Middle East

Financial News

Oaktree Poised to Take Over Almatis From Dubai in Debt-For-Equity Exchange Oaktree Capital Management LLC, the investment fund with about $73 billion under management, is set to take control of Almatis from Dubai International Capital LLC under the terms of a $1 billion debt restructuring.

Dubai Shares Climb to Two-Month High on Speculation of Improved Debt Deal Dubai shares rose to the highest in almost two months on speculation Dubai World, the state-owned holding company in talks to renegotiate $26 billion of debt, may announce better repayment terms than previously expected.

Orascom Development Plans $913 Million of Low-Cost Homes in Iraq, Romania Orascom Development Holding AG, a resort company run by billionaire Samih Sawiris, plans to spend 5 billion Egyptian pounds ($913 million) on building low-cost homes in the Middle East and Europe to generate steadier earnings growth.

Drake & Scull Jumps Most in a Month After Unit Wins $132 Million Contracts Drake & Scull International PJSC advanced the most in a month after its unit won two contracts worth a combined 484 million dirhams ($132 million).

Iran Says Oil Fund Will Expand if Price of Crude Stays Above $65 a Barrel Iran will increase the balance of its oil stabilization fund if crude prices remain over $65 in the new Iranian year starting in late March, the country’s deputy central bank governor said.

Bahrain's Low Debt Levels Give It More Fiscal Room, Finance Minister Says Bahrain’s low levels of debt give the Gulf state room to adjust fiscal policy to help the economy through the global crisis, Finance Minister Sheikh Ahmed bin Mohammed al-Khalifa said.

Shekel at 3-Week High May Gain Further as Fails to Break `Support' Level The shekel, trading at the highest level in three weeks, may see more gains on further positive economic data and technical factors, according to Rony Gitlin, head of shekel spot-trading at Bank Leumi Le-Israel Ltd.

Mubadala Development of Abu Dhabi Agrees to Buy 9% Stake in Raine Group Mubadala Development Co. agreed to buy a 9 percent stake in Raine Group LLC to expand its operations in the media, entertainment and sports industries, according to a company statement e-mailed today.

Dubai World to Present Debt Terms to U.A.E. Banks Today, National Reports Dubai World may present its "first concrete proposals" to United Arab Emirates banks today as part of its debt restructuring plan, The National reported, citing sources familiar with the matter.

General News

Ambani, Li Gain as Asia Billionaires Set Pace for Global Rich, Forbes Says Asian billionaires including India’s Mukesh Ambani and Hong Kong’s Li Ka-shing increased their wealth as the region’s rich expanded their fortunes at the world’s quickest pace in the past year, Forbes magazine said.

Gates Appeals to Saudi Arabia's King on Tougher UN Sanctions Against Iran U.S. Defense Secretary Robert Gates sought Saudi Arabia’s help in rallying support for tougher United Nations sanctions against Iran and urged other Persian Gulf partner nations to strengthen their militaries.

Energy Prices