Financial and Banking News


Sharjah Signs $130mn Rescheduling Agreement

The reinstated Ruler of Sharjah, Shaikh Sultan ibn Muhammad al-Qasimi and a group of some 17 banks on 29 June signed a loan agreement to reschedule $130mn of the emirate's $900mn total debt (MEES, 29 June). The agreement, effective 2 July, will reduce principal repayments due over the next two years substantially, while amounts due in the 1990s will be proportionately higher. According to banking...