Latest Banking News

Dubai World, parent company of giant real estate business Nahkheel, appears to have finally reached an agreement ‘in principle’ on how to repay debts of $23.5 billion. 
The company shook the markets in 2009 by requesting that repayment to creditors be delayed by six months.  This new agreement, which does not require additional funds from the [...]

In the continuing negotiations about the debt of Dubai’s giant state owned company, Dubai World, it emerged today that the conglomerate has offered to pay back 30% of the money owed to creditors in five years time. 
The company has been in talks with a panel of seven major banks for some time now, and have [...]

Saudi Arabia, the Arab world’s biggest economy, is returning to normal business operations after being ‘spared the worst’ of the consequences of the global financial crisis.
Mohamed Al Jasser, Governor of the central bank said today that their banks had recognized losses and improved provisions which meant that their ‘balance sheets’ were in better shape for [...]

Abu Dhabi has opened the Gulf’s first ever gold vending machine in the Emirates Palace Hotel in Abu Dhabi.
The machine, which dispenses bars of gold weighing one, five or ten grams looks very much like an ordinary cash kiosk, except for its rather glitzy gold plated veneer.  But this is no ordinary ATM.  Passing visitors [...]