Dubai World disappointed creditors on Monday by making little progress on securing standstill on $22 billion (13.6 billion pounds) of debt, as a key creditor meeting turned out to be a tame affair with less than half the expected attendees showing up.
Dubai World disappointed creditors on Monday by making little progress on securing standstill on $22 billion of debt, as a key creditor meeting turned out to be a tame affair with less than half the expected attendees showing up.
What's Christmas without a little indulgence and a lot of guilt, with a global survey showing two in three people occasionally treat themselves to a luxury purchase, but a third then feel bad about it.
Dubai World , faced with a $22 billion debt restructuring, told creditors it had $40 billion in total debts and will pitch a standstill proposal in mid-January, a banking source said on Monday.
State-owned Dubai World did not ask creditors for a standstill on $22 billion (13.6 billion pounds) of debt at a meeting on Monday, adding to uncertainty for investors who have been in the dark for weeks and hurting local bank shares.
Dubai World [DBWLD.UL], faced with a $22 billion debt restructuring, told creditors it had $40 billion in total debts and will pitch a standstill proposal in mid-January, a banking source said on Monday.
Dubai World , which met its creditors on Monday, said it would work with lenders to seek a debt standstill in an orderly way and will get government financial support if an agreement is reached.
State-owned Dubai World did not ask creditors for a standstill on its $22 billion debt at a meeting on Monday, adding to uncertainty for investors who have been in the dark for weeks and hurting local bank shares.
Dubai World will not make any concrete proposals to delay $22 billion in debt when it meets creditors on Monday, a move that is likely to dismay investors who have been left in the dark for weeks.
Dubai World will not make any specific proposals on a debt standstill at Monday's meeting with creditors, a source close to Dubai World told Reuters.
Debt-ridden conglomerate Dubai World is expected on Monday to ask key creditors for more time to pay off its loans, but leave them none the wiser concerning their prospects of being paid back in full.
Dubai, set to ask creditors for a standstill on restructuring some $22 billion in debt linked to troubled conglomerate Dubai World , may still repay lenders in full, a local newspaper said on Sunday, citing unnamed sources.
(Corrects after Dubai government clarifies earlier statement which it says was meant to refer to government departments only, not to state-related entities)
The economic crisis in Dubai is over, the United Arab Emirates foreign minister said on Thursday.
As Dubai developers reassured the world their ambitious construction projects would go ahead, officials from the emirate were expected in New York to shore up confidence after a debt landslide threatened its top companies.
Top Dubai officials were due in New York on Thursday in an effort to rebuild confidence in the Gulf emirate's finances while at home, developers got back to the business of ambitious construction and leisure projects.
Development on Nakheel's The World islands, one of the assets the troubled state-linked developer may look to sell amid a debt crunch, is slated to begin within months, according to a newspaper report on Thursday. Nakheel's parent company, Dubai World has asked creditors for a standstill on $26 billion in debt, including $6 billion related to its property units, Nakheel and Limi...
Stocks should score a second straight year of gains in 2010 as an economic recovery brightens the profit outlook, extending the market's rebound from the depths of a punishing financial crisis, a Reuters poll showed on Wednesday.
Citigroup Inc said on Tuesday the Abu Dhabi Investment Authority filed an arbitration claim against it, accusing the U.S. lender of misrepresentation over a $7.5 billion investment by the sovereign wealth fund.
Abu Dhabi's $10 billion financial aid to fellow United Arab Emirates member Dubai to meet debt obligations was in the form of bonds, on similar terms to a $10 billion bond issue to the UAE central bank in February.
Gulf Arab countries endorsed a monetary union agreement on Tuesday despite the absence of major player the United Arab Emirates and fellow oil producer Oman and left options open for pegging their future single currency.
Dubai firms told bondholders they were safe a day after a bailout allowed troubled developer Nakheel to repay its bond, but investors still fretted over the future of the United Arab Emirates as an investment destination.
