Dubai World's biggest creditors have agreed a deal with the state-owned conglomerate to renegotiate its debt repayment schedule, one of Dubai's top government officials said on Wednesday.
However, Sheikh Ahmed bin Saeed al
BlackBerry launched an unconventional new smartphone dubbed the Passport on Wednesday as it embarked on what may be the most critical phase of its long turnaround push.
At simultaneous events in Dubai, Toronto and London, BlackBer
Dubai mortgage lender Amlak has made a new proposal to creditors to restructure and extend repayments of about $2.7 billion of debt, aiming to end protracted talks over the last major hangover from the emirate's property market crash in 2008
A restructuring of major Dubai construction firm Arabtec will not damage its ability to proceed with its expansion plans, chairman Khadem Abdulla al-Qubaisi said in a statement on Wednesday.
Qubaisi issued the statement to the Dub
Bahrain's national carrier Gulf Air said on Tuesday its annual losses fell by 52 per cent in 2013 as it neared the end of a five-year restructuring.
Gulf Air, which has cut routes and staff, said its losses fell by more than 1
Financial services conglomerate Dubai Group has reached a final deal with creditors on restructuring $10 billion of debt, resolving the last major hangover from the emirate's financial crisis, its parent company confirmed.
Dubai Group has signed a $10 billion debt restructuring agreement, two sources with knowledge of the matter told Reuters on Thursday, bringing an end to the last major hangover from the emirate's 2009 financial crisis.
Gulf Air's restructuring plan is paying off as third-quarter financial and operational results show that Bahrain's national carrier is on track to achieve its annual targets.
Benefiting from a strong summer, optimised capa
HSBC Holdings will stop offering wealth management products in Bahrain, Jordan and Lebanon as the British lender continues to exit small or insufficiently profitable operations globally as part of a strategic review, the bank said.
Gulf Air, the national carrier of Bahrain, has reduced its losses by more than 50 per cent as a result of a major restructuring strategy during the first six months of the year, a report said.
Officials said the figures show a thr