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European business looks to Saudi fiscal fix

European business leaders are looking keenly at economic and fiscal reforms announced by Saudi Arabia because of their large stakes in maintaining a steady flow of trade and investment in the region. A report by Arabia Monitor consultancy, Saudi Arabia: Fiscal restructuring forges ahead,  presented an upbeat outlook for the kingdom as well as neighbouring countries that are part of the Gulf Cooperation Council political and economic...

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Arabic fiction award goes to—a Briton
Apr27

Arabic fiction award goes to—a Briton

As art prizes go, the International Prize for Arabic Fiction is no ordinary trinket. It comes with $50,000 cash plus an unusual guarantee that the winning book will not just be rewarded but also be translated and published in English for a start, with translations in other languages no doubt to follow. This week (26 April 2016) IPAF’s 2016 edition was won by Rabai Al-Madhoun, a Londoner and a Briton via Palestine, for his novel,...

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UAE subsidy axe good news for EU exporters
Jul27

UAE subsidy axe good news for EU exporters

The United Arab Emirates, which has vast investments throughout Europe and funds lucrative orders for European businesses, stands to benefit from axing billions of dollars of fuel subsidies as it fights to control a fiscal deficit amid falling energy prices. Moody’s rating agency said (27 July 2015) fuel price deregulation measures that will be introduced in the UAE from 1 August are “credit positive for the UAE and Abu Dhabi...

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UAE InvestBank’s ratings affirmed
Jul22

UAE InvestBank’s ratings affirmed

The award-winning UAE InvestBank has had its ratings affirmed by Capital Intelligence (CI), the international credit rating agency based in Cyprus. CI Ratings announced 22 July 2015 that it has affirmed the Financial Strength Rating of the UAE’s Invest bank (IB) at ‘BBB’ with its solid capital adequacy ratio (CAR), good profitability, high loan-loss reserve coverage and sound net loans to stable funds ratio being supporting factors....

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UAE’s sovereign ratings affirmed despite recent spending
Jul17

UAE’s sovereign ratings affirmed despite recent spending

The United Arab Emirates’ sovereign ratings remain robust despite recent major spending on military procurements which, according to financial industry analysts, impacted on sovereign fund holdings. Capital Intelligence (CI), the international credit rating agency, affirmed 17 July 2015 the UAE’s Long-Term Foreign and Local Currency Sovereign Ratings of ‘AA-’ and its Short-Term Foreign and Local Currency Sovereign Ratings...

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