S&P has downgraded ratings on three Middle East governments since January 2017. A new report describes rating trends and contains useful data.
Eid el-Fitr is the Muslim holiday that marks the end of the month of Ramadan. The first day of the Eid (which means 'festival' in Arabic) was due to be either Sunday 25 June or Monday 26 (depending on the movement of the moon), and the ensuring holiday (when offices in Muslim countries are closed) lasts several days. The number of days differs from country to country.
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The Banker magazine's annual listing of the world's biggest banks, ranked by Tier 1 capital, shows that seven Arab banks had Tier 1 capital in excess of $10mn at theend of 2016, and a further eight had capital of $5 bn - $10 bn.
Gatehouse Bank, the London-based Shari'ah-compliant bank that focusses on real estate financing, has made some new senior appointments, including a new CEO.
Two ABA members have prepared legal briefings on how businesses could respond to the sanctions imposed on Qatar by some Arab countries. Vivien Davies, a partner at Fieldfisher, prepared one; and Dr. Nicolas Bremer, a partner with Alexander & Partner Rechtsanwalte, prepared the other.
The Lebanese Cabinet has renewed Riyad Salamé's term as Governor of the Banque du Liban - the Lebanese Central Bank - for another six years, from 1 August. Salame was first appointed in 1993.