United Arab Emirates

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Dubai Businesses Feel Squeeze As Economic Downturn Bites

A large GMC 4x4 sits with deflated tyres. Like the Range Rovers and Camaro GT parked nearby, it is covered in a thick layer of sandy dust — one of more than 30 apparently abandoned cars lining the bays of a floor of a multistorey car park at Dubai airpor ...

Daily Headline - global.abi.org - 07/25/2016 - 22:11 - 0 comments

Hadef & Partners Legal Highlights

JUNE 2016 UAE legal analysis, insights and news brought to you by Hadef & Partners. Read more. (United Arab Emirates) bankruptcy,insolvency,headlines,articles,legislatives,debt,resources,insol,United Arab Emirates ...

Resource Article - twallace@abiwor... - 06/29/2016 - 10:51 - 0 comments - 0 attachments

Dubai Firm Asks Supreme Court To Prevent It Being Sued Over Quinn Indian Deal

A Dubai-based firm has urged the Supreme Court to prevent it being sued here over its acquisition of a multi-million euro property in India from companies controlled by members of the family of businessman Sean Quinn, the Irish Times reported. Irish ...

Daily Headline - global.abi.org - 06/09/2016 - 22:19 - 0 comments

Creditor Sale Brings Dubai's Limitless To Brink Of Debt Plan Deal

Dubai-based property developer Limitless is set to complete a drawn-out debt restructuring after the final dissenting creditor sold its share of the company's 4.45 billion dirhams ($1.2 billion) debt, sources with knowledge of the matter said on Wed ...

Daily Headline - global.abi.org - 04/20/2016 - 21:59 - 0 comments

Abu Dhabi Fund Says It Never Received Payments From Malaysia’s 1MDB

An Abu Dhabi state fund said publicly for the first time on Monday that it hadn’t received billions of dollars in payments that a controversial Malaysian fund set up by Prime Minister Najib Razak claims it sent, The Wall Street Journal reported. The ...

Daily Headline - global.abi.org - 04/11/2016 - 22:11 - 0 comments

UAE Conglomerate Al Jaber Misses Payment On $4.5 Billion Restructured Debt

Al Jaber Group missed a March repayment on its $4.5 billion restructuring, three sources aware of the matter told Reuters on Tuesday, adding pressure on the Abu Dhabi-based conglomerate to quickly secure a new debt deal to save it from collapse. The fami ...

Daily Headline - global.abi.org - 04/05/2016 - 21:17 - 0 comments

UAE Banks Agree "Mini Insolvency Law" To Help Struggling SMEs

Banks in the United Arab Emirates will suspend legal action against small and medium sized enterprises (SMEs) struggling to repay debt for up to three months to prevent a surge in defaults that may jeopardise the economy, Reuters reported. The initiative ...

Daily Headline - global.abi.org - 03/28/2016 - 20:43 - 0 comments

Hadef & Partners Legal Highlights

INTER PACIFIC BAR ASSOCIATION HOSTING THE IPBA MID-YEAR COMMITTEE MEETING Richard Briggs, Executive Partner, reflects on the annual midyear committee meeting which was held in Dubai. DISPUTE RESOLUTION UNWRITTEN DISTRIBUTION AGREEMENTS IN THE UAE ...

Resource Article - twallace@abiwor... - 01/29/2016 - 14:47 - 0 comments - 0 attachments

Falling Oil Prices Puts Small UAE Businesses At Risk Of Default

Banks facing a surge in defaults on small company loans are closing off credit to the sector in the United Arab Emirates, in a sign of the increasingly brittle business confidence in the Gulf amid a sustained slump in oil prices, the Financial Times ...

Daily Headline - global.abi.org - 11/16/2015 - 20:44 - 0 comments

Surge In SME Debt Defaults Exposes Flaws In UAE Insolvency Rules

A softening in the United Arab Emirates' economy has led to a surge in small and medium-sized businesses defaulting on debt, dragging on banks' performance and highlighting the need for a new bankruptcy law, Reuters reported. In a country where ...

Daily Headline - global.abi.org - 11/03/2015 - 21:27 - 0 comments

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