Egypt-based investment bank EFG Hermes worsened its 2011 economic growth forecast for the MENA countries to 3.6% from 5.4% previously due to the political and economic unrest in the region and the expected contraction of Egypts economy, Gulf Times reported. The bank estimated the 2010 growth rate of the region at 4.9%. The recent political problems will affect negatively private consumption, especially tourism, and investment. EFG Hermes kept unchanged its forecasts for Qatar, the UAE, Kuwait and Lebanon. |
Bahrain Middle East Bank made a USD 13mn full repayment of a loan obligation including a USD 1.4mn interest payment taking total repayments by the troubled lender to USD 43mn, the bank said in ... more
National Bank of Abu Dhabi (NBAD), the UAE's largest lender by market value, initiated a USD 17mn fifteen-year Uridashi bond, MENA's first ever, allowing the bank to directly access Japanese ... more
The GCC economies remain insulated from economic and political turbulence in the MENA region and globally but structural challenges continue to constrain sovereign ratings, ratings agency ... more