North Africa/Middle East

Results for North Africa/Middle East

Saudi Arabia’s Algosaibi Calls Meet on $5.9 Billion Default

Ahmad Hamad Algosaibi & Brothers Co. invited creditors including BNP Paribas SA (BNP) and Standard Chartered Plc to discuss claims on $5.9 billion of debt as it seeks to recover from the Middle East’s biggest default, Bloomberg News reported. The Sau ...

Daily Headline - global.abi.org - 03/31/2014 - 21:26 - 0 comments

Dubai Agrees Refinancing Deal

Dubai has received a financial boost thanks to an agreement to refinance at preferential rates $20bn of bonds and loans owed to the central bank of the United Arab Emirates and its capital, Abu Dhabi, the Financial Times reported. The Gulf’s commerci ...

Daily Headline - global.abi.org - 03/17/2014 - 00:02 - 0 comments

Bank of America Merrill Lynch Red Flags Dubai’s Debt (Again)

Dubai’s global financial crisis-induced slump, followed by a less dramatic, but equally sharp, recovery make for a compelling story. The endless flow of positive news in the desert emirate culminated late last year in Dubai winning the hosting rights fo ...

Daily Headline - global.abi.org - 03/11/2014 - 23:06 - 0 comments

Even as Restructurings Progress, Dubai’s Debt Demons Linger

State-owned investment firm Dubai Group announced its long-awaited $10 billion debt restructuring deal with creditors late on Thursday. While all bankers and advisors who took part in the often acrimonious negotiations breathed a sigh of relief, most of ...

Daily Headline - global.abi.org - 01/26/2014 - 22:31 - 0 comments

Zim Agrees Restructuring With Creditors

Zim, the Haifa-based container shipping line, said it had agreed a debt restructuring deal in which its owner, Israel Corp, will hand control of two-thirds of the box carrier to creditors and pave the way for its own planned demerger, the Financial Tim ...

Daily Headline - global.abi.org - 01/23/2014 - 22:03 - 0 comments

Dubai Group Completes $6 Billion Debt Restructuring

Dubai Group LLC, an investment company owned by the emirate’s ruler, said it reached a final agreement with lenders on $6 billion in debt restructuring after three years of talks, Bloomberg News reported. Lenders agreed to extend the maturity for secured ...

Daily Headline - global.abi.org - 01/23/2014 - 22:04 - 0 comments

Dubai Group Signs $10 Billion Debt Restructuring Deal

Dubai Group has signed a $10 billion debt restructuring deal, two sources with knowledge of the matter told Reuters, marking the end of a perilous period which saw the emirate risk collapse under a mountain of debt obligations, Reuters reported. The unit ...

Daily Headline - global.abi.org - 01/16/2014 - 23:25 - 0 comments

QFC Strengthens Insolvency Regime To Lure In Foreign Investments

The Qatar Financial Centre (QFC) has strengthened its insolvency regime to enhance certainty in the financial landscape in a bid to woo more foreign investments, a move that would also see the advent of a new breed of Qatar-based insolvency practitioners ...

Daily Headline - global.abi.org - 01/10/2014 - 00:16 - 0 comments

Dubai’s Crisis-Hit Nakheel Sees Debt-Free Future

Nakheel, the Dubai government-owned developer that restructured $16 billion of debt three years ago after being hit by a sharp drop in local real estate prices, is now aiming to pay back much of those borrowings early and eventually become debt-free as p ...

Daily Headline - global.abi.org - 01/05/2014 - 23:19 - 0 comments

Dubai Offices Vacant With Multiple Owners Structure

The Index tower on Dubai’s answer to Wall Street has 23 floors of empty offices out of the 25 it opened in 2011, Bloomberg News reported today. The office space in the Index on Sheikh Zayed Road was sold in pieces to nine different investors under a syst ...

Daily Headline - abi_admin - 12/23/2013 - 13:30 - 0 comments

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