From Timesonline.co.uk: The region’s financial markets are being scrutinised; the Gulf sovereign wealth funds that prowled the world, snapping up prize assets, including stakes in Citigroup, the American bank and Daimler, the German car company have suffered big losses.
Even more shameful, the legal underpinning of a trillion-dollar market in Islamic bonds is being tested………………………….Full Article: Source

From Telegraph: Dubai World, one of the emirate’s main state holding companies, said it was asking for a delay on maturities until at least May 30. It has $60bn (£35.9bn) in declared liabilities and one of its subsidiaries, the “palm island” developer Nakheel, is due a $3.52bn Islamic bond repayment, plus charges, on December 14.
The company also unveiled a restructuring programme, to be headed by Aidan Birkett, Deloitte’s managing partner for corporate finance………………………….Full Article: Source

From Bloomberg: Nakheel PJSC’s five-year Islamic bond prices jumped 1 percent after Dubai’s government raised $5 billion by selling bonds to Abu Dhabi-based Al Hilal Bank and National Bank of Abu Dhabi PJSC.

Nakheel’s $3.52 billion bond maturing on Dec. 14 rose to 111.25 cents on a dollar today from 110.25 cents, according to prices provided by National Bank of Abu Dhabi. Nakheel is a real- estate developer controlled by Dubai’s government………………………….Full Article: Source

From Maktoob.com: Debt-laden Dubai said on Wednesday it had secured $5 billion through a bond and sukuk fully subscribed by two banks linked to the government of Abu Dhabi, as the once booming emirate digs it way out of an $80-billion debt pile.

The $5 billion is part of a $20 billion sovereign bond programme Dubai launched in February to help struggling state-related entities………………………….Full Article: Source

From Zawya Dow Jones: Dubai’s efforts to deal with its mountain of debt estimated to exceed $80 billion were dealt a hammer blow Wednesday after it asked for a standstill on the obligations of one its largest state-owned companies.

The request to extend the maturity until at least May 30 on Dubai World’s debts, which include a $3.52 billion sukuk due December issued by its subsidiary Nakheel, raised wider concerns about the emirate’s ability to meet its financial commitments………………………….Full Article: Source

From Reuters: Standard & Poor’s on Wednesday downgraded its ratings on several Dubai government-related entities after the government said it will ask creditors of two flagship firms for a standstill on billions of dollars of debt.

The government said the request is a first step toward restructuring Dubai World, the conglomerate that spearheaded the emirate’s breakneck growth………………………….Full Article: Source

From Reuters: Dubai’s government on Wednesday said it will ask creditors of two of its flagship companies — Nakheel and Dubai World — for a debt standstill. Following is the government’s statement on the matter:

The Government of Dubai, acting through the Supreme Fiscal Committee (”SFC”), has authorised the Dubai Financial Support Fund (”DESE”) to spearhead the restructure of Dubai World with immediate effect………………………….Full Article: Source

From Tradearabia.com: UAE-based First Gulf Bank’s (FGB) $500 million three-year bonds were priced at 250 basis points over mid-swaps, representing a coupon of 4 per cent, an executive of the bank said on Tuesday.

The bonds were issued under FGB’s recently updated $3.5 billion European Medium Term Note Programme………………………….Full Article: Source

From Thenational.ae: Abu Dhabi government-owned Mubadala Development Company said on Wednesday it secured a $1 billion financing for the Zayed University project.

The public-private partnership (PPP) project involves the construction of a new university campus for 6000 students in Abu Dhabi, and is the fourth such infrastructure financing, Mubadala said in a statement………………………….Full Article: Source

From Tradearabia.com: Moody’s has assigned a stable outlook to the $4.0 billion Euro Medium Term Note Programme (EMTN) of Gulf International Bank (GIB).

Moody’s has assigned ratings of A3 and Baa1 to the senior unsecured and subordinated notes, respectively, to be issued under the programme………………………….Full Article: Source

From Tradearabia.com: Moody’s has downgraded Gulf Investment Corporation’s (GIC) bank financial strength rating (BFSR) to D- from D.

The D- rating now maps to a Baseline Credit Assessment (BCA) of 13, down from 12 (on a scale of 1 to 21, where 1 reflects the lowest level of risk)………………………….Full Article: Source

From Globalarabnetwork.com: Standard & Poor’s Fund Services announced today that it has assigned an A (New) fund management rating to the Vision Emerging GCC Fund, an Oman domiciled open-ended investment fund.

Launched in May 2005, the fund is the first fund from Vision Investment Services Co to be awarded an S&P Fund Services rating………………………….Full Article: Source

From Tradearabia.com: Capital Intelligence (CI), the international credit rating agency, has issued Emirates NBD, foreign currency ratings of A+ long-term, A1 short-term and a financial strength rating of A with a support of 1. All ratings carry a Stable outlook.

At the same time CI has withdrawn the ratings previously assigned to Emirates Bank International (EBI) and National Bank of Dubai (NBD) following the legal integration of the two banks on November 21 to form ENBD………………………….Full Article: Source

From Cpifinancial.net: RAM Ratings has reaffirmed the AA3 rating of Cerah Sama’s first issuance of MYR 380 million ($113 million) under its MYR 600 million ($178 million) Islamic Medium-Term Notes (IMTN) Programme, with a stable outlook.

Cerah Sama is an investment-holding company (IHC) that wholly owns Grand Saga Sdn Bhd (Grand Saga) – operator of the Cheras-Kajang Highway (the Highway) – and Trupadu Sdn Bhd, its provider of operation and maintenance (O&M) services………………………….Full Article: Source

From Tradearabia.com: Takaful International Company has signed a MoU to launch a product in Kuwait.

The company signed the agreement with Takaful International Company for Takaful Insurance to launch the Heya product in the Kuwait insurance market………………………….Full Article: Source

From Menafn.com: The Islamic Financial Services Board (IFSB) is organising its 5th Seminar on the Regulation of Takaful on 22 – 23 February in Dubai, United Arab Emirates.
The Dubai Financial Services Authority is hosting the Seminar themed The Future of the Regulation of Takaful………………………….Full Article: Source