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Over 4 Billion US Dollar Loans Renegotiated by UAE Banks


UAE : 06 March

Three largest banks of UAE have renegotiated loans worth over 4 billion US Dollar. This has raised worry that the balance sheets of local lenders may be weaker than previously thought. Emirates NBD has doubled its renegotiated corporate loans to 7.8 billion Dirham, bringing its total loans to approximately 10 billion Dirham, First Gulf Bank (FGB) has renegotiated loans of 2.5 billion Dirham, National Bank of Abu Dhabi renegotiated loans of 3.2 billion Dirham last year.

Analysts informed that at present some banks are at the brink of not being repaid on borrowing that would be termed as non-performing. An analyst at Al Mal Capital in Dubai, Deepak Tolani said that they are weakened loans even at present the customer is servicing them, all these loans are still stressed.

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

Saudi Networks Company and ARABSAT Signed an Agreement

The Saudi Networks Company signed an agreement with the Arab Satellite Telecommunications Organizations (ARABSAT) under which ARABSAT will provide two channels at the new ARAB satellite (5A) due to be launched next month to the Saudi Networks Company.
The new satellite will have coverage of Arab countries as well as African continent.
The Executive President of ARABSAT, [...]

06 March

Issue 2 Development Bonds

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 [...]

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, [...]

04 March

New Mobile Operator in Bahrain

A new company named “Viva Bahrain” has been launched by the Saudi Telecom Company (STC), to become the third mobile operator in Bahrain.
Muhammad Al-Jasser, Chairman of STC said the launching of the Saudi company signifies excellent relationship between Saudi Arabia and Bahrain.
Chief Executive Officer of the STC, Saud Al-Dawees said that the company is serving [...]

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