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The International Finance Corporation (IFC), a member of the World Bank Group, has granted a $30 million loan to Malta-based FIMBank designed to boost trade between Europe, the Middle East, and Africa, and to support economic development in the region. Read more
Many accountants in Jordan admitted that they have been providing inaccurate financial records to allow their clients, local businessmen not to pay their taxes. According to the actual tax law; if a business has an annual sales that is less Read more
When the state-linked entity DUBAI WORLD had such enormous debts in 2009, that almost ruined the Emirates, a restructuring deal was made in June 2010. The agreement planned a repayment scheme in 3 years time that was scheduled to start Read more
A billion dollar bond has been launched by Qatar National Bank (QNB) and it is due to mature in February 2018. The launching will be its second debt markets foray this year. The bond came in with stricter guidance because Read more
The kingdom’s container activity has grown and currently accounts for 20% of the regional throughput in 2011, with 5.69 million twenty-foot equivalent unit (TEU) according to a Drewry Maritime Research survey in September 2012 commissioned by Seatrade. Saudi Arabia now Read more
Banks in Oman fear that the restriction on the money market instruments to be introduced in preparations for the introduction of Islamic finance by the end of the year might affect fund and profit management. The draft of the rules Read more
Fitch Ratings, a credit rating firm, has started raising eyebrows about the ongoing issues in Kuwait and has decided to alert the country’s officials. Kuwait received a warning from the firm citing that despite the nation’s strong balance sheet, the Read more
Abu Dhabi Islamic Bank (ADIB) is considering a sale to boost its core capital ratios ahead of an investors meeting on Wednesday. It’s the largest sharia-compliant lender by market value in Abu Dhabi and rarely issue sukuks. A source at Read more
Qatar’s fifth largest bank by market value, Doha bank, is planning to increase its share capital by half during the first quarter of next year. The bank has market worth of $3.2 billion and its issues could gather another $1.6 Read more
AXA insurance is undertaking an intensive expansion plan in the Middle East after positive results in the region. It revealed its plans of a $60 million expansion investment budget during a period of three years to maintain its market position Read more