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: April 17, 2014
KUWAIT. According to a newly released report by Kuwait Finance House Research, the global sukuk market saw a modest volume of US$31.14 billion in new sukuk issuances in 1Q2014. This volume represents a drop of 9.82% compared to US$34.53 billion worth of issuances in 1Q13.
date:Posted: April 16, 2014
INTERNATIONAL. The WGC pointed out that the Chinese bank savings amount to US$7.5 trillion but only about US$300 billionn is allocated to gold, signifying the potential for gold demand to grow as Chinese wealth climbs.
date:Posted: April 16, 2014
UAE. "A similar drop to 2013 is unlikely. Those who wanted to get out of gold did, and the rest of 2014 will probably be a year of sideways trading."
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