DUBAI (Reuters) – World’s tallest building? Check. Man-made islands in the sea? Check. Indoor ski slope? Check. Now it’s time for opera and art.
Dubai, which burst onto the global stage with a series of extravagant projects before being subdued by a crippling debt crisis, has now revived plans for an opera house in a bid to boost tourism.
DUBAI (Reuters) – Dubai, which narrowly averted a bond default in 2009, could use money raised by its sovereign wealth fund to help repay $3.8 billion in bonds owed by state-linked firms which mature next year, a source familiar with the matter said on Tuesday.
The Gulf Arab emirate has clawed its way back from the depths of its debt crisis, helped by an economic revival in trade and tourism and its safe-haven status amid the Arab Spring revolts, but still faces the challenge of big debt repayments.
DUBAI (Reuters) – Investors fear a big push by Mideast states to boost jobs for citizens, especially in the Gulf which has national quota programs and where higher salaries are demanded, will push up costs for businesses in the region.
A slew of state moves in recent months, accelerated by regional unrest partly rooted in a lack of job opportunities, has seen Gulf states raise salaries for citizens and attempt to reduce their expatriate workforce.
ABU DHABI (Reuters) – Certain Abu Dhabi entities are looking at snapping up regional competitors but tough credit markets and global uncertainty will slow any M&A activity, a top executive at independent investment bank Moelis & Co. said.
Augusto Sasso, co-head of Middle East and North Africa (MENA) investment banking, said Abu Dhabi clients were “actively looking” at acquisitions with the focus firmly on the MENA area.
ABU DHABI (Reuters) – Dubai has several options to handle its upcoming debt maturities and refinancing requirements, mainly thanks to reviving economic growth and stable income streams, a senior executive at Deutsche Bank (DBKGn.DE: Quote, Profile, Research, Stock Buzz) said on Tuesday.
“There are many options to handle upcoming debt maturities. When you have assets and/or the right level of income, you can solve them with the right amount of creativity,” Salman Al Khalifa, global markets head for MENA and country head for the United Arab Emirates, told the Reuters Middle East Investment Summit.
DUBAI (Reuters) – Investors are cautious about the ability of some of Dubai’s government-related entities to refinance their debt piles even as the emirate works to restore confidence in its financial health, a managing director at Moody’s said on Monday.
While economic zone Jebel Ali Free Zone (JAFZA) and Dubai International Financial Centre Investments (DIFCI) have been chipping away at their $1.25 billion and $2 billion debts maturing next year, there is still a lack of clarity as to how the firms will refinance, said David Staples, managing director of EMEA corporate finance at the ratings agency.
MUSCAT (Reuters) – This month’s election in Oman may give the small Gulf sultanate a glossier democratic veneer, but it is unlikely to bury the discontent exposed by protests in February inspired by Arab uprisings elsewhere.
Sultan Qaboos bin Said, an absolute ruler who deposed his father in 1970, responded to the unrest, in which five people were killed in the main industrial city of Sohar, with promises of reform and handouts.
DUBAI (Reuters) – Indian laborer Athiraman Kannan kept to his routine in the hours before he jumped off the world’s tallest building.
Three weeks ago, he arrived at Dubai’s Burj Khalifa at 7 a.m., clocked in and headed to where he was working on the upper reaches of the 163-storey tower. About an hour later, the 38-year-old father of one flung himself off the Burj Khalifa’s 147th floor, dying instantly when he hit the 108th floor.
ABU DHABI (Reuters) – Abu Dhabi plans to curtail bond sales by state companies and review the investments they hold to ease through the sale of sovereign bonds and ensure the firms’ actions benefit the economy.
The plan to centralize fundraising and crack down on undisciplined issuance in the biggest of the seven United Arab Emirates has been in the works for at least six months and may take another year to complete, several people familiar with official discussions told Reuters.
ABU DHABI, May 18 (Reuters) – Abu Dhabi plans to curtail
bond sales by state companies and review the investments they
hold to ease through the sale of sovereign bonds and ensure the
firms’ actions benefit the economy.
The plan to centralise fundraising and crack down on
undisciplined issuance in the biggest of the seven United Arab
Emirates has been in the works for at least six months and may
take another year to complete, several people familiar with
official discussions told Reuters.