ACICO Group, a Kuwait-based building materials and construction company, said it has reached agreements with two local creditor banks to restructure its outstanding debt and financing obligations, thus bringing completed settlements to about 80% of the total creditor bank obligations.
Salama Islamic Arab Insurance Company has announced the successful completion of a multi-year capital restructuring programme that has helped the Emirati takaful insurer to restore its financial position. The revamp included a AED456 million ($124.2 million) capital reduction to eliminate accumulated losses.
