Bahraini MPs have voted to limit government borrowing despite warnings that it would result in dramatic cutbacks in public spending. Parliament unanimously approved a proposal to cap state borrowing at 60 per cent of gross domestic product (GD
Dubai expects to offer at least one flagship asset to the public as early as next year to stimulate investment and shore up its role as a global trade hub, a senior government official said.
Mohammed al-Shaibani, chief executive o
Dubai World, the state-linked entity whose massive debts brought the emirate to the brink of collapse in 2009, faces the first repayment in its restructuring deal in three years time and creditors are once again growing restless.
Bahrain Air, a leading low-cost carrier in the region, has been warned to pay off its debts or risk suspension of its operations, its chairman said.
Shaikh Mohammed bin Abdulla Al Khalifa added that the airline was under pressure from T
Abu Dhabi's Aldar Properties, currently in merger talks with rival Sorouh Real Estate, says it is committed to repay its huge pile of debt and sees further consolidation in the emirate's battered property market.
The United Arab Emirates on Wednesday set up a Dh10 billion ($2.7 billion) fund to help to pay low-income citizens' debts and announced plans to raise wages of some state employees, state news agency WAM said.
The agency said President
Emirates NBD has $1.6 billion of medium-term debt maturing this year which can be funded with ease, its chief financial officer said in remarks published on Tuesday.
"The maturing debt is small and can be replaced easily with our current r