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Pakistan signed a $375 million syndicated loan with banks in the United Arab emirates in June made up of conventional and Islamic banking tranches, the Pakistani government said on Saturday.
The tranches were fully subscribed by a syndicate of leading UAE banks, the government statement said.
Emirates NBD Capital Limited was global coordinator. The transaction was anchored and arranged by Commercial Bank of Dubai, emirates NBD Bank, Noor Bank , Dubai Islamic Bank, Mashreqbank and Sharjah Islamic Bank.
The Central Bank of the UAE (CBUAE) is enhancing its reporting of Non-Performing Loans (NPL) for the UAE banking system to align its methodology with international best practices, in consultation with the International Monetary Fund.
The Asian Development Bank (ADB) approved $1 billion in immediate budget support to Pakistan to shore up the country’s public finances and help strengthen economy besides approving $300 million to support energy sector reforms.
The National Assembly’s Standing Committee on Finance has showed dissatisfaction over the FBR’s performance to bring people into the tax system out of total 152,000 bank account details received from the Organisation for Economic Cooperation
The United Arab Emirates and Saudi Arabia have cautioned on Monday against “gloomy expectations” regarding the possible impact of the spread of the coronavirus on the global economy and oil demand.
After the success of its first showroom in Al Ain, 2XL Furniture & Home Décor has announced the opening of a second showroom in the city at Al Ain Mall. It also marks 2XL’s 10th store opening in the UAE, a major milestone for the luxe brand.
A rising number of central banks (CBs) are likely to issue their own digital currencies in the next few years, research by the Bank for International Settlements (BIS) showed, as interest in the technology heats up.
A number of officials, specialists and experts have stressed that the discovery of a new gas field in Sharjah will significantly enhance the Emirate’s economic resources and support the economic development and goals of the Emirate.