(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.
The Abu Dhabi Investment Authority (ADIA), one of the emirate's sovereign wealth funds, has bought 10.9 percent of Hyatt Hotel's class A shares, according to U.S. regulatory filings.
Repayment of a $4.1 billion bond issued by Dubai developer Nakheel was set to complete on Tuesday, when other Islamic bond issuers reassured investors in replies to a soundness and health check by Nasdaq Dubai.
Gold futures closed higher on Monday, as the U.S. dollar fell after Abu Dhabi pledged to bail out Dubai, which increased the investment appeal in bullion.
Dubai's debt relief request has shattered faith in its once-booming property market and Abu Dhabi's $10 billion bailout will do little to tempt overseas buyers back to the emirate until late 2011 and beyond.
The cost of insuring Dubai sovereign debt plummeted by more than 120 basis points on Monday after the emirate surprised markets with an announcement that it had obtained a $10 billion lifeline from neighbouring Abu Dhabi to help repay some of its debt. [ID:nLDE5BD0FV]
Abu Dhabi bailed out neighboring Dubai on Monday with $10 billion in surprise aid for debt-laden Dubai World, driving stock markets higher, but Dubai said creditors still needed to approve a standstill on outstanding debt.
Abu Dhabi stepped in to help fellow United Arab Emirates member Dubai on Monday with a $10 billion injection, of which $4.1 billion was allocated to troubled state-owned conglomerate Dubai World to pay immediate obligations, Dubai said on Monday.
Dubai said on Monday it had received $10 billion from fellow UAE member Abu Dhabi to help it repay $4.1 billion Islamic bond maturing on Monday.
Gulf Arab oil exporters will move closer to a unified currency when their rulers meet on Monday in Kuwait, which promised to seek the return of the United Arab Emirates and Oman to the monetary union plan.
Dubai's Emaar Properties EMAR.DU on Wednesday said it would not merge with Dubai Holding's property units, a move analysts said protected the developer from Dubai Holdings' vulnerable debt position.
Fears that Dubai's debt problems are not limited to troubled state conglomerate Dubai World battered investor confidence in the world's top oil-exporting region and sent shares across the Gulf tumbling on Wednesday.
Concern over debts at Dubai's utility provider and losses at Nakheel, builder of the emirate's palm-shaped islands, hit markets on Wednesday, drowning out assurances by top officials that Gulf economies were sound.
