ArchivesTag : finance
GFH Resolves Legends Project (Dubailand) Balance Sheet Exposure
Gulf Finance House, the leading Middle Eastern Islamic investment bank announced it will take. a US$ 300 million (non-cash) charge against its proprietary Dubailand position and correspondingly reduce the liabilities on its balance sheet by US$ 290 million. This action has no implications for the Bank’s clients. Furthermore, GFH has no remaining material exposure [...]
Full StoryBahrain central bank head sees recovery signs
Despite an early intervention by governments, the global economy has not yet fully recovered. However, the signs of recovery are there and the situation is immeasurably better than a year ago, said a senior official at the central bank.
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Dubai receives a $10bn bailout from Abu Dhabi
• Surprise lifeline helps Dubai avoid defaulting on $4.1bn bond
• In London FTSE 100 rises by 69 points following gains in Asia
Dubai has received a crucial $10bn (£6bn) bailout from Abu Dhabi, news which sent shares in the Gulf region soaring this morning.
The surprise lifeline means the troubled emirate will avoid defaulting on its $4.1bn [...]
Dubai woes loom as Gulf leaders prepare to meet
Ongoing concerns about Dubai’s financial woes could overshadow efforts to more closely align Gulf Arab nations’ economies when the region’s leaders meet Monday in Kuwait.
The annual gathering of top officials from the six-member Gulf Cooperation Council economic bloc begins on the same day a closely watched $3.52 billion pile of Dubai debt comes due.
Investors are [...]
Moody’s downgrades NBB and BBK banks
Moody’s Investors Service has today downgraded the supported ratings of two Bahraini banks. National Bank of Bahrain BSC’s (NBB) long-term local currency deposit rating was downgraded by one notch to A2, while BBK BSC’s local and foreign currency deposit ratings were similarly downgraded by one notch to A3/Prime-2 and its senior and subordinated debt ratings [...]
Full StoryDubai shares continue fall
Dubai shares led declines across the Gulf, undoing almost all of this year’s gains on uncertainty surrounding Dubai World’s indebtedness and new credit rating downgrades.
The Dubai Financial Market (DFM) General Index dropped 6.1 per cent, the steepest decline of any stock market in the world for the second day running. The bourse is now barely [...]
US sues Kuwaiti financier over takeover hoaxes
US securities regulators have sued a well-connected Kuwaiti financier whose investment firm is partly owned by Citigroup, saying he reaped millions in suspicious profits after “fraudulent” takeover reports sent shares of two US companies soaring.
The civil lawsuit against Hazem Khalid Al-Braikan is sure to send shockwaves through the Middle East investment community. Al-Braikan declined to [...]
Central Bank of Bahrain in funds inquiry
The Central Bank of Bahrain is investigating Global Investment House, a top Kuwaiti investment bank, over transactions the bank had entered into with funds it manages.
Various funds in Global’s hedge fund group, some domiciled in Bahrain, entered into at least $25.75m of so-called murabaha transactions – a kind of short-term Islamic debt financing structure – [...]
Troubled banks swing spotlight on to Bahrain
When Saad Group, a troubled Saudi company, blamed its woes on a liquidity squeeze and singled out recent events affecting the Bahraini banking sector, it met with a furious response from the kingdom’s regulator.
In a rapid turnround the conglomerate, owned by Maan al-Sanea, issued a fresh statement the next day that lavished praise on the [...]
Bubble trouble?
The real estate trade in Bahrain and across the Gulf is booming – but experts say it is a bubble waiting to burst. Investors in giant projects, speculators, individual home buyers and the banks that finance them could be badly caught out, according to Bahrain-based weekly business intelligence magazine The Gulf.
Banks may be making [...]
Banking On A Sound Future
Bahrain looks to be on track to consolidate its position as a leading banking location in the region. The sector is primed for a period of strong growth, with employment on the rise and record high assets being recorded.
The kingdom’s banking sector is already strong – there were 149 local and international institutions operating out [...]
Building on Success
After a record-breaking year in 2007, Bahrain’s Gulf Finance House (GFH) is now looking to build on last year’s success, unveiling a series of new projects over the past few weeks.
Having announced year-end results in January showing net profits of $340m for last year, a 61% increase over 2006, on February 17 the bank approved [...]
Exporting Experience
As the pioneer of Islamic banking, it was fitting that Bahrain played host to the recently concluded 14th Annual World Islamic Banking Conference, held in Manama on December 9 and 10.
The two-day event attracted more than 1000 delegates from 35 countries, well up on the 300 to 400 who attended the same conference five years [...]
Bahraini parliament to grill another minister
The Bahraini Minister of Finance Shaikh Ahmed Al Khalifa is under the scanner of the parliament after the formation of the fifth parliamentary investigation committee to probe irregularities in management of the government’s properties on Tuesday.
He will join four other ministers — health, information, municipalities and industry and commerce — who are expected to be [...]
Solid Platform
A test of the stability of Bahrain’s financial sector has been the recent global crisis prompted by the meltdown in the US sub-prime mortgage market. While tremors are still being felt around the world, with the latest victim being the British lender Northern Rock, which has been caught short in a run on deposits by [...]
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