Company Lookup
عربي
Download Demo
 

Market News

This Month News

This Month News

send to a friend by email

Finance chief: Dubai fund gives Nakheel $2.45 billion

2009-12-09

DUBAI (Al Arabiya): A Dubai fund designed to help state-linked firms had given Dubai World"s property unit Nakheel $2.45 billion to meet obligations, Dubai"s finance chief said on Tuesday, but it was unclear when the money was disbursed. "The fund ... has given about 9 billion dirhams ($2.45 billion) to Nakheel to meet its obligations," Abdul Rahman al-Saleh told Al Arabiya. Saleh said the money had been injected since "the crisis," but did not specify if he was referring to the global financial crisis which hit the emirate"s real estate sector late in 2008 or the Dubai World debt issue. Dubai shocked the world in November when it asked creditors for a six-month standstill on debt worth billions of dollars held by Dubai World and its subsidiary Nakeel. Saleh told Al Arabiya that six months was not enough time to restructure indebted state-controlled Dubai World, adding that it had enough assets to meet its obligations."The six-month period would focus on the creditors, the contractors and so on," he said. "The government is present to provide backing as an owner ... we would like to emphasize the distinction between guaranteeing and backing. The company receives large backing from the government since its inception," Saleh said. He did not rule out using the land bank of Nakheel, the group"s developer, so long as local law permitted but said the issue could only be decided through talks between the firm and its lenders. Dubai allows foreign ownership only in certain free-zone areas. Saleh also reassured investors that the government would be able to tap debt markets in the future. Dubai raised about $2 billion in an Islamic bond sale earlier this year as part of a wider $6.5 billion borrowing program."We believe yes ... the media exaggerated the situation ... Dubai is capable of meeting its sovereign debt," he said when asked if the debt market would accommodate any borrowing requests by Dubai in the near-future. Dubai World met its main creditors on Monday to discuss its request to delay repayment of $26 billion. The talks aim at finding a final solution and how to reschedule the debt due ... The matter at hand now is a date of the debt maturing this month," UAE"s al-Bayan newspaper reported, citing unidentified sources. The UAE central bank told local banks to report any exposure to Dubai World in a circular dated Dec. 6, bankers said on Monday.

 


 

2017-08-22
RSR reports net income of JD0.22 million in H1 2017

2017-08-22
AHC realizes net loss of JD0.86 million in H1 2017

2017-08-17
Medium liquidity with the end of the legal semi-annual disclosures’ period

2017-08-16
PADICO posts net income of $7.46 million in H1 2017

2017-08-16
PRICO realizes net loss of JD1.28 million in H1 2017

2017-08-16
WASSEL reports net income of 0.07 million in H1 2017

2017-08-16
JCC reports net income of JD0.27 million in H1 2017

2017-08-16
AZIZA reports net income of JD2.20 million in H1 2017

2017-08-16
PID realizes net loss of JD0.03 million in H1 2017

2017-08-16
PIIC records net income of JD3.33 million in H1 2017

2017-08-16
PIBC records net income of $1.97 million in H1 2017

2017-08-16
LADAEN realizes net loss of JD0.50 million in H1 2017

2017-08-15
NCI reports net income of $0.15 million in H1 2017

2017-08-15
PALAQAR reports net income of JD0.07 million in H1 2017

2017-08-15
JREI realizes net loss of $0.17 million in H1 2017

2017-08-15
TIC records net income of $1.33 million in H1 2017

2017-08-15
NSC reports net income of JD0.13 million in H1 2017

2017-08-15
ABRAJ posted net income of $0.18 million in H1 2017

2017-08-14
AQARIYA reports net income of JD0.42 million in H1 2017

2017-08-14
BOP posted net income of $24.72 million in H1 2017

2017-08-14
TRUST posted net income of $2.83 million in H1 2017

2017-08-14
PICO reports net income of $2.13 million in H1 2017

2017-08-14
GMC posted net income of JD0.60 million in H1 2017

2017-08-14
JPH posted net income of $0.76 million in H1 2017

2017-08-14
GUI records net income of $0.96 million in H1 2017

2017-08-14
BPC reports net income of $6.02 million in H1 2017

2017-08-14
TNB records net income of $5.36 million in H1 2017

2017-08-14
PEC reports net income of $5.25 million in H1 2017

2017-08-13
ELECTRODE records net income of JD0.09 in H1 2017

2017-08-13
AIB reports net income of $4.01 million in H1 2017

2017-08-13
NAPCO records net income of JD0.18 million in H1 2017

2017-08-13
APIC reports net income of $7.87 million in H1 2017

2017-08-10
Al-Quds Index increases amid the semi-annual financial data disclosures’ domination

2017-08-09
ARAB records net income of JD0.05 million in H1 2017

2017-08-09
ISBK reports net income of $6.37 million in H1 2017

2017-08-09
APC records net income of JD0.70 million in H1 2017

2017-08-09
MIC posts net income of $1.00 million in H1 2017

2017-08-07
UCI reports net income of $0.54 million in H1 2017

2017-08-07
VOIC posts net income of JD3.39 million in H1 2017

2017-08-07
PSE realizes net loss of $0.10 million in H1 2017

2017-08-07
QUDS reports net income of $6.13 million in H1 2017

2017-08-07
PALTEL records net income of JD33.06 million in H1 2017

2017-08-07
BJP records net income of JD0.59 million in H1 2017

2017-08-03
Executing several transactions raises the market's trading value this week

 

 

 
Sahem Trading & Investments Company - PEX Member and licensed by PCMA
© All Rights Reserved 2013