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 1, 2014
UAE. The Middle East's top brands have grown by an average of 38%, according to The Brand Finance Middle East 50; This brings the total value of the top 50 above US$50 billion for the first time; Emirates holds the top spot and remains far ahead of the rest.
date:Posted: September 1, 2014
SAUDI ARABIA. Consumer spending also remained robust; Non-oil exports rebound owing to greater production of petrochemicals and plastics.
date:Posted: September 1, 2014
INTERNATIONAL. Oil markets since 2011 have become less price sensitive to actual supply disruptions, especially to those geopolitical events that have taken place since the Arab Spring.
UAE. The Middle East's top brands have grown by an average of 38%, according to The Brand Finance Middle East 50; This brings the total value of the top 50 above US$50 billion for the first time; Emirates holds the top spot and remains far ahead of the rest.
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