Foreign banks are regaining lost ground in the Gulf's financial sector, stealing a march on local lenders as they grapple with job cuts and a liquidity squeeze caused by the plunging oil price.
Japanese, French and US banks ar
Lenders including Deutsche Bank, HSBC and China Development Bank are resisting calls by Saudi Telecom (STC) to restructure a loan that could potentially leave them with losses of up to $600 million, Reuters quoted banking and industry sources
Thomas Cook is close to securing a 1.2 billion pounds ($1.90 billion) lifeline from its lenders to secure the future of the world's oldest travel company which issued three profit warnings last year, the Sunday Times reported.
Dubai Holding today announced that Dubai International Capital (DIC), its private equity investment arm, has reached a final agreement with its lenders regarding the restructuring of approximately $2.5 billion of liabilities.
Under the ter
Dubai's ship building unit Drydocks World has secured the necessary level of support from its syndicated lenders to implement the restructuring of its $2.2 billion debt, the company said in a statement on Saturday.
The Dubai World unit
Foreign Islamic banks will be allowed to take up to 49 percent of Morocco's first fully-fledged Islamic bank in 2013, as the country aims to become a regional financial hub, a minister said.
The government will submit to parliament a draft
Greece's government made another push on Saturday to hammer out a deal with foreign lenders on a 130 billion euro bailout before turning to the trickier task of convincing wary political leaders to back the additional painful reforms involved.
Dubai-based developer Nakheel, restructuring $10.9 billion in debt, has offered lenders repayment after four and a half years at a rate of 4 percent on a portion of its debt, sources familiar with the deal said.
The terms of the restructur
Dubai's pledge to cover gaps in Dubai World's debt repayment plan has become a sticking point for lenders, some of whom want state guarantees to fall under British - not local - law, bankers close to the matter said.
The issue aros
Over-stretched Dubai plays host to some of its bank creditors on Thursday, eight months after the emirate's flagship state conglomerate Dubai World hit the financial buffers.
A core group of banks has already agreed broad terms for a r