Dubai World debt report sees shares tumble
Dubai Financial Market index falls 3.5 percent on news that the troubled conglomerate may only repay 60 percent of debt after seven years.
February 14, 2010 12:01 by kippreport
The Dubai Financial Market index tumbled by 3.5 percent on Sunday, following news that troubled conglomerate Dubai World may only repay 60 percent of its $22 billion debt after seven years.
According to a report by Zawya Dow Jones, the offer will come with a sovereign guarantee of payment over the seven-year period. Another option on the table is a 100 percent payment, but without the guarantee. An offer is set to be presented to creditors in April.
The Dubai Financial Market index led losses in the region, closing down 3.5 percent at 1,617.51. The real estate sector saw the greatest drop, with Emaar Properties shedding 5.88 percent of its value.
More on GCC
-
First report by Etisalat covering global footprint
-
Kuwaiti Oil Service Workers On Strike Over Pay – Union
-
Qatar’s Doha Bank May Sell Bonds To Raise Capital – CEO
-
Qatar to announce new energy infrastructure fund
-
Qatar Holding, Italy Fund Eying Versace – Paper
-
Saudi government websites targeted
-
NCoV – First report of patient-to-nurse spread
-
Saudi regulations target stock market speculators
-
Dubai’s Arqaam Capital Eyes South Africa, Saudi Expansion
-
U.S. Targets Two UAE Firms For Dealing With Blacklisted Iran Banks
-
Airbus officially picked by Kuwait Airways
-
GMR reveals top 50 Mena Corporate Brands
-
Kuwait Airways to sign $3 billion-plus Airbus deal
-
Abu Dhabi Tourism Company Loss Widens
-
Emirates Airline reaps expansion profits
-
Saudi Arabia has 13 cases of SARS-like Coronavirus – WHO
-
UAE Central Bank Shuts Two Money Exchange Firms For Violations
-
Emal plans further expansion
-
Dubai looking at alternatives to repay debt
-
Two more die in Saudi Arabia from SARS-like virus – WHO
Lately on Kipp
-
First report by Etisalat covering global footprint
-
Qatar Should Consider More Flexible Exchange Rate – Central Banker
-
Kuwaiti Oil Service Workers On Strike Over Pay – Union
-
Qatar’s Doha Bank May Sell Bonds To Raise Capital – CEO
-
Yahoo on Tumblr: ‘we promise not to screw it up’
-
Sourcefire Delivers Unprecedented Visibility And Tracking Of Malware
