Banks in the United Arab Emirates are cutting credit lines to small- and medium-sized businesses (SMEs) after a spate of defaults, posing a threat to one of the economy's main drivers.
As weak oil prices prompt a drying up of
Loans and credit cards tailored to the more cost-conscious consumer featured prominently in a new survey which ranks the most popular banking products in the UAE.
Union National Bank's house rent loan gets the top rank amongst
General Electric is in advanced talks to sell a specialty finance portfolio, worth more than $30 billion, to Wells Fargo & Company, according to a person familiar with the matter, as the industrial conglomerate returns to its roots.
Saudi Arabia has sold a new tranche of bonds worth SR20 billion ($5.33 billion) to banks to help cover its budget deficit, the Maaal financial website said on Wednesday, citing informed sources.
The five-year tranche carried a cou
The days of very easy money are drawing to a close in the rich Gulf Arab oil-exporting economies as money market rates start to rise, partly because of the damage which cheap oil is doing to government finances.
Loose liquidity cr
Flag carrier Turkish Airlines is in talks with banks to raise up to $3 billion in loans for financing the purchase of Airbus and Boeing aircraft to be delivered in 2016, according to three sources.
The Airbus aircraft financing wi
Dubai Aluminium (Dubal) has completed its $1.8 billion seven-year loan, the first facility which the company has raised to fund its general business purposes in two decades, banking sources said on Thursday.
The transaction was si
The Saudi Ministry of Housing has written off SR198 million ($52.7 million) in loans given to 852 citizens, who are now dead.
Housing Minister Shuwaish Al-Duwaihi, who is also the head of the Real Estate Development Fund (REDF), c
The UAE Ministry of Finance has signed a memorandum of understanding (MoU) with Sheikh Zayed Housing Programme and Emirates Development Bank to provide housing loans to UAE citizens.
As per the deal, the ministry will offer Dh5 bi
Real estate sales in Kuwait declined for the second month in a row to KD250 million ($862.5 million) in August, a drop of 6.7 per cent month-on-month, a report said.
Real estate activity is traditionally muted in August when much