Roads have been cleared for the Bank of Nova Scotia to open its branch in Dubai, for dealing primarily in precious metals. The bank has been recently awarded license by the Dubai Financial Services Authority which has paved a way for the Toronto-based bank to have a branch in Dubai's international financial center.
Dubai World officials are meeting creditors to discuss debt repayment plan.
A media report quoting a participant said, “The possibility of repaying all bank loans in full was discussed as a medium-term possibility.”
The report also said that the meeting is meat to provide banks with information on Dubai world’s debt and the terms of support of the Government of Dubai.
Rating agency Moody's is expected to cut the rating of three banks in United Arab Emirates under the series of event that have taken place following the Dubai World's crisis. HSBC Bank Middle East may also see downgrading owing to uncertainties of loan recovery.
The agency said, "Moody's believes that despite the timely settlement of obligations falling due this week, the final form of the ongoing restructuring of the remaining debt owed by Dubai World has yet to be defined."
As confirmed by Kuwait's sovereign wealth fund, after making a profit of a whopping $1.1 Billion, the stake in held in Citigroup has been sold off by the fund. The stake was acquired by Kuwait after it had provided a major bail-out to the giant banking group of America.
The stake has been sold for $4.1 Billion, as has been confirmed by the Kuwait Investment Authority.
The National Bank of Abu Dhabi would continue to lend customers in Dubai in accordance with its cautious and selective lending policy. The bank has been urged by the gulf emirate's flagship entity, Dubai World to halt lending for the time in the backdrop of its failure to commit its debt repayment obligations.
Michael Hardwick Tomalin, the Group Chief Executive of the bank, said that the bank believes in a growth driven lending policy for Dubai and its should not be compared with its policies for other markets including the US, UK or Abu Dhabi.
The combined net earnings of the 19 national lenders of UAE declined to AED15.687 billion, reporting a fall of 16.3 percent during the first nine months of the ongoing financial year. Recently, provided financial data of these banks to UAE bourses maintained that earning stood at AED18.743billion during the corresponding period last year.
The rating agency, Standard & Poor's has revised credit rating of leading banks of Dubai, based on their exposure in the Dubai World, the state-owned investment conglomerate of the city-state.
The agency has warned against further drop in rating following Dubai World's crisis that plunged stock markets and rattled financial institutions across the globe.
- New York City Rent Guidelines Board in an Unprecedented Move Votes to Freeze Regulated Rents on One-Year Leases
- According to S&P Dubai Real Estate Prices Likely to Drop Ten to Twenty Percent 2015
- Gains Noted in Southern California Home Sales Marking a Rise in Prices
- Fannie Mae Accused of Discriminating Neighborhoods on the Basis of Races by Fair Housing
- Second Quarter Profits of Business Software Provider SAP Drops Due to Higher Expenditures
- The National Football League’s Revenue Growing Rapidly with $1.3 billion Added Revenue in 2014
- Express with Emojis and You Might be Able to Suggest the Next Emoji to be Included on the Keyboard
- Livetext, the New Yahoo Messenger Debuts in Hong Kong before a Wider Release
- Report from a Security Firm Suggests Decline in Spam Rate and Increase in Malware Creation
- President Obama Planning to Make Changes in US Criminal Justice System
- Documents from 2005 Sex-Assault Lawsuit Should Not Be Unsealed, says Bill Cosby’s Lawyer
- Friend of Boston Bomber Sentenced Two And a Half Years of Imprisonment
- Prison Employee faces Charges of helping 2 Prisoners to Escape
- New York police detective shoots gunman who injured a man