related issues in the past the leader of the industry is currently Malaysia. Thailand and [...]

16 February

Possible Deal with Zain and Bharti Airtel Sends Kuwait Shares Soaring

Kuwaits Telco, Zain is in exclusive talks with Indian Telecoms giant, Airtel with a possible $10.7 Billion deal on the table to sell the bulk of its African assets. News of the deal sent Kuwait’s index soaring to a 16 week high as the index finished at its highest since October 28 2009.
Gulf Jobs Market [...]

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