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
china wholesale market

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: March 2, 2015
UAE. Fiscal pressures on GCC economies are mounting with dropping oil prices accelerating the need to broaden and strengthen non-oil revenues, according to a new ICAEW report.
date:Posted: March 2, 2015
UAE. A tool for Governments, businesses and NGOs to look beyond economics toward Social Progress measurements to maximize FDI and growth.
date:Posted: March 2, 2015
INTERNATIONAL. Banks in Bahrain and Oman are vulnerable indirectly through the potential drop in investments and economic growth, and Nigeria is vulnerable directly through its banking system's significant overall exposure to the oil sector.
dhgate