Raj Madha News
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Dubai, the desert sheikdom where home prices have plunged 65 percent since 2008, risks re- inflating its property bubble with the help of mortgage lenders offering easy terms and the lowest rates ever.
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Qatar National Bank SAQ, the Gulf country’s biggest bank by assets, may raise about a $1 billion from a bond sale as it seeks longer-term money to fund growth.
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Deutsche Bank AG and Credit Agricole SA are among international banks withdrawing employees from Dubai as deals dry up, revenue falls and lenders curb costs.
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Dubai Islamic Bank PJSC paid 374.7 million dirhams ($102 million) to buy a controlling stake in Tamweel PJSC as the United Arab Emirates’ biggest Islamic lender sought to boost mortgage financing in Dubai.
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Emirates NBD PJSC reported a 62 percent decline in fourth-quarter profit as the United Arab Emirates’ biggest bank by assets boosted bad loan provisions and said it sees lending growing by 4 percent this year.
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The United Arab Emirates central bank issued new guidelines on retail loans and fees as well as capped personal loans at 20 times a borrower’s monthly salary in a bid to control lending and curb excessive charges.
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Dubai’s developers, battered by three years of falling prices for homes and offices, are seeking refuge in retail assets as shopping tourism powers the economy.
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Islamic bonds of Tamweel PJSC , the United Arab Emirates-based mortgage lender, have failed to benefit from the Dubai World debt accord after being the worst performing sukuk in the country in the past five months.
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Emirates NBD PJSC reported a 60 percent drop in third-quarter profit, missing analysts’ estimates, as the United Arab Emirates’ biggest bank set aside more money to cover bad loans.
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Qatar Islamic Bank SAQ, the Persian Gulf country’s biggest Shariah-compliant lender, posted a 27 percent jump in second-quarter profit, topping analysts’ estimates, as income from investments increased.
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