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.
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.
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.
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.
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 .