The regional unrest and unfavorable market conditions in Europe will cut by half profit outlook for air carriers in the Middle East, Gulf News reported citing Tony Tyler, CEO of the International Air Transport Association (IATA). Next years profit is seen USD 300mn in 2012, down from an earlier projected gain of USD 700mn. For 2011, the Middle East carriers are expected to earn profits of USD 400mn almost half of what was estimated earlier as a result of higher fuel prices. The IATA also lowered its 2012 forecast for the global airline market expecting a drop in profits to USD 3.5bn from USD 4.9bn. |
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