MENA Markets Commentary Stock markets focus this week was still partially on the European financial situation as Greece began voting on austerity measures, but investors also faced concerns from the United States, as a disappointing outlook from the Federal Reserve was a major contribution to poor markets performance. However towards the end of the week, investors’ sentiments improved as European finance ministers approved part of the EUR8bn bailout for Greek creditors. Also helping investor con
Kuwait finance sector remains strong despite global economic woes
Bahrain Ithmaar Group to merge units & expand locally Bahrain's Ithmaar Banking Group is planning to merge operations among its subsidiaries. Ithmaar also plans to open five new local branches before the end of 2011 in order to expand the range of its services, Juma Abull, the group's general manager for support said. Ithmaar group is now focusing on the small but promising local retail market, Abull was quoted as saying.
Lebanon’s gross public debt remained virtually unchanged during the first half of this year, a report by Bank Audi said this week, registering two declines in January and February 2011, and three increases in March, April and May. Gross public debt fell again in June, reaching $52.5 billion at the end of that month, a 0.1 percent decrease from December 2010. At around 133 percent, Lebanon’s debt-to-GDP ratio is one of the highest in the world. Credit agency Moody’s rates the country’s bonds at B