Khalid Howladar News
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Dubai, gearing up for a new development boom, will need to prove to lenders and investors that this one won’t end like the last.
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Downgrades of Dubai’s biggest banks by Moody’s Investors Service last week show that the lenders haven’t done enough to address the bad loans that piled up following the emirate’s real estate crash four years ago.
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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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The Federal Reserve and four other U.S. financial regulators said they agreed to coordinate supervision of federally insured banks with assets exceeding $10 billion under the Dodd-Frank Act in a move that will tighten supervision.
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The pace of Kuwaiti bank lending is slowing this year as delays on government projects and loan defaults by local investment companies hamper demand for debt in OPEC’s fifth-biggest oil producer.
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A U.K. court ruling involving Kuwait- based Investment Dar Co. and Lebanon’s Blom Bank SAL will heighten the “operational risk” for Islamic finance transactions, said Moody’s Investors Service.
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Oman’s Blue City, a $20 billion real estate project central to the country’s economic transformation, is on the brink of liquidation and its fate may hinge on talks between bondholders trying to salvage their investment.
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Gary Seabrook is busy tripling capacity at the paint business he runs near the Dubai port because he doesn’t want to miss out on any sales.
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Islamic bonds gained for a fifth month, sending yields to the lowest levels since 2005, as faster growth in the Persian Gulf lured investors who expect new sales to recover after falling 27 percent this year.
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Restricting the number of boards religious scholars are involved in would curb growth in the $1 trillion Islamic finance market, says a Bahraini scholar who advises Citigroup Inc. and HSBC Holdings Plc .
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