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IMF backs Dubai debt proposal

The impact of the $23.5-billion (Dh86.24 billion) Dubai World and Nakheel debt restructuring plan will be manageable for UAE banks, analysts say. The Dubai Government on Thursday announced a comprehensive set of proposals for Dubai World creditors represented by 97 banks and financial institutions for the repayment of the debts, including a 100 per cent […]

Insuring Dubai debt costs more

Uncertainty about Dubai World’s $22 billion debt restructuring is starting to weigh on the credit, pushing up bond yields and Dubai’s debt insurance costs, according to Reuters. Five-year credit default swaps (CDS) for Dubai have risen sharply in the past week and are now quoted at 510 basis points (bps), up about 45 bps on […]

Dubai’s total debt obligation could be as high as $170 billion, according to a report by EFG-Hermes regional investment bank. A copy of the bank’s 2010 UAE Yearbook, seen by news agency AFP, says that Dubai’s government-related entities could have racked up debts “in the range of 130-170 billion dollars”.

Dubai’s property market, remained under intense pressure in the wake of global financial crisis and Dubai Debt Crisis, is still fertile for investors across the global despite all odds. The market has potential to rebound and it has been offering huge opportunities to the investors. Nicholas Marr, Chief Executive of Homesgofast, said that the market […]