Progress is being made in the restructuring of Kuwaiti investment firm Global Investment House (GIH). But overall the investment sector in the Gulf nation is in a deep trough – and local banks are not faring much better.
GIH’s chairwoman, Maha Al-Ghunaim, tells Euromoney that out of the total 53 creditors to the firm, 51 have agreed to proposals for the restructuring of a total equivalent of $2 billion in outstanding GIH debt, some of which is Islamic.
"We are working hard with banks to sign a restructuring agreement by the end of this year," she says. "There will be no haircut and no grace...
