Dubai Debt Crisis News
Dubai World makes new debt proposal
Creditors to Dubai World could be offered 60 per cent of the money they are owed, under the latest proposal to restructure the company’s $22 billion of outstanding debts. The deal would ensure repayment after seven years following a 40 per cent “hair cut”, with the agreement backed by the Dubai government.
Dubai World to sell QE2
Dubai World is putting the iconic cruise liner QE2 up for sale, as well as host of other interests including Cirque du Soleil, as it grapples to cut its $22bn debt mountain.
Crunch meeting with Dubai World today
Creditors are meeting with Dubai World officials today to try and hammer out a debt restructuring deal. More than 90 banks are meeting with the developers today in an attempt to recover some of the $22bn in debts that it owes.
Dubai debt crisis ‘over’
Dubai’s debt crisis is over, according to the foreign minister of the United Arab Emirates (UAE). Abu Dhabi’s $10 billion bailout of its struggling neighbour was proof of national unity, said Sheikh Abdullah Bin Zayed Al Nahayan.
Abu Dhabi throws Dubai $10bn lifeline
Shares in the Gulf have soared after news that Dubai has received a $10 billion bail-out from its neighbour Abu Dhabi to tide it over till April 2010. The funds will also be used to repay a Dubai World Islamic debt which matures today and provide a fighting fund while it negotiates a restructuring deal with creditors.
Emirates raises $1.1bn funding for A380s
Emirates has helped ease concerns over its financial position by announcing that it has raised $1.13 billion for the delivery of Airbus A380 superjumbos.
Dubai markets rally after Emaar shelves merger
Dubai’s stock markets have soared today following news that Emaar was scrapping a merger with three other state-owned real estate groups, in a move that distances it from fears of growing toxic debt within government-owned companies.
Dubai World may have to sell prized assets
Dubai World may be forced to sell off domestic and overseas assets such as P&O and the QE2 as it attempts to restructure its $60bn debt burden. The beleaguered company has strongly denied it may have to sell off some of its prized assets but comments from Dubai’s finance chief indicate that it may have no choice.
Dubai hoteliers slash room rates
Hotels in Dubai are slashing rates in a bid to boost occupancy levels following news of the Dubai World debt default. Some five-star hotels are offering rooms for well below £100 a night, and four-star for less than £30 per night. Meanwhile Dubai stocks have levelled off after last week’s dramatic volatility.
Markets rally as Dubai World talks begin
Stock markets across the world continued their climbs today as negotiations began between Dubai World and its lenders over $26bn (£15bn) of debts. The FTSE 100 index of leading shares was up 79 points at 5269, a rise of 1.52%. Markets in Paris and Frankfurt rose by more than 2% each.
Dubai government abandons Dubai World
The Government of Dubai has said it will not bail-out its subsidiary Dubai World, sparking fears that creditors to the hugely-indebted conglomerate could lose billions.
Abu Dhabi wards off Dubai meltdown
Global stock markets have breathed a sigh of relief after Abu Dhabi stepped in to prevent the financial collapse of its neighbour Dubai. The Central Bank of United Arab Emirates, based in Abu Dhabi, said it will support banks in the region to prevent a Lehman Brothers-style meltdown.
Brad Pitt and Beckhams caught in new Dubai debt crisis
Brad Pitt and David Beckham are thought to be among those caught up in Dubai’s latest credit squeeze, as developer Nakheel has asked creditors for a six-month “standstill” on debt repayments totalling US$59 billion. The Dubai government has also called in accountants Deloitte to advise on restructuring the business, stoking fears that Nakheel will be unable to continue with the Palm Jumeirah, leaving one of Dubai’s landmark developments a construction site.
Nakheel confirms QE2 in Cape Town for World Cup
Nakheel, the owner of the QE2, has confirmed the cruise liner will be moved to Cape Town in South Africa to become a hotel in time for the Fifa 2010 World Cup.
