Dubai Debt Crisis News

Dubai Holding posts $6.4bn losses

Dubai Holding posts $6.4bn losses

2nd Jun 2010 Hotel News

Dubai Holding Commercial Operations Group, the real estate and hospitality business, has posted a loss of $6.4bn for the last financial year against a net profit of $4.74bn the year before, due to a slump in the local property market plus a series of impairments.

Dubai debt concerns resurface

Dubai debt concerns resurface

30th May 2010 Tourism News

Concerns over Dubai’s financial position have resurfaced after its largest private equity company, Dubai International Capital, requested a three-month extension to its debt repayments, in the latest blow to the emirate’s financial image.

Dubai World agrees debt repayment deal

20th May 2010 Tourism News

Dubai World, the state-owned conglomerate whose debt problems sparked last year’s financial crisis in the emirate, has said it has reached an agreement “in principal” to repay its creditors. It has proposed repaying 30 percent of its $23.5 billion debt within five years and the remainder three years later.

Dubai World to repay debt “within eight years”

Dubai World to repay debt “within eight years”

22nd Mar 2010 Tourism News

Dubai World is to ask its creditors for up to eight more years to pay back a $22 billion debt. The troubled investment fund, which owns the QE2 cruise liner and Cirque du Soleil, will promise creditors that it will be able to repay the entire debt if granted the extension.

Dubai World makes new debt proposal

Dubai World makes new debt proposal

15th Feb 2010 Tourism News

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 to sell QE2

8th Feb 2010 Cruise News

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

Crunch meeting with Dubai World today

21st Dec 2009 Tourism News

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 debt crisis ‘over’

18th Dec 2009 Tourism News

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

Abu Dhabi throws Dubai $10bn lifeline

14th Dec 2009 Tourism News

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.

Dubai markets rally after Emaar shelves merger

Dubai markets rally after Emaar shelves merger

10th Dec 2009 Hotel News

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.