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THE ECONOMY - DUBAI WORLD DEBT RESTRUCTURING

Dubai repays US$500 million bonds certificates

Posted on 07/10/2015

The Government of Dubai, acting through the Department of Finance, has announced that the US$ 500 million Fixed Rate Note issued on 4th October 2010 under its US$4 billion Medium Term Note Programme, dated 28th October 2009, reached maturity on 5th October 2015. Upon maturity, all the notes were redeemed in full by making the required payment through the paying agent to the holders of the notes, along with accrued interest, the Department of Finance said. Abdulrahman Saleh Al Saleh, ...  >>MORE

Dubai World achieves 100 per cent lender support for its debt optimisation proposal

Posted on 16/02/2015

Dubai World yesterday announced that it has reached formal agreement with 100% of its creditor banks on its proposal to amend and extend the terms of its outstanding debt totalling US$14.6 billion. The group of lenders is made up of banks and funds from across the globe including Middle East, Europe and Asia. The headline terms of the agreement are: full, early prepayment of 2015 maturities totalling US$2.92bn, extension of 2018 maturities to 2022, enhanced economics through increased ...  >>MORE

Dubai World reaches agreement to extend US$14.6 billion debt

Posted on 13/01/2015

Dubai World said on Monday it has secured an agreement with the legal number of creditor banks necessary to amend and extend the maturity of US$14.6 billion in debt. The state-owned conglomerate will make an early repayment of US$2.82 billion due this year and extend the current debt due date of 2018 to 2022, the company said in an emailed statement. It also said it has guaranteed increased pricing and additional collateral as part of the agreement. Dubai World said it reached the agreement ...  >>MORE

Dubai's Nakheel pays Dh2.35 billion debt 18 months early

Posted on 25/02/2014

Dubai developer Nakheel said on Sunday that it has instructed the repayment of Dh2.350 billion (US$639 million) of bank debt - more than a year and a half ahead of time. The company said in a statement that the early repayment, part of Dh6.8 billion due to be repaid to banks in September 2015, reflected the strong financial performance of the company post-restructuring. The move demonstrates the strength of the growing local real estate market, significantly improved economic conditions in the ...  >>MORE

Mohammed bin Rashid issues decrees on Dubai World and Misbah Al Fattan Charity Establishment

Posted on 31/12/2013

In his capacity as Ruler of Dubai, UAE Vice President and Prime Minister, His Highness Sheikh Mohammed bin Rashid Al Maktoum, has issued Decree No 46 of 2013 forming the Board of Directors of Dubai World under the chairmanship of Sheikh Ahmed bin Saeed Al Maktoum, President of the Dubai Department of Civil Aviation. The new formation of Dubai World's board is composed of Mohammed Ibrahim Al Shaibani, Director-General of His Highness the Ruler's Court, Abdelrahman Saleh Al Saleh, ...  >>MORE

Nakheel makes Dh210m sukuk profit payment

Posted on 13/06/2013

Dubai-based Nakheel said on Wednesday it made a profit payment of Dh210 million on its trade creditor sukuk. Instructions have been sent to Deutsche Bank, the registrar and paying agent for the sukuk, to make the profit payment to all sukuk holders on the due date of June 15 against the sukuk issued amount of Dh4.3 billion to date. A company spokesman said: "We continue to honour our financial commitments and to implement our revised business plan, further helping the recovery of the real ...  >>MORE

‘Dubai Group positive on debt talks’

Posted on 06/02/2013

Sheikh Ahmed Bin Saeed Al Maktoum, chairman of the Dubai Supreme Fiscal Committee and vice chairman of the Dubai Executive Council, is positive on talks to restructure Dubai Group's US$6 billion debts, he told Arabian Business on Tuesday. "I know that they are in discussion. I hope the Dubai Group will be able to reach an agreement… which will bring that company back to strength,” he said. "I am very positive on dialogue,” he added. Sheikh Ahmed said he believed there was sufficient liquidity ...  >>MORE

Dubai on track to repay a US$10b loan

Posted on 22/10/2012

Dubai is on track to repay a US$10 billion loan from Abu Dhabi as the emirate's economy continues to recover, according to a senior Dubai government official. The UAE central bank and the Abu Dhabi government gave US$20 billion in loans to Dubai in late 2009 with a multi-billion-dollar debt restructuring at one of its flagship conglomerates. Dubai had drawn on about US$8.45 billion of the US$10 billion Abu Dhabi facility due to mature in 2014, according to the Dubai government's bond ...  >>MORE

Sir David Steel appointed to bench of Special Tribunal Related to Dubai World

Posted on 16/10/2012

The Chairman of the Special Tribunal Related to Dubai World, Sir Anthony Evans, announced the appointment of Sir David Steel, a DIFC Courts Judge, as the fourth member of the Special Tribunal. The Special Tribunal was established in 2009 by Decree No. 57 of 2009, as amended by Decree No. 11 of 2010, issued by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and provides the Chairman the power to appoint further members of the ...  >>MORE

DP World increases profit by 12% to US$310 million

Posted on 30/08/2012

DP World yesterday announced financial results from its global portfolio of marine terminals for the first six months of 2012, reporting profit before tax at US$310 million, 12% ahead of the prior period on an underlying basis. DP World Chairman Sultan Ahmed Bin Sulayem commented:"The past six months has been a challenging period for the global economy. Taking this into account, it is very encouraging that DP World has been able to show good profit growth across its global portfolio, led by ...  >>MORE

Nakheel repays Dh211million interest, dividends to its lenders

Posted on 30/08/2012

Nakheel has issued Dh211 million interest and dividend payments to its lenders, according to a statement released by the Company yesterday. It added that the due date of the payments is the end of August in accordance with the restructuring obligations. The statement noted that the payment as per schedule is "a clear indication of the proper application of the restructuring plan, which supports the company's commitment to the implementation of the plan process that followed what might be ...  >>MORE

Drydocks debt deal okayed

Posted on 29/08/2012

A special court in Dubai on Tuesday sanctioned the US$2.2 billion debt-restructuring plan of Drydocks World after creditors approved the proposals. "The sanctioning of the company voluntary arrangements concludes the formal approval of Drydocks World's debt restructuring proposals,” Drydocks World, the shipbuilding arm of Dubai World, said in a statement following the hearing. The ruling by the special tribunal said 97.8 per cent of Drydocks's creditors agreed to the terms. A government ...  >>MORE

Dubai World's Board to run Istithmar World

Posted on 22/07/2012

Following the instructions of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, in his capacity as the Ruler of Dubai, the Government of Dubai confirmed yesterday that the members of the current board of directors of Dubai World headed by the Chairman, H.H. Sheikh Ahmed Bin Saeed Al Maktoum, President of the Dubai Civil Aviation Authority, have been officially appointed to sit on the board of directors of "Istithmar World". Consequently, and ...  >>MORE

DP World approves distribution of 24 US cents dividend per share

Posted on 01/05/2012

DP World Limited held their Annual General Meeting (AGM) in respect of the full year 2011 this morning, with all resolutions put to shareholders passed, with over 99% of the votes cast in favour. Shareholders voted in favour of the re-appointment of all eight Directors of the DP World Board. The resolutions also included the approval of a dividend of 24 US cents per share for the full year 2011. Chairman Sultan Ahmed Bin Sulayem said; "On behalf of the Board of DP World I am pleased to ...  >>MORE

Dubai World to invest Dh13.6 billion in 3 years

Posted on 15/04/2012

Dubai World (DW), one of the largest ports companies in the world, is planning to invest Dh13.6 billion in new projects in the next three years as part of an ongoing expansion strategy worldwide, its chairman was quoted on Sunday as saying. The company already invested nearly Dh1.7 billion in 2011, mainly in its Jetway project in London, Sultan bin Sulayem said. "We have plans to invest nearly Dh13.7 billion until 2014…these will cover 10 large expansion projects targeting promising ...  >>MORE

Nakheel to pay Dh400m to creditors

Posted on 10/04/2012

Nakheel Properties, by the end of this month, will start paying Dhs400 million in compensations to the creditors who were hit by its restructuring plan which the company proceeded with in the first quarter of 2010, Ali Rashid Lootah, chairman, disclosed. In a statement Lootah clarified that these compensations would be as per the terms applicable in the restructuring plan to settle the dues of the creditors which stipulated payment of 60 per cent in the form of bonds valued at Dhs240 million ...  >>MORE

Drydocks World takes step closer to conclude restructuring

Posted on 29/03/2012

Drydocks World said it had taken one step nearer to successfully concluding its restructuring by signing a lock-up agreement intended to formally secure its lenders support. This follows Drydocks World's formal launch of its restructuring proposal at its all lender meeting in Dubai on 8 March 2012, the Group said in an emailed press release. "Having had time to consider the Group's proposals since 8 March 2012, over the coming days the Group's syndicated facility lenders will be asked to ...  >>MORE

US hedge fund wins US$72m Drydocks World suit

Posted on 15/03/2012

Drydocks World's US$2.2 billion (Dh8.08bn) debt restructuring has hit a snag after one of its creditors successfully sued the shipbuilder for defaulting on its debts. The US hedge fund Monarch Alternative Capital won a US$72 million case this week against Drydocks, which is owned by Dubai World, having first claimed against the company in the High Court of London last year. The legal win places the US$2.2bn restructuring proposed last week by Drydocks to creditors in jeopardy, because ...  >>MORE

Nakheel wraps up debt restructure

Posted on 25/08/2011

Dubai property developer Nakheel on Wednesday announced a Dh4.8 billion asset-backed sukuk to its trade creditors to be listed on Nasdaq Dubai on Thursday. This completes the last leg of a complex debt restructuring deal with its creditors. Nakheel Chairman Ali Rashid Lootah told a media gathering that the first tranche of the sukuk will be for approximately Dh3.8 billion with a profit rate of 10 per cent. "It has been a tough 18 months — a period in which we have managed to successfully ...  >>MORE

Nakheel says banks can buy creditors’ debt

Posted on 02/08/2011

Dubai-based Nakheel Properties does not object to plans by any bank to buy debt by its creditors who wait for the company to issue Dh4.8 billion sukuk within restructuring plans, its chairman was quoted on Tuesday as saying. Ali Rashid Lootah was reacting to reports that a Hong Kong-based distressed debt firm, founded by ex-Deutsche Bank veterans, has approached trade creditors of Nakheel with an aim to taking the claims off their hands. The move by SC Lowy Financial is the first clear sign ...  >>MORE

Dubai World sees brighter future

Posted on 30/03/2011

Dubai World, the state-owned holding company that is restructuring about US$25 billion of debt, sees a brighter future on solid financials and good corporate governance, Chairman Sheikh Ahmed bin Saeed Al Maktoum said. Sheikh Ahmed, who became Dubai World Chairman in December, also pointed out that the impact of the global economic downturn has not taken away from Dubai its merit as a regional hub for business and finance, nor its ability to create the necessary infrastructure to attract ...  >>MORE

Nakheel pays Dh4.6b to trade creditors

Posted on 30/03/2011

Nakheel has settled Dh4.6 billion of the total amounts due to creditors so far, a spokesman of the company said. Meanwhile, well-informed sources revealed that the remaining debt would be settled by means of Dh6 billion worth of bonds to be issued during the second quarter of this year after Nakheel had obtaining the total approvals required from all the creditors who started last week signing the final restructuring agreements. The sources pointed out that all the bonds would be issued in ...  >>MORE

Dubai World signs final debt restructuring deal

Posted on 24/03/2011

Dubai World has signed the final agreement on its debt restructuring plans with all 80 creditors, signifying an end to approximately 12 months of negotiations. "We appreciate the cooperation of all the bodies for the completion of the restructuring agreement," Sheikh Ahmad Bin Saeed Al Maktoum, President of Dubai Civil Aviation and Chairman and CEO of Emirates airline and Group, announced in a statement released by the Dubai Government Media Office and the Dubai World board of directors. "We ...  >>MORE

Drydocks World plans to pay creditors US$90m

Posted on 13/03/2011

Drydocks World LLC, the ship repair unit of Dubai World, plans to pay US$90 million (Dh330 million) that is due to trade creditors by the end of April, according to the company's chairman Khamis Bu Amim. Bu Amim said the company has met with its international trade creditors this week, "and has informed them of the restructuring process that the company is currently undergoing". They were informed that they will be paid by the end of April under the terms of a debt restructuring deal. Other ...  >>MORE

Dubai World set to sign final debt deal next week

Posted on 10/03/2011

The state-owned Dubai World will sign a final deal with its creditors to restructure around US$25 billion of debt next week, Chairman Sheikh Ahmed bin Saeed Al Maktoum said. The final agreement for the restructuring will be signed within a week, Sheikh Ahmed told reporters at the ground-breaking ceremony of Standard Chartered's new headquarters in Dubai on Wednesday. He further said that he did not think that the group had been affected by recent turmoil across the Middle East and North ...  >>MORE

Shuaa expects Dubai World deal by March

Posted on 10/01/2011

Dubai World is expected to sign off its debt-restructuring deal with creditors in February or March at the latest, Chief Executive Officer of Shuaa Capital said on Sunday. "The debt restructuring deal is finalised but the signing off is expected in February, March at the latest,” Sameer Al Ansari told reporters at a media roundtable in Dubai. "The Dubai World template is a good precedent for future financial restructuring for both government and private companies,” Ansari said. He said the ...  >>MORE

Nakheel repays Dh3.9b to trade creditors

Posted on 03/01/2011

Nakheel, developer of Dubai's unique Palm islands, yesterday said it has paid Dh3.9 billion to its trade creditors following the recapitalisation by the Dubai Government. "We are delighted to announce that Nakheel has to date made payments of Dh3.9 billion to its trade creditors," a Nakheel spokesperson said in an e-mailed statement. "Today's announcement marks significant progress in our recapitalisation plan, following on from the initial payments to trade creditors of Dh500,000 or less, ...  >>MORE

Nakheel announces that 91 % of trade creditor accounts payable has been finalised

Posted on 30/12/2010

"Nakheel is pleased to announce that 91 %( by Value) of trade creditor accounts payable has been finalised in signed Restructuring undertakings, a Nakheel Spokesperson said: ' We continue to work to achieve the required 95% restructuring threshold," he added. – Emirates News Agency, WAM ...  >>MORE

Dubai World's new board holds first meeting

Posted on 21/12/2010

The new board of directors of Dubai World held its first meeting yesterday chaired by His Highness Sheikh Ahmad bin Saeed Al Maktoum, President of the Dubai Civil Aviation Authority. The session commenced with HH Sheikh Ahmad thanking HH Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, Ruler of Dubai, for the trust His Highness has bestowed on the Board and the major responsibility he has entrusted its members to carry on the company's activity towards ...  >>MORE

Dubai World restructured

Posted on 13/12/2010

Vice President and Prime Minister of UAE and Ruler of Dubai HH Sheikh Mohammed bin Rashid Al Maktoum, in his capacity as the Ruler of Dubai, issued a decree yesterday restructuring the Board of Directors of the 'Dubai World' under the chairmanship of HH Sheikh Ahmed bin Saeed Al Maktoum, President of Dubai Civil Aviation and Chairman of the Higher Committee to oversee the Dubai World. The Board will draw the general policy of the Dubai World its affiliated companies and oversee its ...  >>MORE

Dubai World 100% support for restructuring

Posted on 27/10/2010

State-owned Dubai World has secured support from all its creditors for a US$25 billion debt restructuring plan, a spokesman said on Wednesday, helping to avoid a drawn-out battle with a special tribunal. The spokesman did not provide further details. The Financial Times reported that Deutsche Bank had bought the debt held by the only creditor to have held off approving the deal, citing people familiar with the situation. US-based distressed debt fund Aurelius Capital Management bought ...  >>MORE

Dubai Government reiterates commitment to provide necessary information and updates on Dubai World

Posted on 14/10/2010

The Government of Dubai yesterday reiterated its commitment to provide necessary information and updates on Dubai World (the "Company") and its businesses ahead of the formal implementation of the restructuring process. A business update distributed by the Dubai Government Media Office said the government is committed to updating related information in the best possible fashion that keeps the market appropriately informed while preserving interests of the Company and its subsidiaries. ...  >>MORE

Nakheel aims to complete debt restructuring by year end

Posted on 04/10/2010

Ali Rashi Lootah, chairman of Nakheel, said on Sunday that the company was confident that the restructuring of its debts will be completed by the end of this year. So far, Nakheel has achieved 85 per cent acceptance from its trade creditors for restructuring its debts. There has also been "good percentage of acceptance from banks" Lootah said. Under Nakheel's restructuring plan announced on Thursday, trade creditors have been offered 40 per cent of what they are owed in cash and the ...  >>MORE

Dubai World exposure to cost UAE banks 3-4 months' profit

Posted on 19/09/2010

UAE banks' exposure to Dubai World is estimated at around Dh37 billion and this could cost them an average three-four month profit before provision allocations, an expert at Moody's Investor Service was quoted on Sunday as saying. John Tofarides, Financial Institutions Group analyst at Moody's Middle East, said he believed the UAE's 51 banks should allocate between Dh3.6 billion and Dh7.3 billion for provisions as a result of their exposure to DW. In comments published by the semi official ...  >>MORE

Dubai World deal will boost investor confidence

Posted on 15/09/2010

Positive outcome of the 99 per cent creditor agreement on Dubai World's restructuring, will contribute to the continuation of the emirate's ambitious development as a hub for capital and business. Officials and experts said the agreement confirms the ability of Dubai's economy to adapt to changes and overcome the challenges, and prove that this economy is committed to the principles of transparency and clarity. They added that this supports investor confidence in the emirate's promising ...  >>MORE

Dubai World debt plan spurs UAE stock markets

Posted on 14/09/2010

The UAE stock markets rose sharply on Monday on Dubai World's debt restructuring talks winning support from its creditors and due to global economic recovery remaining on course despite underlying fears of another recession derailing the world economy. Dubai World's announcement on Friday that it has come to a formal agreement with more than 99 per cent of its creditors to restructure approximately US$24.9 billion of its liabilities, has prepared the grounds for a post-Eid share market ...  >>MORE

Dubai World to protect assets

Posted on 28/08/2010

Dubai World will continue to protect as many of its assets from distress sales as it raises cash from operations of the conglomerate's ports operator DP World, Jebel Ali Free Zone and Dubai Maritime City and Dry Docks World, analysts said. In a restructuring proposal document for bankers obtained by Reuters, Dubai's largest holding company said these are "strategic assets" which may generate up to US$11.8 billion (Dh43.3 billion) in the next eight years. Restructuring of US$14.4 billion worth ...  >>MORE

Dubai World eyes sale of prized assets to cut debt

Posted on 26/08/2010

Dubai World plans to sell its prized assets over a period of eight years to generate as much as US$19.4 billion to pay off creditors The state-owned conglomerate told creditors at a July 22 meeting, held at Dubai's lavish Atlantis Hotel, that its capital structure was inappropriate and needed "urgent” restructuring, according to the document handed out at the meeting. Dubai World, the conglomerate with investments in global luxury hotels to theme parks, said in the document asset disposals ...  >>MORE

Nakheel debt deal soon

Posted on 15/07/2010

Property developer Nakheel expects to complete its debt restructuring process in coming months as core banks unanimously support its proposal in principle. The developer, which is in talks with creditors on restructuring US$10.5 billion of bank debt, asked lenders to respond to the proposal by the end of next month. The developer, a unit of Dubai World, met on Wednesday with its creditor banks to present the proposed recapitalisation and restructuring plan. Khaleej Times had reported on ...  >>MORE

Nakheel commences 40 per cent cash payments to trade creditors

Posted on 01/07/2010

Nakheel yesterday announced it has commenced the second phase of cash payments to its trade creditors following the signing of a substantial number of restructuring agreements. Nakheel Chairman Ali Lootah said: "We are delighted to commence making the 40 per cent cash payments to our trade creditors. Yesterday's announcement marks significant progress in our recapitalisation plan, following on from the initial payments to trade creditors of Dh500,000 or less, which commenced in March 2010." ...  >>MORE

DP World defers dual listing plan

Posted on 29/06/2010

Dubai Ports World, the world's fourth-largest ports operator, postponed its months-old plan to list its shares on the London Stock Exchange as it awaits the completion of a link between the bourses in London and its home market Dubai. Government-owned DP World "decided to postpone the listing process until an acceptable system that supports the dual listing is available,” it said in a statement to the Nasdaq Dubai Website on Monday. The "next practical window of opportunity” to seek a ...  >>MORE

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Quick List

Dubai repays US$500 million bonds certificates


Dubai World achieves 100 per cent lender support for its debt optimisation proposal


Dubai World reaches agreement to extend US$14.6 billion debt


Dubai's Nakheel pays Dh2.35 billion debt 18 months early


Mohammed bin Rashid issues decrees on Dubai World and Misbah Al Fattan Charity Establishment


Nakheel makes Dh210m sukuk profit payment


‘Dubai Group positive on debt talks’


Dubai on track to repay a US$10b loan


Sir David Steel appointed to bench of Special Tribunal Related to Dubai World


DP World increases profit by 12% to US$310 million


Nakheel repays Dh211million interest, dividends to its lenders


Drydocks debt deal okayed


Dubai World's Board to run Istithmar World


DP World approves distribution of 24 US cents dividend per share


Dubai World to invest Dh13.6 billion in 3 years


Nakheel to pay Dh400m to creditors


Drydocks World takes step closer to conclude restructuring


US hedge fund wins US$72m Drydocks World suit


Nakheel wraps up debt restructure


Nakheel says banks can buy creditors’ debt


Dubai World sees brighter future


Nakheel pays Dh4.6b to trade creditors


Dubai World signs final debt restructuring deal


Drydocks World plans to pay creditors US$90m


Dubai World set to sign final debt deal next week


Shuaa expects Dubai World deal by March


Nakheel repays Dh3.9b to trade creditors


Nakheel announces that 91 % of trade creditor accounts payable has been finalised


Dubai World's new board holds first meeting


Dubai World restructured


Dubai World 100% support for restructuring


Dubai Government reiterates commitment to provide necessary information and updates on Dubai World


Nakheel aims to complete debt restructuring by year end


Dubai World exposure to cost UAE banks 3-4 months' profit


Dubai World deal will boost investor confidence


Dubai World debt plan spurs UAE stock markets


Dubai World to protect assets


Dubai World eyes sale of prized assets to cut debt


Nakheel debt deal soon


Nakheel commences 40 per cent cash payments to trade creditors


DP World defers dual listing plan