Giyas Gokkent News
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An Egyptian court upheld a ruling suspending a parliamentary election President Mohamed Mursi sought to begin tomorrow, increasing uncertainty in the country ahead of a Cabinet shuffle aimed at easing the political deadlock.
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Abu Dhabi, the oil-rich sheikhdom that spent 36 billion dirhams ($9.8 billion) bailing out its biggest developer in 2011, will probably reach for its checkbook again as property companies in the United Arab Emirates face a stalled market and deadlines to repay debt.
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The Qatar Investment Authority, the Doha-based sovereign wealth fund, agreed to invest $2.8 billion in Agricultural Bank of China Ltd. ’s initial public offering, according to two people with knowledge of the matter.
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Bahrain’s sovereign credit ratings were lowered by Moody’s Investors Service, which said higher oil prices were needed by the government to balance its budget and cited the negative outlook on the banking sector.
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The Qatar Investment Authority, the Gulf country’s sovereign wealth fund, agreed to invest $2.8 billion in Agricultural Bank of China Ltd. ’s initial public offering to tap growth in the world’s third-biggest economy.
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United Arab Emirates banks’ overall deposits advanced by 2.1 percent in April from the previous month, helping to further ease liquidity in the second-biggest Arab economy.
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Qatar, host of the 2022 World Cup, may cut its benchmark interest rate by at least another half percentage point as the emirate seeks to trim the cost of building nine stadiums, roads and 40,000 hotel rooms, analysts said.
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Abu Dhabi’s banks are posting stronger earnings than Dubai’s as lending in the United Arab Emirates’ capital increases and the highest provisions in more than a year curb profit for Dubai lenders.
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When U.S. teenager Anthony Spalvieri-Kruse was considering which college to attend, he got an offer he couldn’t refuse from 7,200 miles away in Abu Dhabi.
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Inflation in the United Arab Emirates slowed to 1.3 percent in July from 1.7 percent in the previous month, as housing and fuel prices saw the biggest monthly drop in more than a year.
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