Amran's Feed
Dec 14, 2010

Dubai sends message with Dubai World reshuffle

DUBAI, Dec 14 (Reuters) – The ruler of Dubai’s decision this
week to put trusted players in charge of debt-ridden
conglomerate Dubai World suggests new resolve to reestablish the
tarnished brand name of the freewheeling emirate.

Sheikh Mohammed bin Rashid al-Maktoum, head of the local
ruling dynasty and vice-president of the United Arab Emirates
federation, appointed his uncle, Emirates Airlines chief Sheikh
Ahmed bin Saeed al-Maktoum, to head Dubai World’s board.

Oct 6, 2010

Mideast telcos in M&A spotlight

DUBAI, Oct 6 (Reuters) – Middle East telecoms take centre
stage in the coming week as a consolidation phase looks set to
begin, but weak third-quarter earnings from major Gulf Arab
banks could be a drag on stocks.

A rare M&A play, which followed a flurry of debt issuances
in late September, and talk of at least two upcoming initial
public offerings, has buoyed investor hopes that the region’s
dormant mergers and acquisitions market is returning to life.

Sep 30, 2010

How Dubai got serious

DUBAI (Reuters) – Once filled with the cacophony of cranes and construction labourers, Dubai today hums to the work of a quieter crowd. The brash Gulf emirate, renowned for extravagant real estate projects and flashy living, has turned into a city of auditors.

As they pore over the detritus of last year’s debt crisis, the city-state’s accountants and lawyers face a task as huge as Dubai’s ambitions. The emirate’s flagship firm Dubai World has agreed to repay $25 billion of debt — borrowings that nearly brought down the emirate’s economy.

Sep 30, 2010

Special report: How Dubai got serious

DUBAI (Reuters) – Once filled with the cacophony of cranes and construction laborers, Dubai today hums to the work of a quieter crowd. The brash Gulf emirate, renowned for extravagant real estate projects and flashy living, has turned into a city of auditors.

As they pore over the detritus of last year’s debt crisis, the city-state’s accountants and lawyers face a task as huge as Dubai’s ambitions. The emirate’s flagship firm Dubai World has agreed to repay $25 billion of debt — borrowings that nearly brought down the emirate’s economy.

May 20, 2010

Dubai World could raise interest to creditors: CRO

DUBAI (Reuters) – Dubai World can slightly increase the cash coupon offered to banks as part of a debt plan announced on Thursday, depending on which option creditors choose, the company’s chief restructuring officer told Reuters.

Aidan Birkett, CRO at state-owned Dubai World , said the company was aiming for a “totally consensual agreement” with the banks.

Feb 22, 2010

Dubai March debt plan to be ‘equitable’ -source

DUBAI, Feb 22 (Reuters) – Dubai will present an “equitable”
plan to Dubai World creditors next month that does not give
preferential treatment to the government but banks are unlikely
to warm to the proposal, a source familiar with the matter said.

Dubai World, the debt-laden conglomerate whose property
units built iconic landmarks in the Gulf Arab emirate, is in
talks with creditors over restructuring $22 billion in debt.

Feb 18, 2010

Awaiting the alternative energy sukuk: Innovation vs conservatism

Dubai’s debt fiasco and real estate bubble bust pushes investors to look out for alternative assets underlying Islamic finance products – could renewable energy provide a way-out? 

Predominantly, Islamic finance and investment products have been backed by infrastructure or commodities assets. But executives at the 2010 Reuters Islamic Banking and Finance Summit said product diversification was needed to cut the over-reliance on real estate in the Gulf.

Feb 17, 2010
via Summit Notebook

Fatwa shopping? Not for Barclays

The limited number of Sharia scholars has meant the same
group of men are on various advisory boards which has led to criticism
that people can go “fatwa shopping” and that scholars are in it for the money.

Not so, says Harris Irfan, head of Islamic products at
Barclays Capital.

“We’re not out fatwa shopping,” he said at the Reuters
Islamic Banking and Finance Summit. “We want to work with the
scholar who’s willing to say ‘no’ (to non-Sharia products)”

Feb 17, 2010
via Summit Notebook

Skeletons in the closet, sprawling ownership stymie Gulf bank consolidation

Anyone waiting for Gulf banks to consolidate — a long talked about prospect — can forget about it for now.

With debt markets shut, leaving only pricey equity financing, budding suitors are standing frozen, unable to make a commitment.

Feb 16, 2010

Limitless loan to roll over like other Dubai debt

DUBAI, Feb 16 (Reuters) – Dubai World’s [DBWLD.UL] lenders
have rolled over billions in maturities since May 2009 and a
pending $1.2 billion loan payment for its Limitless property
unit will also get extended, people familiar with the matter
said on Tuesday.

The Islamic loan to Limitless World is due next month. The
maturity comes as Dubai World operates a de facto standstill
with creditors pending a plan on how it will repay about $22
billion in debt.