Financial and Banking News
Government of Sharjah Reschedules Debts to Local Banks
The Government of Sharjah has signed a rescheduling agreement with the fourlocal Sharjah banks under which it will repay Dh1.8bn ($490mn) in overdue debtsduring the next ten years. The deal, which was signed on 10 November, providesfor government revenues from gas sales to Dubai to be paid directly to thebanks. Lack of agreement on the rescheduling has prevented all...