UAE may extend GRE bank loan rule deadline
Source: BI-ME with Bloomberg , Author: Posted by BI-ME staff
Posted: Wed May 30, 2012 11:52 am

UAE. The central bank of the United Arab Emirates may extend the deadline for some banks to comply with rules curtailing their exposure to government-linked companies, Al-Khaleej newspaper reported, citing Chairman Khalil Foulathi.

Changes to the deadline will depend “on each bank, its exposure and the time remaining in the loans” given to local governments or government-related enterprises, Foulathi said, according to the newspaper. The Abu Dhabi-based central bank will not cancel or amend the rules, he said in the report.

Banks in the United Arab Emirates can lend no more than 100% of their capital to local governments and the same to government-related entities known as GREs, the central bank said April 4.

There was no limit under previous rules. Banks have until Sept. 30 to comply with the rules, the central bank said at the time.

 

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

date:Posted: September 21, 2014
UAE. Nearly 60% of families-run businesses globally are struggling to find external finance; KPMG identifies HNWIs as a highly underutilised route for investment.
date:Posted: September 21, 2014
INTERNATIONAL. Against the backdrop of a rising dollar, uneven developments in global economic growth and interest rates commodities suffered broad-based selling across most sectors.
date:Posted: September 21, 2014
UAE. Average residential rents dipped marginally by 1% during Q3 this year; Office rents across the CBD area remained unchanged while secondary locations grew by 3% quarter-on-quarter; Average villa rents have witnessed a single digit growth of around 8%.
dhgate