Dubai ring-fenced prized assets such as Emirates airline from the $26 billion debt restructuring of Dubai World, denting fragile investor sentiment and raising questions on slated assets.
Dubai's government will not sell any assets to meet the obligations of state-owned Dubai World, but the conglomerate itself might sell some of its foreign assets, Dubai's finance chief told Al Jazeera television.
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Four British banks have a $5 billion combined exposure to Dubai World, making them the biggest foreign creditor group at the Dubai state-owned conglomerate, the Financial Times said on Thursday.
The International Monetary Fund expects to cut its 2010 growth forecast for the United Arab Emirates as economic activity slows due to the debt woes of state-owned Dubai World, a top IMF official said on Wednesday.
Government-owned Dubai World will meet its main creditors next week to discuss a request to delay payment on $26 billion in debt that has shaken global markets and confidence in the Gulf Arab business hub.
Dubai World's creditors have formed a committee comprising six banks that will meet with the troubled state-controlled conglomerate next week, a bank executive familiar with the matter said on Wednesday.
Gulf markets dropped again on Tuesday, taking little comfort from Dubai World's plan to restructure about $26 billion of debt and despite reassurances on economic resilience from the rulers of Abu Dhabi and Dubai.
Gulf markets dropped again on Tuesday, taking little comfort from Dubai World's plan to restructure about $26 billion of debt and despite reassurances on economic resilience from the rulers of Abu Dhabi and Dubai.
Britain's top share index was up 1.7 percent at midday on Tuesday, with banks and miners topping the leader board as concerns abated over Dubai's debt problems.
Gulf markets dropped again on Tuesday, taking little comfort from Dubai World's plan to restructure about $26 billion of debt, while the rulers of Abu Dhabi and Dubai talked up their economic strength
Gulf markets tumbled again on Tuesday, taking no comfort from Dubai World's plan to restructure about $26 billion of its estimated $59 billion in liabilities, which appeared to calm global fears of contagion.
Efforts by Dubai World to restructure about $26 billion in debt out of the estimated $59 billion it owes reassured investors that the emirate's debt problems can be contained, helping global markets edge higher on Tuesday.
The dollar fell broadly on Monday after a pledge to support Dubai's banks eased investors' concerns about the Arab emirate's debt problems, wiping out a safety bid for the greenback and driving it down against a currency basket for a fifth straight month.
The Dubai government said on Monday it was not responsible for the debts of Dubai World, dealing a blow to creditors' assumptions that the Arab emirate would guarantee the conglomerate's liabilities.
Oil prices steadied at $76 a barrel on Monday, shedding most of the session's early gains, as worries about Dubai's debt crisis and its impact on the world economic recovery returned to haunt investors.
Long shadows from the global financial downturn hang over the United Arab Emirates as it marks its 38-year existence with flags and fireworks this week.
The United Arab Emirates' central bank governor said on Monday there was no cause for concern about local banks, which he said had proven themselves able to weather the global crisis, the state news agency WAM reported.
Stocks inched lower on Monday with retail shares down after Black Friday and data suggesting weak holiday sales, while data showing expansion in business activity in the Midwest helped to limit losses.
Dubai's government said on Monday it was not responsible for the debts of its flagship conglomerate, offering little clarity on a plan to delay billions in debt repayments that has rattled world markets.
Glitzy Dubai may face a debt crisis that has sent a shudder through global markets, but you wouldn't know it from officials or local media.
Dubai's debt woes could further unhinge an already fragile U.S. commercial real estate market, as it illustrates the importance of that tiny emirate to global investors in an increasingly interconnected world.
