The move is expected to force all the creditors of the Dubai-based shipbuilding unit to agree to its $2.2 billion debt-restructuring plan.
RED, Abraaj’s small and mid-cap investment platform, has invested $20 million in the region so far this year.
Update: The Kuwaiti developer’s shares have now resumed trading on Dubai Financial Market.
The companies, which failed to report earnings on time, join 12 other firms suspended earlier this year.
Saudi Electricity Company will use the amount, loaned by a group of international banks, to build a power plant in Rabigh.
Strata, Abu Dhabi’s aerospace parts manufacturer has become a worldwide name in just two years.
The acquisition includes the retail, commercial and corporate banking businesses of Lloyds in the country.
The oil supply from the OPEC nations in March this year increased to its highest level since October 2008.
The Kuwait telco also said it would back a subscription by its Saudi affiliate.
The GCC is among the least economically integrated regions in the world. But that is changing.
Oil edges down as US crude stocks offset Iran fears.
The UAE-founded international ports company has cut its debts.
The bank said that it repaid the five-year Sukuk from its own resources.
Saudi Arabia is right to be concerned about the rise of new hydrocarbon superpowers, writes Yadullah Ijtehadi.
The Kingdom is planning to spend more than $100 billion to establish 16 nuclear energy plants in the country.
As private investors from the GCC divest large portions of their wealth offshore, Aarti Nagraj investigates where the money is headed.
Dubai’s ship building unit will ask its syndicated lenders to sign a lock-up agreement.
Interestingly, visitors from Russia were the biggest spenders in the UAE during the Dubai Shopping Festival, according to Visa.
Dubai’s Jebel Ali Free Zone is planning to launch a syndicated loan to partly refinance its $2 billion Sukuk maturing in November.
The International Energy Agency has warned that if crude oil prices don’t fall, oil import bills may soar to record levels this year.
As officials in Dubai complete the study for an expatriate pension scheme, experts say that the move will protect workers and improve the economy.
Gulf Business lists 10 companies to keep an eye on as they move the region’s digital industry forward.
Talal Al Zain, who recently resigned from Bahrain’s sovereign wealth fund, has been appointed as the CEO of PineBridge’s MENA operations.
Britain is reportedly holding talks with Abu Dhabi to sell a part of its stake in Royal Bank of Scotland.
The internet contributes more to the UK economy than any G20 country.
The much anticipated Windows 8 is expected to go sale in October.
The move marks the first significant direct investment by the Abu Dhabi fund in Brazil and Latin America, it said.
The rental rates for apartments and villas rose by one per cent in Q1 2012 compared to Q4 2011, according to Asteco.
A study is being conducted to check the economic impact of the move, which will introduce a single tax rate across the seven emirates.
Regional investors are ready to provide up to half a billion dollars to promote new businesses in the Middle East, say industry experts.
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