GCC states are expected to witness a combined budget surplus of more than $50 billion in 2010 instead of a projected deficit of $2.9 billion thanks to improved oil prices, Abu Dhabi-based Al Ittihad daily says Tuesday citing a report by Emirates Industrial Bank
Gulf banks may see further increases in non-performing loans, or NPLs, with the region's financial sector lagging an anticipated regional economic recovery in 2010, analysts at Standard & Poor's Rating Services and UBS AG said on Monday. "The cleanup of Gulf banks' loan portfolios has not yet come to an end. Going forward, Gulf banks will suffer from tight liquidity, lower asset quality, limited asset growth and a higher cost of funding," S&P's analysts said.
Nakheel PJSC bonds, part of parent Dubai World’s planned $26 billion debt restructuring, climbed the most in two months after JPMorgan Chase & Co. said creditors may get paid face value
The approval of the long-awaited mortgage law in Saudi Arabia this year is expected to curb sharp increases in property prices, spur bank credit and encourage investment in the sector, a Saudi official said
The UAE will draft a law allowing foreign ownership of companies within a month, and plans to pass the measure by the end of the year, Minister of Economy Sultan bin Saeed al-Mansouri said
