Thu, August 19, 2010

Dubai debt crisis

Dubai to pay debt with US$10 billion aid from Abu Dhabi

The Dubai government said it will pay 4.1 billion dollars to cover Islamic bonds issued by its Nakheel property developer which mature Monday after receiving 10 billion dollars from oil-rich Abu Dhabi. Full story

FACTBOX

What assets Dubai could be forced to sell

Following are details of key assets and high-profile holdings possibly up for sale:

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Dubai to pay debt with US$10 billion aid from Abu Dhabi

2009-12-14 07:09:06 GMT SINA.com DUBAI – The Dubai government said it will pay 4.1 billion dollars to cover Islamic bonds issued by its Nakheel property developer which mature Monday after receiving 10 billion dollars from oil-rich Abu Dhabi.

Govt official: Dubai World may sell assets

2009-12-07 09:50:57 GMT SINA.com DUBAI, United Arab Emirates: A senior Dubai official says the city-state's indebted Dubai World conglomerate but not the government itself might sell assets to raise cash.

Dubai crisis rings bells of prudent investment

2009-12-07 07:59:50 GMT Xinhua English JERUSALEM, Dec. 6 (Xinhua) -- Until last month, Dubai was acclaimed worldwide as an exotic Manhattan on the sea, with huge skyscrapers towering in desert sands alongside golden beaches crowded with stunning hotels and upscale shopping malls.

Crisis, what crisis? Debt-laden Dubai just shrugs

2009-12-01 02:17:22 GMT SINA.com DUBAI/ABU DHABI – Glitzy Dubai may face a debt crisis that has sent a shudder through global markets, but you wouldn't know it from officials or local media.

Dubai World meets creditor banks involved in debt restructuring

2009-12-21 19:42:06 GMT Xinhua English ABU DHABI, Dec. 21 (Xinhua) -- The state-owned conglomerate Dubai World, which seeks a standstill on some 22 billion U.S. dollars of debts, said Monday that it held a meeting with its creditor banks involved in the debt restructuring.

Chinese businessmen suffer from Dubai property crunch, but still keep confident

2009-12-06 08:43:38 GMT Xinhua English HANGZHOU, Dec. 6 (Xinhua) -- When many mega-constructions, including the world's tallest building Dubai Tower, kept on rising from the sands in the Middle East, Chinese investors' confidence had been sky high on Dubai property market as well.

Dubai ruler's ambition helped sow seeds of crisis

2009-12-04 10:30:24 GMT SINA.com DUBAI, United Arab Emirates – Dubai's ruler writes poetry, rides horses across the desert in long-distance endurance races and hobnobs with royals like the Queen of England. Mixing extravagance with boundless ambition, he commanded the desert city-state's meteoric rise — and helped sow the seeds, some observers say, of its debt crisis.

Bubble fear grows after Dubai crisis

2009-12-03 02:31:14 GMT Global Times Anxiety over Dubai's debt crisis may be easing on Wall Street and bourses throughout the world, but it's just starting to swell in China, as some analysts say the nation's economy is similarly dependent on booming real estate and infrastructure.

Effects of Dubai debt crisis on Kuwaiti local banks "very limited":official

2009-12-01 20:34:08 GMT Xinhua English KUWAIT CITY, Dec.1 (Xinhua) -- Kuwait's Central Bank Governor on Tuesday played down effects of the Dubai debt crisis on his country's banking sector, saying that the impacts "are very limited."

Oil rises in Asia as fears over Dubai's debts ease

2009-11-30 06:47:24 GMT SINA.com KUALA LUMPUR, Malaysia – Oil prices rebounded to near $77 a barrel Monday in Asia as panic about a global fallout from Dubai's debt problems abated.

Dubai crisis, holiday sales will dominate trading

2009-11-30 06:27:41 GMT SINA.com NEW YORK – Investors may have to do some emotional juggling as the trading week begins.

Mideast markets face selling pressure: expert

2009-11-29 21:53:28 GMT Xinhua English DUBAI, Nov. 29 (Xinhua) -- While Asian and Western markets were hit badly by an announcement of state firm Dubai World that it might delay debt repayments, expert said Middle East markets are expected to post losses during the first week of December, as they were closed from Thursday on.

World players should bail Dubai out: economists

2009-12-03 02:12:56 GMT Xinhua English CAIRO, Dec. 2 (Xinhua) -- Global markets were stunned by the debt crisis of Dubai, a fishing town turned financial hub, however, some Arab economists said that it is in the interest of all players to help Dubai to overcome the crisis, suggesting a set of procedures and measures that would help Dubai to ride out the hard times.

Dubai shows fragility of dreams built on bubbles

2009-12-01 04:52:20 GMT Global Times BEIJING, Dec. 1 -- "Dreams are not limited. You should keep on moving." The well-known quote from the Emir of Dubai Sheikh Mohammed, posted on Dubai's Sheikh Zayed Road, has inspired people and nations worldwide to dream big and realize their dreams.

Dubai faces first test as finance hub

2009-11-30 07:34:49 GMT SINA.com NICOSIA - Dubai's ambitions to become an international financial centre are in doubt after the shock announcement that its main state-owned firm wants to suspend debt payments, analysts said on Sunday.

FACTBOX-What assets Dubai could be forced to sell

2009-11-30 07:32:19 GMT SINA.com DUBAI, Nov 29 - Dubai will attempt to reassure markets and investors on Monday on how it plans to restructure its beleaguered conglomerate Dubai World [DBWLD.UL] after it requested a shock standstill from bondholders for a $3.5 billion bond maturing on Dec 14.