DUBAI (Reuters) – Abu Dhabi’s $10 billion December bailout to Dubai included $5 billion already committed by two banks controlled by the emirate, signaling Abu Dhabi’s cautious approach to helping its debt-laden neighbor.
Analysts said news that Abu Dhabi had directly lent less than previously thought also indicated the wealthy emirate wanted more evidence of Dubai’s fiscal probity, after helping it avert an embarrassing default on a state-linked bond.
DUBAI/LONDON (Reuters) – Two top Dubai officials are visiting Britain and the United States over the coming days to rebuild investor confidence after neighboring Abu Dhabi helped bail out the emirate’s flagship company.
A source close to the government said the officials were already in London and would be in New York on Thursday and Washington on Friday to meet financial and political leaders.
DUBAI/LONDON, Dec 16 (Reuters) – Two top Dubai officials
are visiting Britain and the United States over the coming days
to rebuild investor confidence after neighbouring Abu Dhabi
helped bail out the emirate’s flagship company.
A source close to the government said the officials were
already in London and would be in New York on Thursday and
Washington on Friday to meet financial and political leaders.
DUBAI (Reuters) – Abu Dhabi threw its flashy but debt-laden neighbor Dubai a $10 billion lifeline to head off a bond default, cheering Gulf and global markets on Monday but raising questions about the undisclosed terms.
The surprise rescue enables Dubai World to repay a $4.1 billion Islamic bond its property developer unit Nakheel was due to honor on Monday.
DUBAI (Reuters) – Abu Dhabi’s last minute $10 billion lifeline for Dubai on Monday was the climax of a power struggle between the two Gulf emirates, but it is hard to tell who blinked first.
Did Dubai, the brash commercial hub of the Gulf with its pharaonic construction projects, successfully call the bluff of its conservative oil-producing neighbor in the United Arab Emirates by threatening to let its giant conglomerate go bust?
DUBAI, Nov 30 (Reuters) – The Dubai government disclaimed
responsibility for the debts of its Dubai World conglomerate on
Monday, crushing earlier assumptions by creditors that the Arab
emirate would guarantee its liabilities.
“Creditors need to take part of the responsibility for their
decision to lend to the companies,” said Abdulrahman al-Saleh,
director general of Dubai’s department of finance. “They think
Dubai World is part of the goverment, which is not correct.”
DUBAI, Nov 11 (Reuters) – Emirates could buy more aircraft
from Airbus <EAD.PA> and Boeing <BA.N> and might take over
orders its rivals are looking to delay, executives said on
Wednesday, as the airline prepares for the global recovery.
The Arab world’s largest airline, which has $55 billion of
orders with the two manufacturers, will see delays in delivery
of A380 superjumbos ordered for mid-2010, hitting its route
expansion plan, its president also said on Wednesday.
DUBAI (Reuters) – Foreign investors are still keen to invest in the Middle East, despite a debt implosion at two Saudi firms that may cost lenders as much as $22 billion, executives at a Reuters summit said on Monday.
The debt debacle at Saudi conglomerates Ahmad Hamad Algosaibi & Bros and Saad Group <SAADG.UL> is the biggest financial scandal to hit the Middle East, leaving foreign and local banks facing massive debt exposure.
LONDON/DUBAI (Reuters) – J Sainsbury Plc <SBRY.L> shares leapt as much as 20 percent on Thursday on talk Qatar’s sovereign wealth fund was planning a renewed offer for the British grocer after a previous bid attempt failed in 2007.
Traders reported talk of an offer from the Qatari Investment Authority (QIA) at 420 pence a share, which would value Sainsbury at about 7.7 billion pounds ($12.5 billion), well below the 2007 proposal of 600 pence a share.