#Debt

Banks erase debt worth Dhs869.85m of 1,607 Emiratis

The move was implemented as per the directives of the UAE President Sheikh Khalifa bin Zayed Al Nahyan

UAE President pardons 628 prisoners ahead of National Day

Sheikh Humaid bin Rashid Al Nuaimi, Ruler of Ajman, also ordered the release of 49 prisoners

G-20

Leaders at the Saudi-hosted G20 summit to pledge to ensure fair distribution of vaccines

The battle to counter the pandemic dominated the first day of a virtual summit of G20 nations on Saturday

Saudi Arabia won’t tap debt market again in 2020, minister says

The world’s largest crude exporter is relying on more borrowing as it grapples with the impact of the twin economic shocks caused by oil market turmoil and the coronavirus pandemic

Industry outlook: How has the wealth management space fared in the GCC?

Similar to wealth, wealth management has gone through layers of evolution to become a specialised investment advisory service

World’s biggest oil firm Saudi Aramco sells $8bn in bonds

Aramco sold $8bn in tranches maturing in three, five, 10, 30 and 50 years

Dubai Aerospace plans to expand portfolio to 450 jets in 2021

The company currently has 381 planes

Oman seeks to raise billions by leveraging biggest oil block

The sultanate plans to transfer its 60 per cent stake in Block 6 from Petroleum Development Oman to a new company

Saudi Binladin considers joint ventures and asset sales amid revamp

The company has put thousands of employees on indefinite leave in recent months

Kuwait parliament approves state budget with $46bn deficit

Kuwait’s deficit last fiscal year widened to KD5.64bn, up almost 69 per cent from a year earlier

Kuwait finance ministry to mull halving $66bn debt ceiling

The finance and economic committee has also suggested reducing the period for borrowing

GEMS-school 2

Dubai school operator GEMS raises extra debt to bolster its cash

The “incremental” funding will be used to support working capital needs

Kuwait runs into resistance on bill to boost borrowing

Kuwait raised $8bn in March 2017 in its first sale of international bonds

How to be financially prepared amid the Covid-19 outbreak

These four financial moves can help tide you through challenging times

Dubai World pays $8.2bn two years early to complete debt revamp

The payment was made using funds from asset sales, dividend payments and the delisting of port operator DP World

Airline

Airline debt could grow to $550bn by year-end – IATA

In total, governments have committed to $123bn in financial aid to airlines

Saudi Binladin group hires Houlihan Lokey for $15bn debt revamp

The restructuring is aimed at reorganising Binladin’s assets into sector-led businesses and streamlining operations

Former chairman of UAE’s NMC urges administrator to act swiftly, supports investigation

Faisal Belhoul said it remains crucial that the investigation into any and all prior wrongdoings at the company is “fully supported”

NMC creditors are forming a committee for $6.6bn debt talks

The company was placed in administration last week

NMC Healthcare

NMC heads to administration after bowing to creditor demands

With a market value of $2.4bn and total debt of $6.6bn, NMC faces an investigation by the UK’s Financial Conduct Authority

Airbnb in talks to raise more debt amid global crisis

The additional funds would give Airbnb an extra financial cushion as prospects dim for an initial public offering this year

Dubai World Debt Restructuring Deal Expected Soon: Sheikh Ahmed

Dubai World is offering creditors a series of incentives to lengthen a $25 billion debt restructuring deal.